August 7, 2020

MITSUBISHI ESTATE CO., LTD.

(The Fiscal Year Ending on March 31, 2021)

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)
V. Mitsubishi Estate Group Companies' Data

1. Income Statement Results for FY2021-1Q and FY2020-1Q
3
2. Income Statement Estimates for FY2021 and Results for FY2020
4
3. Balance Sheet Results at Periods Ended Jun 30, 2020 and Mar 31, 2020
5
4. Consolidated Cash Flow Statement Results for FY2020-1Q, Results for FY2021-1Q, Results for FY2020, and Estimates for FY2021 6
1. Investment data
7
2. Assets Breakdown
8
1. Commercial Property Business Revenue from Operations 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
13~15

Disclaimer
This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance, our plans andobjectives 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 FY2021-1Q and FY2020-1Q
Millions of yen (rounded down)

Overview
There is a decrease in income and an increase in profits compared withFY2020-1Q. Retail properties and hotels have been affected by spread of the
new coronavirus, therefore, resulted in a great decrease in profits.
However, the following factors led to an overall increase in profits: anincrease in rental profits as a result of a full-year operation of new buildings
as well as a rent increase in existing buildings; an increase in capital gains
from sales of office buildings and logistic facilities.
A decrease in the number of domestic condominium delivery can be
identified as a main factor for a decrease in income. This was due to adecrease in the number of properties completed within 1Q as well as
stagnant of sales activities imposed by infectious disease measures.
In regards to retail properties and hotels temporarily closed during the stateof emergency declaration, although 5.7 billion yen, a partial cost during
temporary closure, is carried at extraordinary loss from operating costs, it
resulted in an increase in profits even after excluding the effect of such an
adjustment.
Commercial Property Business
Office Buildings
While affected by the sales of ownership interests of Otemachi Park Building inMarch, 2020, there is an increase in rental income and profits as a result of a fullyear operation of new buildings (e.g.Yotsuya Tower), a vacancy rate improvement,
and a rent increase in existing buildings.
Retail Properties
Factors such as a temporary closure during the state of emergency declaration anda decrease in the number of customers led to a decrease in sales. As a result, there
is a great decrease in rental income and profits.
HotelsDue to factors such as a temporary closure during the state of emergency
declaration and a stagnant occupancy rates, business balance is greatly deteriorated.
Residential Business
There is a decrease in income and profits compared with FY2020-1Q. In regards
to domestic condominiums, a decrease in the number of properties completed
within the 1Q as well as stagnant of sales activities imposed by infectious diseasemeasures resulted in a decrease in sales and profits. Capital gains from sales ofrental apartments remain at the level of the previous year.
International Business
There is an increase in income. Profits are relatively stable. While there is adecrease in capital gains, the U.S. office building (1271 Avenue of the Americas)
completed its renovation mainly contributed to an increase in income gains.

FY2021-1Q
Results

FY2020-1Q
Results

ChangeMillions of yen (rounded down)

Breakdown of Extraordinary income(New Segment)

FY2021-1Q
Results

Total

Commercial Property Business

168,030

166,465

1,564

Residential Business

58,39569,879(11,484)

International Business

19,41418,011

1,402

Investment Management Business

5,449

4,467

982

Architectural Design & Engineering Business and Real Estate Services Business

10,465

11,434

(969)

Other

2,032

1,514

518

Eliminations(6,305)(5,890)(414)

Revenue from Operations

257,481

265,883(8,401)53,59844,651

8,947

Residential Business

270

1,344

(1,074)

International Business

7,192

7,278

(85)

Investment Management Business

1,404

689

715

Architectural Design & Engineering Business and Real Estate Services Business(1,769)(431)(1,338)

Other

(384)

(702)

317

Eliminations or Corporate(6,083)(5,979)(103)

Operating Income

54,22846,8507,378

Non-operating revenue

4,951

5,348

(396)

(New Segment)
Commercial Property Business

Equity in earnings of unconsolidated subsidiaries and affiliates
Non-operating expense
Income Before Taxes and Special Items

FY2020-1Q
Results-

Change--Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021-1Q
Results

FY2020-1Q
Results

ChangeLoss on infectious disease

5,698

-

5,698

Total

5,698

-

5,698

Reference
Capital Gains included in Operating Income

Millions of yen (rounded off to the nearest billion)

FY2021-1Q
Results

FY2020-1Q
Results

Change

99

125

(25)

7,848

8,219

(370)

Commercial Property Business

17,0002,000

51,331

43,978

7,352

Residential Business

3,000

3,000

0

International Business

0

2,000

(2,000)-Extraordinary income

-

5,698

15,0005,698

Investment Management Business

-

-

-

45,633

43,978

1,654

Other

-

-

-

Corporate tax, etc.

