■February 9, 2023

MITSUBISHI ESTATE CO., LTD.

FACT BOOK FY2023-3Q(The Fiscal Year Ending on March 31, 2023)

Inquiries: MITSUBISHI ESTATE CO., LTD.
Investor Relations Office
TEL: +81-3-3287-5200
FAX: +81-3-3212-3757
https://www.mec.co.jp/en/ir/

Page

Ⅰ. Performance Comparisons (Consolidated)

Ⅱ. Investment Data
Ⅲ. Business Data

Ⅳ. Historical Performance Data (Consolidated)

1. Income Statement Results for FY2023-3Q and FY2022-3Q3

2. Current and Previous（announced on May 12, 2022）Income Statement Forecasts for FY2023

4

3. Current Income Statement Forecasts for FY2023 and Results for FY2022

5

4. Balance Sheet Results

6

5. Cash Flow Statements

7

1. Investment Data8

2. Assets Breakdown

9

1. Commercial Property Business Operating Revenue Breakdown (Consolidated)

10

2. Office Building Data (Consolidated)

10

3. Office Building Data (Unconsolidated)

10

4. Marunouchi Area Building Data (Unconsolidated)

10

5. Domestic Condominium Business Data11

1. Major Performance Items

12

2. Segment Information (Consolidated)

13

Ⅴ. Mitsubishi Estate Group Companies' Data

14〜16

Disclaimer
・This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance,
our plans 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 FY2023-3Q and FY2022-3Q
Millions of yen (rounded down)

There is an increase in operating revenue, operating profit,
ordinary profit, and profit attributable to owners of parent YoY andeach marks a record high. Main factors include an increase incapital gains and a recovery of retail properties and hotels.
【Commercial Property Business】
A decrease in capital gains led to an overall decrease in revenue andprofits YoY.
Capital gains decreased due to the absence of the sale of a large officebuilding recorded in FY2022.
Despite an improvement in income gains along with a recovery of
demand in retail properties and hotels followed by the relaxing ofrestrictions, an impact of decreases in rental revenue from buildings to
be closed and also in revenue for the amount equivalent to restoration
costs in existing buildings led to a decrease in profits.
＜Office Buildings＞
In regards to new buildings, there is an increase in rental revenue andprofits mainly as a result of opening of Tokiwabashi Tower. In existingbuildings, factors, such a decrease in rental profits as a result of adecrease in rental revenue from buildings to be closed and a decrease
in revenue for the amount equivalent to restoration costs in existingbuildings, led to an overall decrease in rental revenue and profits YoY.
＜Retail Properties (e.g. outlet malls)＞
There is an increase in revenue and profits YoY with the relaxing ofrestrictions. The performance is in steady progress toward achieving
our full-year forecasts.
＜Hotels＞
There is an increase in revenue YoY with the relaxing of restrictions.
The performance is in steady progress toward achieving our full-year
forecasts.
【Residential Business】
There is a decrease in revenue and an increase in profits YoY. 93.7%
of sales forecast in domestic condominiums has already been underagreement and progressing well. Sales of rental apartments
contributed to an increase in capital gains.
【International Business】
There is a significant increase in revenue and profits YoY. A
substantial increase in capital gains from sales of Central St. Giles, anoffice building in London, as well as logistic facilities in U.S. are themain factors led to this overall increase.

FY2023-3Q
Results

FY2022-3Q
Results

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

FY2023-3Q
Results

Commercial Property Business

516,037

566,929(50,892)

Gain on sale of non-current assets

6,401

Residential Business

200,374

214,133(13,758)

Gain on sale of investment securities

2,459International Business

121,694

73,95847,736

Gain on sale of shares of subsidiaries and associates

Investment Management Business

41,127

23,973

17,153

Total

Architectural Design & Engineering Business and Real Estate Services Business

40,79837,433

3,364

Other
Eliminations
Operating Revenue

7,135

7,600

(465)

(20,843)(19,459)(1,384)906,324

904,570

1,754

FY2022-3Q
Results

Change

-

6,401

7,756

(5,296)

1,853(1,853)

8,860

9,609

(748)

FY2023-3Q
Results

FY2022-3Q
Results

14,060Millions of yen (rounded down)■Breakdown of Extraordinary loss

ChangeCommercial Property Business

121,913

143,590(21,676)

Loss related to retirement of non-current assets

16,249Residential Business

10,137

8,218

1,918

Loss on valuation of investment securities

2,637

-

2,637

International Business

69,17828,96940,208Loss on valuation of equity investments

4,543

-

4,543

Investment Management Business

19,382

11,099

8,283

Total

23,43014,0609,369

420(1,096)

1,517

Architectural Design & Engineering Business and Real Estate Services Business＜Reference＞

Other(1,514)(1,228)(285)

Eliminations or Corporate(19,506)(17,212)(2,294)200,012

172,340

27,672

11,771

12,917(1,145)

315

354

(38)

28,77934,496(5,717)

International Business

183,004

150,760

32,244

8,860

9,609

(748)

Operating Profit
Non-operating income(Share of profit of entities accounted for using equity method)

Non-operating expenses
Ordinary Profit
Extraordinary income
Extraordinary loss
Profit before Income Taxes
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent■Capital Gains included in Operating profit

FY2022-3Q
Results

Commercial Property Business

11,00027,000Residential Business

12,000

5,000

7,000

47,00012,00035,000

-

-

-

-

-

-

14,0609,369

Eliminations or Corporate

22,125

Total

44,454

1,003
21,122(16,000)

Investment Management Business

146,309
101,855

ChangeOther

23,43045,458Millions of yen (rounded off to the nearest billion)

