■May 14, 2019

MITSUBISHI ESTATE CO., LTD.

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

Inquiries: MITSUBISHI ESTATE CO., LTD.
Investor Relations Office
TEL: +81-3-3287-5200
FAX: +81-3-3212-3757
http://www.mec.co.jp/e/investor/index.html

■November 6, 2017
Page/sI. Performance Comparisons (Consolidated)

II. Highlights

III. Summary of Consolidated Financial Statements

IV. Mitsubishi Estate Group Companies' Data

1. Income Statement Results for FY2019 and FY2018
2. Income Statement Results for FY2019 and Previous Estimates(announced on May 14,2018) for FY2019
3. Income Statement Estimates for FY2020 and Results for FY2019
4. Balance Sheet Results at Periods Ended Mar 31, 2019 and Mar 31, 2018
1. Major Performance Items (Consolidated)
2. Segment Information (Consolidated)
3. Office Building Business Revenue from Operations Breakdown (Consolidated)
4. Office Building Business Data (Consolidated)
5. Office Building Business Data (Unconsolidated)
6. Marunouchi Area Building Data (Unconsolidated)
7. Lifestyle Property Business Retail Properties Data (Consolidated)
8. Condominium Business Data
9. Total Assets of Major Overseas Subsidiaries
10. Hotel Occupancy Rate Data
11. Special Purpose Vehicle Data（Unconsolidated・Domestic）
1. Consolidated Balance Sheets
2. Consolidated Income Statements
3. Consolidated Cash Flow Statements
4. Total Assets, Capital Investment and Depreciation (Consolidated)
5. Interest-Bearing Debt (Consolidated)
6. Major Consolidated Subsidiaries
1. Mitsubishi Estate Co., Ltd.
9. Mitsubishi Jisho Community Co., Ltd.
2. Mitsubishi Jisho Property Management Co., Ltd.
10. Rockefeller Group, Inc.
3. Marunouchi Heat Supply Co., Ltd.
11. Mitsubishi Estate Europe Limited
4. Sunshine City Corporation
12. Royal Park Hotels & Resorts Co., Ltd.
13. Mitsubishi Jisho Sekkei Inc.
5. Mitsubishi Estate・Simon Co., Ltd.
6. Tokyo Ryutsu Center
14. Mitsubishi Real Estate Services Co., Ltd.
7. Mitsubishi Estate Residence Co., Ltd.
8. Mitsubishi Estate Home Co., Ltd.

3
4
5
6
7
8,9
10
10
10
10
11
11
11
11
12
13 , 14
15
16
17
17
18
19~32

Disclaimer
・This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance, ourplans and objectives for future operations and projections of revenue and other financial items.
These predictions are inherently subject to risks and uncertainties, due to unforeseeable events or external factors.
Future events and actual results, financial and otherwise, may differ materially from the events and results expressed here.
・Please refer to ASSET BOOK for principal projects.
2

■I. Performance Comparisons (Consolidated)
1. Income Statement Results for FY2019 and FY2018
Millions of yen (rounded down)

FY2019Results

FY2018Results

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

Gain on sales of fixed assets

Office Building Business

529,695

506,161

23,533Gain on sales of investment securities

Lifestyle Property Business

106,182

97,9208,261

Gain on sales of shares of affiliated companies

Residential Business

420,405

410,598

9,807

Gain on negative goodwill

International Business

81,84486,925(5,080)Gain on exchange from business combination
Total

Investment Management Business

49,58822,66526,922

Hotel & Airport Business

44,171

41,0383,133

Architectural Design & Engineering Business

24,671

21,613

3,058

Real Estate Services Business

33,58625,584

8,001

Other

8,106

8,538

(431)

(34,969)(26,996)(7,973)

1,263,283

1,194,049

69,233Eliminations
Revenue from Operations

FY2019Results(New Segment)
Office Building Business

147,691

147,243448

32,56028,0794,480

Residential Business

30,42823,8606,567International Business

26,927

24,1472,779

Investment Management Business

9,231

4,596

4,634

Hotel & Airport Business

2,371

3,136

(764)

Change-12,044

6,072

-

6,072

-

1,161

(1,161)(12,044)

2,097

-

2,097

-

1,513

(1,513)

8,170

14,719(6,549)Millions of yen (rounded down)■Breakdown of Extraordinary loss
Loss related to retirement of fixed assets

FY2019Results

Total

FY2018Results

Change

3,818

8,259

(4,441)-

5,508(5,508)

3,818

13,768(9,950)

Impairment loss

Lifestyle Property Business

FY2018Results＜Reference＞

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

FY2019Results

FY2018Results

ChangeArchitectural Design & Engineering Business

2,021

1,724

297

Real Estate Services Business

2,603

1,518

1,085

Capital Gains
Office Building Business

12,00016,000

Other

(196)

1,784

(1,981)

Lifestyle Property Business

4,000

2,000

2,000

Eliminations or Corporate(24,459)(23,043)(1,416)

Residential Business

11,0001,000

10,000Operating Income

229,178

213,047

16,131

International Business

14,00015,000(1,000)Non-operating revenue

12,391

10,447

1,944

Investment Management Business

5,000

1,000

4,000

Non-operating expense

34,98332,988

1,994

Hotel & Airport Business

2,000

3,000

(1,000)(1,000)(4,000)206,587

190,506

16,081

Other

-

1,000

Extraordinary income

8,170

14,719(6,549)Eliminations or Corporate

-

-

-

Extraordinary loss

3,818

13,768(9,950)Total

48,00039,0009,000*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Income Before Taxes and Special Items

210,939

191,457

19,482

Corporate tax, etc.

58,95853,707

5,250

Profit151,981

137,749

14,231

Profit attributable to non-controlling interests

17,372

17,305

66

Profit Attributable to Owners of Parent

134,608

120,443

14,165

Income Before Income Taxes and Minority Interests

As of April 2018, the following segment or business were integrated into newly established Hotel &Airport Business segment:- previous Hotel Business segment- Hotel Development Business previously in Lifestyle Property Business segment- Airport Operation Business and Resort Hotel Development Business previously in Business Creation
Department＜Reference＞

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

FY2019Results

Overseas Operating Income

36,000FY2018Results
25,000Change11,000*Overseas Operating Income: Sum of operating income from International Business Group and other overseas operations.

32. Income Statement Results for FY2019 and Previous Estimates(announced on May 14,2018) for FY2019
Millions of yen (rounded down)

FY2019Results

FY2019Previos
Estimates

Change(New Segment)

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

FY2019Previos
Estimates

FY2019Results

ChangeGain on sales of investment securities

6,072

7,000

Office Building Business

529,695

545,000(15,305)

Gain on negative goodwill

2,097

2,000

(928)
97

Lifestyle Property Business

106,182

113,000(6,818)

Total

8,170

9,000

(830)

(19,595)

Residential Business

420,405

440,000

International Business

81,84474,0007,844

Investment Management Business

49,58845,0004,588

Hotel & Airport Business

44,17145,000(829)

Architectural Design & Engineering Business

24,671

21,0003,671

Real Estate Services Business

33,58626,0007,586

Loss related to retirement of fixed assets

3,818

4,000

(182)

Other

8,106

7,000

1,106

Total

3,818

4,000

(182)

(34,969)(26,000)(8,969)1,263,283

1,290,000(26,717)

Office Building Business

147,691

148,000(309)

Lifestyle Property Business

32,56031,0001,560

Eliminations
Revenue from Operations(New Segment)

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

FY2019Previos
Estimates

FY2019Results

Change＜Reference＞

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

FY2019Results

FY2019Previos
Estimates

Residential Business

30,42823,0007,428International Business

26,92725,000

1,927

Office Building Business

12,000Investment Management Business

9,231

5,000

4,231

Lifestyle Property Business

4,000

Hotel & Airport Business

2,371

2,500

(129)

Residential Business

11,000Architectural Design & Engineering Business

2,021

1,000

1,021

International Business

14,000Real Estate Services Business

2,603

1,500

1,103

Investment Management Business

5,000

Other

(196)

500

(696)

Hotel & Airport Business

2,000

ChangeCapital Gains
12,000027,0009,000

39,0009,000

Eliminations or Corporate(24,459)(22,500)(1,959)

Other

Operating Income

229,178

215,000

14,178Eliminations or Corporate-

Non-operating revenue

12,391

10,000

2,391

Total

Non-operating expense

34,98334,000983*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

15,58748,000206,587

191,000

Extraordinary income

8,170

9,000

(830)

Extraordinary loss

3,818

4,000

(182)

210,939

196,000

14,939Corporate tax, etc.