14,064

13,513551

Eliminations or Corporate

-

-

-

Profit31,56830,465

1,102

Total

20,0007,000

13,000*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Extraordinary loss
Income Before Income Taxes and Minority Interests--

Capital Gains

Profit attributable to non-controlling interests

2,304

4,045

(1,740)

Profit Attributable to Owners of Parent

29,263

26,4202,843
Reference

As of April 2020, the Company made the following changes to its disclosure segment- The Office Building, Lifestyle Property, and Hotel & Airport Business were integrated into newly established The Commercial Property Business segment.
- International Residential Business moved from the Residential Business segment to the International Business segment.
- The Architectural Design & Engineering Businss and Real Estate Services Business segment were integrated into newly established Architectural Design & Engineering Business and Real Estate Services Business segment.

Business Profit
Business Profit

Millions of yen (rounded down)

FY2021-1Q
Results

54,328FY2020-1Q
Results

Change46,975*Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates.

3

7,352

2. Income Statement Estimates for FY2021 and Results for FY2020* There is no change in the FY2021 earnings estimates announced on May 14, 2020.
Millions of yen (rounded down)

Overview
An overall decrease in income and profits is expected by considering theimpact of the new coronavirus. An increase in rental profits from both
domestic and international office buildings is expected. Factors include anincrease in occupancy rate as a result of full-year operation of domestic newbuildings as well as a completion of the U.S. office building renovation. On
the other hand, a decrease in profits is expected due to an impact of the newcoronavirus on hotels and retail properties, such as outlet malls. Capitalgains are also expected to decrease as a result of a decline in property sales.
Commercial Property Business
Office Buildings: An increase in rental income and profits is expected as a result ofa full-year operation of new buildings (e.g. Yotsuya Tower) as well as a vacancy
rate improvement and a rent increase in existing buildings.
Retail properties (e.g. outlet malls): A decrease in rental income and profits is
expected due to an impact of the new coronavirus.
Hotels: A decrease in revenue and profits is expected due to a decline ofoccupancy rate as a result of an impact of the new coronavirus.
Capital gains from sales of office buildings and logistic facilities are also expected
to decrease.
Residential BusinessA decrease in sales from domestic condominiums is expected due to an impact of
the new coronavirus. Capital gains from sales of rental apartments are also
expected to decrease.
International Business
An increase in rental profits is expected as a result of an increase in occupancy rateof the U.S. office building (1271 Avenue of the Americas). In Asia, an increase insales and profits is expected as a result of an increase in unit delivery.
A decrease in capital gains is expected due to an effect of sales the U.K. officebuildings in the previous year.

FY2021
Estimates

FY2020Results

ChangeMillions of yen (rounded down)(New Segment)

Breakdown of Extraordinary income

FY2021
Estimates

FY2020Results

ChangeCommercial Property Business

674,000

723,712(49,712)Residential Business

320,000

385,538(65,538)

Gain on sales of fixed assets

13,0005,144International Business

88,000134,175(46,175)

Gain on sales of investment securities

2,000

1,711

289

Investment Management Business

20,00021,316(1,316)

Gain on amortization of negative goodwill-

14,915(14,915)

Architectural Design & Engineering Business and Real Estate Services Business

58,00057,128872

Gain on contribution for construction

Other

8,000

8,743

(743)

Total

Eliminations(26,000)(28,418)

2,418

Revenue from Operations

1,142,000

1,302,196(160,196)(New Segment)
Commercial Property Business

163,000

187,855(24,855)

7,856

-

4,480

(4,480)15,00026,251(11,251)

Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021
Estimates

FY2020Results

ChangeResidential Business

12,00024,320(12,320)

Loss related to retirement of fixed assets

8,000

5,445

2,555

International Business

29,00046,156(17,156)

Loss on valuation of investment securities

-

2,344

(2,344)

Investment Management Business

4,000

4,467

(467)

Loss on transfer of business

-

3,240

(3,240)Architectural Design & Engineering Business and Real Estate Services Business

2,000

2,407

(407)

Impairment loss-

10,844(10,844)

Other(1,000)(2,018)

1,018

Other extraordinary loss

14,000-14,000Eliminations or Corporate(24,000)(22,420)(1,580)Total

22,00021,874126

Operating Income

185,000

240,768(55,768)

Non-operating revenue

18,00012,377

5,623

300

229

71

34,00033,574426

Equity in earnings of unconsolidated subsidiaries and affiliates
Non-operating expense

169,000

219,572(50,572)

Extraordinary income

15,00026,251(11,251)

Extraordinary loss

22,00021,874

126

Income Before Taxes and Special Items

Reference
Capital Gains included in Operating Income

Millions of yen (rounded off to the nearest billion)

FY2021
Estimates

FY2020Results

ChangeCapital Gains
Commercial Property Business

22,00023,000(1,000)Residential Business

6,000

10,000(4,000)162,000

223,949(61,949)

International Business

3,000

28,000(25,000)

Corporate tax, etc.