FY2023-3Q
Results

168,435
122,977

2,188

70,000--44,00026,000*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

20,167

14,712

5,455＜Reference＞

102,80987,142

15,666■Business profit
Business profit

Millions of yen (rounded down)

FY2023-3Q
Results

FY2022-3Q
Results

200,327

172,694

Change27,633*Business profit: Operating profit + Share of profit of entities accounted for using equity method【Investment Management Business】
There is an increase in revenue and profits YoY. Main factors led to an
overall increase are: a record of incentive fee from rising market valueof managed assets in U.S. funds and an increase in fees as AUM grew.
However, the full-year forecast is downgraded because of an expected
decrease of incentive fee as a result of declining market value ofmanaged assets toward the end of FY. On the other hand, the majority
of incentive fee originally plans to be distributed to non-controllingshareholders, therefore, impact on profit attributable to owners ofparent is limited.

32. Current and Previous（announced on May 12, 2022）Income Statement Forecasts for FY2023
Millions of yen (rounded down)

No changes in operating profit and profit attributable to owners ofparent.
Factors including a profit increase in domestic condominium
business contribute to improve Residential Business. On the other
hand, the deterioration is expected in International Business due
to delay of sales scheduled and in Investment Management
Businessand due to a decrease of incentive fee as a result of
declining market value of managed assets.
The revised forecast is for the income statement only forconvenience.

FY2023
Revised
Forecasts

FY2023
Previous
Forecasts

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

ChangeFY2023
Revised
Forecasts

FY2023
Previous
Forecasts

ChangeCommercial Property Business

793,000

788,000

5,000

Gain on sale of non-current assets

6,000

6,000

0

Residential Business

350,000

345,000

5,000

Gain on sale of investment securities

4,000

-

4,000

Total

10,000

6,000

4,000

FY2023
Revised
Forecasts

FY2023
Previous
Forecasts

International Business

175,000

205,000(30,000)

Investment Management Business

32,00035,000(3,000)Architectural Design & Engineering Business and Real Estate Services Business

62,00062,0000

Other

11,00011,0000

Eliminations(30,000)(30,000)

0

Operating Revenue

1,393,000

1,416,000(23,000)

Commercial Property Business

182,000

182,000

0

Residential Business

32,00027,0005,000International Business

90,00094,000(4,000)Investment Management BusinessMillions of yen (rounded down)■Breakdown of Extraordinary loss
Loss related to retirement of non-current assets

17,00022,000(5,000)Loss on valuation of equity investments

5,000

-

5,000

Total

22,00022,0000

10,00013,000(3,000)＜Reference＞

Architectural Design & Engineering Business and Real Estate Services Business

5,000

4,000

1,000

■Capital Gains included in Operating profit

Other(1,000)(2,000)1,000

Eliminations or Corporate
Operating Profit
Non-operating income(Share of profit of entities accounted for using equity method)

Non-operating expenses
Ordinary Profit

ChangeMillions of yen (rounded off to the nearest billion)

FY2023
Revised
Forecasts

FY2023
Previous
Forecasts

Change(27,000)(27,000)

0Commercial Property Business

38,00035,000291,000

291,000

0

Residential Business

23,00022,000

3,000
1,000

12,00012,0000International Business

61,00065,000(4,000)

400

400

0

Investment Management Business--

36,00032,000

4,000

Other

-

-

-

267,000

271,000(4,000)Eliminations or Corporate

-

-

-

122,000

122,000

0

Extraordinary income

10,000

6,000

4,000

Extraordinary loss

22,00022,0000

255,000

255,000

0

76,00076,0000＜Reference＞

179,000

179,0000■Business profit

14,00014,0000

FY2023
Revised
Forecasts

FY2023
Previous
Forecasts

165,000

165,000

0

Business profit

291,400

291,400

Profit before Income Taxes
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent

Total

-

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

Millions of yen (rounded down)

Change0*Business profit: Operating profit + Share of profit of entities accounted for using equity method

43. Current Income Statement Forecasts for FY2023 and Results for FY2022
Millions of yen (rounded down)

The highest record for two consecutive years is expected inoperating profit and profit attributable to owners of parent for
FY2023. Contributing factors include a significant increase inoverseas capital gains and a recovery of demand in hotels andretail properties as a result of the relaxing of restrictions. Annual
dividends per share is expected to be 38 yen, a record high for two
consecutive years.
【Commercial Property Business】＜Office Buildings＞
Despite an increase in rental profits as a result of full-year operation of
Tokiwabashi Tower, a decrease is expected in rental revenue fromexisting buildings being closed for redevelopment and also in revenue
for the amount equivalent to restoration costs in existing buildings.

FY2023
Revised
Forecasts＜Hotels＞
An improvement in overall revenue is expected mainly as a result of therelaxing of restrictions.
【Residential Business】
Despite a decrease in revenue and profits due to a decrease in thenumber of units sold of domestic condominiums, an increase in profits
is expected as a result of a significant increase in capital gains fromrental apartments.
【International Business】
An increase in profits is expected mainly as a result of a significant
increase in capital gains from sales of Central St. Giles in London andlogistic facilities in U.S.
【Investment Management Business】
An overall decrease in revenue and profits is expected due to decrease
in incentive fee.