58,95859,000(42)

Profit151,981

137,000

14,981

Overseas Operating Income

Profit attributable to non-controlling interests

17,372

14,0003,372* Overseas Operating Income: Sum of operating income from International Business Group and other overseas operations.

Profit Attributable to Owners of Parent

134,608

123,000

11,608

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests＜Reference＞

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

FY2019Results

As of April 2018, the following segment or business were integrated into newly established Hotel &Airport Business segment:- previous Hotel Business segment- Hotel Development Business previously in Lifestyle Property Business segment- Airport Operation Business and Resort Hotel Development Business previously in Business Creation
Department

4

36,000FY2019Previos
Estimates

26,000Change10,0003. Income Statement Estimates for FY2020 and Results for FY2019
Millions of yen (rounded down)

FY2020Estimates

Office Building Business

FY2019Results

590,000

529,695

Millions of yen (rounded down)

Change60,305■Breakdown of Extraordinary income

Lifestyle Property Business

120,000

106,182

13,818Gain on sales of investment securities

Residential Business

402,000

420,405(18,405)

Gain on negative goodwill

International Business

137,000

81,84455,156

Other Extraordinary income

Investment Management Business

18,00049,588(31,588)

Total

Hotel & Airport Business

53,00044,1718,829

FY2020Estimates

FY2019Results

Change

6,000

6,072

(72)

-

2,097

(2,097)

4,000

-

4,000

10,000

8,170

1,830

Architectural Design & Engineering Business

21,00024,671(3,671)

Real Estate Services Business

37,00033,586

3,414

Other

8,000

8,106

(106)

(26,000)(34,969)

8,969

Revenue from Operations

1,360,000

1,263,283

96,717

Loss related to retirement of fixed assets

3,000

3,818

(818)

Office Building Business

153,000

147,691

5,309

Total

3,000

3,818

(818)

Eliminations

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

FY2020Estimates

FY2019Results

ChangeLifestyle Property Business

35,00032,5602,440

Residential Business

20,00030,428(10,428)

International Business

37,00026,927

10,073

Investment Management Business

2,000

9,231

(7,231)

Hotel & Airport Business

3,000

2,371

629

Architectural Design & Engineering Business

500

2,021

(1,521)

Real Estate Services Business

2,500

2,603

(103)

Office Building Business

0

(196)

196

Lifestyle Property Business

4,000
11,000

Other＜Reference＞

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

FY2020Estimates

Eliminations or Corporate(23,000)(24,459)

1,459

Residential Business

230,000

229,178822International Business

Non-operating revenue

9,000

12,391(3,391)

Investment Management Business

Non-operating expense

32,00034,983(2,983)

Hotel & Airport Business

207,000

206,587413

10,000

8,170

1,830

Extraordinary income
Extraordinary loss
Income Before Income Taxes and Minority Interests

ChangeCapital Gains

Operating Income

Income Before Taxes and Special Items

FY2019Results

15,00012,0003,000

14,00036,000

0

5,000
2,000

Other

-

Eliminations or Corporate

-

3,000

3,818

(818)

Total

214,000

210,939

3,061*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

2,042

Corporate tax, etc.

61,00058,958

Profit153,000

151,981

1,019

Profit attributable to non-controlling interests

16,00017,372(1,372)

Profit Attributable to Owners of Parent

137,000

134,608

2,392

51,00048,0003,000＜Reference＞

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

FY2020Estimates

Overseas Operating Income

34,000FY2019Results

36,000Change(2,000)* Overseas Operating Income: Sum of operating income from International Business Group and other overseas operations.

54. Balance Sheet Results at Periods Ended Mar 31, 2019 and Mar 31, 2018
Millions of yen (rounded down)

At Mar 31, 2019 At Mar 31, 2018

Millions of yen (rounded down)

ChangeAssetsI. Current assets
1. Cash2. Notes and accounts receivable-trade
3. Marketable securities
4. Property for sale
5. Property for sale in progress
6. Property for development
7. Appropriated construction in progress
8. Other inventories

176,81462,603
6,767
84,104
268,152
996
7,058
1,143

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

(110,338)
17,932(1,451)(11,287)(59,060)(271)(2,622)58

9. Equity investments

387,385

365,933

21,451

10. Other current assets
11. Allowance for doubtful accounts
Total current assets
II. Fixed assets
1. Property and equipment(1) Buildings and structures(2) Machinery and equipment(3) Land(4) Land in trust(5) Construction in progress(6) Other property and equipment
Total property and equipment
2. Intangible assets(1) Leaseholds(2) Other intangible assets
Total intangible assets
3. Investments and other assets(1) Investment securities(2) Long-term loans(3) Lease deposits(4) Net defined benefit asset(5) Deferred tax assets(6) Other investments(7) Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

78,061(218)
1,072,869

77,299(224)
1,217,690

762
6(144,820)

1,183,718
24,8182,105,797
676,572
80,674
16,502
4,088,084

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

122,866
4,992
42,595(1,847)(61,453)(941)
106,212

74,384
20,743
95,12872,93421,306
94,241

1,450
(563)
886

258,527
2,924
114,71323,935
20,766
97,911(668)
518,1104,701,323
5,774,193

272,779
1,362
108,097
20,28022,953
83,610(1,438)507,646
4,583,759
5,801,450(14,252)
1,561
6,615
3,655
(2,187)
14,301769
10,464
117,563(27,256)

At Mar 31, 2019 At Mar 31, 2018
Liabilities
I. Current liabilities
1. Notes and accounts payable-trade
2. Short-term borrowings
3. Current portion of long-term debt
4. Bonds due within one year
5. Accrued income taxes
6. Other current liabilities
Total current liabilities
II. Long-term liabilities
1. Bonds
2. Long-term borrowings
3. Lease deposits received
4. Deferred tax liability
5. Deferred tax liabilities on land revaluation
6. Net defined benefit liability
7. Accrued directors' retirement benefits
8. Provision for environmental measures
9. Negative goodwill
10. Other long-term liabilities
Total long-term liabilities
Total liabilities
Net Assets
I. Shareholders' Equity
1. Capital
2. Capital surplus
3. Retained earnings
4. Less treasury stock, at cost
Total shareholders' equity
II. Other accumulated comprehensive income
1. Unrealized holding gain on securities
2. Deferred gains or losses on hedging instruments
3. Land revaluation reserve
4. Foreign currency translation adjustments
5. Remeasurements of defined benefit plans
Total other accumulated comprehensive income
III. Stock acquisition rights
IV. Non-controlling interests
Total net assets
Total liabilities and net assets※ From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting
announced on February 16th, 2018 has been applied. Thus figures on the Consolidated
Balance Sheets as of the end of March, 2018, are also modified based on the applicationof the amendment.
657,967
86,156
231,065
75,00019,620219,133
688,942

