■August 6, 2019

MITSUBISHI ESTATE CO., LTD.

FACT BOOK FY2020/3-1Q(The Fiscal Year Ending on March 31, 2020)

Inquiries: MITSUBISHI ESTATE CO., LTD.
Investor Relations Office
TEL: +81-3-3287-5200
FAX: +81-3-3212-3757
http://www.mec.co.jp/e/investor/index.html

■November 6, 2017
Page/sI. Performance Comparisons (Consolidated)
II. Highlights

III. Summary of Consolidated Financial Statements

1. Income Statement Results for FY2020-1Q and FY2019-1Q
2. Income Statement Estimates for FY2020 and Results for FY2019
3. Balance Sheet Results at Periods Ended Jun30, 2019 and Mar 31, 2019
1. Major Performance Items (Consolidated)
2. Segment Information (Consolidated)
3. Office Building Business Revenue from Operations Breakdown (Consolidated)
4. Office Building Business Data (Consolidated)
5. Office Building Business Data (Unconsolidated)
6. Marunouchi Area Building Data (Unconsolidated)
7. Lifestyle Property Business Retail Properties Data (Consolidated)
8. Condominium Business Data
9. Special Purpose Vehicle Data（Unconsolidated・Domestic）
1. Consolidated Balance Sheets
2. Consolidated Income Statements
3. Consolidated Cash Flow Statements
4. Total Assets, Capital Investment and Depreciation (Consolidated)
5. Interest-Bearing Debt (Consolidated)
6. Major Consolidated Subsidiaries

3
4
5
6
7,8
9
9
9
9
10
10
11
12 , 13
14
15
16
16
17

Disclaimer
・This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance, ourplans and objectives for future operations and projections of revenue and other financial items.
These predictions are inherently subject to risks and uncertainties, due to unforeseeable events or external factors.
Future events and actual results, financial and otherwise, may differ materially from the events and results expressed here.
・Please refer to ASSET BOOK for principal projects.

2

■I. Performance Comparisons (Consolidated)
1. Income Statement Results for FY2020-1Q and FY2019-1Q
Millions of yen (rounded down)

FY2020-1Q
Results

FY2019-1Q
Results

ChangeMillions of yen (rounded down)■Breakdown of Extraordinary income

FY2020-1Q
Results

FY2019-1Q
Results

ChangeOffice Building Business

121,081

149,551(28,469)

Gain on negative goodwill

-

2,097

(2,097)

Lifestyle Property Business

36,982

23,075

13,906

Total

-

2,097

(2,097)

Residential Business

71,386

68,9662,419International Business

16,600

11,2295,371

Investment Management Business

4,467

4,925

(458)

Hotel & Airport Business

9,730

9,269

460

Architectural Design & Engineering Business

3,309

3,524

(214)

Real Estate Services Business

8,126

6,756

1,370

Other

1,490

1,154

336

(7,291)(5,792)(1,498)

Revenue from Operations

265,883

272,660(6,777)

Office Building Business

33,851

37,323(3,472)

Lifestyle Property Business

10,189

7,056

3,132

Eliminations

Millions of yen (rounded down)■Breakdown of Extraordinary loss

FY2020-1Q
Results

Total＜Reference＞■Capital Gains included in Operating Income

FY2019-1Q
Results-

Change--Millions of yen (rounded off to the nearest billion)

FY2020-1Q
Results

FY2019-1Q
Results

ChangeResidential Business

2,540

1,238

1,302

International Business

6,082

3,780

2,301

Office Building Business

-

4,000

(4,000)Investment Management Business

689

836

(147)

Lifestyle Property Business

2,000

-

2,000

Hotel & Airport Business

115

239

(123)

Residential Business

3,000

3,000

0

Architectural Design & Engineering Business

(86)

(448)

362

International Business

2,000

-

2,000

Real Estate Services Business

(344)

626

(971)

Investment Management Business

-

-

-

Other

(204)

(110)

(93)

Hotel & Airport Business

-

-

-

Eliminations or Corporate(5,982)(5,219)

(763)

Other

-

-

-

Operating Income

46,85045,322

1,527

Eliminations or Corporate

-

-

-

Non-operating revenue

5,348

4,614

733

7,000

7,000

0

8,219

10,060(1,840)43,97839,877

4,101

Non-operating expense
Income Before Taxes and Special Items

Extraordinary income

-

2,097

(2,097)Extraordinary loss

-

-

-

Income Before Income Taxes and Minority Interests

43,97841,9752,003

Corporate tax, etc.

13,513

12,328

1,185

Profit30,46529,646

818

Profit attributable to non-controlling interests

4,045

4,349

(304)

Profit Attributable to Owners of Parent

26,42025,297

1,122

Capital Gains

Total*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.
＜Reference＞■Overseas Operating Income
Overseas Operating Income

Millions of yen (rounded off to the nearest billion)

FY2020-1Q
Results

FY2019-1Q
Results

7,000

4,000

Change3,000*Overseas Operating Income: Sum of operating income from International Business Group and other overseas operations.