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

FY2023
Revised
Forecasts

FY2022
Results

ChangeCommercial Property Business

793,000

760,658

32,342Gain on sale of non-current assets

6,000

6,781

(781)

Residential Business

350,000

380,959(30,959)

Gain on sale of investment securities

4,000

7,987

(3,987)

International Business

175,000

121,234

53,766

Gain on sale of shares of subsidiaries and associates

-

1,843

(1,843)

Investment Management Business

32,00046,702(14,702)

Reversal of provision for environmental measures

-

3,576

(3,576)

10,00020,189(10,189)

Architectural Design & Engineering Business and Real Estate Services Business

62,00057,780

4,220

Other

11,000

10,134866

Eliminations
Operating Revenue
Commercial Property Business＜Retail Properties＞
An increase in rental revenue and profits is expected as a result of therelaxing of restrictions.

FY2022
Results(30,000)(27,979)(2,021)

1,393,000

1,349,489

43,511

182,000

189,909(7,909)Total

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

FY2023
Revised
Forecasts

FY2022
Results

Residential Business

32,00030,173

1,827

Loss related to retirement of non-current assets

17,000International Business

90,00055,81634,184

Loss on valuation of equity investments

5,000

Investment Management BusinessImpairment loss

10,00026,537(16,537)

Architectural Design & Engineering Business and Real Estate Services Business

5,000

2,802

2,198

Other

(1,000)(1,683)683

Eliminations or Corporate
Operating Profit
Non-operating income(Share of profit of entities accounted for using equity method)

Non-operating expenses
Ordinary Profit

Total(27,000)(24,578)(2,422)＜Reference＞

291,000

278,977

12,023■Capital Gains included in Operating profit

12,00016,319(4,319)Change16,254

746
-

5,000

-

3,866

(3,866)22,00020,1201,880

Millions of yen (rounded off to the nearest billion)

FY2023
Revised
Forecasts

FY2022
Results

Change

400

332

68

Commercial Property Business

38,00042,000(4,000)36,00041,586(5,586)

Residential Business

23,0005,000

18,000267,000

253,710

13,290International Business

61,00029,00032,000Extraordinary income

10,00020,189(10,189)

Investment Management Business

-

-

-

Extraordinary loss

22,00020,120

1,880

Other

-

-

-

255,000

253,779

1,221

Eliminations or Corporate

-

-

-

122,000

76,00046,000

Profit before Income Taxes
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent

76,00070,889

5,111

Total

179,000

182,889(3,889)*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

14,00027,718(13,718)

165,000

155,171

9,829＜Reference＞

Millions of yen (rounded down)■Business profit

FY2023
Revised
Forecasts

FY2022
Results

Business profit

291,400

279,310

Change12,090*Business profit: Operating profit + Share of profit of entities accounted for using equity method

54. Balance Sheet Results
Millions of yen (rounded down)

At Dec 31, 2022 At Mar 31, 2022
AssetsI. Current assets
1. Cash and deposits
2. Trade notes, accounts receivable, and contract assets
3. Securities
4. Real estate for sale
5. Real estate for sale in process
6. Real estate for development
7. Costs on construction contracts in progress
8. Other inventories
9. Equity investments
10. Other current assets
11. Allowance for doubtful accounts
Total current assets
II. Non-current assets
1. Property, plant and equipment(1) Buildings and structures(2) Machinery, equipment and vehicles(3) Land(4) Land in trust(5) Construction in progress(6) Other property, plant and equipment
Total property, plant and equipment
2. Intangible assets(1) Leasehold interests in land
(2) Other intangible assets
Total intangible assets
3. Investments and other assets(1) Investment securities(2) Long-term loans receivable(3) Leasehold and guarantee deposits(4) Retirement benefit asset(5) Deferred tax assets(6) Other investments(7) Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

Millions of yen (rounded down)

Change276,11249,0196,735
130,527
472,080
719
6,933
1,749
770,672
117,035(609)
1,830,977

233,11760,645
4,280
41,239299,532
724
4,316
1,575
624,521
87,260(422)
1,356,789

42,995(11,625)
2,455
89,288172,548
(5)
2,617
174
146,151
29,774(186)
474,188

1,195,254
28,9652,316,207
575,342
221,328
19,665
4,356,763

1,230,513
31,2082,310,551
585,470
169,700
18,545
4,345,989(35,258)(2,243)
5,656(10,127)
51,628
1,119
10,77482,80425,415108,219

82,541
25,550108,092

262
(135)
126

296,199
2,566
138,682
51,01024,253
204,729(633)
716,808
5,181,791
7,012,769

299,6172,324
140,230
45,99825,887
169,535(548)
683,045
5,137,127
6,493,917(3,417)242(1,547)
5,011(1,634)35,193(84)
33,763
44,664
518,852

At Dec 31, 2022 At Mar 31, 2022
Liabilities
I. Current liabilities
1. Trade notes and accounts payable
2. Short-term borrowings
3. Current portion of long-term borrowings
4. Commercial papers
5. Current portion of bonds payable
6. Income taxes payable
7. Other current liabilities
Total current liabilities
II. Non-current liabilities
1. Bonds payable
2. Long-term borrowings
3. Leasehold and guarantee deposits received
4. Deferred tax liabilities
5. Deferred tax liabilities for land revaluation
6. Retirement benefit liability
7. Provision for retirement benefits for directors (and other officers)

8. Provision for environmental measures
9. Negative goodwill
10. Other long-term liabilities
Total non-current liabilities
Total liabilities
Net assets
I. Shareholders' Equity
1. Share capital
2. Capital surplus
3. Retained earnings
4. Treasury shares
Total shareholders' equity
II. Accumulated other comprehensive income
1. Valuation difference on available-for-sale securities
2. Deferred gains or losses on hedges
3. Revaluation reserve for land
4. Foreign currency translation adjustment
5. Remeasurements of defined benefit plans
Total accumulated other comprehensive income
III. Stock acquisition rights
IV. Non-controlling interests
Total net assets
Total liabilities and net assets