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

Change(3,202)(72,933)
83,325
8,837(8,055)
15,87923,850733,916

787,661(53,744)

1,188,866
440,058
233,635
264,063
26,573579
4,623
92,423
143,403
3,128,145
3,817,088

1,316,232
414,390
224,557
263,428
26,847771
5,074
95,992
122,313
3,257,270
3,922,362(127,365)
25,668
9,078
634
(274)
(191)
(451)
(3,569)21,090(129,124)(105,273)

142,023
162,498
858,581(5,278)1,157,824

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

124
678
95,304
16
96,123

115,452(64)
526,623(30,144)952
612,819302
186,159
1,957,105
5,774,193

121,787369
526,623(12,227)95
636,648326
180,412
1,879,088
5,801,450(6,334)(434)(17,916)856(23,829)(24)
5,746
78,017(27,256)

II. Highlights
1. Major Performance Items (Consolidated)

Millions of yen (rounded down)

FY2016FY2017FY2018※1

FY2019FY2020 (Estimates)

Revenue from operations

1,009,408

1,125,405

1,194,049

1,263,283

1,360,000

Operating income

166,199

192,495

213,047

229,178

230,000

Income before taxes and special items

144,851

169,851

190,506

206,587

207,000

Profit attributable to owners of parent

83,426102,681

120,443

134,608

137,000

Total assets

5,311,840

5,484,115

5,801,450

5,774,193

6,000,000

Shareholders' equity *1

1,509,680

1,592,777

1,698,348

1,770,643

1,760,000

Interest-bearing debt

2,291,038

2,396,994

2,481,675

2,319,597

2,550,000

Cash flow from operating activities

135,821

168,527

293,338

345,954

217,000

Cash flow from investing activities(231,003)(327,292)(286,841)(271,083)(351,000)

Cash flow from financing activities

309,237(4,921)

37,203(192,473)

107,000

EBITDA *2

252,034

279,718

302,424

320,641

324,000

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

3.3 %

3.6 %

3.8 %

4.0 %

3.9 %

5.6 %

6.6 %

7.3 %

7.8 %

7.8 %

60.13

74.00

86.78

96.97

100.20Net interest-bearing debt／EBITDA

7.5 times

7.7 times

7.3 times

6.7 times

7.4 times

After hybrid debt deductions *5

7.0 times

7.1 times

6.7 times

6.1 times

6.9 times*1 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*2 EBITDA = Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates + Depreciation + Amortization of goodwill*3 ROA = Operating income / Total assets (average）*4 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*5 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.

※1 From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied. Thus figure on the Total assets as ofthe end of March, 2018, is also modified based on the application of the amendment.
※2 The impact of repurchase of own shares is taken into account in the forecast of consolidated Financial Results for FY2020.
7※2

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

FY2016FY2017FY2018FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

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

40.9%
8.4%
33.4%
7.4%
2.4%

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

42.1%
7.7%
35.5%
5.8%
1.9%

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

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

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

2.1%
3.2%
1.9%
0.3%

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

1.7%
2.9%
2.1%
0.3%

21,61333,13825,584
8,541(26,996)
1,194,049*1
41.5% Office Building Business
8.7% Lifestyle Property Business
33.6% Residential Business
7.1% International Business
1.9% Investment Management
Hotel & Airport Business
1.8% Architectural Design & Engineering
2.7%
2.1% Real Estate Services
0.6% Other
Eliminations or corporate

FY2019FY2020 (Estimates)

506,161
97,920410,598
86,92522,66541,03821,613

41.5%
8.0%
33.6%
7.1%
1.9%
3.4%
1.8%

529,695
106,182
420,405
81,844
49,58844,171
24,671

40.8%
8.2%
32.4%
6.3%
3.8%
3.4%
1.9%

590,000
120,000
402,000
137,000
18,00053,00021,000

42.6%
8.7%
29.0%
9.9%
1.3%
3.8%
1.5%

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

2.1%
0.6%

33,5868,106(34,969)
1,263,283

2.6%
0.6%

37,0008,000(26,000)
1,360,000

2.7%
0.5%

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

FY2016FY2017

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

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

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

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

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

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

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

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

FY2016FY2017FY2018FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

25.8 %
29.9 %
5.2 %
25.6 %
20.3 %

27.6 %
29.0 %
4.7 %
39.5 %
21.2 %

29.1 %
29.5 %
5.8 %
27.8 %
20.3 %

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

8.2 %
4.5 %
3.0 %
(1.0) %

2.3 %
5.8 %
8.9 %
6.8 %

8.0 %
2.3 %
5.9 %
12.3 %

16.5 %

17.1 %

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

FY2019FY2020 (Estimates)

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

147,691
32,56030,42826,927
9,231
2,371
2,021

153,000
35,00020,00037,000
2,000
3,000
500

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

2,603
(196)
(24,459)
229,178

2,500
0(23,000)
230,000

FY2018FY2019FY2020 (Estimates)

29.1 %
28.7 %
5.8 %
27.8 %
20.3 %
7.6 %8.0 %27.9 %
30.7 %
7.2 %
32.9 %
18.6 %
5.4 %8.2 %25.9 %
29.2 %
5.0 %
27.0 %
11.1 %
5.7 %
2.4 %

5.9 %
20.9 %

7.8 %(2.4) %

6.8 %
0.0 %

17.8 %

18.1 %

16.9 %
Millions of yen (rounded down)(4) Depreciation

FY2016FY2017FY2018FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

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

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

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

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

126
1,527
284
90
642
74,245

113
1,478
343
64
240
75,974

122
1,549
347
49
271
77,545*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY201950,283
14,303
3,432
5,587
2,987
2,054
253

-

347
49
271
77,545499
53
880
80,33684,000*1 As of April 2018, the following segment or business were integrated into newly established Hotel & Airport Business segment:- previous Hotel Business segment- Hotel Development Business previously in Lifestyle Property Business segment- Airport Operation Business and Resort Hotel Development Business previously in Business Creation Department

8

FY2020 (Estimates)

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

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

FY2016FY2017FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

409
318
3,030
2,386

409
69
3,030
1,963

409
69
3,030
60
1,990

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

6,144

0
5,473

5,561

(6) Operating income before depreciation *2

FY2016FY2017FY2018FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2019FY2020 (Estimates)

409
69
3,030
60
1,990
-

409
69
303
64
1,983
-

-

5,561

451
3,282

3,000
Millions of yen (rounded down)

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

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

181,734
38,58025,42732,226
10,699

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

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

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

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

1,846
2,315
1,865
1,097
(22,772)
296,153

FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2019FY2020 (Estimates)

195,822
41,717
29,79630,894
10,423
4,720
1,846

198,383
46,932
34,16332,578
14,201
4,425
2,274

-

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

3,553
(143)
(23,579)
312,796

317,000
Millions of yen (rounded down)

FY2016(7) Capital expenditure

FY2017FY2018

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

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

162,651
59,05427,26739,724
201

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

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

116
1,295
433
29
369
283,416

182
734
568
274
3,055
293,716

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

At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018 *3

Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management

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

3,445,008
484,292
634,219541,888
106,9903,518,735
513,343626,596
697,478
111,974

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

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

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

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

FY2018*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

FY2019FY2020 (Estimates)

