■May 12, 2015

MITSUBISHI ESTATE

FACT BOOK 2015/3

Inquiries: Investor Relations Office
Mr. Tamaki, Ms. Radcliffe
TEL: +81-3-3287-5207
FAX: +81-3-3212-3757
http://www.mec.co.jp/e/investor/index.html

■Contents
Page/sI. Performance Comparisons (Consolidated)

II. Highlights

III. Summary of Consolidated Financial Statements

1. Income Statement Results for 2015/3 and 2014/3

3

2. Income Statement Results for 2015/3 and Previous Estimates (announced on February 5, 2015) for 2015/3

4

3. Income Statement Estimates for 2016/3 and Results for 2015/3

5

4. Balance Sheet Results at Periods Ended 2015/3 and 2014/3

6

1. Major Performance Items (Consolidated)

7

2. Segment Information (Consolidated)

8,9

3. Building Business Revenue from Operations Breakdown (Consolidated)

10

4. Building Business Data (Consolidated)

10

5. Building Business Data (Unconsolidated)

10

6. Marunouchi Area Building Data (Unconsolidated)

10

7. Condominium Business Data

11

8. Special Purpose Vehicle Data

11

9. Total Assets of Major Overseas Subsidiaries

12

10. International Business (Rockefeller Group, Inc.)

12

1. Consolidated Balance Sheets

13 , 14

2. Consolidated Income Statements

15

3. Consolidated Cash Flow Statements

16

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

17

5. Interest-Bearing Debt (Consolidated)

17

6. Major Consolidated Subsidiaries

18

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.

2

I. Performance Comparisons (Consolidated)
1. Income Statement Results for 2015/3 and 2014/3
Millions of yen (rounded down)

2015/3Results

2014/3Results

Millions of yen (rounded down)

Change■Breakdown of Extraordinary income

2015/3Results

2014/3Results

ChangeBuilding Business

587,660

525,829

61,831Gain on sales of fixed assets

36,551

6,702

Residential Business

377,736

403,259(25,523)

Gain on negative goodwill

12,256

4,942

7,313

International Business

77,79480,366(2,571)

Total

48,807

11,644

37,163

1,762

Investment Management

8,050

6,288

Architectural Design & Engineering

19,467

19,946(479)

Hotel Business

30,827

29,2191,608

Real Estate Services

27,29527,097

198

Other

3,747

3,674

72

(22,321)(20,396)(1,925)34,974

Eliminations
Revenue from Operations

1,110,259

1,075,285

Building Business

128,982

116,277

12,705Residential Business

11,60527,778(16,172)

International Business

26,06825,579489

Investment Management

4,064

3,046

1,017

Architectural Design & Engineering

663

1,252

(589)

29,849Millions of yen (rounded down)■Breakdown of Extraordinary loss

2015/3Results

2014/3Results

ChangeHotel Business

754

737

16

Loss related to retirement of fixed assets

6,190

2,303

3,886

Real Estate Services

1,111

1,544

(433)

Impairment loss

73,72532,64441,080

Impairment loss on equity investments(7,648)Other
Eliminations or Corporate
Operating Income

16

(246)

262

-

7,648

(16,934)(14,698)(2,236)

Provision for loss on obligations of additional investments

1,804

-

1,804

156,332

161,271(4,938)

Total

81,71942,596

39,123Non-operating revenue

9,087

9,323

(235)

Non-operating expense

32,30630,9561,350

133,113

139,638(6,524)

48,807

11,644

37,163

Income Before Taxes and Special Items

Extraordinary income
Extraordinary loss
Income Before Income Taxes and Minority Interests

Corporation tax, etc.
Income Before Minority Interests

Minority interests
Net Income

81,71942,596

39,123

100,201

108,685(8,484)

13,37540,728(27,352)

86,82567,957

18,86813,487

3,660

9,827

73,33864,2979,040

3

2. Income Statement Results for 2015/3 and Previous Estimates (announced on February 5, 2015) for 2015/3

Millions of yen (rounded down)

2015/3
Previous
Estimates

2015/3Results

Millions of yen (rounded down)

Change■Breakdown of Extraordinary income

2015/3
Previous
Estimates

2015/3Results

ChangeBuilding Business

587,660

579,000

8,660

Gain on sales of fixed assets

36,55137,000Residential Business

377,736

393,000(15,264)

