July 31 2015
Earnings Highlights for 2016/3-1Q
Mitsubishi Estate Co., Ltd.
●Earnings for 2016/3-1Q
Millions of yen (rounded down)

2016/3-1Q
Results

2015/3-1Q
Results

Building Business

105,776

99,382

6,393

6.4

415,000

Lifestyle Property Business

20,20741,808(21,600)(51.7)

81,000ChangeChange(%)

2016/3 Estimates（Announced 15/5/12）(New Segment*1)

Residential Business

69,26939,861

29,40873.8

356,000

International Business

13,594

11,308

2,286

20.2

69,000

Revenue from Operations

223,847

204,147

19,7009.6

995,000

Building Business

30,166

24,5385,62722.9

100,000

Lifestyle Property Business

4,882

8,924(4,042)(45.3)

18,000Residential Business

1,024(4,512)

5,536

122.7

14,000International Business

3,788

2,504

1,284

51.3

13,000(New Segment *1)

Operating Income

37,26427,758

9,506

34.2

135,000

Income Before Taxes and Special Items

33,877

24,495

9,381

38.3

113,000

Profit Attributable to Owners of Parent *2

23,29625,512(2,216)(8.7)

70,000EBITDA58,82549,754

9,071

18.2

220,500*1 As of April 2015, the following segment changes have occurred.
・ Domestic retail & logistics property businesses (not including some multi-use facilities） no longer feature in the Building
Business, now featuring in the newly created Lifestyle Property Business.
・ Overseas investment management business has been moved from the International Business to the Investment ManagementBusiness.
・ Mitsubishi Jisho House Net Co., Ltd has been moved from the Real Estate Services Business to the Residential Business.
*2 In accordance with amendments to the Accounting Standard for Business Combinations etc., changes in titles appearing in theconsolidated financial statement have been applied as of FY2016.

Summary【Overview】
There is an increase in income and profits compared with FY2015-1Q. Main factors include the increaseof rental income and profits in the Building Business, the increase of condominium units sold and animprovement of the gross margin in the Residential Business. Factors affecting the individual segments
compared with FY2015-1Q are detailed below.
【Building Business】
Despite a reduction in rental income and profits as a result of buildings being closed for redevelopment,
profit contributions from properties completed in 2012 and an increase of rental income and profits fromthe existing portfolio resulted in an overall increase in income and profits. There is no change to estimates,
but figures are progressing well.

(Vacancy rates)
A temporary increase in vacancy at the end of June 2015 has occurred due to a change in tenants and also
as a result of the reorganization of segments, with the vacancy rates for Japan (all purpose) rising by
0.73% and by 0.53% for Marunouchi (offices) when compared with the end of March 2015.This had
already been taken into consideration at the beginning of the period, and with leasing underway, figures
are in line with estimates.
Japan (all purpose)

3.53％(2015/3: 2.80％, 2016/3 Estimate: 2.5％)

Marunouchi (offices)2.35％(2015/3: 1.82％)(Average rents)
The average rents for Japan (all purpose) at the end of June 2015 rose by ¥873/tsubo.month comparedwith the end of March 2015. This is due to leasing in Marunouchi resulting in the appropriation of rent,alongside the effects of rent increases, as well as the effects of segment changes.
Japan (all purpose)¥24,460/tsubo.month(2015/3: ¥23,587/tsubo.month, 2016/3 Estimate： ¥24,500/tsubo.month)【Lifestyle Property Business】The decrease in income and profits is due to selling off a large-scale property in the same period of theprevious year.
【Residential Business】
A factor for the increase in income and profits is the increase of condominium units sold and animprovement of the gross margin. Of expectations for the sales of condominiums (¥223 billion), 76.8% ofcontracts had been finalized by the end of June 2015, which is in line with estimates.
【International Business】
Major factors for the increase in income and profits are an increase in rental income and profits and theeffects of the exchange rate.
●Earnings Estimates for FY2016
There is no change in the earnings estimates announced May 12 2015.

Disclaimer
This data contains predictions and aims which relate to our future economic performance and projectionsof 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.

The Summary of Financial Statements and Fact Book can be found on the homepage.
◇Summary of Financial Statements(http://www.mec.co.jp/e/investor/irlibrary/tanshin/index.html)◇Fact Book
(http://www.mec.co.jp/e/investor/irlibrary/fact/index.html)