32. Income Statement Estimates for FY2020 and Results for FY2019* There is no change in the FY2020 earnings estimates announced on May 14, 2019.
Millions of yen (rounded down)

FY2020Estimates
Office Building Business

FY2019Results

590,000

529,695

Millions of yen (rounded down)

Change60,305■Breakdown of Extraordinary income

FY2020Estimates

FY2019Results

ChangeLifestyle Property Business

120,000

106,182

13,818Gain on sales of investment securities

Residential Business

402,000

420,405(18,405)

Gain on negative goodwill

International Business

137,000

81,84455,156

Other Extraordinary income

Investment Management Business

18,00049,588(31,588)

Total

Hotel & Airport Business

53,00044,171

8,829

Architectural Design & Engineering Business

21,00024,671(3,671)

Real Estate Services Business

37,00033,586

3,414

Other

8,000

8,106

(106)

(26,000)(34,969)

8,969

Revenue from Operations

1,360,000

1,263,283

96,717

Loss related to retirement of fixed assets

3,000

3,818

(818)

Office Building Business

153,000

147,691

5,309

Total

3,000

3,818

(818)

Lifestyle Property Business

35,00032,5602,440

Residential Business

20,00030,428(10,428)

International Business

37,00026,927

10,073

Investment Management Business

2,000

9,231

(7,231)

Hotel & Airport Business

3,000

2,371

629

Architectural Design & Engineering Business

500

2,021

(1,521)

Real Estate Services Business

2,500

2,603

(103)

Office Building Business

0

(196)

196

Lifestyle Property Business

4,000
11,000Eliminations

Other＜Reference＞■Capital Gains included in Operating Income(23,000)(24,459)

1,459

Residential Business

230,000

229,178822International Business

Non-operating revenue

9,000

12,391(3,391)

Investment Management Business

Non-operating expense

32,00034,983(2,983)

Hotel & Airport Business

207,000

206,587413

10,000

8,170

1,830

Extraordinary loss
Income Before Income Taxes and Minority Interests

(72)

2,097

(2,097)

4,000

-

4,000

10,000

8,170

1,830

FY2020Estimates

FY2019Results

ChangeMillions of yen (rounded off to the nearest billion)

FY2020Estimates

FY2019Results

ChangeCapital Gains

Eliminations or Corporate

Extraordinary income

6,072

-

Millions of yen (rounded down)■Breakdown of Extraordinary loss

Operating Income

Income Before Taxes and Special Items

6,000

15,00012,0003,000

14,00036,000

0

5,000
2,000

Other

-

Eliminations or Corporate

-

3,000

3,818

(818)

Total

214,000

210,939

3,061*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

2,042

Corporate tax, etc.

61,00058,958

Profit153,000

151,981

1,019

Profit attributable to non-controlling interests

16,00017,372(1,372)

Profit Attributable to Owners of Parent

137,000

134,608

2,392＜Reference＞■Overseas Operating Income
Overseas Operating Income

51,00048,0003,000

Millions of yen (rounded off to the nearest billion)

FY2020Estimates
34,000FY2019Results
36,000Change(2,000)* Overseas Operating Income: Sum of operating income from International Business Group and other overseas operations.

43. Balance Sheet Results at Periods Ended Jun30, 2019 and Mar 31, 2019
Millions of yen (rounded down)

At Jun 30, 2019 At Mar 31, 2019

Millions of yen (rounded down)

ChangeAssetsI. Current assets
1. Cash2. Notes and accounts receivable-trade
3. Marketable securities
4. Property for sale
5. Property for sale in progress
6. Property for development
7. Appropriated construction in progress
8. Other inventories

295,326
45,005
6,507
70,404
269,615996
10,411
1,071

176,81462,603
6,767
84,104
268,152
996
7,058
1,143

9. Equity investments

386,730

387,385(655)

10. Other current assets
11. Allowance for doubtful accounts
Total current assets
II. Fixed assets
1. Property and equipment(1) Buildings and structures(2) Machinery and equipment(3) Land(4) Land in trust(5) Construction in progress(6) Other property and equipment
Total property and equipment
2. Intangible assets(1) Leaseholds(2) Other intangible assets
Total intangible assets
3. Investments and other assets(1) Investment securities(2) Long-term loans(3) Lease deposits(4) Net defined benefit asset(5) Deferred tax assets(6) Other investments(7) Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

67,683(238)
1,153,514

78,061(218)
1,072,869(10,378)(19)
80,645

1,186,319
23,9872,118,153
676,572
88,755
16,5784,110,366

1,183,718
24,8182,105,797
676,572
80,674
16,502
4,088,084

2,601
(831)
12,3558,081
75
22,28274,45523,241
97,69774,384
20,743
95,128

70
2,498
2,569

245,623
2,927
115,442
25,09919,859106,400(657)
514,696
4,722,760
5,876,275

258,527
2,924
114,71323,935
20,766
97,911(668)
518,1104,701,323
5,774,193(12,904)
3
728
1,163
(906)
8,488
11
(3,414)
21,436
102,082

At Jun 30, 2019 At Mar 31, 2019
Liabilities
I. Current liabilities
1. Notes and accounts payable-trade
2. Short-term borrowings
3. Current portion of long-term debt
4. Commercial paper
5. Bonds due within one year
6. Accrued income taxes
7. Other current liabilities
Total current liabilities

118,512(17,597)(260)(13,699)
1,462
0
3,353
(71)

Change50,120108,688
222,529
119,000
70,0005,847
196,417772,603

57,967
86,156
231,065
75,00019,620219,133
688,942(7,847)22,532(8,535)
119,000(5,000)(13,772)(22,715)
83,660734,210
1,221,465
442,384
232,074
264,063
26,672505
4,621
93,201
144,355
3,163,554
3,936,157

733,916
1,188,866
440,058
233,635
264,063
26,573579
4,623
92,423
143,403
3,128,145
3,817,088

293
32,5982,325(1,561)
99
(73)
(2)
777
951
35,408
119,069

142,147
162,633
861,402(19,076)
1,147,108

142,023
162,498
858,581(5,278)1,157,824

124
135
2,821
(13,797)(10,716)

105,912(671)
526,623(24,731)756
607,889294
184,826
1,940,117
5,876,275

115,452(64)
526,623(30,144)952
612,819302
186,159
1,957,105
5,774,193(9,540)
(606)
5,412
(195)
(4,929)(8)(1,333)(16,987)
102,082

