■August 5, 2022

MITSUBISHI ESTATE CO., LTD.

FACT BOOK FY2023-1Q(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/e/investor/index.html

Page

Ⅰ. Performance Comparisons (Consolidated)

Ⅱ. Investment Data
Ⅲ. Business Data

Ⅳ.Historical Performance Data (Consolidated)

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

3

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

4

3. Balance Sheet Results

5

4. Cash Flow Statements

6

1. Investment Data7

2. Assets Breakdown

8

1. Commercial Property Business Operating Revenue Breakdown (Consolidated)

9

2. Office Building Data (Consolidated)

9

3. Office Building Data (Unconsolidated)

9

4. Marunouchi Area Building Data (Unconsolidated)

9

5. Domestic Condominium Business Data10

1. Major Performance Items

11

2. Segment Information (Consolidated)

12

Ⅴ. Mitsubishi Estate Group Companies' Data

13〜15

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 FY2023-1Q and FY2022-1Q
Millions of yen (rounded down)【Overview】
There is a significant increase in profits YoY. A substantial
increase in operating profit, ordinary profit, and profit attributableto owners of parent YoY mark record highs. Main factors include
the followings: an increase in capital gains; a recovery of retailproperties and hotels; an increase in fee income in Investment
Management Business.

FY2023-1Q
Results

FY2022-1Q
Results

ChangeCommercial Property Business

163,826

206,490(42,664)

Gain on sale of non-current assets

Residential Business

63,461

66,628(3,167)

Gain on sale of investment securities

International Business

60,751

21,36839,382

Total

Investment Management Business

9,345

5,549

3,796

【Commercial Property Business】

Architectural Design & Engineering Business and Real Estate Services Business

11,994

11,053941

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 1Q.

Other

2,515

2,575

(60)

Eliminations(6,526)(6,262)(263)

Income gains increased by a recovery of demand in retail properties
and hotels followed by the relaxing of restrictions.
＜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 as a decrease in revenues equivalent torestoration costs, led to an overall decrease in rental revenue andprofits 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＞

Operating Revenue

6,269

-

6,269

-

2,221

(2,221)

6,269

2,221

4,047

FY2023-1Q
Results

FY2022-1Q
Results

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

Change307,402(2,035)

Loss related to retirement of non-current assets

397

2,495

(2,097)56,826(18,442)

Loss on valuation of investment securities

3,152

-

3,152

Residential Business

2,576

2,979

(402)

Total

3,549

2,495

1,054

International Business

47,9008,268

39,632

Investment Management Business

2,675

1,357

1,317

Architectural Design & Engineering Business and Real Estate Services Business(742)(1,209)

466

Other

(415)

(104)

(310)

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

Non-operating expenses

Profit before Income Taxes【Investment Management Business】

Change38,384【Residential 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, is the main factor led to an overall increase.

FY2022-1Q
Results

305,367

A recovery of demand led to an increase in revenue YoY. The
performance is in steady progress toward achieving our full-year
forecasts.

【International Business】

FY2023-1Q
Results

Commercial Property Business

Ordinary Profit

There is a decrease in revenue and profits YoY.

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

Extraordinary income
Extraordinary loss
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent＜Reference＞■Capital Gains included in Operating profit

Millions of yen (rounded off to the nearest billion)

FY2023-1Q
Results

FY2022-1Q
Results

Change(6,860)(5,555)(1,305)

Commercial Property Business

2,000

23,00083,51862,563

20,954

Residential Business

5,000

5,000

(21,000)
0

5,547

5,516

31

International Business

40,0002,000

38,000

88

118

(30)

Investment Management Business

-

-

-

7,220

10,131(2,911)

Other

-

-

-

81,84557,94823,897

Eliminations or Corporate

-

-

-

6,269

2,221

4,047

Total

47,00030,00017,000*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

3,549

2,495

1,054

84,56457,674

26,88918,82020,117(1,296)＜Reference＞

65,74437,55728,186■Business profit

4,190

2,848

1,341

61,55334,70826,844

Business profit

Millions of yen (rounded down)

FY2023-1Q
Results

FY2022-1Q
Results

83,607

62,682

Change20,924*Business profit: Operating profit + Share of profit of entities accounted for using equity method

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.