Gain on negative goodwill

12,256

13,000(744)International Business

77,79466,00011,794

Total

48,80750,000(1,193)

Investment Management

8,050

8,000

50

Architectural Design & Engineering

19,46720,000(533)

Hotel Business

30,82731,000(173)

Real Estate Services

27,29527,000

295

Other

3,747

4,000

(253)

Eliminations(22,321)(20,000)(2,321)

1,110,259

1,108,000

2,259

Building Business

128,982

121,000

7,982

Residential Business

11,60517,000(5,395)International Business

26,06822,0004,068

Investment Management

4,064

3,000

1,064

Revenue from Operations(449)

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

2015/3
Previous
Estimates

2015/3Results

ChangeArchitectural Design & Engineering

663

1,000

(337)

Loss related to retirement of fixed assets

6,190

7,000

(810)

Hotel Business

754

1,000

(246)

Impairment loss

73,72527,00046,725

Real Estate Services

1,111

1,000

111

Provision for loss on obligations of additional investments

1,804

2,000

(196)

16

0

16

Other extraordinary loss-

20,000(20,000)

81,71956,00025,719Other
Eliminations or Corporate
Operating Income(16,934)(16,000)(934)

156,332

150,000

6,332

Non-operating revenue

9,087

8,000

1,087

Non-operating expense

32,30645,000(12,694)
20,113

133,113

113,000

Extraordinary income

48,80750,000(1,193)Extraordinary loss

81,71956,00025,719100,201

107,000(6,799)13,37530,000(16,625)

86,82577,0009,825

13,487

10,0003,487

73,33867,000

6,338

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests
Corporate tax, etc.
Income Before Minority Interests

Minority interests
Net Income

Total

4

3. Income Statement Estimates for 2016/3 and Results for 2015/3
Millions of yen (rounded down)

2016/3
Estimates

2015/3Results

Millions of yen (rounded down)

Change■Breakdown of Extraordinary income(New Segment*1)

Gain on sales of fixed assets

Building Business

415,000

484,816(69,816)

Gain on sales of investment securities

Lifestyle Property Business

81,000105,706(24,706)

Gain on negative goodwill

Residential Business

356,000

390,491(34,491)

Total

International Business

69,00071,176(2,176)

Investment Management

22,00014,885

7,115

Architectural Design & Engineering

20,00019,467533

Hotel Business

32,00030,827

1,173

Real Estate Services

15,00013,939

1,061

Other

4,000

3,747

253

(19,000)(24,799)5,799

995,000

1,110,259(115,259)

Building Business

100,000

102,820(2,820)Loss related to retirement of fixed assets

Lifestyle Property Business

18,00026,162(8,162)

Impairment loss

Residential Business

14,00012,114

1,886International Business

13,00025,901(12,901)

Investment Management

2,000

4,282

(2,282)

Architectural Design & Engineering

500

663

(163)

Hotel Business

1,000

754

246

Real Estate Services

1,000

524

476

Eliminations
Revenue from Operations

Eliminations or Corporate
Operating Income

0

16

(16)

(14,500)(16,906)

2,406

135,000

156,332(21,332)(2,087)

Non-operating revenue

7,000

9,087

Non-operating expense

29,00032,306(3,306)

113,000

133,113(20,113)Extraordinary income

15,00048,807(33,807)

Extraordinary loss

10,00081,719(71,719)

118,000

100,201

17,79936,00013,37522,62582,00086,825(4,825)12,00013,487(1,487)70,00073,338(3,338)

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests
Corporate tax, etc.

Profit *2
Profit attributable to non-controlling interests *2
Profit Attributable to Owners of Parent *2

Change-36,551

15,000-(36,551)
15,000-12,256(12,256)

15,00048,807(33,807)

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

(New Segment *1)

Other2015/3Results

2016/3
Estimates

Provision for loss on obligations of additional investments
Total

2016/3
Estimates

2015/3Results

10,000

6,190

3,810

-

73,725(73,725)-1,804(1,804)10,00081,719(71,719)*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 theInvestment Management Business.
・Mitsubishi Jisho House Net Co., Ltd has been moved from the Real Estate Service Business to the
Residential Business.
*2 In accordance with amendments to the Accounting Standard for Business Combinations etc.,
changes in titles appearing in the consolidated financial statement have been applied as of FY2016.

