July 31 2014
Earnings Highlights for 2015/3-1Q
Mitsubishi Estate Co., Ltd.
●Earnings for 2015/3-1Q
Million yen（figures under a million are rounded down）(New Segment*)
Building BusinessResidential Business
International Business
Revenue from Operations(New Segment*)
Building BusinessResidential Business
International Business
Operating Income
Income Before Taxes &Special Items
Net Income
EBITDA

2015/3 Estimates（Announced 14/5/8）

2015/3
1Q Results

2014/3
1Q Results

140,518

143,224(2,705)(1.9)％

553,000

36,80960,477(23,668)(39.1)％

393,000％

61,000ChangeChange(%)

13,063

10,638

2,424

22.8

204,147

227,832(23,685)(10.4)％

1,079,000

33,46327,727

5,735

20.7

％

116,000(4,575)2,180(6,755)(309.9)％17,000

3,113

2,269

844

37.2

％

10,00027,75828,801(1,042)(3.6)％

134,000

24,49524,038

457

1.9

％

95,00025,512

17,105

8,407

49.1

％

60,00049,75450,155(401)

(0.8)

％

214,000*Segment Changes: As of April 2014, the Commercial Property Development & Investment Business has
been integrated into the Building Business.
Summary【Overview】
There is a decrease in income and profits compared with FY2014 -1Q. Main factors include the increase of
the operating costs ratio and the decrease of condominium units sold in the Residential Business. Factors
affecting the individual segments compared with FY2014 -1Q are detailed below.
【Building Business】
A decrease of buildings sold led to a decrease in income, the profits increased due to the effect ofbuildings completed in 2012 and an increase in profits from selling off property. Figures are generally inline with estimates, edging towards slightly positive.
(Vacancy rates)
The temporary effect of a contract ending for a large tenant in Marunouchi led to the vacancy rates forJapan (all purpose) increasing by 0.41% and Marunouchi (offices) by 2.11% compared with the end ofMarch 2014. This was within expectations, and as leasing negotia tions are proceeding, figures are in linewith estimates.
Japan (all purpose)(2014/3: 5.29％ → 2014/6: 5.70％, 2015/3 Estimate: 3.5％)

Marunouchi (offices)(2014/3: 4.32％ → 2014/6: 6.43％)

(Average rents)
As a result of the inclusion of calcuations of property from the former Commercial Property Development& Investment Business, the decrease of turnover rent from retail property tennants (due to seasonalchanges) and the temporary effect of a contract ending for a large tenant in Marunouchi, the average rents
for Japan (all purpose) decreased by ¥732/tsubo.month compared with the end of March 2014. Looking
forward, the leasing out of high unit price property in Marunouchi is progressing, putting figures are inline with estimates.
Japan (all purpose) (2014/3: ¥23,861/tsubo.month → 2014/6： ¥23,129/tsubo.month)(2015/3 Estimate： ¥23,500/tsubo.month)【 Residential Business】
Factors for the decrease in income and profits include the increase of the operating costs ratio and thedecrease of condominium units sold. At the end of June 2014, 71.9% of contracts for the total year ’s
expectated sales (¥255 billion) had been acquired, which put figures in line with expectations .
【 International Business】
Factors for the increase in income and profits include the temporary increase of income from management
fees. Figures are generally in line with expectations.
●Earnings Estimates for FY2015
There is no change in the earnings estimates announced May 8 2014.

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 an d actual results, financial and otherwise,
may differ materially.

The Summary of Consolidated Financial Statements and Fact Book can be found on the homepage.
◇Summary of Consolidated 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)