3

2. Current Income Statement Forecasts for FY2023 and Results for FY2022* There is no change in the FY2023 earnings estimates announced on May 12, 2022.
Millions of yen (rounded down)【Overview】
The highest record for two consecutive years is expected in operating profit
and profit attributable to owners of parent for FY2023. Contributing factors
include a significant increase in overseas capital gains and a recovery of
demand in hotels and retail properties as a result of the easing of restrictions.
Annual dividends per share is expected to be 38 yen, a record high for two
consecutive years. ROE is also expected to keep the 8% level.
【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 from existingbuildings being closed for redevelopment and also in revenue for the amountequivalent to restoration costs in existing buildings.
＜Retail Properties＞
An increase in rental revenue and profits is expected as a result of therelaxing of restrictions.
＜Hotels＞
An improvement in overall revenue is expected mainly as a result of arecovery of domestic demand followed by the easing of restrictions.
【Residential Business】
Despite a decrease in revenue and profits due to a decrease in the numberof units sold of domestic condominiums, a significant increase is expected incapital gains from rental apartments.
【International Business】
An increase in profits is expected mainly as a result of a significant increasein capital gains from sales of Central Saint Giles in London and logistic
facilities in U.S.

FY2023
Forecasts

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

FY2023
Forecasts

FY2022
Results

ChangeCommercial Property Business

788,000

760,658

27,342Gain on sale of non-current assets

Residential Business

345,000

380,959(35,959)

Gain on sale of investment securities

International Business

205,000

121,234

83,766

Gain on sale of shares of subsidiaries and associates

-

1,843

(1,843)

Investment Management Business

35,00046,702(11,702)

Reversal of provision for environmental measures

-

3,576

(3,576)6,000

20,189(14,189)

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

1,416,000

1,349,489

66,511

182,000

189,909(7,909)Total

Residential Business

27,00030,173(3,173)

Loss related to retirement of non-current assets

94,00055,81638,184

Impairment loss

Investment Management Business

13,00026,537(13,537)

Total

4,000

2,802

1,198

Architectural Design & Engineering Business and Real Estate Services Business

6,000

6,781

(781)

-

7,987

(7,987)

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

International Business＜Reference＞

FY2023
Forecasts

FY2022
Results

22,000Change16,254

5,746

-

3,866

(3,866)22,00020,120

1,880

Other

(2,000)(1,683)(317)

Eliminations or Corporate(27,000)(24,578)(2,422)

291,000

278,977

12,023

12,00016,319(4,319)Commercial Property Business

35,00042,000(7,000)

400

332

68

Residential Business

22,0005,000

17,00065,000Operating Profit
Non-operating income(Share of profit of entities accounted for using equity method)

Non-operating expenses
Ordinary Profit【Investment Management Business】
While there is an overall decrease in revenue and profits due to an effect of arecord of contingent fee in FY 2022, an increase in profits excluding
contingent fee is expected as AUM steadily grows.

FY2022
Results

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

Millions of yen (rounded off to the nearest billion)

FY2023
Forecasts

FY2022
Results

Change32,00041,586(9,586)

International Business

271,000

253,710

17,290Investment Management Business-

29,000-36,000-6,000

20,189(14,189)

Other

-

-

-

22,00020,1201,880

Eliminations or Corporate

255,000

253,779

1,221

Total

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

76,00070,8895,111

179,000

182,889(3,889)14,00027,718(13,718)＜Reference＞

165,000

155,171

9,829■Business profit
Business profit

122,000--

76,00046,000Millions of yen (rounded down)

FY2023
Forecasts

FY2022
Results

291,400

279,310

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

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

At Jun 30, 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)

Change289,951
46,101
5,214
27,630426,869
724
5,726
1,506
623,868
85,938(414)
1,513,117