II. Long-term liabilities
1. Bonds
2. Long-term borrowings
3. Lease deposits received
4. Deferred tax liability
5. Deferred tax liabilities on land revaluation
6. Net defined benefit liability
7. Accrued directors' retirement benefits
8. Provision for environmental measures
9. Negative goodwill
10. Other long-term liabilities
Total long-term liabilities
Total liabilities
Net Assets
I. Shareholders' Equity
1. Capital
2. Capital surplus
3. Retained earnings
4. Less treasury stock, at cost
Total shareholders' equity
II. Other accumulated comprehensive income
1. Unrealized holding gain on securities
2. Deferred gains or losses on hedging instruments
3. Land revaluation reserve
4. Foreign currency translation adjustments
5. Remeasurements of defined benefit plans
Total other accumulated comprehensive income
III. Stock acquisition rights
IV. Non-controlling interests
Total net assets
Total liabilities and net assets

5II. Highlights
1. Major Performance Items (Consolidated)

Millions of yen (rounded down)

FY2017FY2018※1

FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)※2

Revenue from operations

1,125,405

1,194,049

272,660

1,263,283

265,883

1,360,000

Operating income

192,495

213,047

45,322

229,178

46,850230,000

Income before taxes and special items

169,851

190,506

39,877

206,587

43,978207,000

Profit attributable to owners of parent

102,681

120,443

25,297

134,608

26,420137,000

Total assets

5,484,115

5,801,450

5,807,148

5,774,193

5,876,275

6,000,000

Shareholders' equity *1

1,592,777

1,698,348

1,687,608

1,770,643

1,754,997

1,760,000

Interest-bearing debt

2,396,994

2,481,675

2,519,403

2,319,597

2,477,752

2,550,000

Cash flow from operating activities

168,527

293,338

28,541

345,954

55,979217,000

Cash flow from investing activities(327,292)(286,841)(87,428)(271,083)(52,064)(351,000)

Cash flow from financing activities(4,921)

37,20322,390(192,473)

114,657

107,000

EBITDA *2

279,718

302,424

68,461

320,641

71,969324,000

Return on assets (ROA) *3
Return on equity (ROE) *4
Earnings per share (EPS) (Yen)

3.6 %

3.8 %

-%

4.0 %

-%

3.9 %

6.6 %

7.3 %

-%

7.8 %

-%

7.8 %

74.00

86.78

18.22

96.97

19.07

100.20Net interest-bearing debt／EBITDA

7.7 times

7.3 times- times

6.7 times- times

7.4 times

After hybrid debt deductions *5

7.1 times

6.7 times- times

6.1 times- times

6.9 times*1 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*2 EBITDA = Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates + Depreciation + Amortization of goodwill*3 ROA = Operating income / Total assets (average）*4 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*5 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.

※1 From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied. Thus figure on the Total assets as ofthe end of March, 2018, is also modified based on the application of the amendment.
※2 The impact of repurchase of own shares is taken into account in the forecast of consolidated Financial Results for FY2020.
6

2. Segment Information (Consolidated)(Millions of yen (rounded down); as percentage of total)(1) Revenue from Operations

FY2017FY2018FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management484,238
88,955
407,850
66,556
21,323

42.1%
7.7%
35.5%
5.8%
1.9%

506,161
105,817
410,598
86,92522,665

Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

19,30933,512
24,243
4,237(24,820)
1,125,405

1.7%
2.9%
2.1%
0.3%

21,61333,13825,584
8,541(26,996)
1,194,049*1
41.5% Office Building Business
8.7% Lifestyle Property Business
33.6% Residential Business
7.1% International Business
1.9% Investment Management
Hotel & Airport Business
1.8% Architectural Design & Engineering
2.7%
2.1% Real Estate Services
0.6% Other
Eliminations or corporate

FY2020-1Q

FY2019FY2019-1Q

FY2020 (Estimates)

506,161
97,920410,598
86,92522,66541,03821,613

41.5%
8.0%
33.6%
7.1%
1.9%
3.4%
1.8%

149,551
23,07568,966
11,229
4,925
9,269
3,524

53.7%
8.3%
24.8%
4.0%
1.8%
3.3%
1.3%

529,695
106,182
420,405
81,844
49,58844,171
24,671

40.8%
8.2%
32.4%
6.3%
3.8%
3.4%
1.9%

121,081
36,982
71,386
16,600
4,467
9,730
3,309

44.3%
13.5%
26.1%
6.1%
1.6%
3.6%
1.2%

590,000
120,000
402,000
137,000
18,00053,00021,000

42.6%
8.7%
29.0%
9.9%
1.3%
3.8%
1.5%

25,584
8,538(26,996)
1,194,049

2.1%
0.6%

6,756
1,154
(5,792)
272,660

2.4%
0.4%

33,5868,106(34,969)
1,263,283

2.6%
0.6%

8,126
1,490
(7,291)
265,883

3.0%
0.6%

37,0008,000(26,000)
1,360,000

2.7%
0.5%

Millions of yen (rounded down)(2) Operating income

FY2017

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

133,570
25,807
19,253
26,313
4,520

147,243
31,18423,86024,147
4,596

Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

445
1,932
2,157
289
(21,793)
192,495

1,724
766
1,518
1,048
(23,043)
213,047(3) Rate of return

FY2017FY2018FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

27.6 %
29.0 %
4.7 %
39.5 %
21.2 %

29.1 %
29.5 %
5.8 %
27.8 %
20.3 %

Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2.3 %
5.8 %
8.9 %
6.8 %

8.0 %
2.3 %
5.9 %
12.3 %*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

147,243
28,07923,86024,147
4,596
3,136
1,724

37,323
7,056
1,238
3,780
836
239
(448)

147,691
32,56030,42826,927
9,231
2,371
2,021

33,851
10,189
2,540
6,082
689
115
(86)

