February 5 2015
Earnings Highlights for 2015/3-3Q
Mitsubishi Estate Co., Ltd.
●Earnings for 2015/3-3Q
Million yen (figures under a million are rounded down)
2015/3
3Q Results(New Segment*)
Building BusinessResidential Business
International Business
Revenue from Operations(New Segment*)
Building BusinessResidential Business
International Business
Operating Income
Income Before Taxes &Special Items
Net Income
EBITDA

2014/3
3Q Results

ChangeChange (%)

461,361
170,401
51,368728,041

397,443
210,236
67,807720,273

63,917
ሺ39,834)
ሺ16,438)
7,768

16.1
ሺ18.9)
ሺ24.2)
1.1%%%%98,978
251
19,534
108,752

85,742
8,283
22,727
107,821

13,235
ሺ8,032)
ሺ3,193)930

15.4
ሺ97.0)
ሺ14.0)
0.9%%%%

93,10493,314(209)96,603
172,170

58,528
171,550

38,075620(0.2) %

65.1 %
0.4 %*Segment Changes: As of April 2014, the Commercial Property Development & Investment Business has
been integrated into the Building Business.

Summary【Overview】
There is an increase in income and profits compared with 2014/3-3Q. There was a decrease ofcondominium units sold in the Residential Business, but an increase in income and profits fromselling off property, and the rental effects of buildings completed in 2012 in the Building Businessare factors that resulted in the overall increase in income and profits. Factors affecting the individual
segments compared with 2014/3-3Q are detailed below.
【Building Business】
Factors for the increase in income and profits include the selling off of property, and the rental
effects of buildings completed in 2012.
(Vacancy rates)
Leasing both within and outside of Marunouchi are progressing, with the vacancy rates for Japan (allpurpose) improved by 0.92% and by 1.57% for Marunouchi (offices) compared with the end ofSeptember 2014. There is no revision to estimates, however at this time figures are proceedingslightly above expectations.
Japan (all purpose)(2014/9: 4.70% → 2014/12: 3.78%, 2015/3 Estimate: 3.5%)

Marunouchi (offices)(2014/9: 5.51% → 2014/12: 3.94%)

(Average rents)
The average rents (Japan-all purpose) compared with the end of September 2014 increased by¥450/tsubo.month. The main factors are the leasing of comparatively high rent properties, the effectof raising rents particularly in the Marunouchi district, and an increase of turnover rent from retailproperty tenants. Average rents are in line with estimates.
Japan (all purpose) (2014/9: ¥23,145/tsubo.month → 2014/12： ¥23,595/tsubo.month)(2015/3 Estimate： ¥23,500/tsubo.month)【Residential Business】
A factor for the decrease in income and profits is the decrease in condominium units sold. Of
expectations for the sales of condominiums (¥255 billion), 90.4% of contracts had been finalized by
the end of December 2014, which is in line with estimates.
【International Business】
The decrease in income and profits is due to selling off a large-scale property in the first half of theprevious period.
●Revision of 2015/3 Estimates

Building BusinessResidential Business
International BusinessEliminations
Revenue from Operations
Building BusinessResidential Business
International BusinessEliminations or Corporate
Operating Income
Income Before Taxes & Special
Items
Net Income
EBITDA

Million yen (figures under a million are rounded down)
2015/3 Estimates
2015/3 Estimates
ChangeChange (%)(Current)(Previous)
579,000
579,000－－ %393,000
393,000－－ %66,00062,0004,000
6.5 %
ሺ20,000)
ሺ20,000)－1,108,000
1,104,000
4,000
0.4 %
121,000
121,000－－ %17,00017,000－－ %22,00018,0004,000
22.2 %
ሺ16,000)
ሺ15,000)
ሺ1,000)150,000
147,000
3,000
2.0 %
113,000

108,000

5,000

4.6 %

67,000231,500

60,000227,000

7,000
4,500

11.7 %
2.0 %Summary【Overview】
The revision of the March 2015 estimates includes an upward adjustment of revenue from operationsby ¥4bn and operating income by ¥3bn, one factor for this being property selling at a higher pricethan expected in the International Business. There was a revision of extraordinary income(¥13bn→¥50bn), extraordinary loss (¥11bn→¥56bn) as well as corporation tax, etc., and net income
was upwardly revised by ¥7bn. A major factor for the increase in extraordinary income is theappropriation of profit from the sale of fixed assets, and a major factor for the increase of
extraordinary loss is an increase of impairment loss.

【International Business】
An upward adjustment to income and profits has been made; factors include property selling at ahigher price than expected, and revision of the estimated exchange rates.
Disclaimer
This data contains predictions and aims which relate to our future economic performance andprojections of revenue and other financial items. These predictions are inherently subject to risks anduncertainties, due to unforeseeable events or external factors. Future events and actual results,financial and otherwise, may differ materially.
The Summary of Financial Statements and Fact Book can be found on the homepage.
◇Summary of Financial Statements(http://www.mec.co.jp/e/investor/irlibrary/tanshin/index.html)◇Fact Book
(http://www.mec.co.jp/e/investor/irlibrary/fact/index.html)