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

56,834(14,543)934(13,608)
127,337
0
1,409
(69)
(653)
(1,322)
8
156,328

1,232,743
30,2632,355,386
579,243
192,01218,763
4,408,413

1,230,513
31,2082,310,551
585,470
169,700
18,545
4,345,989

2,229
(944)
44,835(6,227)22,312
217
62,42382,693
24,975
107,669

82,541
25,550108,092

152
(575)
(423)

293,335
2,496
137,800
47,71125,734
181,123(570)
687,6315,203,713
6,716,831

299,6172,324
140,230
45,99825,887
169,535(548)
683,045
5,137,127
6,493,917(6,281)172(2,430)1,712(152)
11,587(21)
4,585
66,586
222,914At Jun 30, 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

Change41,006
157,672
186,233
250,000
50,0008,638
177,721871,272

60,516
182,052
79,92890,00029,445
189,099
631,043(19,510)(24,379)
106,304
250,000(40,000)(20,806)(11,378)
240,229

766,703
1,531,636
447,845276,378
264,082
28,002453
885
85,994130,948
3,532,932
4,404,204

786,335
1,598,562
451,749
274,176
264,082
27,402464
888
85,526137,252
3,626,441
4,257,484(19,631)(66,926)(3,903)
2,201
599
(10)
(2)
467
(6,303)(93,509)146,719

142,414
159,757
1,200,434(132,228)
1,370,377

142,414
159,749
1,165,344(132,483)
1,335,024

7
35,089255
35,352

130,483
1,079
526,41740,676
8,064
706,721201
235,326
2,312,626
6,716,831

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

(358)
975
38,514(611)
38,5202,321
76,194
222,914--5

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

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

Change（④-③）

Profit before income taxes

57,67484,564

26,889253,779

255,000

1,221

Adjustment for extraordinary income or loss

(2,060)(1,837)

223

7,349

16,0008,651

Depreciation

22,06822,828760

91,581

94,0002,419

Decrease (increase) in inventories

24,674(108,363)(133,037)

116,993

102,000(14,993)

Decrease (increase) in equity investments(9,136)

41,76350,899(30,267)(66,000)(35,733)

Other(37,326)(19,790)

17,536(107,139)

42,000149,139

Income taxes refund (paid)(29,189)(36,884)(7,695)(52,206)(73,000)(20,794)

26,704(17,718)(44,422)280,090370,000

89,9103,749

122(3,627)

9,562

2,000

(7,562)

4

7,560

7,555

14,5709,000(5,570)(98,485)(81,681)

16,804(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(7,534)(3,912)

3,622(8,795)(32,000)(23,205)(102,266)(77,911)24,355(313,778)(480,000)(166,222)

Newly acquired funds

126,592

48,737(77,855)

390,678

399,000

8,322

Repayment(74,139)(82,838)(8,699)(183,951)(235,000)(51,049)

Cash dividends paid

(29,484)(32,971)(3,487)(58,249)(64,000)(5,751)

Repurchase and disposal of own shares(2,598)

(3)

2,594

(29,861)

029,861

152,384

215,975

63,591(27,641)(85,000)(57,359)

172,755

148,898(23,856)

90,97315,000(75,973)274,685

291,986

17,301

234,244

140,000(94,244)(75,562)(95,629)(20,067)(33,687)(110,000)(76,313)

Net cash provided by (used in) investing activities

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

6

Ⅱ. Investment Data
1. Investment Data
Capital investment*

Millions of yen (rounded down)

FY2023-1Q

Equity investment

FY2023 (Forecasts)

Total

81,681

Total

459,000

Total

Mitsubishi Estate

29,787

Mitsubishi Estate

154,000

Mitsubishi Estate(Breakdown)(Breakdown)(Breakdown)

Office Building

Office Building

International

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

17,106

New/Redevelopment buildings(Marunouchi redevelopment etc.)

6,046

Refurbishment cost etc.

