■February 8, 2019

MITSUBISHI ESTATE CO., LTD.

FACT BOOK FY2019/3-3Q(The Fiscal Year Ending March 31, 2019)

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 FY2019-3Q and FY2018-3Q
2. Income Statement Estimates for FY2019 and Results for FY2018
3. Balance Sheet Results at Periods Ended Dec 31, 2018 and Mar 31, 2018
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 FY2019-3Q and FY2018-3Q
Millions of yen (rounded down)

Millions of yen (rounded down)

FY2019-3Q
Results

FY2018-3Q
Results

FY2019-3Q
Results

FY2018-3Q
Results-

12,078

Office Building Business

403,525

344,20959,316

Gain on sales of investment securities

3,880

-

3,880

Lifestyle Property Business

79,04873,675

5,373

Gain on negative goodwill

2,097

-

2,097

Change(New Segment)■Breakdown of Extraordinary income
Gain on sales of fixed assets

Residential Business

279,660

258,296

21,363Gain on exchange from business combination

International Business

47,104

55,142(8,038)Total

Investment Management Business

17,68917,202487

Hotel & Airport Business

28,64625,356

3,290

Architectural Design & Engineering Business

12,451

12,343

108

Real Estate Services Business

23,946

16,6397,307(12,078)-

1,513(1,513)

5,978

13,591(7,613)

FY2019-3Q
Results

FY2018-3Q
Results

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

5,161

6,504

(1,342)

Loss related to retirement of fixed assets

Eliminations(22,878)(18,911)(3,966)

Impairment loss

Revenue from Operations

874,357

790,456

83,900

Total

Other

ChangeChange

2,764

-

2,764

-

1,723

(1,723)

2,764

1,723

1,040

(New Segment)
Office Building Business

113,478

106,486

6,992

Lifestyle Property Business

23,591

21,422

2,168

Residential Business

20,358

12,202

8,155

International Business

16,201

13,507

2,693＜Reference＞■Capital Gains included in Operating Income

Millions of yen (rounded off to the nearest billion)

FY2019-3Q
Results

FY2018-3Q
Results

ChangeInvestment Management Business

4,276

3,920

355

Hotel & Airport Business

1,097

844

253

Office Building Business

11,0006,000

Architectural Design & Engineering Business

(696)

603

(1,300)Lifestyle Property Business

2,000

2,000

0

Real Estate Services Business

1,410

(396)

1,806

Residential Business

9,000

1,000

8,000

(226)

1,553

(1,780)Eliminations or Corporate(16,550)(16,791)240

Operating Income

162,939

143,354

19,585Non-operating revenue

10,370

8,871

1,498

Other

Capital Gains
5,000International Business

6,000

7,000

(1,000)Investment Management Business

1,000

1,000

0

Hotel & Airport Business

-

-

-

Other

-

1,000

(1,000)24,661

23,653

1,008

148,648

128,572

20,076

Total

Extraordinary income

5,978

13,591(7,613)*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Extraordinary loss

2,764

1,723

1,040

Non-operating expense
Income Before Taxes and Special Items

151,861

140,440

11,421

Corporate tax, etc.

41,724

41,424

300

Profit110,137

99,015

11,121

Income Before Income Taxes and Minority Interests

Profit attributable to non-controlling interests

13,41014,062(651)

Profit Attributable to Owners of Parent

96,726

84,953

11,773---29,00018,00011,000Eliminations or Corporate＜Reference＞■Overseas Operating Income
Overseas Operating Income

Millions of yen (rounded off to the nearest billion)

FY2019-3Q
Results

FY2018-3Q
Results

20,00014,000Change6,000*Overseas Operating Income: Sum of operating income from International Business Group and other overseas operations.

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

32. Income Statement Estimates for FY2019 and Results for FY2018* There is no change in the FY2019 earnings estimates announced on May 14, 2018.
Millions of yen (rounded down)

FY2019Estimates

FY2018Results

Change(New Segment)

Millions of yen (rounded down)■Breakdown of Extraordinary income
Gain on sales of fixed assets

Office Building Business

545,000

506,161

38,839Gain on sales of investment securities

Lifestyle Property Business

113,000

97,92015,080Gain on sales of shares of affiliated companies

Residential Business

440,000

410,598

29,402Gain on negative goodwill

International Business

74,00086,925(12,925)