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

117,167
37,48041,56876,412
11,346
14,464
573

-

320
451
4,021
304,833

1,051
762
11,497
312,324

Millions of yen (rounded down)

Exchange rate

FY2019PL (AR)
BS (CR)
PL (AR)¥/£
BS (CR)
AR:Average Rate, CR:Current Rate¥/$

110.44111.00147.41140.46FY2020(Estimates)
110.00110.00145.00145.00*1
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Hotel & Airport BusinessArchitectural Design & Engineering
Real Estate Services
Other
Eliminations or corporate

At Mar 31, 2020
(Estimates)

At Mar 31, 2018 *3

At Mar 31, 2019 *3

3,518,735
503,496626,596
697,478
111,974
43,834
27,0483,551,450
520,707665,788692,325
68,977
71,17527,992-

22,427
12,993236,864
5,801,450

28,73913,408
133,628
5,774,193

6,000,000*1 As of April 2018, the following segment or business were integrated into newly established Hotel & Airport Business segment:- previous Hotel Business segment- Hotel Development Business previously in Lifestyle Property Business segment- Airport Operation Business and Resort Hotel Development Business previously in Business Creation Department*2 Operating income before depreciation is included in earnings before depreciation and amortization of goodwill.
*3 From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied. Thus figure on
the Total assets as of the end of March, 2018, is also modified based on the application of the amendment.

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

Millions of yen (rounded down)

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Leasing

353,958

376,531384,929

409,643

419,000

Property Management

21,14621,92623,36823,53327,000Contracted Work

14,597

12,552

14,95819,85916,000District Heating and Cooling Services

8,387

8,280

8,281

9,014

9,000

Other (Sales of assets etc.)

24,25964,94774,62367,644

119,000

Total

422,349484,238

506,161

529,695

590,000

At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

3,470

3,557

3,707

3,854

Owned by MEC

2,074

2,182

2,291

2,423

Subleases

1,395

1,376

1,417

1,431

*1 Including revenue from other segments.

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

Contracted area

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

At Mar 31, 2020
(Estimates)

At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

Owned by MEC

3,265

3,414

3,556

3,729

3,788

Subleases

1,909

1,971

2,013

2,016

2,087

Total

5,174

5,385

5,570

5,745

5,876

3,192

3,357

3,475

3,631

3,733

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

2.22 %
25,2342.93 %
25,842

1.87 %

1.80 %

26,193

26,702* The average rent is per 3.3 square meters per month.

6. Marunouchi Area Building Data (Unconsolidated)(Thousands of square meters; millions of yen(rounded down))

At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

Operating floor space

2,531

2,727

2,784

2,915

Leasable area

1,466

1,603

1,665

1,755

Office vacancy rate
Building lease revenue

1.37 %
202,337

2.42 %
216,673

1.65 %

2.19 %

221,674

235,11910

1.5 %
26,9007. Lifestyle Property Business Retail Properties Data (Consolidated)
Contracted area

(Thousands of square meters)

At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

680

680

683

767

* These figures are for the contracted area of retail properties of the Lifestyle Property Business (including some office facilities).

8. Condominium Business Data
Condominiums sold (Millions of yen)

FY2016FY2017FY2018FY2019FY2020 (Estimates)

215,762

223,266

254,140

238,924

208,000

Condominiums sold (units)

3,868

3,713

3,938

4,007

3,300

Gross margin18.7 %

19.4 %

19.7 %

17.0 %

17.2 %

Inventory (units)

188

326

460

542

-

New Supply of condominiums (units)

3,641

3,236

3,615

3,966

3,400

Condominium contract balance (Millions of yen)

226,952

188,282

156,944

144,970-

The following fiscal year share (Millions of yen)

140,563

167,887

141,408

104,242-

20,395

15,536

40,728-Central Tokyo

Other area of Tokyo

86,389The post following fiscal year share (Millions of yen)
* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales

Breakdown of Land Acqusition of FY2019

35.7 ％

Kanagawa, Saitama, Chiba

26.1 ％

21.5 ％

Other area of Japan
16.7 ％* The figures are based on Revenue.

9. Total Assets of Major Overseas Subsidiaries
Main Location

At Dec 31, 2018 *1,2,3

Currency Exchange Rate

Rockefeller Group, Inc.

USA

410,801 millions of yen¥ / $(BS)111.00Mitsubishi Estate London Limited.

UK

156,852 millions of yen¥ /£(BS)

140.46

Mitsubishi Estate Asia Pte. Ltd. *4*1 Before consolidation adjustments.

Asia

139,194 millions of yen¥ /S$(BS)81.00*2 Due to overseas subsidiaries closing accounts in December, figures from 3 months previous are used.
*3 The Total Assets of Major Overseas Subsidiaries includes those in the International Business and the Investment Management Business.
*4 Including the equity investments directly made by Mitsubishi Estate.

10. Hotel Occupancy Rate Data
FY2016FY2017FY2018FY2020 (Estimates)

FY2019

Royal Park Hotel

89.8%

85.5%

84.2%

86.3%

88.0%

Sendai Royal Park Hotel

64.4%

61.8%

71.8%

67.2%

75.6%

Yokohama Royal Park Hotel

87.4%

88.6%

86.4%

90.0%

86.2%

Limited Service Hotels*(Average)

89.2%

91.4%

93.6%

88.0%

89.0%

*Limited Service Hotels : THE Royal Park Hotel Tokyo-Shiodome,THE Royal Park Hotel Kyoto-Sanjo,THE Royal Park Hotel Fukuoka, THE Royal Park Canvas Nagoya, THE Royal Park Hotel Tokyo-Haneda,THE Royal Park Hotel Kyoto-Shijyo,
THE Royal Park Hotel Hiroshima Riverside is expected to be included for FY20191111. Special Purpose Vehicle Data（Unconsolidated・Domestic）

Millions of yen (rounded down)

At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

Office Building Business
Equity investment by Mitsubishi Estate

172,698

168,753

161,807

161,954
55,445(Unconsolidated)

79,00576,66454,865Equity investment by other companies

76,70478,28868,78374,344(Unconsolidated)

76,70478,28868,78374,344

Interest bearing debt borrowed by SPV

97,69397,56877,78077,680(Unconsolidated)

97,593

97,46877,68077,580Lifestyle Property Business
Equity investment by Mitsubishi Estate

31,09737,036

41,626

40,592(Unconsolidated)

7,245

13,184

17,775

16,741Equity investment by other companies

2,488

6,892

12,986

8,082(Unconsolidated)

2,488

6,892

12,986

8,082

Interest bearing debt borrowed by SPV

8,297

19,27630,765

19,219(Unconsolidated)

8,197

19,17630,665

19,119Residential Business
Equity investment by Mitsubishi Estate

-

-

-

-

(Unconsolidated)

-

-

-

-

Equity investment by other companies

-

-

-

-

(Unconsolidated)

-

-

-

Interest bearing debt borrowed by SPV

-

-

-

-

(Unconsolidated)

-

-

-

-

Equity investment by Mitsubishi Estate

203,795

205,789

203,433

202,547(Unconsolidated)

86,25089,84972,64072,187

Equity investment by other companies

79,192

85,181

81,76982,427(Unconsolidated)

79,192

85,181

81,76982,427

Total

Interest bearing debt borrowed by SPV

105,990

116,845

108,545

96,899(Unconsolidated)

105,790

116,645

108,345

96,699* The numbers include the following S.P.V
1. TMK vehicles under the real estate securitization law - Mitsubishi Estate's share : over 20%
2. YK-TK or GK-TK vehicles under the commercial law - Mitsubishi Estate's share : over 20%