153,000
35,00020,00037,000
2,000
3,000
500

1,518
1,784
(23,043)
213,047626(110)(5,219)45,322

2,603(196)(24,459)
229,178

(344)
(204)
(5,982)
46,8502,500
0(23,000)
230,000

FY2018FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

29.1 %
28.7 %
5.8 %
27.8 %
20.3 %
7.6 %
8.0 %

-

27.9 %
30.7 %
7.2 %
32.9 %
18.6 %
5.4 %
8.2 %

-

25.9 %
29.2 %
5.0 %
27.0 %
11.1 %
5.7 %
2.4 %

5.9 %
20.9 %-

7.8 %(2.4) %

-

6.8 %
0.0 %

17.1 %

17.8 %

17.8 %-

18.1 %-FY2017FY2018FY2018FY2019-1Q

FY2019FY2020-1Q

16.9 %
Millions of yen (rounded down)(4) Depreciation
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

47,755
12,704
3,144
5,913
4,216

48,17013,604
2,906
6,687
3,837

Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

113
1,478
343
64
240
75,974

122
1,549
347
49
271
77,545*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

48,17013,569
2,906
6,687
3,837
1,584
122

11,921
3,313
781
1,456
809
514
61

50,283
14,303
3,432
5,587
2,987
2,054
253

12,820
3,703
1,014
1,684
340
610
77

-

347
49
271
77,54581
14
179
19,131499
53
880
80,336112
23
235
20,62384,000*1 As of April 2018, the following segment or business were integrated into newly established Hotel & Airport Business segment:- previous Hotel Business segment- Hotel Development Business previously in Lifestyle Property Business segment- Airport Operation Business and Resort Hotel Development Business previously in Business Creation Department

7

FY2020 (Estimates)

Millions of yen (rounded down)

FY2017(5) Amortization of goodwill

FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

409
69
3,030
1,963

409
69
3,030
60
1,990

Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

0
5,473

5,561

(6) Operating income before depreciation *2

FY2017FY2018FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

409
69
3,030
60
1,990
-

102
17
62
16
492
-

409
69
303
64
1,983
-

102
(83)
117
16
491
-

-

5,561

690

451
3,282

150
794

3,000
Millions of yen (rounded down)

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

181,734
38,58025,42732,226
10,699

195,82244,857
29,79630,894
10,423

Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

558
3,410
2,500
353
(21,553)
273,942

1,846
2,315
1,865
1,097
(22,772)
296,153

FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

195,822
41,717
29,79630,894
10,4234,720
1,846

49,346
10,386
2,081
5,252
2,137
753
(387)

198,383
46,932
34,16332,578
14,201
4,425
2,274

46,77313,809
3,671
7,782
1,520
725
(9)

-

1,865
1,833
(22,772)
296,153707(96)(5,040)65,143

3,553(143)(23,579)
312,796(82)(181)(5,747)
68,267

317,000
Millions of yen (rounded down)

FY2017(7) Capital expenditure

FY2018FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

162,651
59,05427,26739,724
201

127,877
36,95824,08590,423
13,691

Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

182
734
568
274
3,055
293,716

481
1,647
320
5,324
4,021
304,833(8) Total assets

At Mar 31, 2017

At Mar 31, 2018 *3

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

3,445,008
484,292
634,219541,888
106,9903,518,735
513,343626,596
697,478
111,974

Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

27,35828,84225,702
12,649177,1635,484,115

27,04829,312
22,427
17,668236,864
5,801,450

Real Estate Services
Other
Eliminations or corporate

FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

127,877
31,951
24,08590,423
13,691
11,528481

37,614
5,719
10,73624,482
3,438
3,566
241

117,167
37,48041,56876,412
11,346
14,464573

16,897
7,669
15,493
15,190
108
1,728
151

-

320
451
4,021
304,833

193
9
4,942
90,944

1,051
762
11,497
312,324

311
434
4,621
62,607

Millions of yen (rounded down)

Exchange rate

FY2019-1Q

PL (AR)
108.22¥/$
BS (CR)
106.24
PL (AR)
150.79¥/£BS (CR)
148.84
AR:Average Rate, CR:Current Rate

FY2020-1Q
110.54110.99145.04144.98FY2020(Estimates)
110.00110.00145.00145.00*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

At Mar 31, 2020
(Estimates)

At Mar 31, 2018 *3

At Jun 30, 2018

At Mar 31, 2019

At Jun 30, 2019

3,518,735
503,496626,596
697,478
111,974
43,834
27,0483,498,759
493,943
633,632
667,558
105,585
63,95924,2983,551,450
520,707665,788692,325
68,977
71,17527,992

3,535,165
503,895
669,258
738,349
67,22170,491
23,782-

22,427
12,993236,864
5,801,450

24,094
10,871
284,4445,807,148

28,73913,408
133,628
5,774,193

26,873
13,131
228,106
5,876,275

6,000,000*1 As of April 2018, the following segment or business were integrated into newly established Hotel & Airport Business segment:- previous Hotel Business segment- Hotel Development Business previously in Lifestyle Property Business segment- Airport Operation Business and Resort Hotel Development Business previously in Business Creation Department*2 Operating income before depreciation is included in earnings before depreciation and amortization of goodwill.
*3 From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied. Thus figure on the Total assets asof the end of March, 2018, is also modified based on the application of the amendment.

8

3. Office Building Business Revenue from Operations Breakdown (Consolidated)

Millions of yen (rounded down)

FY2017FY2018FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

Leasing

376,531384,929

100,129

409,643

104,325

419,000

Property Management

21,92623,368

5,681

23,533

5,934

27,000Contracted Work12,552

14,958

4,912

19,8593,254

16,000District Heating and Cooling Services

8,280

8,281

1,890

9,014

2,091

9,000

Other (Sales of assets etc.)