5

Change4. Balance Sheet Results at Periods Ended 2015/3 and 2014/3
Millions of yen (rounded down)

At Mar 31, 2015 At Mar 31, 2014
AssetsI. 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
9. Equity investments
10. Deferred income taxes
11. Other current assets
12. 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 income taxes(6) Other investments(7) Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

Millions of yen (rounded down)

At Mar 31, 2015 At Mar 31, 2014

Change197,169
35,873
2,179
52,102
314,305
8,646
6,594
1,002
251,249
17,01065,244(571)
950,806

224,12128,5391,333
66,484
319,355
8,609
7,195
1,012
223,911
21,15245,014(208)
946,522(26,951)
7,333
845(14,381)(5,050)
36
(601)
(10)
27,338(4,141)
20,230(363)
4,284

846,652
21,161
1,839,707
532,774
90,69415,022
3,346,013

896,947
23,1891,897,116
440,852
53,657
16,841
3,328,605(50,295)(2,027)(57,408)
91,922
37,037(1,819)17,40887,021
33,210120,232

87,913
8,139
96,052(891)
25,071
24,179280,809
1,448
112,397
23,194
10,504
57,840(1,722)484,473
3,950,719
4,901,526

213,656
1,532
113,015
6,320
10,15051,356(1,844)394,1883,818,846
4,765,368

67,152(83)(617)
16,873
353
6,484
121
90,285
131,873
136,158

Liabilities
I. Current liabilities
1. Notes and accounts payable-trade
2. Short-term borrowings
3. Current portion of long-term debt
4. Commercial Paper
5. Bonds due within one year
6. Accrued income taxes
7. Deferred tax liability
8. 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. Negative goodwill
9. 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. Minority interests
Total net assets
Total liabilities and net assets

6

Change95,632
77,881
86,61728,00040,2259,934
205
181,210
519,707105,271
63,762
343,127
56,595
14,423947
183,619
767,747(9,638)
14,118(256,509)
28,000(16,370)(4,488)(741)(2,409)(248,040)

645,000
1,044,387
381,605
206,079
280,672
23,068656
77,172
83,012
2,741,655
3,261,362

645,000
855,052
383,083
192,938
319,090
20,380593
92,35642,0322,550,527
3,318,275

189,334(1,477)
13,141(38,418)
2,688
63(15,184)
40,980191,127(56,912)141,373
162,638
538,687(5,259)837,440

141,373
170,485
465,757(4,811)
772,805(7,847)72,930(447)
64,635

127,609(5)
504,756
20,7985,238
658,398500
143,825
1,640,163
4,901,526

75,971
125
493,153(8,249)(4,748)556,252494
117,540
1,447,093
4,765,368

51,637(130)
11,60329,048
9,986
102,1455
26,284
193,070
136,158

II. Highlights
1. Major Performance Items (Consolidated)(Millions of yen)

2012/3

2013/3

2014/3

2015/3

2016/3 (Estimates)

Revenue from operations

1,013,069

927,157

1,075,285

1,110,259

995,000

Operating income

146,299

118,349

161,271

156,332

135,000

Income before taxes and special items

120,665

92,381

139,638

133,113

113,000

Profit attributable to owners of parent *6

56,51245,50764,29773,33870,000Total assets

4,387,015

4,711,521

4,765,368

4,901,526

5,190,000

Shareholders' equity *1

1,256,791

1,239,547

1,329,057

1,495,838

1,530,000

Interest-bearing debt

1,716,890

2,085,417

1,973,042

1,929,355

2,190,000

Cash flow from operating activities

203,243

122,286

336,489

200,078

35,000Cash flow from investing activities(272,009)(217,992)(133,537)(46,568)(298,000)

Cash flow from financing activities

57,18927,150(177,514)(189,109)

230,000

EBITDA *2

222,885

200,587

246,332

239,934

220,500

Return on assets (ROA) *3

3.5 %

2.7 %

3.5 %

3.4 %

2.8 %

Interest coverage ratio (ICR) *4

6.5 times

5.0 times

7.5 times

7.7 times

6.4 times

Return on equity (ROE) *5

4.6 %

3.6 %

5.0 %

5.2 %

4.6 %

Earnings per share (EPS) (Yen)

40.72

32.79

46.34

52.85

50.45

*1 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests *6*2 EBITDA = Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates + Depreciation + Amortization of goodwill*3 ROA = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Total assets (average）*4 ICR = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Interest expense*5 ROE = Profit attributable to owners of parent *6 / Shareholders' equity (average)*6 In accordance with amendments to the Accounting Standard for Business Combinations etc., changes in titles appearing in the consolidated financial statement have been applied as of FY2016.