12

III. Summary of Consolidated Financial Statements
1. Consolidated Balance Sheets
AssetsCurrent assets
Cash
Notes and accounts receivable-tradeMarketable securities
Property for sale
Property for sale in progress
Property for development
Appropriated construction in progress
Other inventories
Equity investments
Deferred income taxes
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Property and equipment
Buildings and structures
Machinery and equipment
Land
Land in trust
Construction in progress
Other property and equipment
Total property and equipment
Intangible assets
Leaseholds
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Long-term loans
Lease deposits
Net defined benefit asset
Deferred income taxes
Other investments
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

Millions of yen (rounded down)

At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019412,983
35,261
14
54,827366,354
8,905
7,942
1,014
276,842
14,552
55,764(528)
1,233,935

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

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

176,81462,603
6,767
84,104
268,152
996
7,058
1,143
387,385
78,061(218)
1,072,869

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

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

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

1,183,718
24,8182,105,797
676,572
80,674
16,502
4,088,084

75,49432,289107,784

73,81625,72599,542

72,93421,306
94,241

74,384
20,743
95,128216,334
1,406
115,3829,810
16,17061,578(1,623)419,058
4,077,904
5,311,840

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

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

258,527
2,924
114,71323,935
20,766
97,911(668)
518,1104,701,323
5,774,193

13

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Current portion of long-term debt
Bonds due within one year
Accrued income taxes
Deferred tax liability
Allowance for loss on business transfer
Other current liabilities
Total current liabilities
Long-term liabilities
Bonds
Long-term borrowings
Lease deposits received
Deferred tax liability
Deferred tax liabilities on land revaluation
Net defined benefit liability
Accrued directors' retirement benefits
Provision for environmental measures
Negative goodwill
Other long-term liabilities
Total long-term liabilities
Total liabilities
Net assets
Shareholders' equity
CapitalCapital surplus
Retained earnings
Less treasury stock, at cost
Total shareholders' equity
Other accumulated comprehensive income
Unrealized holding gain on securities
Deferred gains or losses on hedging instruments
Land revaluation reserve
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other accumulated comprehensive income
Stock acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

At Mar 31, 2016

At Mar 31, 2017

Millions of yen (rounded down)
At Mar 31, 2018
At Mar 31, 201958,331
103,125
163,651
78,02322,903
10,570234,271
670,877

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

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

57,967
86,156
231,065
75,00019,620219,133
688,942825,000
1,114,426
393,309180,205
265,91232,464685
5,068
83,82780,882
2,981,782
3,652,660

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

787,661
1,316,232
414,390
224,557
263,428
26,847771
5,074
95,992
122,313
3,257,270
3,922,362

733,916
1,188,866
440,058
233,635
264,063
26,573579
4,623
92,423
143,403
3,128,145
3,817,088

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

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

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

142,023
162,498
858,581(5,278)1,157,824

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

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

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

115,452(64)
526,623(30,144)952
612,819302
186,159
1,957,105
5,774,193※ From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied.
Thus figures on the Consolidated Balance Sheets as of the end of March, 2018, are also modified based on the application of the amendment.
14

2. Consolidated Income Statements

Millions of yen (rounded down)
FY2016

Revenue from operations
Operating income
Non-operating income
Interest income
Dividend income
Equity in earnings of unconsolidated subsidiaries and affiliates
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expense
Loss on disposal of fixed assets
Other non-operating expenses
Total non-operating expenses
Income before taxes and special items
Extraordinary income
Gain on sales of fixed assets
Gain on sales of investment securities
Gain on sales of shares of affiliated companies
Gain on negative goodwill
Reversal of accrued payment
Reversal of allowance for loss on obligations of additional investments
Settlement received
Gain on exchange from business combination
Other Extraordinary income
Total extraordinary income
Extraordinary loss
Loss related to retirement of fixed assets
Impairment loss
Provision for environmental measures
Provision for loss on business transfer
Loss on step acquisitions
Total extraordinary loss
Income before income taxes and minority interests
Corporation tax, inhabitants' tax and enterprise tax
Income taxes-deferred
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

FY2017FY2018FY2019FY2020 (Estimates)

1,009,408
166,199

1,125,405
192,495

1,194,049
213,047

1,263,283
229,178

1,360,000
230,000

284
4,556
605
5,503
10,949

268
4,634
872
3,605
9,380

284
5,565
419
4,177
10,447

579
7,001
263
4,547
12,391

500
6,000
500
2,000
9,000

20,183
6,064
6,049
32,296
144,851

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

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

23,503
5,761
5,717
34,983
206,587

23,0007,000
2,000
32,000207,000

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

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

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

6,072
2,097
8,170

6,000
4,000
10,000

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

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

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

3,818
3,818
210,939
46,441
12,517
151,981
17,372
134,608

3,000
3,000
214,000

15

61,000153,000
16,000137,000

3. Consolidated Cash Flow Statements

Millions of yen (rounded down)
FY2016

Income before income taxes and minority interests

FY2017FY2018FY2019FY2020 (Estimates)

141,850

162,881

191,457

210,939

214,000(318)

12,249

7,263

961

5,000

Depreciation and amortization

74,24575,97477,54580,33684,000Decrease (increase) in inventories(33,202)84,85386,614132,337

120,000

Decrease (increase) in equity investments(32,487)(32,460)(53,837)(9,124)(164,000)

Adjustment for extraordinary income or loss

Other

9,316

(82,780)

30,540(15,678)

3,000(23,582)(52,189)(46,244)(53,817)(45,000)

135,821

168,527

293,338

345,954

217,000

Proceeds from sales of investment securities

18,055

1,534

5,277

13,871

10,000

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

22,806

11,328

13,694

4,752-(275,316)(275,372)(289,570)(285,089)(309,000)

3,451(64,783)(16,242)(4,618)(52,000)(231,003)(327,292)(286,841)(271,083)(351,000)

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

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

Newly acquired funds

503,154

298,515

256,429

160,510558,000

Repayment(154,773)(243,051)(243,230)(229,938)(299,000)

Cash dividends paid

(29,082)(33,709)(44,035)(52,209)(54,000)

-

-

-

-

(100,000)(10,061)(26,676)

68,040(70,836)

2,000

Net cash provided by (used in) financing activities

309,237(4,921)

37,203(192,473)

107,000

Effect of exchange rate on cash and cash equivalents(153)(5,144)(183)(1,796)-

Net increase (decrease) in cash and cash equivalents

Payments for repurchase of own shares
Other

213,902(168,830)

43,517(119,398)(27,000)

Increase in cash and cash equivalents from newly
consolidated subsidiary

-

-

-

13,903-

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

-

(219)

-

(2,055)-

Cash and cash equivalents at the beginning of year

198,489

412,392

243,341

286,859

179,000

Cash and cash equivalents at the end of year

412,392

243,341

286,859

179,308

152,000

16

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

Millions of yen (rounded down)

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Total assets

5,311,840

5,484,115

5,801,450

5,774,193

6,000,000

Capital investment

275,316

275,372

289,570

285,089

309,000

Depreciation

74,24575,97477,54580,33684,000※ From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied. Thus figure on the Total assets as of the end of March, 2018, is also modified based on the application of the amendment.

Capital investment

Millions of yen (rounded down)

FY2019FY2020 (Estimates)

Total

285,089

Total

309,000

Mitsubishi Estate

131,643

Mitsubishi Estate

150,000(Breakdown)(Breakdown)
Office Building Business
New/Redevelopment buildings(Marunouchi redevelopment etc.)
Refurbishment cost etc.