64,94774,62336,93867,644

5,476

119,000

Total

484,238

506,161

149,551529,695

121,081590,000

At Mar 31, 2017

At Mar 31, 2018

At Jun 30, 2018

At Mar 31, 2019

At Jun 30, 2019

3,557

3,707

3,752

3,854

3,835

4. Office Building Business Data (Consolidated)(Thousands of square meters)

Contracted area
Owned by MEC

2,182

2,291

2,335

2,423

2,418

Subleases

1,376

1,417

1,417

1,431

1,417

5. Office Building Business Data (Unconsolidated)(Thousands of square meters ; yen/tsubo.month)

At Jun 30, 2019

At Mar 31, 2020
(Estimates)

At Mar 31, 2017

At Mar 31, 2018

At Jun 30, 2018

At Mar 31, 2019

Owned by MEC

3,414

3,556

3,598

3,729

3,729

3,788

Subleases

1,971

2,013

2,007

2,016

2,021

2,087

Total

5,385

5,570

5,606

5,745

5,750

5,876

3,357

3,475

3,512

3,631

3,638

3,733

(1) Total operating floor space(2) Leasable area
(3) Vacancy rate (All uses in Japan)(4) Average rent (All uses in Japan)

2.93 %
25,842

1.87 %

2.08 %

1.80 %
26,7022.29 %

26,193

26,28026,910At Mar 31, 2017

At Mar 31, 2018

At Jun 30, 2018

At Mar 31, 2019

At Jun 30, 2019

Operating floor space

2,727

2,784

2,784

2,915

2,915

Leasable area

1,603

1,665

1,671

1,755

1,755

* The average rent is per 3.3 square meters per month.

6. Marunouchi Area Building Data (Unconsolidated)

Office vacancy rate
Building lease revenue(Thousands of square meters; millions of yen(rounded down))

2.42 %
216,673

1.65 %
221,674

2.03 %

2.19 %

57,622

235,11992.69 %
61,124

1.5 %
26,9007. Lifestyle Property Business Retail Properties Data (Consolidated)
Contracted area

(Thousands of square meters)

At Mar 31, 2017

At Mar 31, 2018

At Jun 30, 2018

At Mar 31, 2019

At Jun 30, 2019

680

683

711

767

767

* These figures are for the contracted area of retail properties of the Lifestyle Property Business (including some office facilities).

8. Condominium Business Data
Condominiums sold (Millions of yen)

FY2017FY2018FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

223,266

254,140

32,246238,924

31,736208,000

Condominiums sold (units)

3,713

3,938

572

4,007

546

3,300

Gross margin19.4 %

19.7 %

16.8 %

17.0 %

16.5 %

17.2 %

Inventory (units)

326

460

412

542

585

-

New Supply of condominiums (units)

3,236

3,615

953

3,966

977

3,400

188,282

156,944

223,508

144,970

225,874---

174,727-

143,339-

The following fiscal year share (Millions of yen)

167,887

141,408

36,433

104,242

70,987-

The post following fiscal year share (Millions of yen)

20,395

15,536

12,34840,728

11,546-

Condominium contract balance (Millions of yen)
The fiscal year share (Millions of yen)

* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales

10

9. Special Purpose Vehicle Data（Unconsolidated・Domestic）

Millions of yen (rounded down)

At Mar 31, 2017

At Mar 31, 2018

At Jun 30, 2018

At Mar 31, 2019

At Jun 30, 2019

Office Building Business
Equity investment by Mitsubishi Estate

168,753

161,807

161,713

161,954

155,117
48,697(Unconsolidated)

76,66454,86554,80055,445Equity investment by other companies

78,28868,78368,64874,34474,243(Unconsolidated)

78,28868,78368,64874,34474,243

Interest bearing debt borrowed by SPV

97,56877,78077,78077,68077,380(Unconsolidated)

97,46877,68077,68077,58077,280Lifestyle Property Business
Equity investment by Mitsubishi Estate

37,036

41,62643,826

40,592

41,045(Unconsolidated)

13,184

17,775

19,975

16,741

17,194Equity investment by other companies

6,892

12,986

12,989

8,082

8,939

(Unconsolidated)

6,892

12,986

12,989

8,082

8,939

Interest bearing debt borrowed by SPV

19,27630,76530,676

19,21945,841(Unconsolidated)

19,17630,66530,576

19,11945,741

Residential Business
Equity investment by Mitsubishi Estate

-

-

-

-

-

(Unconsolidated)

-

-

-

-

-

Equity investment by other companies

-

-

-

-

-

(Unconsolidated)

-

-

-

-

Interest bearing debt borrowed by SPV

-

-

-

-

-

(Unconsolidated)

-

-

-

-

-

Equity investment by Mitsubishi Estate

205,789

203,433

205,540

202,547

196,163(Unconsolidated)

89,84972,64074,77572,18765,891Equity investment by other companies

85,181

81,76981,63882,427

83,182(Unconsolidated)

85,181

81,76981,63882,427

83,182

Total

Interest bearing debt borrowed by SPV

116,845

108,545

108,456

96,899123,221(Unconsolidated)

116,645

108,345

108,256

96,699123,021* The numbers include the following S.P.V
1. TMK vehicles under the real estate securitization law - Mitsubishi Estate's share : over 20%
2. YK-TK or GK-TK vehicles under the commercial law - Mitsubishi Estate's share : over 20%

11

III. Summary of Consolidated Financial Statements
1. Consolidated Balance Sheets
AssetsCurrent assets
Cash
Notes and accounts receivable-tradeMarketable securities
Property for sale
Property for sale in progress
Property for development
Appropriated construction in progress
Other inventories
Equity investments
Deferred income taxes
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Property and equipment
Buildings and structures
Machinery and equipment
Land
Land in trust
Construction in progress
Other property and equipment
Total property and equipment
Intangible assets
Leaseholds
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Long-term loans
Lease deposits
Net defined benefit asset
Deferred income taxes
Other investments
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

