May 10, 2024
Earnings Highlights for FY2023(The Fiscal Year Ended March 31, 2024)
Mitsubishi Estate Co., Ltd.
Highlights＜ FY2023 Results＞･Operating Profit was ¥278.6 billion and Profit Attributable to Owners of Parent was ¥168.4 billion,a record high.
＜ FY2024 Outlook＞･Operating profit is expected to reach a new historical high, ¥300 billion.
･Profit Attributable to Owners of Parent is expected to reach a record high, ¥173 billion.
＜ Shareholder return policy change>(Dividends)
Dividend forecast for FY2024: ¥43 per share.
Progressive dividend payments of ¥3 for every fiscal year is implemented (until FY2030).
¥60 or more/share is expected in FY2030(Share buyback)¥50 billion share buyback is decided in FY2024. ( To be canceled on completion)
Until FY2026, same level of share buyback is expected every fiscal year.

FY2023Results
Operating Revenue
Commercial Property BusinessResidential Business
International Business
Investment Management Business
Operating Profit
Ordinary Profit
Total income taxes

FY2022
Results

Millions of yen (rounded down)
Percentage
FY2023 Forecasts（Feb2024.Disclosed)
ChangeChange1,504,687
211,79538,888
51,448△ 1,619
278,627
241,158
98,131

1,377,827
188,852
35,03789,4008,054
296,702271,819
70,634

126,860
22,9433,851△ 37,952△ 9,673△ 18,075△ 30,661
27,496

9.2%
12.1%
11.0%
△ 42.5%△ 120.1%△ 6.1%△ 11.3%38.9%

1,469,000
205,000
36,00054,000△ 2,000
267,000
232,000
89,000

7,968

16,924△ 8,956△ 52.9%3,000

168,432

165,343

3,089

1.9%

166,000

Profit Attributable to NonControlling Interests
Profit Attributable to Owners ofParent【 Commercial Property Business】
Profit growth compared to FY2022 due to strong performance of hotels and retail properties and increased
capital gains. Both vacancy rates and average rents improved year-on-year.

Vacancy rates

2023/3Results

2023/9Results

2023/12Results

2024/3Results

Japan (all uses)

3.73%

4.07%

4.06%

3.45%

Marunouchi (offices)

2.43%

2.47%

2.88%

2.33%

Average rents (Japan, all uses)¥29,221¥29,471

【 Residential Business】
Profit growth compared to FY2022 due to strong performance in the condominium business.
【 International Business】
Profit declined compared to FY2022 due to the reversal of large capital gains.
【 Investment Management Business】
Profit decreased compared to FY2022 due to adjustments of incentive fees recorded in the past.
＜ FY2024 Outlook＞
Record operating profit of ¥300 billion and profit attributable to owners of parent of ¥173 billion are expected
mainly due to International Business and Investment Management Business.
The dividend is expected to be ¥43 (up ¥3 from FY2023) in accordance with the new policy of a progressive
dividend of ¥ 3 each year.

Operating Revenue
Commercial Property Business
Marunouchi Property BusinessResidential BusinessInternational Business
Investment Management Business
Operating Profit
Ordinary Profit
Total income taxes
Profit Attributable to NonControlling Interests
Profit Attributable to Owners ofParent

2025/03
Forcasts
1,596,000
110,000
90,00040,00070,00013,000300,000
252,000
92,0002024/03
Results
1,504,687
114,730
97,082
38,88851,448△ 1,619
278,627
241,158
98,131

13,000173,000

Millions of yen (rounded down)
Percentage
ChangeChange91,313△ 4,730△ 7,082
1,112
18,552
14,61921,373
10,842△ 6,1316.1%△ 4.1%△ 7.3%
2.9%
36.1%
7.7%
4.5%
△ 6.2%

7,968

5,032

63.2%

168,432

4,5682.7%【 Commercial Property Business※ 】
While hotels and retail properties are expected to perform well, profit is expected to decline compared toFY2023 due to lower capital gains.
【 Marunouchi Property Business※ 】
Office leasing remains strong, while profits of the segment are expected to decrease compared to FY2023,
mainly due to closure of buildings for redevelopment.
【 Residential Business】
Despite an expected decrease in capital gains from rental apartments, profits are expected to increase
compared to FY2023 due to higher profits from condominiums for sale in Japan.
【 International Business】
Profit is expected to increase compared to FY2023, mainly due to increased capital gains and thecondominium business in Australia.
【 Investment Management Business】
Profit is expected to increase compared to FY2023 due to the reversal of the incentive fee adjustment.

*From FY2024, the former Commercial Property Business segment is split into the Commercial Property
Business segment and the Marunouchi Property Business segment.
＜ Shareholder returns policy change>【 Dividend】
Based on the stable rental CF of Marunouchi and the upward trend in earnings, decided to introduce a
progressive dividend of ¥3 continuously until FY2030; the dividend for FY2024 is expected to be ¥ 43
(up ¥3 from FY2023). ¥60 or more /share is expected in FY2030.
【 Share buy-backs】
Decided to implement a share buyback of ¥50 billion in FY2024(To be canceled on completion) throughthe sale of the company's abundant capital recycling assets and the strategic sale of other assets etc; andexpects to continuously implement approximately same level of share buyback each fiscal year until
FY2026Disclaimer
The forecasts contained in this report, the Summary of Consolidated Financial Statements, and FACTSHEETS are based on information available to the Company at the time of disclosure. Therefore, actual
performance may differ from such forecasts due to various factors.
The summary of Financial Statements and Fact Book can be found on the homepage.
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