41,00058,533(17,533)

Investment Management Business

-

-

-

Profit121,000

165,415(44,415)

Other

-

-

-

Profit attributable to non-controlling interests

11,00016,963(5,963)Eliminations or Corporate

-

-

-

Profit Attributable to Owners of Parent

110,000

148,451(38,451)

31,00061,000(30,000)

Income Before Income Taxes and Minority Interests

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

As of April 2020, the Company made the following changes to its disclosure segments.
- The Office Building, Lifestyle Property, and Hotel & Airport Business were integrated into newly established The Commercial Property Business segment.
- International Residential Business moved from the Residential Business segment to the International Business segment.
- The Architectural Design & Engineering Businss and Real Estate Services Business segment were integrated into newly established Architectural Design & Engineering Business and Real Estate Services Business segment.

Reference
Business Profit
Business Profit

Millions of yen (rounded down)

FY2021
Estimates

185,300

FY2020Results

Change240,998*Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates.

4(55,698)

3. Balance Sheet Results at Periods Ended Jun 30, 2020 and Mar 31, 2020
Millions of yen (rounded down)

At Jun 30, 2020

At Mar 31, 2020

Millions of yen (rounded down)

ChangeAt Jun 30, 2020

AssetsAt Mar 31, 2020

ChangeLiabilities

I. Current assets

I. Current liabilities

1. Cash208,973

207,896

1,077

1. Notes and accounts payable-trade32,476

66,368

2. Notes and accounts receivable-trade

45,05350,340(5,287)

2. Short-term borrowings

127,669

115,306(33,892)
12,3633. Marketable securities

8,503

7,657

845

3. Current portion of long-term debt

172,624

156,778

15,84628,0004. Property for sale56,302

72,256(15,953)

4. Commercial paper

78,00050,0005. Property for sale in progress

248,624

247,677947

5. Bonds due within one year

46,55051,550(5,000)

975

975

(0)

6. Accrued income taxes

8,389

29,773(21,383)

7. Appropriated construction in progress

9,266

7,390

1,876

7. Other current liabilities

184,225

194,225(9,999)8. Other inventories

1,086

1,005

81

649,936

664,001(14,065)

9. Equity investments

445,187

450,520(5,332)

II. Long-term liabilities

10. Other current assets

81,71370,208

11,504

1. Bonds

825,584775,584

50,000

(279)

(294)

14

2. Long-term borrowings

1,290,589

1,278,678

11,9101,105,409

1,115,634(10,225)

3. Lease deposits received

462,353

459,177

3,176

4. Deferred tax liability

221,525

215,852

5,673

5. Deferred tax liabilities on land revaluation

264,060

264,063(2)

6. Net defined benefit liability

27,316

26,919397(16)

6. Property for development

11. Allowance for doubtful accounts
Total current assets

Total current liabilities

II. Fixed assets
1. Property and equipment(1) Buildings and structures(2) Machinery and equipment

1,173,841

1,174,536(694)

32,336

27,712

4,623

7. Accrued directors' retirement benefits

585

601

(3) Land

2,161,582

2,152,812

8,770

8. Provision for environmental measures

4,555

4,556

(0)

(4) Land in trust

608,380

608,33148

9. Negative goodwill

81,01180,251760(5) Construction in progress

132,680

126,3116,368(6) Other property and equipment

17,366

17,548(181)

4,126,188

4,107,252

18,935

Total property and equipment

10. Other long-term liabilities

2. Intangible assets

140,764

147,343(6,579)Total long-term liabilities

3,318,347

3,253,028

65,318

Total liabilities

3,968,283

3,917,030

51,253131

Net Assets(1) Leaseholds

72,05572,764(708)

I. Shareholders' Equity(2) Other intangible assets

26,11624,002

2,113

1. Capital

142,279

142,147

98,172

96,7671,405

2. Capital surplus

164,158

164,041117

3. Retained earnings

968,054

962,840

5,214

Total intangible assets
3. Investments and other assets(1) Investment securities

255,808

236,969

18,838(2) Long-term loans

10,915

10,924(9)

4. Less treasury stock, at cost
Total shareholders' equity(105,250)(105,282)32

1,169,241

1,163,746

5,495(3) Lease deposits

128,048

126,092

1,956(4) Net defined benefit asset

22,117

21,336780

1. Unrealized holding gain on securities

87,31879,5277,790(5) Deferred tax assets

14,722

16,266(1,544)

2. Deferred gains or losses on hedging instruments(2,233)(1,948)(284)(6) Other investments

137,568

127,636

9,932

3. Land revaluation reserve

526,617526,623

(6)

(661)

(643)

(18)