Millions of yen (rounded down)

At Mar 31, 2017

At Mar 31, 2018

At Jun 30, 2018

At Mar 31, 2019

At Jun 30, 2019

243,681
43,823
13,51560,195337,928
1,058
8,091
1,021
292,764
10,73069,152(270)
1,081,690

287,153
44,6708,219
95,391
327,213
1,267
9,681
1,084
365,933
77,299(224)
1,217,690

257,200
40,016
7,119
67,506336,199
1,269
13,894
1,173
366,554
80,438(214)
1,171,159

176,81462,603
6,767
84,104
268,152
996
7,058
1,143
387,385
78,061(218)
1,072,869

295,326
45,005
6,507
70,404
269,615996
10,411
1,071
386,730
67,683(238)
1,153,514

1,032,286
21,722
1,987,344
708,801
92,367
14,2333,856,757

1,060,851
19,8252,063,202
678,420
142,127
17,444
3,981,871

1,114,750
23,194
2,068,288
678,420
126,985
15,031
4,026,670

1,183,718
24,8182,105,797
676,572
80,674
16,502
4,088,084

1,186,319
23,9872,118,153
676,572
88,755
16,5784,110,366

73,81625,72599,542

72,93421,306
94,24173,874
20,72094,59574,384
20,743
95,12874,45523,241
97,697

244,870
1,389
106,1499,487
11,08274,786(1,642)446,125
4,402,424
5,484,115

272,779
1,362
108,097
20,28022,953
83,610(1,438)507,646
4,583,759
5,801,450

278,848
1,367
110,995
20,95021,007
82,987(1,433)514,723
4,635,989
5,807,148

258,527
2,924
114,71323,935
20,766
97,911(668)
518,1104,701,323
5,774,193

245,623
2,927
115,442
25,09919,859106,400(657)
514,696
4,722,760
5,876,275

12

Millions of yen (rounded down)

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Current portion of long-term debt
Commercial paper
Bonds due within one year
Accrued income taxes
Deferred tax liability
Other current liabilities
Total current liabilities
Long-term liabilities
Bonds
Long-term borrowings
Lease deposits received
Deferred tax liability
Deferred tax liabilities on land revaluation
Net defined benefit liability
Accrued directors' retirement benefits
Provision for environmental measures
Negative goodwill
Other long-term liabilities
Total long-term liabilities
Total liabilities
Net assets
Shareholders' equity
CapitalCapital surplus
Retained earnings
Less treasury stock, at cost
Total shareholders' equity
Other accumulated comprehensive income
Unrealized holding gain on securities
Deferred gains or losses on hedging instruments
Land revaluation reserve
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other accumulated comprehensive income
Stock acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

At Mar 31, 2017

At Mar 31, 2018

At Jun 30, 2018

At Mar 31, 2019

At Jun 30, 2019

56,09986,415
149,281
85,075
16,471
572
192,708
586,623

61,169159,090
147,739
66,162
27,675203,254665,091

56,026
137,773
188,346
42,00061,162
4,602
171,427
661,339

57,967
86,156
231,065
75,00019,620219,133
688,942

50,120108,688
222,529
119,000
70,0005,847
196,417772,603

777,712
1,292,854
398,014217,565
263,661
22,042834
4,831
90,53561,9783,130,031
3,716,654

787,661
1,316,232
414,390
224,557
263,428
26,847771
5,074
95,992
122,313
3,257,270
3,922,362

782,661
1,302,769
421,032
234,533
264,063
26,680481
5,065
92,578146,856
3,276,723
3,938,063

733,916
1,188,866
440,058
233,635
264,063
26,573579
4,623
92,423
143,403
3,128,145
3,817,088

734,210
1,221,465
442,384
232,074
264,063
26,672505
4,621
93,201
144,355
3,163,554
3,936,157

141,659
161,477
674,259(5,489)971,906

141,898
161,819
763,277(5,294)
1,061,700

142,023
162,434
767,241(5,297)
1,066,400

142,023
162,498
858,581(5,278)1,157,824

142,147
162,633
861,402(19,076)
1,147,108

109,64473
527,128(13,363)(2,612)620,870529
174,154
1,767,460
5,484,115

121,787369
526,623(12,227)95
636,648326
180,412
1,879,088
5,801,450

127,428
699
526,623(34,016)473
621,208326
181,150
1,869,085
5,807,148

115,452(64)
526,623(30,144)952
612,819302
186,159
1,957,105
5,774,193

105,912(671)
526,623(24,731)756
607,889294
184,826
1,940,117
5,876,275※ From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied.
Thus figures on the Consolidated Balance Sheets as of the end of March, 2018, are also modified based on the application of the amendment.