7

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

2012/3

2014/3

2013/3

Building Business

510,85049.5%

442,74846.3%

484,229

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

342,823
55,80942,108
5,924
19,93225,65426,085
3,506(19,628)
1,013,069

33.2%
5.4%
4.1%
0.6%
1.9%
2.5%
2.5%
0.3%

315,351
50,27860,892
7,108
19,56828,29927,2094,408(28,707)927,157

33.0%
5.3%
6.4%
0.7%
2.0%
3.0%
2.8%
0.5%

403,259
48,02980,366
6,288
19,946
29,21927,097
3,674(26,825)
1,075,285

2015/3

2014/3*1
43.9% Building Business
36.6% Residential Business
4.4%
7.3% International Business
0.6% Investment Management
1.8% Architectural Design & Engineering
2.7% Hotel Business
2.5% Real Estate Services
0.2% Other
Eliminations or corporate

525,82948.0%

587,660

403,25936.8%

377,73680,366
6,288
19,946
29,21927,097
3,674(20,396)
1,075,285

7.3%
0.6%
1.8%
2.7%
2.5%
0.3%

77,7948,050
19,46730,827
27,295
3,747(22,321)
1,110,259

2016/3 (Estimates)

2015/3*2
51.9% Building Business
Lifestyle Property Business
33.4% Residential Business
6.9% International Business
0.7% Investment Management
1.7% Architectural Design & Engineering
2.7% Hotel Business
2.4% Real Estate Services
0.3% Other
Eliminations or corporate

484,816
105,706
390,491

42.7%
9.3%
34.4%

415,000
81,000356,000

40.9%
8.0%
35.1%

71,176
14,885
19,46730,827
13,9393,747(24,799)
1,110,259

6.3%
1.3%
1.7%
2.7%
1.2%
0.4%

69,00022,00020,00032,00015,0004,000(19,000)
995,000

6.8%
2.2%
2.0%
3.2%
1.5%
0.3%

(Millions of yen)

(2) Operating income

2012/3

2013/3

2014/3

Building Business

146,007

107,667

108,172

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

4,792
1,609
8,020
1,464
1,190
(278)
(57)
181
(16,632)
146,299

2,317
11,180
8,371
2,129
1,234
474
1,058
(10)
(16,074)
118,349

27,7788,130
25,579
3,046
1,252
737
1,544
(246)
(14,724)
161,271(3) Rate of return

2012/3

2013/3

2014/3

2015/3*1
Building Business

116,277

128,982

Residential Business

27,778

11,605International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

25,579
3,046
1,252
737
1,544
(246)
(14,698)
161,271

26,068
4,064
663
754
1,111
16
(16,934)
156,332

2014/3

2014/3

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2015/3*1
Building Business22.1 %

21.9 %

Residential Business

6.9 %

3.1 %

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

31.8 %
48.4 %
6.3 %
2.5 %
5.7 %
-6.7 %

33.5 %
50.5 %
3.4 %
2.4 %
4.1 %
0.4 %

*2
Building Business
Lifestyle Property BusinessResidential Business2016/3 (Estimates)

102,820
26,162
12,114

100,000
18,00014,00025,901
4,282
663
754
524
16
(16,906)
156,332

13,000
2,000
500
1,000
1,000
0
(14,500)
135,000

2015/3

2016/3 (Estimates)

21.2 %
24.7 %
3.1 %

24.1 %
22.2 %
3.9 %

36.4 %
28.8 %
3.4 %
2.4 %
3.8 %
0.4 %

18.8 %
9.1 %
2.5 %
3.1 %
6.7 %
0.0 %

Building Business28.6 %

24.3 %

22.3 %

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

1.4 %
2.9 %
19.0 %
24.7 %
6.0 %-1.2 %-0.2 %
5.2 %0.7 %22.2 %
13.7 %
30.0 %
6.3 %
1.7 %
3.9 %
-0.2 %