Gain on exchange from business combination
Total

Investment Management Business

45,00022,66522,335

Hotel & Airport Business

45,00041,0383,962

Architectural Design & Engineering Business

21,00021,613(613)

Real Estate Services Business

26,00025,584

416

Other

7,000

8,538

(1,538)(26,000)(26,996)996

1,290,000

1,194,049

95,951Eliminations
Revenue from Operations

FY2019Estimates(New Segment)
Office Building Business

148,000

147,243757

31,00028,0792,921

Residential Business

23,00023,860(860)International Business

25,00024,147853

Investment Management Business

5,000

4,596

404

Hotel & Airport Business

2,500

3,136

(636)

Change-12,044

7,000

-

7,000

-

1,161

(1,161)(12,044)

2,000

-

2,000

-

1,513

(1,513)9,000

14,719(5,719)Millions of yen (rounded down)■Breakdown of Extraordinary loss
Loss related to retirement of fixed assets

FY2019Estimates

Total

FY2018Results

Change

4,000

8,259

(4,259)-5,508(5,508)4,000

13,768(9,768)

Impairment loss

Lifestyle Property Business

FY2018Results＜Reference＞

Millions of yen (rounded off to the nearest billion)■Capital Gains included in Operating Income

FY2019Estimates

Architectural Design & Engineering Business

1,000

1,724

(724)

Real Estate Services Business

1,500

1,518

(18)

Office Building Business

Other

500

1,784

(1,284)

Lifestyle Property Business

FY2018Results

ChangeCapital Gains
12,00016,000(4,000)2,000

Eliminations or Corporate(22,500)(23,043)

543

Residential Business

1,000

Operating Income

215,000

213,047

1,953

International Business

15,00027,000Non-operating revenue

10,00010,447(447)

Investment Management Business

Non-operating expense

34,00032,988

1,012

Hotel & Airport Business

3,000

1,000

Other

1,000

4,000

191,000

190,506494

Extraordinary income

9,000

14,719(5,719)Extraordinary loss

4,000

13,768(9,768)

Total

196,000

191,457

4,543*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

5,293

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests

Corporate tax, etc.

59,00053,707

Profit137,000

137,749(749)

Profit attributable to non-controlling interests

14,00017,305(3,305)

Profit Attributable to Owners of Parent

123,000

120,443

2,557

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-

Eliminations or Corporate
39,00039,0000＜Reference＞

Millions of yen (rounded off to the nearest billion)■Overseas Operating Income

FY2019Estimates

Overseas Operating Income

26,000FY2018Results

25,000Change1,000* Overseas Operating Income: Sum of operating income from International Business Group and other overseas operations.

43. Balance Sheet Results at Periods Ended Dec 31, 2018 and Mar 31, 2018
Millions of yen (rounded down)

At Dec 31, 2018 At Mar 31, 2018

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

256,41742,720
6,867
103,139
301,784
1,144
13,0581,268

287,153
44,6708,219
95,391
327,213
1,267
9,681
1,084

9. Equity investments

375,678

365,933

9,745

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

88,712(195)
1,190,596

77,299(224)
1,217,690

11,41329(27,093)

1,167,867
23,591
2,097,808
676,455
95,411
16,091
4,077,224

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

107,015
3,765
34,605(1,964)(46,715)(1,353)
95,352

74,061
22,13596,19772,93421,306
94,241

1,126
829
1,955

242,381
2,977
113,408
23,003
21,67896,607(705)
499,351
4,672,774
5,863,370

272,779
1,362
108,097
20,28022,953
83,610(1,438)507,646
4,583,759
5,801,450(30,397)
1,615
5,311
2,722
(1,275)
12,996733(8,294)89,014
61,920At Dec 31, 2018 At Mar 31, 2018
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(30,735)(1,950)(1,352)
7,748(25,429)
(123)
3,377
183

Change50,447
129,315
213,257
83,00075,0009,660
194,488755,169

61,169159,090
147,739
66,162
27,675203,254665,091(10,722)(29,774)
65,51883,0008,837(18,015)(8,765)90,078732,661
1,267,688
435,170
223,754
264,063
26,707537
4,901
91,346
137,866
3,184,698
3,939,868

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(55,000)(48,543)
20,780
(803)
634
(139)
(233)
(172)
(4,646)
15,552(72,571)
17,506142,023
162,481820,707(5,306)
1,119,905