60,516
182,052
79,928Change45,139207,348
90,551200,000
30,0009,024
299,315881,379

90,00029,445
189,099
631,043(15,377)
25,296
10,622200,000(60,000)(20,421)110,216
250,336

827,824
1,662,912
445,224
287,021264,082
28,585502
885
86,939111,805
3,715,784
4,597,163

786,335
1,598,562
451,749
274,176
264,082
27,402464
888
85,526137,252
3,626,441
4,257,484

41,48964,350(6,524)
12,844
1,182
38
(3)
1,413
(25,447)
89,342
339,679

142,414
159,721
1,085,325(18,795)
1,368,666

142,414
159,749
1,165,344(132,483)
1,335,024(28)(80,018)
113,687
33,641

133,264
4,594
526,417
133,1216,403
803,801
193
242,945
2,415,605
7,012,769

130,841103
526,4172,162
8,675
668,200
201
233,005
2,236,432
6,493,917

2,422
4,491
130,959(2,272)
135,600(8)
9,939
179,173
518,852

6

5. Cash Flow Statements
Millions of yen (rounded down)①FY2022-3Q Results②FY2023-3Q Results

Change（②-①）③FY2022 Results④FY2023 (Forecasts)

Change（④-③）

146,309

168,435

22,125

253,779

255,000

1,221

Adjustment for extraordinary income or loss

7,204

7,648

443

7,349

16,0008,651

Depreciation

67,933

69,775

1,841

91,581

94,0002,419

Decrease (increase) in inventories

71,409(122,862)(194,271)

116,993

102,000(14,993)

Decrease (increase) in equity investments(15,858)

3,343

19,201(30,267)(66,000)(35,733)

Profit before income taxes

Other(46,896)(25,326)

21,569(107,139)

42,000149,139

Income taxes refund (paid)(55,254)(60,776)(5,522)(52,206)(73,000)(20,794)

174,848

40,236(134,611)

280,090370,000

89,910

8,398

5,847

(2,551)

9,562

2,000

(7,562)

7

10,18910,181

14,5709,000(5,570)(217,833)(205,278)

12,555(329,115)(459,000)(129,885)

Net cash provided by (used in) operating activities
Proceeds from sale and redemption of investment securities
Proceeds from sales of property and equipment and beneficial
interests in trust of property and equipment
Capital investment
Other(13,982)(11,667)

2,315(8,795)(32,000)(23,205)(223,410)(200,909)

22,501(313,778)(480,000)(166,222)

Newly acquired funds

291,908

244,068(47,839)

390,678

399,000

8,322

Repayment(132,699)(163,215)(30,515)(183,951)(235,000)(51,049)

Net cash provided by (used in) investing activities

Cash dividends paid

(55,606)(63,892)(8,285)(58,249)(64,000)(5,751)

Repurchase and disposal of own shares(19,858)(16,163)

3,695(29,861)

029,861

Other

34,361

197,855

163,494(27,641)(85,000)(57,359)

118,105

198,654

80,54890,97315,000(75,973)245,875

279,384

33,508234,244

140,000(94,244)(48,561)(160,672)(112,110)(33,687)(110,000)(76,313)

Net cash provided by (used in) financing activities
Cash and cash equivalents at end of period
Free cash flow

7

Ⅱ. Investment Data
1. Investment Data
Capital investment*

Millions of yen (rounded down)

FY2023-3Q

Equity investment

FY2023 (Forecasts)

Millions of yen (rounded down)

FY2023-3Q

FY2023 (Forecasts)

Total

205,278

Total

459,000

Total

78,574

Total

140,000

Mitsubishi Estate

77,190Mitsubishi Estate

154,000

Mitsubishi Estate

13,142

Mitsubishi Estate

49,000(Breakdown)(Breakdown)(Breakdown)

Office Building

Office Building

Logistics Facility

10,105

Logistics Facility

42,000

New/Redevelopment buildings(Marunouchi redevelopment etc.)(Breakdown)

47,737

New/Redevelopment buildings(Marunouchi redevelopment etc.)

71,000

Hotel

1,466

International

3,000

Refurbishment cost etc.

12,531

Refurbishment cost etc.

23,000

Other(Domestic)

1,419

Hotel

2,000

Hotel

10,664Hotel

24,000

Other(Domestic)

2,000

Retail Property

4,539

Logistics Facility

21,000Retail Property

12,000

Other244,000

Other

91,000

Other

128,088(Breakdown)(Breakdown)

Other

65,431(Breakdown)(Breakdown)

Mitsubishi Estate Residence

32,692

Mitsubishi Estate Residence

70,000Asia, Oceania

44,352

Asia, Oceania

51,000Mitsubishi Estate Europe

27,889Mitsubishi Estate Europe

58,000US

21,079US

35,000

MEC Group International

25,731MEC Group International

38,000Europe3,000

Consolidated SPC(Domestic)

21,534

Consolidated SPC(Domestic)

25,000Mitsubishi Estate・Simon

10,702

Mitsubishi Estate・Simon

14,000Sunshine City

2,291

Consolidated SPC(International)

9,000Royal Park Hotels & Resorts

2,072

Sunshine City

6,000

Marunouchi Heat Supply

1,319

Yokohama Sky Building

3,000

Marunouchi Heat Supply

2,000Royal Park Hotels & Resorts

2,000

Strategic investment

61,000Strategic investment-* Major inter-group transactions are eliminated.