13

2. Consolidated Income Statements

Millions of yen (rounded down)
FY2017

Revenue from operations
Operating income
Non-operating income
Interest income
Dividend income
Equity in earnings of unconsolidated subsidiaries and affiliates
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expense
Loss on disposal of fixed assets
Other non-operating expenses
Total non-operating expenses
Income before taxes and special items
Extraordinary income
Gain on sales of fixed assets
Gain on sales of investment securities
Gain on sales of shares of affiliated companies
Gain on negative goodwill
Settlement received
Gain on exchange from business combination
Other Extraordinary income
Total extraordinary income
Extraordinary loss
Loss related to retirement of fixed assets
Impairment loss
Loss on step acquisitions
Total extraordinary loss
Income before income taxes and minority interests
Corporation tax, inhabitants' tax and enterprise tax
Income taxes-deferred
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

FY2018FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

1,125,405
192,495

1,194,049
213,047

272,660
45,322

1,263,283
229,178

265,883
46,8501,360,000
230,000

268
4,634
872
3,605
9,380

284
5,565
419
4,177
10,447

139
3,051
124
1,298
4,614

579
7,001
263
4,547
12,391

187
3,388
125
1,647
5,348

500
6,000
500
2,000
9,000

22,743
4,453
4,827
32,024
169,851

23,122
5,746
4,119
32,988
190,506

5,936
732
3,391
10,06039,87723,503
5,761
5,717
34,983
206,587

5,512
1,201
1,504
8,219
43,97823,0007,000
2,000
32,000207,000

1,013
13,505
1,966
16,484

12,044
1,161
1,513
14,719

2,097
2,097

6,072
2,097
8,170

-

6,000
4,000
10,000

4,762
12,2606,431
23,455
162,881
43,451
2,622
116,808
14,126102,681

8,259
5,508
13,768
191,457
57,334(3,626)
137,749
17,305
120,443

41,975
5,189
7,138
29,646
4,349
25,297

3,818
3,818
210,939
46,441
12,517
151,981
17,372
134,608

43,9789,479
4,033
30,465
4,045
26,4203,000
3,000
214,000

14

61,000153,000
16,000137,000

3. Consolidated Cash Flow Statements

Millions of yen (rounded down)
FY2017FY2018FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

Income before income taxes and minority interests

162,881

191,457

41,975

210,939

43,978214,000

Adjustment for extraordinary income or loss

12,2497,263(1,432)

961

1,082

5,000

Depreciation and amortization

75,97477,545

19,13180,336

20,62384,000Decrease (increase) in inventories

84,85386,614

20,611

132,337

12,787

120,000

Decrease (increase) in equity investments(32,460)(53,837)(25,808)(9,124)

9,879(164,000)

Other(82,780)

30,5405,391(15,678)(7,615)3,000

Income taxes, etc.

(52,189)(46,244)(31,326)(53,817)(24,756)(45,000)

168,527

293,338

28,541

345,954

55,979217,000

Proceeds from sales of investment securities

1,534

5,277

0

13,871403

10,000

Proceeds from sales of property and equipment and beneficial
interests in trust of property and equipment

11,328

13,694

3,138

4,752

6,292

7,000

Capital investment(275,372)(289,570)(87,291)(285,089)(52,733)(309,000)

Other(64,783)(16,242)(3,275)(4,618)(6,028)(59,000)(327,292)(286,841)(87,428)(271,083)(52,064)(351,000)

Newly acquired funds

298,515

256,42969,860160,510

103,368

558,000

Repayment(243,051)(243,230)(50,171)(229,938)(85,554)(299,000)

Cash dividends paid

(33,709)(44,035)(24,429)(52,209)(28,677)(54,000)

-

-

-

-

(14,000)(100,000)(26,676)

68,04027,130(70,836)

139,520

2,000

Net cash provided by (used in) financing activities(4,921)

37,20322,390(192,473)

114,657

107,000

Effect of exchange rate on cash and cash equivalents(5,144)(183)(3,651)(1,796)817-

Net increase (decrease) in cash and cash equivalents(168,830)

43,517(40,147)(119,398)

119,389(27,000)

Increase in cash and cash equivalents from newly
consolidated subsidiary--

13,903

13,903--

Decrease in cash and cash equivalents resulting
from exclusion of subsidiaries from consolidation

(219)

-

(2,055)(2,055)--

Cash and cash equivalents at the beginning of year

412,392

243,341

286,859

286,859

179,308

179,000

Cash and cash equivalents at the end of year

243,341

286,859

258,560

179,308

298,698

152,000

Net cash provided by (used in) operating activities

Net cash provided by (used in) investing activities

Payments for repurchase of own shares
Other

15

4. Total Assets, Capital Investment and Depreciation (Consolidated)

Millions of yen (rounded down)

FY2017FY2018FY2019-1Q

FY2019FY2020-1Q

FY2020 (Estimates)

Total assets

5,484,115

5,801,450

5,807,148

5,774,193

5,876,275

6,000,000

Capital investment

275,372

289,570

87,291

285,089

52,733309,000

Depreciation

75,97477,545

19,13180,336

20,62384,000

FY2020-1Q

FY2020 (Estimates)※ From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied. Thus figure on the Total assets as of the end of March, 2018, is also modified based on the application of the amendment.

Capital investment

Millions of yen (rounded down)

FY2020-1Q

FY2020 (Estimates)

Total

52,733

Total

309,000

Mitsubishi Estate

17,791

Mitsubishi Estate

150,000(Breakdown)(Breakdown)
Office Building Business
New/Redevelopment buildings(Marunouchi redevelopment etc.)
Refurbishment cost etc.

9,206

Lifestyle Property Business

Other

80,0002,481

Office Building Business
New/Redevelopment buildings(Marunouchi redevelopment etc.)
Refurbishment cost etc.

2,717

Lifestyle Property Business

21,000Hotel & Airport Business

19,000

Other

159,000

34,942(Breakdown)

25,000(Breakdown)

Mitsubishi Estate Residence

13,641Rockefeller Group, Inc.

Mitsubishi Estate Europe

5,238

Mitsubishi Estate Residence

37,00033,000Rockefeller Group, Inc.

4,219

MEA Comercial Holdings

27,000Mitsubishi Estate・Simon

3,475

Mitsubishi Estate・Simon

20,000Sunshine City

3,144

Mitsubishi Estate Europe

15,000Consolidated TMK

1,791

Marunouchi Heat Supply

10,000Sunshine City

7,000

Consolidated TMK

4,000Royal Park Hotels & Resorts

2,000

Yokohama Sky Building

1,000

FY2018FY2019-1Q* Major inter-group transactions are eliminated.