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

124
661
57,430(11)
58,204

103,337579
526,623(15,226)555
615,869326
187,400
1,923,502
5,863,370

121,787369
526,623(12,227)95
636,648326
180,412
1,879,088
5,801,450(18,449)
209(2,998)459(20,778)
6,987
44,414
61,920II. 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※ 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 applicationof the amendment.
5II. Highlights
1. Major Performance Items (Consolidated)

Millions of yen (rounded down)

FY2016FY2017FY2018-3Q

FY2018FY2019-3Q

FY2019 (Estimates)

Revenue from operations

1,009,408

1,125,405

790,456

1,194,049

874,357

1,290,000

Operating income

166,199

192,495

143,354

213,047

162,939

215,000

Income before taxes and special items

144,851

169,851

128,572

190,506

148,648

191,000

Profit attributable to owners of parent

83,426102,681

84,953

120,443

96,726

123,000

Total assets

5,311,840

5,484,115

5,790,542

5,801,450

5,863,370

6,060,000

Shareholders' equity *1

1,509,680

1,592,777

1,677,358

1,698,348

1,735,775

1,770,000

Interest-bearing debt

2,291,038

2,396,994

2,528,941

2,481,675

2,505,628

2,640,000

Cash flow from operating activities

135,821

168,527

94,937

293,338

194,168

236,000

Cash flow from investing activities(231,003)(327,292)(159,888)(286,841)(208,358)(362,000)

Cash flow from financing activities

309,237(4,921)

86,19837,203(25,827)

105,000

EBITDA *2

252,034

279,718

211,257

302,424

231,606

303,000

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

3.3 %

3.6 %

-%

3.8 %

-%

3.6 %

5.6 %

6.6 %

-%

7.3 %

-%

7.1 %

60.13

74.00

61.21

86.78

69.68

88.61

Net interest-bearing debt／EBITDA

7.5 times

7.7 times- times

7.3 times- times

7.9 times

After hybrid debt deductions *5

7.0 times

7.1 times- times

6.7 times- times

7.3 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.

※ 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.
6

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

FY2016FY2017FY2018FY2018-3Q

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

422,349
86,569345,226
75,95624,994

40.9%
8.4%
33.4%
7.4%
2.4%

484,238
88,955
407,850
66,556
21,323

42.1%
7.7%
35.5%
5.8%
1.9%

344,20973,691
258,296
55,142
17,202

42.5%
9.1%
31.9%
6.8%
2.1%

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

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

21,27933,08919,815
3,882(23,754)
1,009,408

2.1%
3.2%
1.9%
0.3%

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

1.7%
2.9%
2.1%
0.3%

12,34325,340
16,6396,504(18,911)
790,456

1.5%
3.1%
2.1%
0.9%

21,61333,13825,584
8,541(26,996)
1,194,049

FY2019-3Q

FY2018*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

FY2019 (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%

403,525
79,048279,660
47,104
17,68928,646
12,451

45.0%
8.8%
31.2%
5.2%
2.0%
3.2%
1.4%

545,000
113,000
440,000
74,00045,00045,00021,000

41.4%
8.6%
33.4%
5.6%
3.4%
3.4%
1.6%

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

2.1%
0.6%

23,946
5,161(22,878)
874,357

2.7%
0.5%

26,0007,000(26,000)
1,290,000

2.0%
0.6%

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

FY2016FY2017FY2018-3Q

FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

108,940
25,842
18,035
19,421
5,082

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

106,486
21,321
12,202
13,5073,920

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

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

1,754
1,490
602
(37)
(14,933)
166,199

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

603
1,461
(396)
1,038
(16,791)
143,354

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

FY2016FY2017FY2018-3Q

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

FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

25.8 %
29.9 %
5.2 %
25.6 %
20.3 %

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

8.2 %
4.5 %
3.0 %
(1.0) %

2.3 %
5.8 %
8.9 %
6.8 %

-

8.0 %
2.3 %
5.9 %
12.3 %

16.5 %

17.1 %-

17.8 %*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2019-3Q

FY2019 (Estimates)

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

113,478
23,591
20,358
16,201
4,276
1,097
(696)

148,000
31,00023,00025,000
5,000
2,500
1,000

1,518
1,784
(23,043)
213,047

1,410
(226)
(16,550)
162,9391,500
500(22,500)
215,000

FY2018FY2019-3Q

FY2019 (Estimates)