8

2. Assets Breakdown
Assets Breakdown (Consolidated)

Special Purpose Vehicles Data
Millions of yen (rounded down)
At Dec 31, 2022

At Mar 31, 2022

Millions of yen (rounded down)

ChangeInventories

At Sep 30, 2022

At Mar 31, 2022

ChangeEquity investments by Mitsubishi Estate

Condominium (domestic)

382,521240,992

141,529

Domestic Office Building

59,10859,01791

International

46,806

9,617

37,189Domestic(other)

85,181

73,638

11,543

US

30,565

Europe

170

-

Asia
Other
Total inventories

30,395--International

561,165

491,865

69,300US322,045

248,518

73,527

16,241

9,447

6,794

Europe43,391

59,713(16,322)

182,683

96,77985,904

Asia

195,727

183,633

12,094

612,010347,388

264,622705,455624,52180,93359,05959,01742

Total equity investments by Mitsubishi Estate

Equity investments
Domestic Office Building＜Reference＞

Domestic (other)

89,36473,63815,726

International

622,248

491,865

130,383

Domestic Office Building

US337,352

248,518

88,834

Domestic(other)

Millions of yen (rounded off to the nearest billion)

Equity investments by other companies
110,000

110,000

0

2,000

0

2,000

Europe43,36459,713(16,349)

International

1,302,000

1,071,000

231,000

Asia

241,530

183,633

57,897

US

814,000

588,000

226,000

770,672

624,521

146,151

Europe34,00051,000(17,000)

Asia

454,000

432,000

22,0001,414,000

1,181,000

233,000
0

Total equity investments
Property, plant and equipment
Office Building

3,113,641

3,112,604

1,037

Total equity investments by other companies

Outlet Mall

138,447

134,724

3,723

Logistics Facility

102,371

94,051

8,320

Domestic Office Building

77,00077,000Retail Property (Except Outlet Mall)

139,320

147,400(8,080)

Domestic(other)

4,000

4,000

0

Rental Apartment

138,492

139,830(1,338)International

1,252,000

983,000

269,000
219,000

Interest bearing debt borrowed by SPVInternational

477,825484,992(7,167)

US674,000

455,000US265,314217,318

47,996

Europe10,000

9,000

1,000

Europe205,986

174,082

31,904

Asia

568,000

519,000

49,0001,333,000

1,064,000

269,000

Asia
Other
Total property, plant and equipment

6,524

93,591(87,067)

246,667

232,388

14,2794,356,763

4,345,989

10,774

Total interest bearing debt borrowed by SPV* Domestic Same-Boat investment in Investment Management Business, etc. is not listed in the above reference.

9

Ⅲ. Business Data
1. Commercial Property Business Operating Revenue Breakdown (Consolidated)*1

Millions of yen (rounded down)

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

FY2023 (Forecasts)

Marunouchi Area Office Building

243,681248,249

195,669

256,967

190,108

253,000

Tokyo Area Office Building (Outside of Marunouchi)

128,927

140,514

111,850

149,361

109,678

145,000

Office Building (Outside of Tokyo)

64,54859,45745,09660,45046,40061,000Outlet Mall

46,38640,02732,574

44,16436,95251,000

Other*2

40,91936,175

26,79535,242

27,53937,000

Leasing

524,464

524,423

411,985

546,186

410,679

547,000

Sales of assets

Total leasing

91,03052,87893,478

126,878

22,906

127,000

Other*3

108,217

95,13961,46587,59382,452

119,000

Total

723,712672,441

566,929

760,658

516,037

793,000*1 Including revenue from other segments*2 Including independent shopping center, logistics facility, etc.
*3 Including property management, hotel, dividend from unconsolidated SPV (including capital gain through SPV), etc.

2. Office Building Data (Consolidated)(Thousands of square meters)

At Mar 31, 2020

At Mar 31, 2021

At Dec 31, 2021

At Mar 31, 2022

At Dec 31, 2022

4,120

4,147

4,133

4,151

3,976

Owned by MEC

2,592

2,543

2,539

2,559

2,483

Subleases

1,528

1,604

1,594

1,592

1,494

Contracted area

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

At Mar 31, 2020

At Mar 31, 2021

At Dec 31, 2021

At Mar 31, 2022

At Dec 31, 2022

At Mar 31, 2023
(Forecasts)

Owned by MEC

3,736

3,732

3,757

3,765

3,685

3,683

Subleases

2,133

2,259

2,268

2,275

2,130

2,135

Total

5,869

5,991

6,024

6,040

5,814

5,818

(2) Leasable area

3,726

3,807

3,821

3,834

3,702

3,706

(3) Vacancy rate (All uses in Japan*1 )1.07 ％

2.35 ％

3.54 ％

3.29 ％

4.37 ％(1) Total operating floor space(4) Average rent*2 (All uses in Japan)*1 Including retail area etc. in office building*2 The average rent is per 3.3 square meters per month.