68,40380,00021,394

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

Lifestyle Property Business

26,449Lifestyle Property Business

21,000Hotel & Airport Business

13,014

Hotel & Airport Business

19,000Other

153,446

Other

159,000(Breakdown)

25,000(Breakdown)

Rockefeller Group, Inc.

41,187

Rockefeller Group, Inc.

Mitsubishi Estate Residence

38,450Mitsubishi Estate Residence

37,00033,000MEA Comercial Holdings

18,593

MEA Comercial Holdings

27,000Mitsubishi Estate Europe

14,967

Mitsubishi Estate・Simon

20,000Sunshine City

10,695

Mitsubishi Estate Europe

15,000Consolidated TMK

9,021

Marunouchi Heat Supply

10,000Mitsubishi Estate・Simon

8,074

Sunshine City

7,000

Marunouchi Heat Supply

6,121

Consolidated TMK

4,000

Yokohama Sky Building

1,380Royal Park Hotels & Resorts

2,000Tokyo Ryutsu Center

1,076

Yokohama Sky Building

1,000

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Interest-bearing debt

2,291,038

2,396,994

2,481,675

2,319,597

2,550,000

Net interest-bearing debt *1

1,878,645

2,153,652

2,194,815

2,140,288

2,400,000

20,18922,74323,122

23,50323,000* Major inter-group transactions are eliminated.

5. Interest-Bearing Debt (Consolidated)

Millions of yen (rounded down)Interest expense
Average interest rate *2

0.96 %

0.97 %

0.95 %

0.98 %

Interest coverage ratio (ICR) *3

8.5 times

8.7 times

9.5 times

10.1 times

10.3 times

Debt equity ratio *4

1.52

1.50

1.46

1.31

1.45

1.33

1.26

1.23

1.10

1.23

7.5 times

7.7 times

7.3 times

6.7 times

7.4 times

7.0 times

7.1 times

6.7 times

6.1 times

6.9 times

After hybrid debt deductions *5

Net interest-bearing debt／EBITDA
After hybrid debt deductions *5*1 Net interest-bearing debt = Interest-bearing debt - Cash and cash equivalents*2 Average interest rate = Interest expense / Interest-bearing debt (average)*3 ICR = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Interest expense*4 Debt equity ratio = Interest-bearing debt / Shareholders' equity*5 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.

170.94 %

6. Major Consolidated Subsidiaries
FY2019 Results

Millions of yen (rounded down)

Share of MEC-

Mitsubishi Estate Co., Ltd.

Revenue from
Income before taxes
Operating income
and special items
operations
498,273
110,803
126,115

Net income

Total assets

Shareholders' equity Interest-bearing debt

100,980

4,749,852

1,514,558

2,070,172

Depreciation
47,579Mitsubishi Jisho Property Management Co., Ltd.

100.00%79,547

5,950

5,936

4,282

77,146

18,677-

227

Marunouchi Heat Supply Co., Ltd.

64.16%

14,833

1,855

1,837

1,712

33,25523,587

7,136

2,600

Sunshine City Corporation

63.20%

28,121

6,933

5,690

3,954

111,663

64,407

20,455

5,265

Mitsubishi Estate・Simon Co., Ltd.

60.00%

46,65919,673

19,952

13,572

108,91340,43828,9705,035Tokyo Ryutsu Center Inc.

58.22%

10,349

3,223

2,874

2,543

65,56035,764

21,856

2,686

Mitsubishi Estate Residence Co., Ltd.

100.00%302,180

26,26024,777

17,692

583,392

80,791

405,015

1,853

Mitsubishi Estate Home Co., Ltd.

100.00%34,578

341

347

197

11,506

1,675

-

312

Mitsubishi Jisho Community Co., Ltd.

71.47%

52,563

3,170

3,237

2,101

19,440

10,240-397

Rockefeller Group, Inc.

100.00%107,952

28,143

26,11913,339410,801

241,453

113,655

5,535

Mitsubishi Estate Europe Limited

100.00%

7,912

4,320

3,612

2,910

156,852

87,00565,257

1,876
928

Royal Park Hotels & Resorts Co., Ltd.

100.00%25,388

549

505

432

12,327

2,058

4,887

Mitsubishi Jisho Sekkei Inc.

100.00%21,552

3,474

3,496

2,374

25,85918,677-239

Mitsubishi Real Estate Services Co., Ltd.

100.00%27,524

2,741

2,797

1,838

26,35912,743

3,605

534

-

1,263,283

229,178

206,587

134,608

5,774,193

1,770,643

2,319,597

80,336FY2020 Estimates

Millions of yen (rounded down)

Share of MEC
Mitsubishi Estate Co., Ltd.

-

Revenue from
Income before taxes
Operating income
and special items
operations
583,000
115,000
128,000

Net income

Total assets

Shareholders' equity Interest-bearing debt

101,000

4,920,000

1,580,000

2,138,000

Depreciation
50,000Mitsubishi Jisho Property Management Co., Ltd.

100.00%76,646

5,608

5,610

3,892

78,328

20,1050

167

Marunouchi Heat Supply Co., Ltd.

64.16%

15,715

1,923

1,814

4,361

36,58427,808

6,244

2,732

Sunshine City Corporation

63.20%

27,197

4,675

3,050

2,116

109,565

65,08518,181

5,687

Mitsubishi Estate・Simon Co., Ltd.

60.00%

47,691

19,433

19,46913,199116,256

43,37238,872

5,332

Tokyo Ryutsu Center Inc.

58.22%

10,051

2,746

2,386

1,671

65,25037,242

20,0802,563

Mitsubishi Estate Residence Co., Ltd.

100.00%276,400

21,60019,90013,600618,000

82,000463,000

1,800

Mitsubishi Estate Home Co., Ltd.

100.00%35,945

502

508

352

12,200

2,027

-

387

Mitsubishi Jisho Community Co., Ltd.

71.47%

55,615

3,000

3,010

1,962

21,04011,561

-

447
4,969

Rockefeller Group, Inc.

100.00%94,361

19,334

16,551

4,611

477,015

262,923

158,591

Mitsubishi Estate Europe Limited

100.00%42,521

18,314

16,77016,163

189,120

109,765

74,617

2,002

Royal Park Hotels & Resorts Co., Ltd.

100.00%27,870

1,122

1,104

709

13,036

2,767

5,437

1,032

Mitsubishi Jisho Sekkei Inc.

100.00%18,500

1,830

1,830

1,251

25,557

18,375-296

Mitsubishi Real Estate Services Co., Ltd.

100.00%28,505

2,500

2,492

1,729

26,863

13,247

3,205

593

-

1,360,000

230,000

207,000

137,000

6,000,000

1,760,000

2,550,000

84,000* Before consolidation adjustments.