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

-

27.2 %
27.4 %
5.2 %
33.8 %
11.1 %
5.6 %
4.8 %

5.9 %
20.9 %

-

5.8 %
7.1 %

17.8 %-

16.7 %
Millions of yen (rounded down)(4) Depreciation

FY2016FY2017FY2018-3Q

FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

43,752
12,288
3,085
7,033
5,413

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

36,017
10,114
2,104
5,239
2,921

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

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

126
1,527
284
90
642
74,245

113
1,478
343
64
240
75,974

90
1,083
241
32
93
57,938

122
1,549
347
49
271
77,545FY2018*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 (Estimates)

36,968
10,491
2,477
4,116
2,318
1,480
184

-

347
49
271
77,545353
50
610
59,05278,000*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

FY2019-3Q

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

Millions of yen (rounded down)(5) Amortization of goodwill

FY2016FY2017FY2018-3Q

FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

409
318
3,030
2,386

409
69
3,030
1,963

307
52
2,272
44
1,484

409
69
3,030
60
1,990

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

6,144

0
5,473

4,160

5,561

(6) Operating income before depreciation *2

FY2016FY2017FY2018-3Q

FY2018FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2019-3Q

FY2019 (Estimates)

409
69
3,030
60
1,990
-

307
52
213
48
1,482
-

-

5,561

301
2,404

3,000
Millions of yen (rounded down)

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

153,101
38,44824,15026,454
12,881

181,734
38,58025,42732,226
10,699142,810
31,487
16,57818,7908,325

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

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

1,880
3,017
886
53
(14,291)
246,588

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

693
2,544
(155)
1,070
(16,698)
205,452

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

FY2019-3Q

FY2019 (Estimates)

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

150,753
34,13423,04820,365
8,076
2,577
(512)

-

1,865
1,833
(22,772)
296,153

2,064
(176)
(15,940)
224,395

296,000
Millions of yen (rounded down)

FY2016(7) Capital expenditure

FY2017FY2018-3Q

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

175,904
40,272
29,14435,472
378

162,651
59,05427,26739,724201

71,26824,37913,892
48,771
10,032

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

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

116
1,295
433
29
369
283,416

182
734
568
274
3,055
293,716

463
663
187
3,817
(1,612)
171,864

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

At Mar 31, 2016

At Mar 31, 2017

At Dec 31, 2017

At Mar 31, 2018 *3

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

3,208,271
372,779
748,400
515,844
141,126

3,445,008
484,292
634,219541,888
106,9903,506,524
507,836
632,117653,352
107,898

3,518,735
513,343626,596
697,478
111,974

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

27,47428,417
23,60823,501
222,415
5,311,840

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

24,79927,69020,352
21,480288,487
5,790,542

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

Real Estate Services
Other
Eliminations or corporate

FY2019-3Q

FY2019 (Estimates)

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

77,191
34,27533,16951,372
10,847
12,435
416

-

320
451
4,021
304,833

899
731
8,980
230,319

Millions of yen (rounded down)

Exchange rate

FY2018-3Q

PL (AR)
111.89¥/$BS (CR)112.73
PL (AR)
142.64¥/£
BS (CR)
151.37
AR:Average Rate, CR:Current Rate

FY2019-3Q
109.60113.57148.11148.53

FY2019(Estimates)
110.00110.00150.00150.00*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, 2019
(Estimates)

At Mar 31, 2018 *3

At Dec 31, 2018 *3

3,518,735
503,496626,596
697,478
111,974
43,834
27,0483,527,048
519,757
655,208
718,965
118,304
72,80024,905-22,427
12,993236,864
5,801,450

27,791
11,085
187,502
5,863,370

6,060,000*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 as ofthe end of March, 2018, is also modified based on the application of the amendment.

8

3. Office Building Business Revenue from Operations Breakdown (Consolidated) *1

Millions of yen (rounded down)

FY2016FY2017FY2018-3Q

FY2018FY2019-3Q

FY2019 (Estimates)

Leasing

353,958

376,531

288,328

384,929

306,333

413,000

Property Management

21,14621,926

17,39023,36817,34227,000Contracted Work

14,597

12,552

9,599

14,95813,31514,000District Heating and Cooling Services

8,387

8,280

6,195

8,281

6,695

8,000

Other (Sales of assets etc.)