6.9 %
16.9 %
31.8 %
48.4 %
6.3 %
2.5 %
5.7 %
-6.7 %

14.4 %

12.8 %

15.0 %

15.0 %

14.1 %

14.1 %

13.6 %

2012/3

2013/3

2014/3

2014/3

2015/3

2015/3

2016/3 (Estimates)

International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate(Millions of yen)

(4) Depreciation
Building Business

55,94856,47957,500Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

1,932
1,766
5,673
40
73
1,174
512
86
254
67,465

2,664
6,248
5,987
38
72
1,088
457
84
242
73,364

3,032
4,985
6,748
43
72
1,162
407
223
629
74,805*1
Building Business

62,48559,960Residential Business

3,032

2,728

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

6,748
43
72
1,162
407
223
629
74,805

7,378
55
103
1,322
333
159
654
72,696*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

48,665
11,294
2,762

-

6,404
1,029
103
1,322
300
159
654
72,69675,000*1 As of April 2014, the Commercial Property Development & Investment Business has been integrated into the Building Business.
*2 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 Management Business.
・Mitsubishi Jisho House Net Co., Ltd has been moved from the Real Estate Service Business to the Residential Business.

8

(Millions of yen)(5) Operating income before depreciation

2012/3

2013/3

2014/3

Building Business

201,955

164,146

165,672

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

6,724
3,375
13,693
1,504
1,263
896
455
267
(16,378)
213,764

4,981
17,42814,358
2,167
1,306
1,562
1,515
74
(15,832)
191,71330,81013,11532,327
3,089
1,324
1,899
1,951
(23)
(14,095)
236,076

2014/3

2015/3*1
Building Business

178,762

188,942

Residential Business

30,81014,333

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

32,327
3,089
1,324
1,899
1,951
(23)
(14,069)
236,076

33,446
4,119
766
2,076
1,444
175
(16,280)
229,028

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2016/3 (Estimates)

151,485
37,456
14,876-32,305
5,311
766
2,076
824
175
(16,252)
229,028

210,000(Millions of yen)

(6) Capital expenditure

2012/3

2013/3

2014/3

Building Business

143,767

128,016

91,242

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

8,511
81,00757,330
54
26
1,251
734
119
(131)
292,671

32,25445,910
5,196
16
39
793
469
25
1,759
214,481

18,3804,907
48,394
35
53
2,040
294
869
6,360
172,579

2014/3

2015/3*1
Building Business

96,149120,704

Residential Business

18,38022,108International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

48,394
35
53
2,040
294
869
6,360
172,579

45,947
242
677
3,290
408
382
(2,304)
191,457

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2016/3 (Estimates)

87,53633,16822,167-

21,261
24,927
677
3,290
349
382
(2,304)
191,457(Millions of yen)

(7) Total assets

2012/3

2013/3

2014/3

Building Business

2,915,905

3,030,858

3,040,634

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

685,447
230,467
328,935
28,147
21,52023,462
25,171
27,468100,489
4,387,015

602,166
432,556
383,824
31,24023,10824,152
25,10327,261
131,248
4,711,521

662,350
403,188452,048
30,03524,246
24,63624,781
28,02575,4204,765,368*Exchange rate

2014/3

¥/$
¥ /￡

*1
Building Business

3,433,585

3,416,285

Residential Business

662,350

597,587

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

455,358
30,03524,246
24,63624,781
28,02582,347
4,765,368

595,293
31,03024,98528,03427,505
27,696
153,106
4,901,526<2015/3>
PL 105.79
PL 174.18

BS 120.55
BS 187.03

2015/3

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2016/3 (Estimates)

3,094,967
321,405
605,504-

479,785
146,538
24,98528,034
20,731
27,696
151,876
4,901,526

5,190,000<2016/3 (Estimates)>
PL 117.00
BS 117.00
PL 175.00
BS 175.00*1 As of April 2014, the Commercial Property Development & Investment Business has been integrated into the Building Business.
*2 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 Management Business.
・Mitsubishi Jisho House Net Co., Ltd has been moved from the Real Estate Service Business to the Residential Business.

