February 5 2014
Earnings Highlights for 2014/3-3Q
Mitsubishi Estate Co., Ltd●Earnings for 2014/3-3Q
Million yen (figures under a million are rounded down)
2014/3
3Q Results
Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Revenue from Operations
Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Operating Income
Income Before Taxes &Special Items
Net Income
EBITDA

2013/3
3Q Results

ChangeChange (%)

362,455
210,236

330,513220,12131,942(9,885)

9.7 %(4.5) %39,47813,25526,223197.8 %

67,807720,27379,734
8,283

49,814
654,976
83,635
6,034

17,99365,297(3,901)
2,249

36.1
10.0(4.7)
37.3

6,007

2,723

3,284

120.6 %

22,727
107,821

5,754
87,635

16,972
20,185295.0 %
23.0 %

93,314

69,21924,09534.8 %

58,528
171,550

33,902
149,649

24,625
21,901

72.6 %
14.6 %

Summary【 Overview】
There is an increase in income and profit compared with 201 3/3-3Q. Major factors for the increase ofincome include the effects of selling off properties in the building business, commercial property
development & investment business and the international business. Major factors for the increase ofprofit include appropriations from selling off property in the commercial property development &investment business and the international business. Factors affecting the individual segments
compared with 2013/3-3Q are detailed below.
【Building Business】
There is an increase in income due to selling off a building in 1Q and the effect of buildings
constructed in FY2012. However, there is a decrease in profits due to the effect of closing buildings
and the result of high profit ratio, large-scale one-off income from 2013/3-3Q.
(Vacancy rates)
Leasing in buildings across the portfolio are progressing, vacancy rates for Japan (all purpose) fell by
1.06%, and Marunouchi (offices) by 0.76% compared with the end of September 2013. Both met
expections, and figures are in line with 2014/3 estimates.
Japan (all purpose)(2013/9: 8.12％ → 2013/12: 7.06％, 2014/3 Estimate: 6.0％)

Marunouchi (offices)(2013/9: 6.84％ → 2013/12: 6.08％)%%%%

(Average rents)
The average rents (Japan-all purpose) compared with the end of September 2013 increased by¥385/tsubo.month. The main factors are an increase of percentage rents in commercial facilities andleasing in new buildings including Marunouchi. Average rents are in line with estimates.
Japan (all purpose) (2013/9: ¥23,445/tsubo.month →2013/12： ¥23,850/tsubo.month)(2014/3 Estimate： ¥24,000/tsubo.month)【Residential Business】
There is a decrease in income as a result of the inclusion of a large-scale built-to-order property in
2013/3-3Q, and an increase in profit due to the improvement of the profit margin in the condominium
sales business.
Market conditions are favorable, and the sales of condominiums are in line with estimates.
【Commercial Property Development & Investment】
There is an increase in income and profit due to an increase in the occupancy rates of new buildings
and the sale of properties.
【 International Business】
The increase in income and profit is due to a favorable exchange rate and from selling off alarge-scale property.
●Revision of 2014/3 Estimates

Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Revenue from Operations
Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Operating Income
Income Before Taxes & Special
Items
Net Income
EBITDA

Million yen (figures under a million are rounded down)
2014/3 Estimates
2014/3 Estimates
ChangeChange (%)(Current)(Previous)
487,000
504,000(17,000)(3.4) %
398,000
390,000
8,000
2.1 %
44,00035,0009,000

25.7 %

82,0001,070,000
110,000
27,00082,0001,070,000
112,000
27,000－－(2,000)
－

7,000

5,000

2,000

40.0 %

25,000160,000

25,000160,000

－
－－ %
－ %

122,000

122,000－－ %58,000242,000

58,000242,000－－－ %－ %－－(1.8)－%%%%

Summary【 Overview】
The revision of the March 2014 estimates includes the movement of income and profits between
segments, but this does not affect overall figures. Furthermore, there was an augmentation of
non-operating revenue and expense, extraordinary income (gain on sales of fixed assets), corporation

tax and minority interests but the net income is unaffected.
【Building Business】
A downward adjustment to income and profits has been made after a revision of property sales.
Due to the selling of property in the residential business and c ommercial property development &investment business, planned property sales in the building business were suspended.
As a result, revenue from operations was downwardly adjusted by ¥17bn. and operating income by¥2bn.
【Residential Business】
There was an increase in the cost recovery of land sales, and so revenue from operations wasupwardly amended by ¥8bn.
【Commercial Property Development & Investment】
After an increase in property sales, there was an upward adjustme nt of revenue from operations by¥9bn. and operating income by ¥2bn.

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 facto rs. 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)