24,25964,947

22,69474,623

59,83883,000

Total

422,349484,238

344,209506,161

403,525545,000

At Mar 31, 2016

At Mar 31, 2017

At Dec 31, 2017

At Mar 31, 2018

At Dec 31, 2018

3,470

3,557

3,611

3,707

3,859

*1 Including revenue from other segments.

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

Contracted area
Owned by MEC

2,074

2,182

2,245

2,291

2,436

Subleases

1,395

1,376

1,366

1,417

1,423

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

At Dec 31, 2018

At Mar 31, 2019
(Estimates)

At Mar 31, 2016

At Mar 31, 2017

At Dec 31, 2017

At Mar 31, 2018

Owned by MEC

3,265

3,414

3,493

3,556

3,718

3,738

Subleases

1,909

1,971

1,952

2,013

2,013

2,033

Total

5,174

5,385

5,445

5,570

5,731

5,771

3,192

3,357

3,391

3,475

3,610

3,627

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

2.22 %
25,2342.93 %

2.61 %

1.87 %
26,193

1.56 %

25,842

26,157

26,664At Mar 31, 2016

At Mar 31, 2017

At Dec 31, 2017

At Mar 31, 2018

At Dec 31, 2018

Operating floor space

2,531

2,727

2,782

2,784

2,915

Leasable area

1,466

1,603

1,651

1,665

1,744

* 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))

1.37 %
202,337

2.42 %
216,673

2.57 %

1.65 %

166,428

221,67491.27 %
176,017

2.0 %
26,8007. Lifestyle Property Business Retail Properties Data (Consolidated)
Contracted area

(Thousands of square meters)

At Mar 31, 2016

At Mar 31, 2017

At Dec 31, 2017

At Mar 31, 2018

At Dec 31, 2018

680

680

683

683

768

* 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)

FY2016FY2017FY2018-3Q

FY2018FY2019-3Q

FY2019 (Estimates)

215,762

223,266

147,940

254,140

151,795

239,000

Condominiums sold (units)

3,868

3,713

2,035

3,938

2,524

3,950

Gross margin18.7 %

19.4 %

20.9 %

19.7 %

18.1 %

17.3 %

Inventory (units)

188

326

287

460

393

-

New Supply of condominiums (units)

3,641

3,236

2,487

3,615

2,767

3,800

226,952

188,282354,075

156,944333,367---

245,249-

222,234-

140,563

167,887

104,889

141,408

85,392-

20,395

3,938

15,53625,741-

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

86,389The post following 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, 2016

At Mar 31, 2017

At Dec 31, 2017

At Mar 31, 2018

At Dec 31, 2018

Office Building Business
Equity investment by Mitsubishi Estate

172,698

168,753

163,666

161,807

160,662
56,176(Unconsolidated)

79,00576,66465,58654,865Equity investment by other companies

76,70478,28867,966

68,78373,611(Unconsolidated)

76,70478,28867,966

68,78373,611

Interest bearing debt borrowed by SPV

97,69397,56882,38077,78077,780(Unconsolidated)

97,593

97,46882,28077,68077,680Lifestyle Property Business
Equity investment by Mitsubishi Estate

31,09737,036

39,835

41,626

36,102(Unconsolidated)

7,245

13,184

15,984

17,775

12,251Equity investment by other companies

2,488

6,892

9,711

12,986

11,792(Unconsolidated)

2,488

6,892

9,711

12,986

11,792

Interest bearing debt borrowed by SPV

8,297

19,276

21,91730,76533,988(Unconsolidated)

8,197

19,176

21,81730,66533,888Residential 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

203,795

205,789

203,502203,433

196,765(Unconsolidated)

86,25089,84981,571

72,64068,428Equity investment by other companies

79,192

85,181

77,677

81,76985,403(Unconsolidated)

79,192

85,181

77,677

81,76985,403

Total

Interest bearing debt borrowed by SPV

105,990

116,845

104,297

108,545

111,768(Unconsolidated)

105,790

116,645

104,097108,345

111,568* 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, 2016

At Mar 31, 2017

At Dec 31, 2017

At Mar 31, 2018

At Dec 31, 2018412,983
35,261
14
54,827366,354
8,905
7,942
1,014
276,842
14,552
55,764(528)
1,233,935

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

261,11344,635
10,924
93,627365,034
1,268
16,144
1,277
360,230
9,201
83,398(224)
1,246,632

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

256,41742,720
6,867
103,139
301,784
1,144
13,058
1,268
375,678
88,712(195)
1,190,596