93. Building Business Revenue from Operations Breakdown (Consolidated) *1(Millions of yen)

2012/3

2013/3

2014/3

2014/3 *2

2015/3 *2

2015/3 *3

2016/3(Estimates) *3

Leasing

378,804

379,525

403,319

409,175

416,631

347,757

Property Management

16,83418,184

17,866

17,696

19,721

19,389351,000
23,000Contracted Work12,58911,035

11,56011,463

14,50014,50013,000District Heating and Cooling Services

7,828

8,326

8,991

8,991

8,724

8,724

8,000

Other (Sales of assets etc.)

94,792

25,67542,49178,503

128,083

94,44320,000Total

510,850442,748484,229525,829587,660

484,816

415,000*1 Including revenue from other segments.
*2 As of April 2014, revenue from operations from the former Commercial Property Development & Investment Business is included in calculations.
*3 As of April 2015, revenue from operations from the Lifestyle Property Business is not included in calculations.

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

2012/3

2013/3

2014/3

2015/3

3,752

3,907

4,053

4,184

Owned by MEC

2,498

2,446

2,514

2,629

Subleases

1,253

1,460

1,539

1,555

Contracted area

* As of April 2014, figures include the contracted area from the former Commercial Property Development & Investment Business’ properties (excluding logistics).

5. Building Business Data (Unconsolidated)(Thousands of square meters)

2012/3

2013/3

2014/3

2015/3

2016/3(Estimates)

Owned by MEC

3,269

3,293

3,288

3,326

3,369

Subleases

1,769

2,152

2,292

2,345

1,895

Total

5,038

5,444

5,580

5,670

5,263

3,073

3,218

3,475

3,504

3,228

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

3.58 %

3.98 %

5.29 %

2.80 %

2.5 %(4) Average rent (All uses in Japan)¥23,974¥23,850¥23,861¥23,587¥24,500* The average rent is per 3.3 square meters per month.
* As of April 2014, the floor space and rent from the former Commercial Property Development & Investment Business (not including logistics) are included in calculations.
* As of April 2015, the floor space and rent from the Lifestyle Property Business are not included in calculations.

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

2012/3

2013/3

2014/3

2015/3Operating floor space

2,687

2,758

2,755

2,583

Leasable area

1,605

1,626

1,714

1,571

Office vacancy rate
Building lease revenue

2.42 %¥196,710

3.66 %¥194,2034.32 %¥204,621

1.82 %¥202,784

10

7. Condominium Business Data
2012/3
2013/3
Condominiums sold (Millions of yen)
243,638
196,404
Condminiums sold (units)
5,482
4,552
Gross margin17.3 %
18.8 %
Inventory (units)
296
127
New Supply of condominiums (units)
5,882
5,334
* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales

Regional Breakdown of Land Acqusition (April 1, 2014 - March 31, 2015)* The figures are based on Revenue.

2014/3288,938
6,259
19.1 %
107
5,920

2015/3
239,4224,603
17.3 %
141
5,119

2016/3(Estimates)
223,000
4,100
17.0 %
4,000

Central Tokyo

Other area of Tokyo

21.0 %

39.4 %

2013/3

2014/3Kanagawa, Saitama, Chiba

20.8 %

8. Special Purpose Vehicle Data

18.8 %(Billions of yen)
2012/3

2015/3

Building Business
Equity investment by Mitsubishi Estate

99.2(Unconsolidated)
Equity investment by other companies

104.7(Unconsolidated)
Interest bearing debt borrowed by SPV

611.3(Unconsolidated)

31.5
31.5
58.6
58.6
314.8
296.8

64.4
32.2
48.5
48.5
255.9
237.8

206.8
102.3
102.5
102.5
157.9
157.8

15.4
-

15.4
-

0
-

153.0
72.9
27.3
15.8
301.2
139.9

136.8
72.9
22.6
17.9
314.0
153.3

200.0
104.4
85.9
74.4
616.0
436.7

216.7
105.2
71.1
66.5
570.0
391.2

Residential Business
Equity investment by Mitsubishi Estate

33.6(Unconsolidated)
Equity investment by other companies

2.2(Unconsolidated)
Interest bearing debt borrowed by SPV

4.3(Unconsolidated)
Commercial Property Development & Investment Business
Equity investment by Mitsubishi Estate

109.4(Unconsolidated)
Equity investment by other companies

30.0(Unconsolidated)
Interest bearing debt borrowed by SPV

377.6(Unconsolidated)
Total
Equity investment by Mitsubishi Estate

242.4(Unconsolidated)
Equity investment by other companies

137.0(Unconsolidated)
Interest bearing debt borrowed by SPV

993.3(Unconsolidated)* 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%* According to the adoption of new accounting standards, TMK Vehicles are newly consolidated from the beginning of fiscal year ending March 31, 2013.
* As of April 2014, the TMK・TK vehicles of the former Commercial Property Development & Investment Business are included in the Building Business.