110

Total

140,000

Mitsubishi Estate

59,000(Breakdown)

71,000

Office Building

12,00023,000International

3,000

Other(Domestic)

2,000

Other

56,000

4,294

Hotel

24,000

1,961

Logistics Facility

21,000Retail Property

12,000Other

235,000

51,893

10,51942,000Retail Property(Breakdown)

FY2023 (Forecasts)

Logistics Facility

Hotel

Other

Millions of yen (rounded down)

FY2023-1Q(Breakdown)

Other

108

10,408(Breakdown)

Consolidated SPC(Domestic)

21,421

Mitsubishi Estate Residence

70,000US

35,000Mitsubishi Estate Residence

11,890Mitsubishi Estate Europe

58,000Asia, Oceania

16,000Mitsubishi Estate Europe

7,827

MEC Group International

38,000Europe

3,000

MEC Group International

5,755

Consolidated SPC(Domestic)

16,000Sunshine City

1,780

Mitsubishi Estate・Simon

14,000Royal Park Hotels & Resorts

1,034

Consolidated SPC(International)

9,000

Strategic investment

25,000Sunshine City

6,000

Yokohama Sky Building

3,000

Marunouchi Heat Supply

2,000Royal Park Hotels & Resorts

2,000

Strategic investment

70,000US(Breakdown)
9,535* Major inter-group transactions are eliminated.

7

2. Assets Breakdown
Assets Breakdown (Consolidated)

Special Purpose Vehicles Data
Millions of yen (rounded down)
At Jun 30, 2022

At Mar 31, 2022

Condominium (domestic)

355,821240,992

114,829

International

15,709

9,617

6,092

US

4,313

Millions of yen (rounded down)

ChangeInventories

At Mar 31, 2022

At Mar 31, 2021

ChangeDomestic Office Building

59,01756,1992,818

Domestic(other)

73,63852,723

20,915International

491,865

387,260

104,605

US

248,518

181,046

67,472Equity investments by Mitsubishi Estate

Europe

170
-

Asia

4,143
-

-

11,396

9,447

1,949

Europe59,71357,2602,453

90,927

96,779(5,852)

Asia

183,633

148,952

34,681

462,457

347,388

115,069

Total equity investments by Mitsubishi Estate

624,521496,182

128,339

Domestic Office Building

58,96959,017(48)＜Reference＞

Millions of yen (rounded off to the nearest billion)

Domestic (other)73,311

73,638(327)

Equity investments by other companies

International

491,587

491,865(278)

US272,691

248,518

24,173

Domestic(other)

Europe42,12959,713(17,584)

Asia

176,766

183,633(6,867)

623,868

624,521

(653)

Other
Total inventories
Equity investments

Total equity investments
Property, plant and equipment
Office Building

Domestic Office Building

110,000

104,000

0

0

6,000
0

International

1,071,000

766,000

305,000

US588,000

370,000

218,000

Europe51,00049,000

2,000

Asia

432,000

347,000

85,0001,181,000

870,000

311,000

77,00077,00003,109,368

3,112,604(3,236)

Outlet Mall

133,922

134,724(802)

Logistics Facility

114,190

94,051

20,139Retail Property (Except Outlet Mall)

147,389

147,400

(11)

4,000

4,000

0

Rental Apartment

146,096

139,8306,266International

983,000

836,000

147,000

International

516,734

484,992

31,742

US

455,000

385,000

70,000US

227,387

217,318

10,069Europe

9,000

-

9,000

Europe188,179

174,082

14,097

Asia

519,000

451,000

68,000Asia

101,166

93,591

7,575

1,064,000

917,000

147,000

240,714232,388

8,326

4,408,413

4,345,989

62,423

Other
Total property, plant and equipment

Total equity investments by other companies
Interest bearing debt borrowed by SPV
Domestic Office Building
Domestic(other)

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

8

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

Millions of yen (rounded down)

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

FY2023 (Forecasts)

Marunouchi Area Office Building

243,681248,249

62,195

256,967

62,950252,000

Tokyo Area Office Building (Outside of Marunouchi)