27,177

27,793

28,341At Mar 31, 2020

At Mar 31, 2021

At Dec 31, 2021

At Mar 31, 2022

Operating floor space

2,915

2,952

3,013

3,026

2,915

Leasable area

1,751

1,773

1,798

1,820

1,741

Office vacancy rate

0.69 ％

2.50 ％

3.85 ％

3.33 ％

3.62 ％

4. Marunouchi Area Building Data (Unconsolidated)

Building lease revenue

28,22829,384

3.5 ％
29,000(Thousands of square meters; millions of yen(rounded down))

243,457

247,558

195,604

256,707

At Dec 31, 2022

189,432

10

5. Domestic Condominium Business Data
FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

FY2023 (Forecasts)

206,684

207,004

95,440216,23154,759117,000

Condominiums sold (units)

3,214

3,476

1,353

3,046

696

1,600

Gross margin*2*3

19.3 ％

20.1 ％

20.8 ％

22.5 ％

25.5 ％

25.2 ％

Condominiums sold (Millions of yen)*1*3

Inventory (units)
New supply of condominiums (units)
Condominium contract balance (Millions of yen)
The fiscal year share*2 (Millions of yen)
The following fiscal year share (Millions of yen)

373

213

62

62

33

-

2,924

2,350

1,475

2,131

1,498

1,900

162,141

140,455

269,608

100,026

235,871---

211,162-

109,602-130,195

139,475

49,47470,210108,866-

8,972

29,816

17,403-The post following fiscal year share (Millions of yen)
31,946980*1 Sales = Sales of new condominiums + supplementary revenue relating to condominiums*2 Gross profit = Sales - COGS (land acquisition and development costs, building construction costs, etc.)*2 Gross profit margin = Gross profit ÷ Sales*3 From FY2022, the definition of sales has been changed (supplementary revenue relating to condominiums is added), and the changed figures are shown,including the results of previous years.

11

Ⅳ. Historical Performance Data (Consolidated)
1. Major Performance Items

PL

BS

FY2021

FY2022-3Q

FY2022

FY2023-3Q

FY2023 (Forecasts)

Operating revenue

1,302,196

1,207,594

904,570

1,349,489

906,324

1,393,000

Operating profit

240,768

224,394

172,340

278,977

200,012

291,000

Ordinary profit

219,572

210,965

150,760

253,710183,004

267,000

Profit attributable to owners of parent

148,451

135,655

87,142

155,171

102,809

165,000

Total assets

5,858,236

6,072,519

6,370,776

6,493,917

7,012,769

6,800,000

Inventories

329,305

364,834

366,432

347,388

612,010Non-current assets (Property, plant and equipment and Intangible assets)

4,204,019

4,280,988

4,388,739

4,454,082

4,464,983

Interest-bearing debt

2,429,883

2,526,142

2,747,100

2,738,632

3,019,856

2,820,000

Net interest-bearing debt

2,216,874

2,353,835

2,501,224

2,504,387

2,740,472

2,680,000

Average interest rate
Shareholders' equity *1
Cash flow from operating activities(Depreciation)
CF

Indicator

Millions of yen (rounded down)
FY2020Cash flow from investing activities(Capital investment)

0.93 ％

0.78 ％

0.79 ％-

0.85 ％

0.90 ％

1,734,462

1,851,899

1,907,235

2,003,225

2,172,467

2,120,000

341,766

207,414

174,848

280,090

40,236370,000

84,941

89,10767,93391,581

69,77594,000(277,440)(297,303)(223,410)(313,778)(200,909)(480,000)(459,000)(331,857)(319,841)(217,833)(329,115)(205,278)

Cash flow from financing activities(28,886)

50,425

118,105

90,973

198,654

15,000Free cash flow

64,326(89,889)(48,561)(33,687)(160,672)(110,000)

Business profit *2

240,998

224,701

172,694

279,310200,327

291,400

EBITDA *3

336,784

331,821249,580

381,434 *4

280,190395,000

ROA*5

4.1 ％

3.8 ％

-％

4.4 ％

-％

4.4 ％

ROE*6

8.5 ％

7.6 ％

-％

8.1 ％

-％

8.0 ％

EPS(Yen)108.64101.3465.28

116.4577.79

124.75

Net interest-bearing debt／EBITDA

6.6 times

7.1 times- times

6.6 times- times

6.8 times

After hybrid debt deductions *7

6.1 times

6.6 times- times

6.2 times- times

6.4 times

1.40

1.36

1.44

1.37

1.39

1.18

1.18

1.25

1.19

1.23

1.17

22,10021,623

15,487

20,742

18,44925,000Debt equity ratio *8
After hybrid debt deductions*7
Interest expense
Interest coverage ratio (ICR) *9

11.3 times

Annual dividends per share(Yen)Dividend payout ratio
Other

0.87 ％-

11.2 times- times13.9 times

1.33- times12.0 times

33

31

-

36

-

38

30.4 ％

30.6 ％-％

30.9 ％-％

30.5 ％-

Current value of Income generating assets

8,270,844

8,361,217-

8,840,420-

Income generating assets unrealized gain

4,222,505

4,250,222-

4,573,290-

Exchange average rate(¥/$）/PL

109.03106.77108.59109.91

128.30131.63162.00-Exchange average rate(¥/£）/PL

139.19137.01150.46151.18160.67

Exchange current rate(¥/$）/BS

109.56103.50111.92115.02144.81120.00Exchange current rate(¥/£）/BS

143.48139.82150.43155.24161.72160.00*1 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*2 Business profit = Operating profit + Share of profit of entities accounted for using equity method*3 EBITDA = Operating income + Interest income + Dividend income + Share of profit of entities accounted for using equity method + Depreciation + Amortization of goodwill*4 Depreciation for FY2021 = Total of Depreciation － Depreciation included in Loss on infectious disease (1,976 millions of yen)
*5 ROA = Business profit / Total assets (average）*6 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*7 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.
*8 Debt equity ratio = Interest-bearing debt / Shareholders' equity*9 ICR = (Operating profit + Interest income + Dividend income + Share of profit of entities accounted for using equity method) / Interest expense

122. Segment Information (Consolidated)

Operatingrevenue

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

Millions of yen (rounded down)
FY2023 (Forecasts)

Commercial Property BusinessResidential Business
International Business

723,712385,538
134,175

672,441
362,755
114,457

566,929
214,133
73,958760,658
380,959
121,234

516,037
200,374
121,694

793,000
350,000
175,000

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
OthersEliminations or Corporate