886,494
21,9391,955,451
549,811
122,261
15,1053,551,062

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

1,029,651
20,2272,077,020
679,469
110,145
13,0493,929,564

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

1,167,867
23,591
2,097,808
676,455
95,411
16,091
4,077,224

75,49432,289107,784

73,81625,72599,542

72,87722,26095,13872,93421,306
94,241

74,061
22,13596,197

216,334
1,406
115,3829,810
16,17061,578(1,623)419,058
4,077,904
5,311,840

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

301,261
1,370
104,830
18,624
12,566
82,342(1,790)519,206
4,543,909
5,790,542

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

242,381
2,977
113,408
23,003
21,67896,607(705)
499,351
4,672,774
5,863,370

12

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
Allowance for loss on business transfer
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, 2016

At Mar 31, 2017

At Dec 31, 2017

Millions of yen (rounded down)
At Mar 31, 2018
At Dec 31, 201858,331
103,125
163,651
78,02322,903
10,570234,271
670,877

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

48,224125,414
118,430
100,000
81,20015,069599
194,584
683,523

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

50,447
129,315
213,257
83,00075,0009,660
194,488755,169825,000
1,114,426
393,309180,205
265,91232,464685
5,068
83,82780,882
2,981,782
3,652,660

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

766,550
1,332,504
407,795
234,357
263,548
27,878688
4,831
94,653
118,175
3,250,984
3,934,507

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

732,661
1,267,688
435,170
223,754
264,063
26,707537
4,901
91,346
137,866
3,184,698
3,939,868

141,373
161,188
600,116(5,385)897,293

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

141,898
161,810
727,535(5,314)
1,025,930

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

142,023
162,481820,707(5,306)
1,119,905

89,945(30)
521,248
13,900(12,676)
612,387529
148,970
1,659,180
5,311,840

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

139,72482
526,873(14,135)(1,117)
651,428347
178,329
1,856,034
5,790,542

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

103,337579
526,623(15,226)555
615,869326
187,400
1,923,502
5,863,370※ 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)
FY2016

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
Reversal of accrued payment
Reversal of allowance for loss on obligations of additional investments
Settlement received
Gain on exchange from business combination
Total extraordinary income
Extraordinary loss
Loss related to retirement of fixed assets
Impairment loss
Provision for environmental measures
Provision for loss on business transfer
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

FY2019-3Q

FY2019 (Estimates)

1,009,408
166,199

1,125,405
192,495

FY2017790,456
143,354

1,194,049
213,047874,357
162,939

1,290,000
215,000

284
4,556
605
5,503
10,949

268
4,634
872
3,605
9,380

185
5,153
465
3,067
8,871

284
5,565
419
4,177
10,447

501
6,368
340
3,160
10,370

500
6,000
500
3,000
10,00020,183
6,064
6,049
32,296
144,851

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

17,291
3,036
3,325
23,653
128,572

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

17,7302,966
3,965
24,661
148,648

25,0006,000
3,000
34,000191,000

2,709
11,3504,098
1,262
19,421

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

12,0781,513
13,591

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

3,880
2,097
5,978

7,000
2,000
9,000

4,223
2,561
5,068
10,57022,423
141,850
43,994(422)
98,27814,851
83,426

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

1,723
1,723
140,440
39,768
1,655
99,015
14,062
84,953

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

2,764
2,764
151,861
34,4407,284
110,137
13,41096,7264,000
4,000
196,000

14

FY2018-3Q

FY201859,000137,000
14,000123,000

3. Consolidated Cash Flow Statements

Millions of yen (rounded down)
FY2016

Income before income taxes and minority interests

FY2017FY2018-3Q

FY2018FY2019-3Q

FY2019 (Estimates)

141,850

162,881

140,440

191,457

151,861

196,000(318)

12,249(6,238)

7,263

52

2,000

Depreciation and amortization

74,24575,97457,93877,54559,05278,000Decrease (increase) in inventories(33,202)84,853

9,045

86,61470,16994,000Decrease (increase) in equity investments(32,487)(32,460)(66,548)(53,837)(5,617)(67,000)

9,316(82,780)

4,318

30,540(29,109)(13,000)(23,582)(52,189)(44,019)(46,244)(52,241)(54,000)