128,927

140,51437,053

149,361

37,483144,000

Office Building (Outside of Tokyo)

64,54859,457

14,87560,45015,16461,000Outlet Mall

46,38640,027

9,368

44,164

11,25351,000

Other*2

40,91936,175

8,708

35,242

8,722

37,000

Leasing

524,464

524,423

132,200

546,186

135,574

545,000

Sales of assets

Total leasing

91,03052,87856,073

126,878

5,378

124,000

Other*3

108,217

95,13918,21687,59322,873

119,000

Total

723,712672,441

206,490760,658

163,826

788,000*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 Jun 30, 2021

At Mar 31, 2022

At Jun 30, 2022

4,120

4,147

4,135

4,151

4,099

Owned by MEC

2,592

2,543

2,525

2,559

2,536

Subleases

1,528

1,604

1,609

1,592

1,563

Contracted area

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

At Mar 31, 2020

At Mar 31, 2021

At Jun 30, 2021

At Mar 31, 2022

At Jun 30, 2022

At Mar 31, 2023
(Forecasts)

Owned by MEC

3,736

3,732

3,732

3,765

3,767

3,642

Subleases

2,133

2,259

2,259

2,275

2,284

2,271

Total

5,869

5,991

5,991

6,040

6,051

5,913

(2) Leasable area

3,726

3,807

3,804

3,834

3,823

3,705

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

2.35 ％

2.90 ％

3.29 ％

4.24 ％(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

27,79327,935At Mar 31, 2020

At Mar 31, 2021

At Jun 30, 2021

At Mar 31, 2022

Operating floor space

2,915

2,952

2,952

3,026

3,044

Leasable area

1,751

1,773

1,768

1,820

1,821

Office vacancy rate

0.69 ％

2.50 ％

2.49 ％

3.33 ％

4.30 ％

4. Marunouchi Area Building Data (Unconsolidated)

Building lease revenue

28,22828,181

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

243,457

247,558

62,428

256,707

At Jun 30, 2022

62,7229

5. Domestic Condominium Business Data
FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

FY2023 (Forecasts)

206,684

207,004

19,173

216,231

16,187

115,000

Condominiums sold (units)

3,214

3,476

289

3,046

154

1,600

Gross margin*2*3

19.3 ％

20.1 ％

21.2 ％

22.5 ％

25.4 ％

23.1 ％

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

203

62

23

-

2,924

2,350

454

2,131

706

1,900

162,141

140,455

192,110100,026

165,088---

182,828-

93,463-130,195

139,475

9,282

70,21069,721--

29,816

1,904-

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.

10

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

PL

BS

FY2021

FY2022-1Q

FY2022

FY2023-1Q

FY2023 (Forecasts)

Operating revenue

1,302,196

1,207,594

307,4021,349,489

305,367

1,416,000

Operating profit

240,768

224,394

62,563278,977

83,518291,000

Ordinary profit

219,572

210,965

57,948

253,710

81,845

271,000

Profit attributable to owners of parent

148,451

135,655

34,708155,171

61,553

165,000

Total assets

5,858,236

6,072,519

6,299,458

6,493,917

6,716,831

6,800,000

Inventories

329,305

364,834

350,980

347,388462,457

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

4,204,019

4,280,988

4,372,664

4,454,081

4,516,082

Interest-bearing debt

2,429,883

2,526,142

2,757,002

2,738,632

2,943,947

2,820,000

Net interest-bearing debt

2,216,874

2,353,835

2,482,316

2,504,387

2,651,960

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 ％

0.77 ％

0.79 ％-

0.77 ％

0.76 ％

1,734,462

1,851,899

1,891,019

2,003,225

2,077,098

2,120,000

341,766

207,41426,704

280,090(17,718)

370,000

84,941

89,10722,06891,581

22,82894,000(277,440)(297,303)(102,266)(313,778)(77,911)(480,000)(459,000)(331,857)(319,841)(98,485)(329,115)(81,681)

Cash flow from financing activities(28,886)