21,31622,19923,97346,702

41,12732,00057,12856,06437,43357,78040,79862,0008,743(28,418)

9,055(29,378)

7,600(19,459)

10,134(27,979)

7,135(20,843)

11,000(30,000)

1,302,196

1,207,594

904,570

1,349,489

906,324

1,393,000

Commercial Property Business

187,855

180,775

143,590

189,909

121,913

182,000

Residential Business

24,32024,068

8,218

30,173

10,13732,000International Business

46,15637,93228,96955,816

69,17890,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

4,467

5,966

11,09926,537

19,382

10,0002,407

959(1,096)

2,802

420

5,000

(2,018)(1,089)(1,228)(1,683)(1,514)(1,000)Total

OperatingprofitBusiness profit*

Depreciation

Eliminations or Corporate(22,420)(24,219)(17,212)(24,578)(19,506)(27,000)

Total

240,768

224,394

172,340

278,977

200,012

291,000

Commercial Property Business

188,099

181,084

143,926

190,211

122,207

182,400

Residential Business

24,30524,066

8,237

30,204

10,15932,000International Business

46,15637,93228,96955,816

69,17890,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

4,467

5,966

11,09926,537

19,382

10,0002,407

959(1,096)

2,802

420

5,000

(2,018)(1,089)(1,228)(1,683)(1,514)(1,000)Eliminations or Corporate(22,420)(24,219)(17,212)(24,578)(19,506)(27,000)

Total

240,998

224,701

172,694

279,310200,327

291,400

Commercial Property Business

70,92771,71354,67673,31553,980-Residential Business

3,946

4,120

3,324

4,570

3,681

-

International Business

6,646

8,599

6,210

8,460

7,798

-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

1,333

1,359

1,070

1,681

1,368

-

868

909

659

894

728

-

98

130

109

147

105

-

Eliminations or Corporate

1,119

2,274

1,883

2,510

2,112

-

Total

84,941

89,10767,93391,581

69,77594,000Commercial Property BusinessResidential Business
International Business
Amortization of
goodwill

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
OthersEliminations or Corporate
Total

Capitalinvestment

75

56

75

56

-

358

268

358

268

-

66

64

49

67

2

-

1,929

2,146

1,242

1,665

1,625

-

208

377

283

377

283

-

-

-

-

-

-

-

-

-

-

-

-

-

2,591

3,022

1,901

2,544

2,236

2,100
-

Commercial Property Business

169,163

193,938

117,313

167,689

116,836

Residential Business

45,07972,62941,61851,99834,813-

International Business

113,755

47,713

63,696113,323

54,556-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
OthersEliminations or Corporate

328

54

680

938

62

-

948

454

482

653

255

-

411

321

48

51

378

-

2,172

4,729

(6,006)(5,539)(1,625)459,000

331,857

319,841

217,833

329,115205,278

4,135,091

4,167,287

4,237,521

4,273,287

4,357,213-

Residential Business

570,282

673,344689,621666,928

819,444-

Total
Commercial Property BusinessTotal assets

386

International Business

887,179

929,869

1,069,281

1,130,973

1,341,906-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others71,82977,586

92,834

108,984

147,136-

55,73756,06753,37957,75954,831-

13,27025,367

26,98525,352

26,861-Eliminations or Corporate

124,847

142,995

201,152

230,630

265,375-

5,858,236

6,072,519

6,370,776

6,493,917

7,012,769

6,800,000

Total*Business profit: Operating profit + Share of profit of entities accounted for using equity method

13

Ⅴ. Mitsubishi Estate Group Companies' Data
Millions of yen (rounded down)
Mitsubishi Estate Co., Ltd.
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Jisho Property Management Co., Ltd.*
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Number of management properties
Management area
Marunouchi Heat Supply Co., Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Sunshine City Corporation
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate・Simon Co., Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Store floor area

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

549,362
117,176542,646
138,571414,819
89,673567,286
120,792

379,922
68,159131,431
109,251
4,782,507
51,121

158,345
110,616
4,936,321
51,455

101,337
75,296
5,069,587
39,893

128,934
93,612
5,079,089
53,44287,81763,594
5,380,877
39,899FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

100.00 ％80,683
5,960
5,960
4,101
77,633201
184
8,615,266 ㎡

100.00 ％83,247
5,757
5,757
3,978
82,448209
197
8,963,474 ㎡

FY2020

FY202165.59 ％
15,766
2,037
1,982
4,327
39,631
2,732

65.59 ％
15,694
1,771
1,615
995
41,9233,594

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

63.20 ％
26,926
5,213
3,473
2,372
106,0815,686

63.20 ％
24,079
5,194
4,344
2,085
104,830
5,732

63.20 ％
18,504
3,451
2,922
2,051
105,225
4,283

63.20 ％
24,809
4,492
3,637
2,544
106,3225,760

63.20 ％
20,238
4,307
4,108
2,841
106,505
4,209

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

60.00 ％
46,393
18,963
19,21913,165
110,754
5,197
315,300 ㎡

60.00 ％
40,03014,61914,942
9,477
121,724
6,126
345,500 ㎡

60.00 ％
32,574
12,386
12,682
8,776
123,113
4,643-㎡

60.00 ％
44,177
16,78917,155
11,870124,609
6,188
345,500 ㎡

60.00 ％
36,966
13,777
13,7899,509
134,372
4,750-㎡

100.00 ％67,082
3,388
3,389
2,308
93,489161-㎡
FY2022-3Q
65.59 ％
12,218
1,312
1,190
980
41,2632,787

100.00 ％95,773
5,570
5,528
3,781
95,086224
218
10,053,028 ㎡
FY202265.59 ％
16,836
1,340
1,204
989
40,5413,750

100.00 ％73,043
3,601
3,584
2,447
93,419236-㎡
FY2023-3Q
65.59 ％
14,163
1,457
1,403
875
39,526
2,666* As of April 1, 2021, Mitsubishi Jisho Retail Management was merged into Mitsubishi Jisho Property Management thus calculated figures after FY2022 includes figures of Mitsubishi Jisho Retail Management.