18

IV. Mitsubishi Estate Group Companies' Data
1.Mitsubishi Estate Co., Ltd.
Date of Establishment

May 7, 1937

The Others

Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

380,951

416,619472,486

498,273

583,000

Gross profit

95,302

104,908

136,971

139,770

145,000

Operating income

75,92578,495

109,715

110,803

115,000

Income before taxes and special items

67,77095,882

127,288

126,115

128,000

Net income

43,41878,541

108,813

100,980

101,000

Total assets

4,486,547

4,575,250

4,708,269

4,749,852

4,920,000

Shareholders' equity

1,289,256

1,367,731

1,457,632

1,514,558

1,580,000◇Office Building Business Data (Unconsolidated)

Millions of yen (rounded down)

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

335,267

365,094

421,025440,696

501,000

Gross profit

88,456

109,866

132,092

132,130

140,000◇Total Assets, Current assets, Fixed assets, Property and equipment, Capital Investment, and Depreciation（Unconsolidated）
FY2016FY2017FY2018Millions of yen (rounded down)

FY2019FY2020 (Estimates)

Total assets

4,486,547

4,575,250

4,708,269

4,749,852

4,920,000

Current assets

1,087,124

864,059

917,340

856,567-

Fixed assets

3,399,423

3,711,191

3,790,928

3,893,285-（Property and equipment）

2,658,724

2,917,533

2,909,740

2,975,182-

Capital investment*

145,435

177,107

133,167

131,643

150,000

Depreciation

39,92243,44044,49447,57950,000* Major inter-group transactions are eliminated.
◇Interest-Bearing Debt (Unconsolidated)

Millions of yen (rounded down)

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Interest-bearing debt

2,053,148

2,137,065

2,163,116

2,070,172

2,138,000

Net interest-bearing debt *1

1,757,121

2,016,733

2,041,793

2,006,029

2,078,000

17,67020,16020,214

20,03819,000Interest expense
Average interest rate *2

0.94 %

0.96 %

0.94 %

0.95 %

Fixed interest ratio

67.90 %

74.17 %

78.29 %

80.08 %-%

Long-term debt ratio

98.45 %

99.06 %

97.00 %

97.80 %-%

Debt equity ratio *3

1.59

1.56

1.48

1.37

*1 Net interest-bearing debt = Interest-bearing debt - Cash and cash equivalents *2 Average interest rate = Interest expense /Interest-bearing debt (average)*3 Debt equity ratio = Interest-bearing debt / Shareholders' equity

19

0.90 %

1.35

2.Mitsubishi Jisho Property Management Co., Ltd.
Business Activities

Comprehensive building operation and management

Date of Establishment

October 1, 1991

Share of Voting rights

100.00%Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

67,95866,741

71,666

79,54776,646

Operating income

4,668

4,777

5,509

5,950

5,608

Income before taxes and special items

4,676

4,780

5,495

5,936

5,610

Net income

3,166

3,172

3,882

4,282

3,892

Total assets

77,562

67,97369,761

77,14678,328

Shareholders' equity

25,165

15,216

16,983

18,677

20,10520

3.Marunouchi Heat Supply Co., Ltd.
Business Activities

Cooling and heating supply business in the Marunouchi, Otemachi, Yurakucho, and other districts

Date of Establishment

July 31, 1973

Share of Voting rights

64.16%

Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

13,226

13,293

13,894

14,833

15,715

Operating income

1,100

1,235

1,387

1,855

1,923

Income before taxes and special items

1,115

1,170

1,270

1,837

1,814

Net income

1,506

868

974

1,712

4,361

Total assets

26,93825,48032,68433,25536,584

Shareholders' equity

20,394

21,15322,016

23,58727,80821

4.Sunshine City Corporation
Business Activities

Management of Sunshine City and other buildings

Date of Establishment

October 14, 1966

Share of Voting rights

63.20%

Millions of yen (rounded down)

FY2016

Changes in Business Results

The Others

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

26,864

27,38029,212

28,121

27,197

Operating income

7,195

6,987

8,352

6,933

4,675

Income before taxes and special items

5,861

5,679

7,260

5,690

3,050

Net income

3,876

3,984

5,016

3,954

2,116

Total assets

100,300

109,097

114,641

111,663

109,565

Shareholders' equity

54,52257,35961,41764,40765,085◇Segment Information
Revenue from operations

Millions of yen (rounded down)

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Building Leasing Business

14,741

14,75914,673

14,032-Retail Properties Business

6,453

6,491

6,698

6,620

-

Direct Management Business

5,668

6,128

7,839

7,282

-

-

-

-

187

-

External Property Leaseing BusinessEliminations or corporate
Total

-

-

-

-

-

26,864

27,38029,212

28,121

27,197

Millions of yen (rounded down)

Operating income

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Building Leasing business

10,523

10,65910,602--Retail Properties Business

3,077

3,446

3,559

-

-

Direct Management Business

895

648

1,922

-

-

-

-

-

-

-

Eliminations or corporate(7,301)(7,766)(7,731)

-

-

Total

7,195

6,987

8,352

6,933

4,675

External Property Leaseing Business* As of FY2016, some segment changes have occurred.
◇Building Leasing Business Data
FY2016
Contracted area（㎡）FY2017

162,431

164,99622

FY2018
156,736

FY2019149,995

FY2020 (Estimates)-

5.Mitsubishi Estate・Simon Co., Ltd.
Business Activities

Management of outlet malls

Date of Establishment

July 2, 1999

Share of Voting rights

60.00%The Others

Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

43,946

43,642

45,462

46,65947,691

Operating income

16,301

17,35918,94019,673

19,433

Income before taxes and special items

16,521

17,593

19,211

19,952

19,469Net income

10,69912,084

13,143

13,572

13,199Total assets

101,802

101,767

109,485

108,913116,256

Shareholders' equity

34,576

38,642

42,72440,43843,372◇Changes in store area（㎡） and number of stores
FY2016FY2017FY2018FY2019FY2020 (Estimates)

Store area（㎡）308,500

308,500

308,500

314,600

318,200

Number of stores

1,527

1,529

1,540

1,570

1,590

◇PREMIUM OUTLETS® data (As of Mar 31, 2019 for 9 PREMIUM OUTLETS® Centers)
Site area（㎡）2,094,800

Total floor area（㎡）365,000

23

6.Tokyo Ryutsu Center Inc.
Business Activities

Leasing and operating management of logistics and office buildings

Date of Establishment

November 13, 1967

Share of Voting rights

58.22%

Millions of yen (rounded down)

FY2017*

Changes in Business Results

FY2018FY2019FY2020 (Estimates)

Revenue from operations

7,118

8,679

10,34910,051

Operating income

1,904

2,451

3,223

2,746

Income before taxes and special items

1,829

2,193

2,874

2,386

Net income

1,446

1,517

2,543

1,671

Total assets

55,481

65,51765,56065,250Shareholders' equity

32,09333,41635,76437,242* Tokyo Ryutsu Center Inc. becomes a Mitsubishi Estate consolidated subsidiary in FY2017-2Q. However, the figures for the FY2017-1Q are included in this table.

24

7.Mitsubishi Estate Residence Co., Ltd.
Business Activities

Real estate development, sales, leasing, and management

Date of Establishment

June 1, 1957 (Towa Real Estate）

Share of Voting rights

100.00%The Others

Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

239,637

298,637

306,379

302,180

276,400

Operating income

18,491

28,97125,45426,26021,600

Income before taxes and special items

18,16327,35823,907

24,777

19,900Net income

9,113

22,832

16,875

17,692

13,600Total assets

641,736562,209556,464

583,392

618,000

Shareholders' equity

52,906

72,70074,35080,79182,000◇Condominium Business Data
FY2016
Condominiums sold (Millions of yen)

FY2017FY2018FY2019FY2020 (Estimates)

215,762

223,266

254,140

238,924

208,000

Condominiums sold (units)

3,868

3,713

3,938

4,007

3,300

Gross margin18.7 %

19.4 %

19.7 %

17.0 %

17.2 %

Inventory (units)

188

326

460

542

-

New Supply of condominiums (units)

3,641

3,236

3,615

3,966

3,400

Condominium contract balance (Millions of yen)

226,952

188,282

156,944

144,970-

The following fiscal year share (Millions of yen)