4. Foreign currency translation adjustments(49,487)(29,321)(20,165)

5. Remeasurements of defined benefit plans(7) Allowance for doubtful accounts
Total investments and other assets

568,520

538,582

29,937

Total fixed assets

4,792,880

4,742,602

50,2785,898,289

5,858,236

40,052

Total assets

II. Other accumulated comprehensive income

Total other accumulated comprehensive income
III. Stock acquisition rights
IV. Non-controlling interests
Total net assets

5

Total liabilities and net assets(4,180)(4,163)(16)

558,034

570,716(12,682)

269

288

(19)

202,460

206,454(3,993)

1,930,005

1,941,206(11,200)

5,898,289

5,858,236

40,052

4. Consolidated Cash Flow Statement Results for FY2020-1Q, Results for FY2021-1Q, Results for FY2020, and Estimates for FY2021
Millions of yen (rounded down)

FY2020-1Q Results

FY2021-1Q Results

Change-FY2020 Results

FY2021 (Estimates)

ChangeIncome before income taxes and minority interests

43,97845,633

1,654

223,949

161,000(62,949)

Adjustment for extraordinary income or loss

1,082

1,433

351

(1,395)

7,000

8,395

Depreciation and amortization

20,623

21,407784

84,94187,0002,058

Decrease (increase) in inventories

12,787

16,3883,601

148,161

18,000(130,161)

Decrease (increase) in equity investments

9,879(2,041)(11,920)(43,217)(146,000)(102,783)

Other(7,615)(64,934)(57,319)(25,035)(19,000)

6,035

Income taxes, etc.

(24,756)(33,271)(8,514)(45,636)(66,000)(20,364)

55,979(15,384)(71,363)341,766

42,000(299,766)

Proceeds from sales of investment securities

403

8,388

7,984

5,275

12,0006,725

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

6,292

644

(5,647)

105,830

55,000(50,830)

Capital investment(52,733)(71,345)(18,612)(331,857)(350,000)(18,143)

Other(6,028)(13,336)(7,308)(56,687)(16,000)

40,687(52,064)(75,648)(23,584)(277,440)(299,000)(21,560)

Newly acquired funds

103,368

151,600

48,232

342,782

645,000

302,218

Repayment(85,554)(71,052)

14,501(305,736)(353,000)(47,264)

Cash dividends paid

(28,677)(29,173)(496)(53,846)(49,000)

4,846

Repurchase and disposal of own shares(14,000)

13

14,014(100,024)-

100,024

Other

139,521

43,691(95,829)

87,937(49,000)(136,937)

Net cash provided by (used in) financing activities

114,657

95,080(19,577)(28,886)

194,000

222,886

Cash and cash equivalents at the end of year

298,698

215,014(83,684)

213,008

147,000(66,008)

3,914(91,032)(94,947)

64,326(257,000)(321,326)

Net cash provided by (used in) operating activities

Net cash provided by (used in) investing activities

Free Cash Flow

6-

II. Investment Data
1. Investment data
Capital investment*

Millions of yen (rounded down)

FY2021-1Q

Equity investment

FY2021 (Estimates)

Millions of yen (rounded down)

FY2021-1Q

Total

71,345

Total

350,000

Mitsubishi Estate

34,099Mitsubishi Estate

178,000

FY2021 (Estimates)

Total

8,058

Total

Mitsubishi Estate

1,065

Mitsubishi Estate(Breakdown)(Breakdown)(Breakdown)

Office Building Business

Office Building

International

1,057International

Other

6,992

Other

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

14,358

New/Redevelopment buildings(Marunouchi redevelopment etc.)

90,000

6,368

Refurbishment cost etc.

20,000

Hotel

7,436

Hotel

21,000Logistics Facility

4,014

Retail Property

21,000Logistics Facility

18,000

Other

172,000

Other

37,245(Breakdown)(Breakdown)

Mitsubishi Estate Residence

17,530Mitsubishi Estate

168,000
3,000(Breakdown)(Breakdown)

2,000

165,000(Breakdown)

MEC Group International

57,000US

3,662

Asia, Oceania

3,329

Asia, Oceania

43,000

Simon

6,094

Mitsubishi Estate Residence

40,000US

31,000Mitsubishi Estate Europe

3,947

Mitsubishi Estate Europe

30,000Europe

1,000

MEC Group International*2

3,586

Mitsubishi Estate

16,000Strategic investment

90,000Marunouchi Heat Supply

1,970

Sunshine City

7,000

Sunshine City

1,763

Consolidated TMK(Domestic)

8,000

Consolidated TMK(Domestic)

1,176

Marunouchi Heat Supply

6,000Royal Park Hotels & Resorts

2,000

Simon

* Major inter-group transactions are eliminated.
*2 Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.