14

Tokyo Ryutsu Center Inc.
FY2020Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Royal Park Hotels and Resorts Co., Ltd.*
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate Residence Co., Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate Home Co., Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Jisho Community Co., Ltd.
Share of voting rights

FY2021

FY2022-3Q

FY2022

FY2023-3Q

60.03 ％

60.03 ％

60.42 ％

60.42 ％

60.42 ％

10,361
3,238
2,976
2,037
65,166
2,617

9,245
1,997
1,711
1,224
63,777
2,576

5,819
1,360
1,305
(912)
62,360
1,477

7,811
1,770
1,653
(810)
60,117
1,930

6,127
1,419
1,291
901
59,774
1,322

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

100.00 ％24,266(992)(1,004)(1,304)
10,3661,220

100.00 ％9,775(7,343)(6,915)67
13,722
1,157

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

100.00 ％269,660
24,72923,184
16,429570,960
2,218

100.00 ％251,093
23,702
22,146
14,750671,2522,488

100.00 ％133,423
10,482
9,094
7,354
687,5302,187

100.00 ％264,647
32,63530,82520,364
645,7222,998

100.00 ％114,012
11,3589,808
6,395
788,3612,357

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

100.00 ％35,47454
68(29)
11,232402

100.00 ％28,200318
324
287
13,092400

FY2020

FY202171.47 ％

71.47 ％

100.00 ％11,063(5,025)(4,280)(4,294)
13,633845

100.00 ％20,422
(753)
(754)
(801)
9,361
263
FY2022-3Q
71.47 ％

100.00 ％14,464(6,700)(5,822)302
14,7991,169

100.00 ％33,493
210
213
187
11,016354
FY202271.47 ％

100.00 ％22,751
(353)
(71)
(77)
17,745891

100.00 ％23,701
(619)
(618)
(688)
8,754
282
FY2023-3Q
71.47 ％

Operating revenue
55,51455,663
41,412
57,342
41,746
Operating profit
3,353
3,629
2,251
3,713
2,259
Ordinary profit
3,427
3,690
2,309
3,790
2,330
Net income
2,222
2,477
1,506
2,476
1,524
Total assets
20,851
21,90820,58322,901
21,541
Depreciation
401
394
273
371
249
Number of condominium management units
352,365 units
350,682 units- units
345,327 units- units* As of April 1, 2022, Royal Park Hotel's management business was transferred to Royal Park Hotels and Resorts thus calculated figures after FY2023 includes figures of Royal Park Hotel.

15

MEC Group International, Inc.*1
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate Europe Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate Asia Pte. Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Jisho Design Inc.*2
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Real Estate Services Co., Ltd.
Share of voting rights

FY2020

FY2021100.00 ％100.00 ％100.00100.00 ％100.00 ％91,99024,861
22,874
12,654429,135
4,762

89,22230,877
26,353
17,077468,786
5,744

77,37934,59733,095
15,333535,706
4,617

127,440
61,692
59,62525,636592,915
6,535

101,520
49,247
46,894
22,273817,050
6,301

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

100.00 ％43,672
20,361
19,06016,982
189,9541,834

100.00 ％22,785
4,709
4,342
2,736
192,4191,846

100.00 ％3,125
653(6,120)(3,704)
251,757
1,061

100.00 ％4,028
786(6,340)(2,824)
255,840
1,374

100.00 ％45,28840,654
38,66033,880295,379
1,123

FY2020

FY2021

FY2022-3Q

FY2022

FY2023-3Q

100.00 ％
1,905
381
558
534
38,802130100.00 ％
3,042
1,322
1,809
1,788
38,750128

FY2020

FY2021100.00 ％18,838
2,446
2,394
1,617
25,053312

100.00 ％20,034
3,052
3,073
2,110
27,106329

FY2020

FY2021100.00 ％100.00 ％Operating revenue
27,117
22,662
Operating profit
1,031
202
Ordinary profit
1,367
216
Net income
755
21
Total assets
25,047
23,847
Depreciation
416
362
Amount of transaction
450,048
260,240
Number of brokerage
1,095
932
Number of parking management
55,37956,596*1 Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.
*2 Mitsubishi Jisho Sekkei Inc. changed its English name to Mitsubishi Jisho Design Inc. on April 1, 2022.

FY2022-3Q

100.00 ％
1,409
(133)
(13)
(87)
40,876162
FY2022-3Q
100.00 ％10,953425
484
316
24,144244
FY2022-3Q

FY2022100.00 ％
2,824
200
347
59
43,105299
FY2022100.00 ％19,922
2,816
2,844
1,945
27,273326
FY2022

FY2023-3Q

100.00 ％1,800(1,058)(838)(627)
51,353188
FY2023-3Q
100.00 ％12,117554
581
384
24,740241
FY2023-3Q

100.00 ％100.00 ％100.00 ％17,084
(390)
(384)
(295)
23,337
254-

24,820
1,554
1,672
1,104
24,977348
273,926
1,118
58,41818,703735
728
567
25,110275-

16