50,425

172,755

90,973

148,898

15,000Free cash flow

64,326(89,889)(75,562)(33,687)(95,629)(110,000)

Business profit *2

240,998

224,701

62,682

279,310

83,607

291,400

EBITDA *3

336,784

331,82188,513

381,434 *4

110,679

395,000

ROA*5

4.1 ％

3.8 ％

-％

4.4 ％

-％

ROE*6

8.5 ％

7.6 ％

-％

8.1 ％

-％

EPS(Yen)108.64101.3425.93

116.45

46.54

4.4 ％
8.0 ％
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

1.46

1.37

1.42

1.18

1.18

1.27

1.19

1.25

1.17

22,10021,623

5,116

20,742

5,445

21,000Debt 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- times

14.2 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

109.03106.77106.09109.91116.34120.00Exchange average rate(¥/£）/PL

139.19137.01146.33151.18155.96160.00Exchange current rate(¥/$）/BS

109.56103.50110.71115.02

122.39120.00Exchange current rate(¥/£）/BS

143.48139.82152.23155.24160.89160.00*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 expense11

2. Segment Information (Consolidated)

Operatingrevenue

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

Millions of yen (rounded down)
FY2023 (Forecasts)

Commercial Property BusinessResidential Business
International Business

723,712385,538
134,175

672,441
362,755
114,457

206,490
66,62821,368760,658
380,959
121,234

163,826
63,46160,751

788,000
345,000
205,000

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

21,31622,1995,549

46,702

9,345

35,00057,12856,064

11,05357,78011,99462,0008,743(28,418)

9,055(29,378)

2,575(6,262)

10,134(27,979)

2,515(6,526)

11,000(30,000)

1,302,196

1,207,594

307,4021,349,489

305,367

1,416,000

Commercial Property Business

187,855

180,775

56,826

189,90938,384

182,000

Residential Business

24,32024,0682,979

30,173

2,576

27,000International Business

46,15637,932

8,268

55,81647,90094,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

4,467

5,966

1,357

26,5372,675

13,0002,407

959(1,209)

2,802

(742)

4,000

(2,018)(1,089)(104)(1,683)(415)(2,000)Total

OperatingprofitBusiness profit*

Depreciation

Eliminations or Corporate(22,420)(24,219)(5,555)(24,578)(6,860)(27,000)

Total

240,768

224,394

62,563278,977

83,518291,000

Commercial Property Business

188,099

181,084

56,940190,211

38,466

182,400

Residential Business

24,30524,0662,984

30,2042,584

27,000International Business

46,15637,932

8,268

55,81647,90094,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

4,467

5,966

1,357

26,5372,675

13,0002,407

959(1,209)

2,802

(742)

4,000

(2,018)(1,089)(104)(1,683)(415)(2,000)Eliminations or Corporate(22,420)(24,219)(5,555)(24,578)(6,860)(27,000)

Total

240,998

224,701

62,682

279,310

83,607

291,400

Commercial Property Business

70,92771,713

17,81273,315

17,981-

Residential Business

3,946

4,120

1,037

4,570

1,160

-

International Business

6,646

8,599

1,998

8,460

2,358

-

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

1,333

1,359

338

1,681

384

-

868

909

219

894

239

-

98

130

33

147

32

-

Eliminations or Corporate

1,119

2,274

628

2,510

671

-

Total

84,941

89,10722,06891,581

22,82894,000Commercial Property BusinessResidential Business
International Business
Amortization of
goodwill

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

Capitalinvestment

75

18

75

18

-

358

89

358

89

-

66

64

16

67

0

-

1,929

2,146

406

1,665

446

-

208

377

94

377

94

-

-

-

-

-

-

-

-

-

-

-

-

-

2,591

3,022

625

2,544

650

2,100
-

Commercial Property Business

169,163

193,938

51,702

167,689

56,330Residential Business

45,07972,62919,48351,998

12,179-International Business

113,755

47,71331,802

113,323

13,767-

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

328

54

0

938

6

-

948

454

93

653

127

-

411

321

62

51

126

-

2,172

4,729

(4,659)(5,539)(857)