7

2. Assets Breakdown
Assets Breakdown (Consolidated)
Millions of yen (rounded down)

At Jun 30, 2020

At Mar 31, 2020

ChangeInventories
Condominium(domestic)

263,269

262,090

1,179International

-

2,028

(2,028)

US

-

2,028

(2,028)Europe

-

-

-

Asia

-

-

-

52,98865,187(12,199)

316,257

329,305(13,048)

Domestic Office Building

61,73861,842(104)

Domestic(other)

34,091

34,890(799)

International

349,358

353,788(4,430)US

174,844

172,424

2,420(2,263)

Other
Total inventories
Equity investments

Europe31,97534,238

Asia

142,538

147,124(4,586)445,187

450,520(5,333)

Office Building

3,120,307

3,111,799

8,508

Outlet Mall

137,941

132,724

5,217

Logistics Facility

78,09972,853

5,246

Retail Property (Except Outlet Mall)

139,709

142,161(2,452)

Total equity investments
Fixed assets (Property and equipment)

Rental Apartment

84,16880,9083,260International

377,593

390,761(13,168)

US

171,335

171,339(4)

Europe126,437

130,872(4,435)

Asia

79,82088,548(8,728)

188,371

176,046

12,325

4,126,188

4,107,252

18,936

Other
Total fixed assets(property and equipment)8III. Business Data
1. Commercial Property Business Revenue from Operations Breakdown (Consolidated)

Millions of yen (rounded down)

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

FY2021 (Estimates)

Marunouchi Area Office Building--

60,780Tokyo Area Office Building (Outside of Marunouchi)--

30,946

243,681

61,175-

128,927

33,667-

Office Building (Outside of Tokyo)--

Outlet Mall--

15,61164,54814,372-

11,613

46,386

5,740

-

-

-

10,89740,919

7,237

-

-

-

129,848

524,464

122,193---

12,00091,03019,280

-

Other

-

-

24,616108,217

26,555

-

Total

-

-

166,465

723,712

168,030-

At Mar 31, 2018

At Mar 31, 2019

At Jun 30, 2019

At Mar 31, 2020

At Jun 30, 2020

3,822

3,968

3,949

4,120

4,140

Owned by MEC

2,404

2,536

2,532

2,592

2,593

Subleases

1,418

1,432

1,417

1,528

1,547

Leasing

Other*2
Total leasing
Sales of assets* Including revenue from other segments*2 Including independent shopping center, logistics facility, etc.

2. Office Building Data (Consolidated)(Thousands of square meters)

Contracted area

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

At Mar 31, 2018

At Mar 31, 2019

At Jun 30, 2019

At Mar 31, 2020

At Jun 30, 2020

At Mar 31, 2021
(Estimates)(1) Total operating floor space
Owned by MEC

3,556

3,729

3,729

3,736

3,716

3,747

Subleases

2,013

2,016

2,021

2,133

2,167

2,284

5,570

5,745

5,750

5,869

5,882

6,031

(2) Leasable area

Total

3,475

3,631

3,638

3,726

3,752

3,827

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

1.87

1.80

2.29

1.07

1.13

2.0

(4) Average rent*2 (All uses in Japan)

26,193

26,702

26,91027,17727,361

28,000At Mar 31, 2018

At Mar 31, 2019

At Jun 30, 2019

At Mar 31, 2020

At Jun 30, 2020

Operating floor space

2,784

2,915

2,915

2,915

2,915

Leasable area

1,665

1,755

1,755

1,751

1,755

*1 Including retail area etc. in office building*2 The average rent is per 3.3 square meters per month.

4. Marunouchi Area Building Data (Unconsolidated)

Office vacancy rate
Building lease revenue(Thousands of square meters; millions of yen(rounded down))

1.65

2.19

2.69

0.69

0.66

221,674

235,119

61,124

243,457

61,2019

5. Domestic Condominium Business Data
FY2018
Condominiums sold (Millions of yen)

FY2019FY2020-1Q

FY2020

FY2021-1Q

FY2021 (Estimates)

254,140

238,924

31,736

202,876

20,841-

Condominiums sold (units)

3,938

4,007

546

3,214

312

-

Gross Margin*

19.7

17.0

16.5

17.8

19.0

-

Inventory (units)

460

542

585

373

348

-

New Supply of condominiums (units)

3,615

3,966

977

2,924

76

-

156,944

144,970

225,874

162,141

176,757---

143,339-

142,348-

The following fiscal year share (Millions of yen)

141,408

104,242

70,987130,195

34,409-The post following fiscal year share (Millions of yen)

15,536

40,728

11,546

31,946--

Condominium contract balance (Millions of yen)
The fiscal year share (Millions of yen)

* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales

10

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

Millions of yen (rounded down)

FY2018PL

BS

Indicator

FY2020

FY2021-1Q

FY2021 (Estimates)
1,142,000

1,194,049

1,263,283

265,883

1,302,196

257,481

Operating income

213,047

229,178

46,850240,768

54,228185,000

Income before taxes and special items

190,506

206,587

43,978219,572

51,331

169,000

Profit attributable to owners of parent

120,443

134,608

26,420148,451

29,263110,000

Total assets

5,801,450 *1

5,774,193

5,876,275

5,858,236

5,898,289

6,000,000

Inventories

434,638

361,455

352,500

329,305

316,257-

Fixed assets (property and equipment and Intangible assets)