5. Interest-Bearing Debt (Consolidated)

Millions of yen (rounded down)
FY2017FY2019Interest-bearing debt

2,396,994

2,481,675

2,519,403

2,319,597

2,477,752

2,550,000

Net interest-bearing debt *1

2,153,652

2,194,815

2,260,843

2,140,288

2,179,054

2,400,000

22,74323,122

5,936

23,503

5,512

23,000Interest expense
Average interest rate *2

0.97 %

0.95 %

Interest coverage ratio (ICR) *3

8.7 times

9.5 times

Debt equity ratio *4

1.50

1.46

1.49

1.31

1.41

1.45

1.26

1.23

1.26

1.10

1.19

1.23

7.7 times

7.3 times- times

6.7 times- times

7.4 times

7.1 times

6.7 times- times

6.1 times- times

6.9 times

After hybrid debt deductions *5

Net interest-bearing debt／EBITDA
After hybrid debt deductions *5

0.95 %- times*1 Net interest-bearing debt = Interest-bearing debt - Cash and cash equivalents*2 Average interest rate = Interest expense / Interest-bearing debt (average)*3 ICR = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Interest expense*4 Debt equity ratio = Interest-bearing debt / Shareholders' equity*5 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.

16

0.98 %
10.1 times

0.92 %- times

0.94 %
10.3 times

6. Major Consolidated Subsidiaries
FY2020-1Q Results

Millions of yen (rounded down)

Share of MEC-

Mitsubishi Estate Co., Ltd.

Revenue from
Income before taxes
Operating income
and special items
operations
123,418
25,381
50,763

Net income
43,510Total assets
4,891,882

Shareholders' equity Interest-bearing debt

1,510,882

2,211,001

Depreciation
12,435

Mitsubishi Jisho Property Management Co., Ltd.

100.00%18,333

1,095

1,093

748

68,384

16,571-

47

Marunouchi Heat Supply Co., Ltd.

64.16%

3,545

392

378

261

33,06423,709

6,913

667

Sunshine City Corporation

63.20%

6,875

1,548

1,124

791

107,912

64,23919,246

1,381

Mitsubishi Estate・Simon Co., Ltd.

60.00%

11,613

5,202

5,196

3,551

100,741

36,80928,968

1,261

Tokyo Ryutsu Center Inc.

58.22%

2,593

901

823

565

64,761

36,13521,445651

Mitsubishi Estate Residence Co., Ltd.

100.00%46,046

2,290

1,952

1,416

589,947

70,408451,013526

Mitsubishi Estate Home Co., Ltd.

100.00%3,379(1,272)(1,262)(1,262)

9,798

412

-

89

Mitsubishi Jisho Community Co., Ltd.

71.47%

12,717

826

837

534

18,157

10,082

-

96
1,173

Rockefeller Group, Inc.

100.00%

16,118

5,674

5,241

2,686

418,351

244,145

116,912

Mitsubishi Estate Europe Limited

100.00%

2,083

1,318

748

534

169,836

89,22776,056529

Royal Park Hotels & Resorts Co., Ltd.

100.00%

6,469

313

318

219

11,352

1,989

4,887

242

Mitsubishi Jisho Sekkei Inc.

100.00%

3,098

(11)

(3)

(12)

22,11017,081-

74

Mitsubishi Real Estate Services Co., Ltd.

100.00%

6,162

(302)

(304)

(232)

24,76911,285

3,603

92

-

265,883

46,85043,97826,4205,876,275

1,754,997

2,477,752

20,623

FY2019-1Q Results

Millions of yen (rounded down)

Share of MEC
Mitsubishi Estate Co., Ltd.

-

Revenue from
Income before taxes
Operating income
and special items
operations
136,610
25,49345,858Net income
39,314

Total assets
4,799,387

Shareholders' equity Interest-bearing debt

1,483,588

2,213,429

Depreciation
11,024

Mitsubishi Jisho Property Management Co., Ltd.

100.00%19,569

1,364

1,352

929

67,80615,324

1

51

Marunouchi Heat Supply Co., Ltd.

64.16%

3,167

362

374

258

31,857

22,134

7,805

550

Sunshine City Corporation

63.20%

7,104

2,005

2,044

1,432

109,546

61,88924,566

1,292

Mitsubishi Estate・Simon Co., Ltd.

60.00%

11,015

4,779

4,819

3,259

98,63939,122

27,918

1,199

Tokyo Ryutsu Center Inc.

58.22%

2,638

905

824

1,139

64,90134,362

23,220676

Mitsubishi Estate Residence Co., Ltd.

100.00%48,157

2,141

1,792

1,243

566,465

64,342437,023

447

Mitsubishi Estate Home Co., Ltd.

100.00%2,545(1,084)(1,083)(1,084)

12,321

393-

70

Mitsubishi Jisho Community Co., Ltd.

71.47%

12,284

882

881

571

16,332

8,794

-

105

Rockefeller Group, Inc.

100.00%11,021

3,143

2,740

993

434,604

219,928

165,433

1,385

Mitsubishi Estate Europe Limited

100.00%

1,791

1,002

803

594

146,23172,70568,912

473

Royal Park Hotels & Resorts Co., Ltd.

100.00%

6,163

292

290

338

10,766

2,016

4,537

217

Mitsubishi Jisho Sekkei Inc.

100.00%

3,037

(71)

(70)

(70)

22,664

16,232-

58

Mitsubishi Real Estate Services Co., Ltd.

100.00%

6,756

673

667

432

20,89011,34314

81-272,660

45,32239,87725,297

5,807,148

1,687,608

2,519,403

19,131* Before consolidation adjustments.

17