459,000

331,857

319,841

98,485329,115

81,681

4,135,091

4,167,287

4,216,957

4,273,287

4,257,593-

Residential Business

570,282

673,344695,888666,928

775,672-

Total
Commercial Property BusinessTotal assets

386

International Business

887,179

929,869

1,061,613

1,130,973

1,222,983-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others71,82977,58678,617

108,984

117,650-

55,73756,06752,05857,75953,543-

13,27025,367

25,83325,35225,653-Eliminations or Corporate

124,847

142,995

168,489

230,630

263,734-

5,858,236

6,072,519

6,299,458

6,493,917

6,716,831

6,800,000

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

12

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

FY2022-1Q

FY2022

FY2023-1Q

549,362
117,176542,646
138,571

125,634
26,847567,286
120,792

120,610
21,714131,431
109,251
4,782,507
51,121

158,345
110,616
4,936,321
51,45545,00339,256
5,078,823
12,964

128,934
93,612
5,079,089
53,44247,30544,5195,261,441
13,244FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

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

FY2022-1Q

FY2022

FY2023-1Q

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 ％
5,679
1,085
1,019
719
103,592
1,407

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

63.20 ％
6,614
1,569
1,632
1,130
104,526
1,398

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

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 ％
9,368
3,193
3,199
2,203
116,628
1,557-㎡

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

60.00 ％
11,262
4,351
4,360
3,009
116,6541,470-㎡

100.00 ％22,041
1,139
1,147
764
90,67752-㎡
FY2022-1Q
65.59 ％
3,637
210
65
760
41,314870

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 ％22,953
747
749
508
85,59653-㎡
FY2023-1Q
65.59 ％
4,085
338
347
238
39,333876* 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.

13

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

FY2022-1Q

FY2022

FY2023-1Q

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

1,832
256
224
(1,625)62,697
577

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

1,984
494
434
311
59,460440

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

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

FY2022-1Q

FY2022

FY2023-1Q

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 ％41,970
3,659
3,230
2,241
696,848676

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

100.00 ％39,982
3,867
3,400
2,439
756,920730

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

100.00 ％35,47454
68(29)
11,232402

100.00 ％28,200318
324
287
13,092400

FY2020

FY202171.47 ％

71.47 ％

100.00 ％2,775(2,828)(2,530)(2,534)
12,525255

100.00 ％
4,835
(782)
(780)
(783)
7,873
86
FY2022-1Q
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 ％
6,229
(702)
(448)
(453)
15,705291

100.00 ％
4,886
(744)
(743)
(743)
8,172
87
FY2023-1Q
71.47 ％

Operating revenue
55,51455,663
13,30957,342
13,130Operating profit
3,353
3,629
616
3,713
501
Ordinary profit
3,427
3,690
613
3,790
530
Net income
2,222
2,477
398
2,476
347
Total assets
20,851
21,90819,64922,901
20,692
Depreciation
401
394
84
371
83
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.

14

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 ％100.00 ％100.00 ％100.00 ％91,99024,861
22,874
12,654429,135
4,762

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

21,039
8,723
8,197
4,568
512,136
1,476

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

25,046
11,404
10,7885,325
641,473
1,838

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

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 ％
1,062
292
(494)
(899)
259,080325

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

100.00 ％39,864
39,13438,78734,253
283,603
346

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

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.

FY2022-1Q

100.00 ％
344
(176)
(56)
(69)
41,15753
FY2022-1Q
100.00 ％
3,141
24
26
(6)
24,00280
FY2022-1Q

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

FY2023-1Q

100.00 ％
528
(434)
(240)
(203)
46,32554
FY2023-1Q
100.00 ％
3,439
24
41
17
24,71878
FY2023-1Q

100.00 ％100.00 ％100.00 ％

5,077
(828)
(830)
(565)
23,50387-

24,820
1,554
1,672
1,104
24,977348
273,926
1,118
58,418

5,483
(522)
(517)
(373)
23,91491-

15