4,076,113

4,183,212

4,208,064

4,204,019

4,224,360-

Interest-bearing debt

2,481,675

2,319,597

2,477,752

2,429,883

2,542,951

2,610,000

Net interest-bearing debt

2,194,815

2,140,288

2,179,054

2,216,874

2,327,937

2,460,000

0.95

0.98

0.92

0.93

0.90

0.93

Shareholders' equity *2

1,698,348

1,770,643

1,754,997

1,734,462

1,727,275

1,790,000

Cash flow from operating activities

293,338

345,954

55,979341,766(15,384)

42,000(Depreciation and amortization)

77,54580,336

20,62384,941

21,40787,000Cash flow from investing activities(286,841)(271,083)(52,064)(277,440)(75,648)(299,000)(Capital investment)(350,000)(289,570)(285,089)(52,733)(331,857)(71,345)

Cash flow from financing activities

37,203(192,473)

114,657(28,886)

95,080

194,000

Free Cash Flow

6,497

74,871

3,914

64,326(91,032)(257,000)

Business Profit *3

213,467

229,442

46,975240,998

54,328185,300

EBITDA *4

302,424

320,641

71,969336,784

77,658 *5

289,800

ROA*6

3.8

4.0

-

4.1

-

ROE*7

7.3

7.8

-

8.5

-

6.2

EPS(Yen)

86.78

96.97

19.07

108.64

21.86

82.18

Net interest-bearing debt

EBITDA

After hybrid debt deductions *8
Debt equity ratio *9

7.3 times

6.7 times- times

6.6 times- times

6.7 times

6.1 times- times

6.1 times- times

1.46

1.31

1.41

1.40

1.47

3.1

8.5 times
7.9 times
1.46

1.23

1.10

1.19

1.18

1.24

1.24

23,122

23,5035,512

22,1005,564

23,000After hybrid debt deductions*8
Interest expense

Other

FY2020-1Q

Revenue from Operations

Average interest rate

CF

FY2019Interest coverage ratio (ICR) *10

9.5 times

10.1 times- times

11.3 times- times

Annual dvidends per share(Yen)

26

30

-

33

-

8.7 times
25

Dividend payout ratio

30.0

30.9

-

30.4

-

30.4

Current value of Income generating assets

7,383,415

7,941,134-

8,270,844--

Income generating assets unrealized gain

3,422,832

3,898,413-

4,222,505--

Exchange average rate(¥/$ /PL

112.16110.44110.22109.03108.86106.00Exchange average rate(¥/£ /PL

144.49147.41143.74139.19139.33138.00Exchange current rate(¥/$ /BS

113.00111.00110.99109.56108.83106.00151.95140.46144.98143.48133.32138.00Exchange current rate(¥/£ /BS*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 of the end of March, 2018, is also modified based on the application of theamendment.
*2 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*3 Business Profit = Operating Income + Equity in earnings(loss) unconsolidated subsidiaries and affiliates*4 EBITDA = Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates + Depreciation + Amortization of goodwill*5 D&A for FY2021-1Q (19,431 millions of yen) = Total of D&A

D&A included in Loss on infectious disease (1,976 millions of yen)

*6 ROA = Business Profit / Total assets (average*7 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*8 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.
*9 Debt equity ratio = Interest-bearing debt / Shareholders' equity*10 ICR = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Interest expense11

2. Segment Information (Consolidated)

Revenue
from
Operations

FY2019Commercial Property Business--

166,465

723,712

168,030

674,000

Residential Business--

69,879385,538

58,395320,000

International Business--

18,011

134,175

19,41488,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

4,467

21,316

5,449

20,000--11,434

57,128

10,46558,000

-

-

1,514

8,743

2,032

8,000

Eliminations or Corporate--(5,890)(28,418)(6,305)(26,000)

265,883

1,302,196

257,481

1,142,000-

44,651

187,855

53,598163,000

Residential Business

-

-

1,344

24,320270

12,000International Business

-

-

7,278

46,156

7,192

29,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

689

4,467

1,404

4,000

-

-

(431)

2,407

(1,769)

2,000

-

-

(702)

(2,018)(384)(1,000)--(5,979)(22,420)(6,083)(24,000)

213,047

229,178

46,850240,768

54,228185,000

Commercial Property Business--

44,735

188,099

53,686

163,255

Residential Business

-

-

1,385

24,305281

12,044

International Business

-

-

7,278

46,156

7,192

29,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

689

4,467

1,404

4,000

-

-

(431)

2,407

(1,769)

2,000

-

-

(702)

(2,018)(384)(1,000)Total-(5,979)(22,420)(6,083)(24,000)