135,821

168,527

94,937

293,338

194,168

236,000

Proceeds from sales of investment securities

18,055

1,534

800

5,277

8,695

12,500

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

22,806

11,328

12,62913,694

3,168

3,500

(275,316)(275,372)(160,801)(289,570)(210,774)(375,000)

3,451(64,783)(12,516)(16,242)(9,448)(3,000)(231,003)(327,292)(159,888)(286,841)(208,358)(362,000)

Adjustment for extraordinary income or loss

Other
Income taxes, etc.
Net cash provided by (used in) operating activities

Capital investment
Other
Net cash provided by (used in) investing activities

Newly acquired funds

503,154

298,515

193,557

256,429

126,245

360,000

Repayment(154,773)(243,051)(199,314)(243,230)(156,875)(244,500)

Cash dividends paid

(29,082)(33,709)(42,527)(44,035)(46,902)(45,500)

Other(10,061)(26,676)

134,481

68,04051,70535,000Net cash provided by (used in) financing activities

309,237(4,921)

86,19837,203(25,827)

105,000

Effect of exchange rate on cash and cash equivalents(153)(5,144)

(473)

(183)

419

-

Net increase (decrease) in cash and cash equivalents

213,902(168,830)

20,77343,517(39,598)(21,000)

Increase in cash and cash equivalents from newly
consolidated subsidiary

-

-

-

-

13,903-

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

-

(219)

-

-

(2,055)-

Cash and cash equivalents at the beginning of year

198,489

412,392

243,341

243,341

286,859

287,000

Cash and cash equivalents at the end of year

412,392

243,341

264,115

286,859

259,108

266,000

15

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

Millions of yen (rounded down)

FY2016FY2017FY2018-3Q

FY2018FY2019-3Q

FY2019 (Estimates)

Total assets

5,311,840

5,484,115

5,790,542

5,801,450

5,863,370

6,060,000

Capital investment

275,316

275,372

160,801

289,570

210,774

375,000

Depreciation

74,24575,97457,93877,54559,05278,000FY2019-3Q

FY2019 (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)

FY2019-3Q

FY2019 (Estimates)

Total

210,774

Total

375,000

Mitsubishi Estate

99,425

Mitsubishi Estate

181,000(Breakdown)(Breakdown)
Office Building Business
New/Redevelopment buildings(Marunouchi redevelopment etc.)
Refurbishment cost etc.

52,13182,0008,441

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

Lifestyle Property Business

25,657

Lifestyle Property Business

61,000Hotel & Airport Business

11,727

Hotel & Airport Business

16,000Other

111,349

Other

194,000(Breakdown)

22,000(Breakdown)

Rockefeller Group, Inc.

32,995Rockefeller Group, Inc.

45,000Mitsubishi Estate Residence

30,827

MEA Comercial Holdings

43,000MEA Comercial Holdings

17,953

Mitsubishi Estate Europe

28,000Consolidated TMK

8,913

Mitsubishi Estate Residence

27,000Mitsubishi Estate・Simon

7,000

Mitsubishi Estate・Simon

10,000Marunouchi Heat Supply

3,708

Consolidated TMK

8,000

Sunshine City

3,167

Marunouchi Heat Supply

8,000

Mitsubishi Estate Europe

1,794Sunshine City

5,000

Royal Park Hotels & Resorts

2,000

Yokohama Sky Building

1,000

FY2017FY2018-3Q* Major inter-group transactions are eliminated.

5. Interest-Bearing Debt (Consolidated)

Millions of yen (rounded down)
FY2016FY2018Interest-bearing debt

2,291,038

2,396,994

2,528,941

2,481,675

2,505,628

2,640,000

Net interest-bearing debt *1

1,878,645

2,153,652

2,264,826

2,194,815

2,246,519

2,380,000

20,18322,743

17,291

23,122

17,73025,000Interest expense
Average interest rate *2

0.96 %

0.97 %

Interest coverage ratio (ICR) *3

8.5 times

8.7 times

Debt equity ratio *4

1.52

1.50

1.51

1.46

1.44

1.49

1.33

1.26

1.27

1.23

1.22

1.27

7.5 times

7.7 times- times

7.3 times- times

7.9 times

7.0 times

7.1 times- times

6.7 times- times

7.3 times

After hybrid debt deductions *5

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

0.94 %- 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.

160.95 %
9.5 times

0.95 %- times

0.98 %
8.9 times6. Major Consolidated Subsidiaries
FY2019-3Q Results

Millions of yen (rounded down)

Share of MEC-

Mitsubishi Estate Co., Ltd.