140,563

167,887

141,408

104,242-

20,395

15,536

40,728-86,389The post following fiscal year share (Millions of yen)
* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales25

8.Mitsubishi Estate Home Co., Ltd.
Business Activities

Design and construction of single-unit homes and housing complexes, renovation of homes and retail shops

Date of Establishment

July 2, 1984

Share of Voting rights

100.00%Millions of yen (rounded down)

FY2016

Changes in Business Results
Revenue from operations

The Others

FY2017FY2018FY2019FY2020 (Estimates)

27,12827,79128,80534,57835,945

Operating income

475

363

148

341

502

Income before taxes and special items

482

396

162

347

508

Net income

382

471

106

197

352

Total assets

12,209

11,09012,805

11,506

12,200Shareholders' equity

2,932

1,371

1,478

1,675

2,027

◇Number of houses (orders and sold)FY2016FY2017FY2018FY2019FY2020 (Estimates)

Number of houses (orders)

532

454

487

573

572

Number of houses (sold)

476

459

443

496

557

◇Changes in construction costs
FY2016
Construction costs margin

FY201778.6%

FY201879.5%

26FY201980.2%

FY2020 (Estimates)
81.6%

81.0%

9.Mitsubishi Jisho Community Co., Ltd.
Business Activities

Overall condominium and building management

Date of Establishment

December 1, 1969

Share of Voting rights

71.47%The Others

Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

34,93748,56650,35952,56355,615

Operating income

2,262

3,059

3,029

3,170

3,000

Income before taxes and special items

2,373

3,130

3,106

3,237

3,010

Net income

1,437

1,931

2,032

2,101

1,962

Total assets

10,275

15,79817,75819,44021,040Shareholders' equity

4,207

7,622

8,825

10,24011,561

Changes in condominium management figures
FY2016
Number of condominiums
Number of units

FY2017FY2018FY2019FY2020 (Estimates)

2,813

4,433

4,522

4,580

4,634

199,772

331,438

342,691

349,572

354,29327

10.Rockefeller Group, Inc.
Business Activities

Real estate operations

Date of Establishment

December 6, 1928

Share of Voting rights

100.00%Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

84,36064,94389,759107,952

94,361

Operating income

20,12822,36623,30028,143

19,334

Income before taxes and special items

16,85520,30022,78026,11916,551

Net income

8,615

4,479

6,237

13,3394,611

Total assets

347,895

375,104

447,459

410,801

477,015

Shareholders' equity

198,644

210,589

232,533

241,453

262,923* Due to overseas subsidiaries closing accounts in December, figures from 3 months previous are used in consolidated statement.
* As of April 2015, figures for the Overseas Investment Management Business has been moved from the International Business to the Investment Management Business.
However, the figures for the Overseas Investment Management Business are included in this table.

The Others

PL (Average Rate)

121.10108.78112.16110.44110.00 ¥ / $BS (Current Rate)

120.61116.49113.00111.00110.00 ¥ / $◇Segment Information

Millions of yen (rounded down)

FY2016

Revenue from operations

FY2017FY2018FY2019FY2020 (Estimates)

Development & Leasing Business

63,94147,97273,92865,59983,949Other

20,41916,97015,83142,353

10,41284,36064,94389,759107,952

94,361

Total

Millions of yen (rounded down)

FY2016

Operating income

FY2017FY2018FY2019FY2020 (Estimates)

Development & Leasing Business

19,49021,54723,452

22,183

Other

2,949

2,843

3,170

9,063

108

Corporate(2,312)(2,024)(3,322)(3,103)(4,091)

20,12822,36623,30028,143

19,334

Total

28

23,317

11.Mitsubishi Estate Europe Limited
Business Activities

Real estate operations

Date of Establishment

November 26, 2009

Share of Voting rights

100.00%Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

7,895

7,646

7,320

7,912

42,521

Operating income

4,307

4,352

2,895

4,320

18,314

Income before taxes and special items

3,504

4,147

2,534

3,612

16,770Net income

2,400

3,074

(4,511)

2,910

16,163

Total assets

164,044

133,853

145,608

156,852

189,120

Shareholders' equity

80,836

67,97573,67587,005

109,765* Due to overseas subsidiaries closing accounts in December, figures from 3 months previous are used in consolidated statement.
* Mitsubishi Estate Europe Limited is a European holding company which includes Mitsubishi Estate London Limited.
PL (Average Rate)

185.19147.57144.49147.41145.00 ¥ /£BS (Current Rate)

178.78143.00151.95140.46145.00 ¥ /£29

12.Royal Park Hotels and Resorts Company, Limited.
Business Activities

Comprehensive management and management support of hotels

Date of Establishment

November 1, 2000

Share of Voting rights

100.00%Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

23,92524,47424,09625,38827,870Operating income

1,098

1,463

553

549

1,122

Income before taxes and special items

1,019

1,458

503

505

1,104

Net income

935

1,212

324

432

709

Total assets

11,610

11,58911,95012,327

13,036

Shareholders' equity

1,845

2,377

1,894

2,058

2,767

30

13.Mitsubishi Jisho Sekkei Inc.
Business Activities

Construction and civil engineering design administration

Date of Establishment

March 1, 2001

Share of Voting rights

100.00%The Others

Millions of yen (rounded down)

FY2016

Changes in Business Results

FY2017FY2018FY2019FY2020 (Estimates)

Revenue from operations

17,106

16,96918,887

21,552

18,500Operating income

2,934

1,740

2,894

3,474

1,830

Income before taxes and special items

2,996

1,776

2,875

3,496

1,830

Net income

1,944

1,193

1,955

2,374

1,251

Total assets

25,37825,64624,82625,85925,557

Shareholders' equity

18,81819,243

17,606

18,677

18,375◇Amount of orders

Millions of yen (rounded down)

FY2016
Amount of orders

FY2017
16,424FY201817,18831

FY201919,74427,939FY2020 (Estimates)
17,50014.Mitsubishi Real Estate Services Co., Ltd.
Business Activities

Real estate brokerage, leasing management, parking management, and state appraisal

Date of Establishment

December 20, 1972

Share of Voting rights

100.00%Millions of yen (rounded down)

FY2016

Changes in Business Results
Revenue from operations

The Others

FY2017FY2018FY2019FY2020 (Estimates)

19,81524,24325,584

27,52428,505

Operating income

663

2,232

1,617

2,741

2,500

Income before taxes and special items

847

2,512

1,684

2,797

2,492

Net income

639

1,753

885

1,838

1,729

Total assets

23,502

24,307

21,34326,35926,863

Shareholders' equity

15,337

15,492

11,497

12,743

13,247◇Segment Information
Revenue from Operations

Millions of yen (rounded down)

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Distribution Business

7,534

9,214

9,614

9,871

9,739

Leasing Business , etc.

12,281

15,02815,97017,652

18,766

Total

19,81524,24325,584

27,52428,505

Millions of yen (rounded down)

Operating income

FY2016FY2017FY2018FY2019FY2020 (Estimates)

Distribution Business

2,500

3,848

3,683

5,099

Leasing Business , etc.

579

755

777

1,276

1,328

(2,416)(2,377)(2,843)(3,635)(3,469)

663

2,226

1,617

2,741

2,500

Administrative and general costs, etc.
Total

4,643

*The figre for segment operating income are before deducting sdministrative and general costs.
◇Changes in number of brokerage
FY2016
NumberAmount of transactions(Millions of yen (rounded down))

FY2017FY2018FY2019FY2020 (Estimates)

1,278

1,314

1,162

1,129

1,026

195,137

308,884

234,366

307,369

313,66832