229,442

46,975240,998

54,328185,300

Commercial Property Business--

17,13470,927

17,245

-

-

-

1,013
1,684

3,946
6,646

1,026
1,993

-

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

-

-

340

1,333

343

-

-

-

190

868

219

-

-

-

23

98

31

-

Eliminations or Corporate

-

-

235

1,119

548

-

77,54580,336

20,62384,941

21,40787,000Commercial Property Business

-

-

-

-

18

-

Residential Business

-

-

117

386

89

-

International Business

-

-

16

66

16

-

-

491

1,929

482

-

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

-

-

150

208

94

-

-

-

-

-

-

-

-

-

Eliminations or Corporate

-

-

-

5,561

3,282

775

2,591

701

3,000

Total
Commercial Property Business--

26,113

169,163

46,307-

Residential Business--

15,25245,07916,547-

International Business

-

-

9,467

113,755

7,617-

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

-

-

101

328

2

-

Eliminations or Corporate
Total

Total assets

213,467

Residential Business
International Business

Total

Capitalinvestment

FY2021 (Estimates)

1,263,283

Eliminations or Corporate

Amortizationof goodwill

FY2021-1Q

-

Total

Depreciation
andamortization

FY20201,194,049

Eliminations or Corporate

Business
Profit*FY2020-1Q

Commercial Property Business

Total

OperatingincomeMillions of yen (rounded down)
FY2018

-

-

285

948

48

-

-

-

403

411

173

-

-

-

1,109

2,172

648

-

289,570

285,089

52,733331,857

71,345350,000-

Commercial Property Business--

4,108,982

4,135,091

4,138,011

Residential Business--

610,238

570,282

567,876-

International Business--

793,107887,179

877,241-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others--67,221

71,82968,430---50,65455,737

51,128---13,22813,27024,949-Eliminations or Corporate--

232,841

124,847

170,651-

5,801,450

5,774,193

5,876,275

5,858,236

5,898,289

6,000,000

Total* Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates

12V. Mitsubishi Estate Group Companies' Data
Millions of yen (rounded down)

Mitsubishi Estate Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Revenue from operations

472,486

498,273

123,418

549,362

142,164-

Operating income

109,715

110,803

25,381

117,176

42,643-

Income before taxes and special items

127,288

126,115

50,763

131,43164,451-

Net income

108,813

100,980

43,510109,251

51,408-

Total assets

4,708,269

4,749,852

4,891,882

4,782,507

4,842,127-

44,49447,57912,435

51,121

12,555-

FY2021 (Estimates)

Depreciation and amortization

FY2021 (Estimates)

Mitsubishi Jisho Property Management Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

71,666

79,547

18,33380,68318,750-Operating income

5,509

5,950

1,095

5,960

875

-

Income before taxes and special items

5,495

5,936

1,093

5,960

875

-

Net income

3,882

4,282

748

4,101

605

-

Total assets

69,761

77,146

68,384

77,63371,018-Depreciation and amortization

113

227

47

201

48

-

Number of management properties

167

172

-

184

-

-

8,000,277

8,124,226-

8,615.266--

FY2021 (Estimates)

Management area
Marunouchi Heat Supply Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

64.16

64.16

64.16

65.59

65.59

-

Revenue from operations

13,894

14,833

3,545

15,766

3,518-

Operating income

1,387

1,855

392

2,037

237

-

Income before taxes and special items

1,270

1,837

378

1,982

189

-

Net income

974

1,712

261

4,327

130

-

Total assets

32,68433,25533,064

39,631

38,559-Depreciation and amortization

2,384

2,600

667

2,732

834

-

FY2021 (Estimates)

Sunshine City Corporation

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

63.20

63.20

63.20

63.20

63.20

-

Revenue from operations

29,212

28,121

6,875

26,926

5,186-

Operating income

8,352

6,933

1,548

5,213

1,450

-

Income before taxes and special items

7,260

5,690

1,124

3,473

1,214

-

Net income

5,016

3,954

791

2,372

336

-

Total assets

114,641

111,663

107,912106,081

106,353

-

5,298

5,265

1,381

5,686

1,389

-

FY2021 (Estimates)

Depreciation and amortization
Mitsubishi Estate Simon Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

60.00

60.00

60.00

60.00

60.00

-

Revenue from operations

45,462

46,65911,613

46,393

5,740-

Operating income

18,94019,673

5,202

18,963

1,454-

Income before taxes and special items

19,211

19,952

5,196

19,2191,524-

Net income

13,143

13,572

3,551

13,165425-

Total assets

109,485

108,913

100,741

110,754

113,133

-

5,176

5,035

1,261

5,197

1,334

-

308,500

314,600-

315,300--

Depreciation and amortization
Store floor area

13Millions of yen (rounded down)