Revenue from
Income before taxes
Operating income
and special items
operations
375,047
82,35899,063

Net income

Total assets

Shareholders' equity Interest-bearing debt

79,684

4,789,906

1,481,590

2,187,865

Depreciation
34,789Mitsubishi Jisho Property Management Co., Ltd.

100.00%57,085

4,205

4,178

2,867

69,614

17,2620

164

Marunouchi Heat Supply Co., Ltd.

64.16%

10,987

1,705

1,707

1,180

33,70623,055

7,359

1,845

Sunshine City Corporation

63.20%

21,522

5,809

5,402

3,752

109,992

64,205

21,815

3,907

Mitsubishi Estate・Simon Co., Ltd.

60.00%

34,364

14,467

14,621

9,929

111,740

43,796

29,403

3,728

Tokyo Ryutsu Center Inc.

58.22%

7,790

2,562

2,312

2,160

65,26035,382

22,333

2,013

Mitsubishi Estate Residence Co., Ltd.

100.00%196,536

17,91816,867

12,212

573,486

75,310435,018

1,333

Mitsubishi Estate Home Co., Ltd.

100.00%21,585

(764)

(759)

(762)

11,422

716

-

229

Mitsubishi Jisho Community Co., Ltd.

71.47%

38,187

2,433

2,501

1,620

17,273

9,765

-

304

Rockefeller Group, Inc.

100.00%48,21614,157

12,7695,770

475,514

239,408

172,831

4,193

Mitsubishi Estate Europe Limited

100.00%

5,586

3,320

2,844

2,483

160,184

87,11568,7691,389

Royal Park Hotels & Resorts Co., Ltd.

100.00%19,507

1,228

1,222

907

11,902

2,585

4,537

660

Mitsubishi Jisho Sekkei Inc.

100.00%10,654

432

453

237

22,911

16,540-174

Mitsubishi Real Estate Services Co., Ltd.

100.00%19,987

1,543

1,535

980

25,473

11,884

4,007

388

-

874,357

162,939

148,648

96,726

5,863,370

1,735,775

2,505,628

59,052FY2018-3Q Results

Millions of yen (rounded down)

Share of MEC
Mitsubishi Estate Co., Ltd.

-

Revenue from
Income before taxes
Operating income
and special items
operations
317,142
76,38597,868Net income
87,104

Total assets
4,745,999

Shareholders' equity Interest-bearing debt

1,453,651

2,236,924

Depreciation
33,223

Mitsubishi Jisho Property Management Co., Ltd.

100.00%51,762

3,839

3,827

2,621

65,091

15,722

3

73

Marunouchi Heat Supply Co., Ltd.

64.16%

10,352

1,276

1,169

908

28,396

21,951

3,316

1,777

Sunshine City Corporation

63.20%

22,191

6,764

6,244

4,318

107,606

60,72322,641

3,943

Mitsubishi Estate・Simon Co., Ltd.

60.00%

33,494

13,94814,146

9,675

108,041

40,254

24,7603,854Tokyo Ryutsu Center Inc.

56.41%

6,137

1,758

1,571

1,095

64,36932,99624,108

1,369

Mitsubishi Estate Residence Co., Ltd.

100.00%185,754

14,484

13,3099,568

560,350

67,042426,028

1,218

Mitsubishi Estate Home Co., Ltd.

100.00%15,156(1,407)(1,398)(1,391)

14,742

(19)

-

179

Mitsubishi Jisho Community Co., Ltd.

71.47%

36,591

2,285

2,337

1,653

15,328

8,494

-

277

Rockefeller Group, Inc.

100.00%58,745

14,237

14,081

6,093

448,887

235,127

148,357

5,621

Mitsubishi Estate Europe Limited

100.00%

5,264

2,001

1,710

1,189

148,131

79,34664,786

1,974
527

Royal Park Hotels & Resorts Co., Ltd.

100.00%18,516

1,221

1,245

741

10,781

2,311

3,537

Mitsubishi Jisho Sekkei Inc.

100.00%11,405

1,583

1,584

1,065

22,367

16,716-82

Mitsubishi Real Estate Services Co., Ltd.

100.00%

16,639

(326)

(315)

(250)

18,972

10,36919

241-790,456

143,354

128,572

84,9535,790,542

1,677,358

2,528,941

57,938* Before consolidation adjustments.

17