Tokyo Ryutsu Center Inc.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

56.41

58.22

58.22%

60.03

60.03

FY2021 (Estimates)-

Revenue from operations

8,679

10,3492,593

10,361

2,824-

Operating income

2,451

3,223

901

3,238

1,159

-

Income before taxes and special items

2,193

2,874

823

2,976

1,085

-

Net income

1,517

2,543

565

2,037

748

-

Total assets

65,51765,56064,761

65,16665,020-Depreciation and amortization

1,973

2,686

651

2,617

642

Royal Park Hotels and Resorts Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

100.00100.00100.00100.00100.00

FY2021 (Estimates)-

Revenue from operations

24,09625,3886,469

24,266824-

Operating income

553

549

313

(992)

(1,872)

Income before taxes and special items

503

505

318

(1,004)(1,878)-Net income

324

432

219

(1,304)(4,053)-

Total assets

11,95012,327

11,352

10,366

11,202

-

796

928

242

1,220

284

-

FY2021 (Estimates)

Depreciation and amortization
Mitsubishi Estate Residence Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

306,379

302,180

46,046269,660

36,229-Operating income

25,45426,2602,290

24,729

1,385-

Income before taxes and special items

23,907

24,777

1,952

23,184

1,034-

Net income

16,875

17,692

1,416

16,429695-

Total assets

556,464

583,392

589,947

570,960

569,491

-

1,668

1,853

526

2,218

596

-

FY2021 (Estimates)

Depreciation and amortization-

Mitsubishi Estate Home Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

28,80534,5783,379

35,474

2,943-

Operating income

148

341

(1272)

54

(962)

-

Income before taxes and special items

162

347

(1262)

68

(962)

-

Net income

106

197

(1262)

(29)

(965)

-

Total assets

12,805

11,506

9,798

11,232

9,833

-

250

312

89

402

93

-

FY2021 (Estimates)

Depreciation and amortization
Mitsubishi Jisho Community Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

71.47

71.47

71.47

71.47

71.47

-

Revenue from operations

50,35952,563

12,71755,514

12,833-Operating income

3,029

3,170

826

3,353

894

-

Income before taxes and special items

3,106

3,237

837

3,427

908

-

Net income

2,032

2,101

534

2,222

587

-

Total assets

17,75819,44018,157

20,851

18,460

-

403

393

96

401

99

-

342,691 units

349,572 units- units-

Depreciation and amortization
Number of condominium management units- units

14

352,365 units

Millions of yen (rounded down)

MEC Group International, Inc.*

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

89,759107,952

16,11891,99017,154-

Operating income

23,30028,143

5,674

24,861

5,654-

Income before taxes and special items

22,78026,1195,241

22,874

5,077-

Net income

6,237

13,3392,686

12,654

4,241-

Total assets

447,459

410,801

418,351

429,135

444,118

-

7,531

5,535

1,173

4,762

1,458

-

FY2021 (Estimates)

Depreciation and amortization

FY2021 (Estimates)

Mitsubishi Estate Europe Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

7,320

7,912

2,083

43,672

2,174-

Operating income

2,895

4,320

1,318

20,361

1,139-

Income before taxes and special items

2,534

3,612

748

19,060

1,052-

Net income(4,511)

2,910

534

16,982650-

Total assets

145,608

156,852

169,836

189,954

180,775

-

2,083

1,876

529

1,834

517

-

FY2021 (Estimates)

Depreciation and amortization
Mitsubishi Estate Asia Pte. Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

100.00100.00100.00100.00100.00-

Revenue from operations

830

2,918

347

1,905

507

-

Operating income

236

1,502

89

381

164

-

Income before taxes and special items

785

1,625

170

558

502

-

Net income

743

1,647

178

534

486

-

Total assets

34,94836,59937,29438,80237,397

-

119

133

29

130

49

-

FY2021 (Estimates)

Share of Voting rights

Depreciation and amortization
Mitsubishi Jisho Sekkei Inc.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

18,887

21,552

3,098

18,8383,047-

Operating income

2,894

3,474

(11)

2,446

61

-

Income before taxes and special items

2,875

3,496

(3)

2,394

63

-

Net income

1,955

2,374

(12)

1,617

40

-

Total assets

24,82625,85922,11025,05323,307

-

110

239

74

312

81

-

FY2021 (Estimates)

Depreciation and amortization
Mitsubishi Real Estate Services Co., Ltd.

FY2018FY2019FY2020-1Q

FY2020

FY2021-1Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

25,584

27,524

6,162

27,117

4,474-

Operating income

1,617

2,741

(302)

1,031

(1,074)-

Income before taxes and special items

1,684

2,797

(304)

1,367

(1,094)-

Net income

885

1,838

(232)

755

(772)

-

Total assets

21,34326,35924,76925,047

23,590-Depreciation and amortization

347

397

92

416

86

-

Amount of transaction

234,366

307,369-

450,048--

Number of brokerage

1,162

1,129

-

1,095

-

-

Number of parking management

5,737

50,540-55,379--* Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.

15