11

Other area of Japan

206.9
102.3
102.5
102.5
157.9
157.8

9. Total Assets of Major Overseas Subsidiaries
Main Location
2015/3 *1,2,3
Currency Exchange RateUSA
¥ / $(BS) 120.55
Rockefeller Group, Inc.
332.9 billions of yen¥ /￡(BS) 187.03
Mitsubishi Estate Europe Limited *4
UK
159.7 billions of yen
Mitsubishi Estate Asia Pte. Ltd. *5
Asia¥ /S$(BS) 91.15
60.3 billions of yen*1 Before consolidation adjustments.
*2 Due to overseas subsidiaries closing accounts in December, figures from 3 months previous are used.
*3 This amount is for the total assets of the International Business and the overseas Investment Management Business.
*4 Mitsubishi Estate Europe Limited is a holding company covering European companies, including Mitsubishi Estate London Ltd.
*5 Including the equity investments directly by Mitsubishi Estate.

10. International Business (Rockefeller Group, Inc.)(Millions of yen)

2012/122013/12
2014/122011/122015/12(Estimates)<Revenue>
Development, Leasing, Property Management
32,72751,31633,73462,003
57,842
Other
3,988
3,664
5,198
8,313
19,355
Total
36,71554,98038,93370,316
77,197<Operating Income>Development, Leasing, Property Management
8,820
9,887
10,497
27,96913,857
Other
52
(242)
266
(347)
1,934
G&A expense(1,929)(1,856)(1,890)(1,642)(1,828)
Total
6,944
7,788
8,873
25,97913,963* As of January 2015, the overseas investment management business has been moved from the International Business to the Investment Management Business;
however figures for the overseas investment management business are included.

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)

At March 31, 2012

At March 31, 2013

215,741
41,927866
120,573
328,127
8,632
7,208
859
288,548
15,14858,199(2,130)1,083,704

192,076
29,925
612
152,354343,621
8,615
5,509
935
208,523
21,06463,736(201)
1,026,773

224,12128,5391,333
66,484
319,355
8,609
7,195
1,012
223,911
21,15245,014(208)
946,522

197,169
35,873
2,179
52,102
314,305
8,646
6,594
1,002
251,249
17,01065,244(571)
950,806

825,602
20,646
1,672,379
308,932
41,037
13,6372,882,235

885,994
24,733
1,883,246
377,854
33,90918,0983,223,836

896,947
23,1891,897,116
440,852
53,657
16,841
3,328,605

846,652
21,161
1,839,707
532,774
90,69415,022
3,346,013

88,8897,454
96,34486,947
7,485
94,432

87,913
8,139
96,05287,021
33,210120,232

173,991
1,672
101,833
7,803
41,407(1,978)324,730
3,303,310
4,387,015

201,005
1,601
110,689
16,79838,309(1,924)366,479
3,684,748
4,711,521

213,656
1,532
113,015
6,320
10,15051,356(1,844)394,1883,818,846
4,765,368

280,809
1,448
112,397
23,194
10,504
57,840(1,722)484,473
3,950,719
4,901,526

13

At March 31, 2014

At March 31, 2015

At March 31, 2012
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Current portion of long-term debt
Commercial paper
Bonds due within one year
Accrued income taxes
Provision for loss on guarantees
Deferred tax liability
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
Accrued employees' retirement benefits
Net defined benefit liability
Accrued directors' retirement benefits
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
Minority interests
Total net assets
Total liabilities and net assets

At March 31, 2013

At March 31, 2014

(Millions of yen)
At March 31, 2015

77,86079,002
147,695
76,235
15,455
162,804
559,053

53,044
68,291
166,445
35,00057,567
8,935
7,030
879
142,249
539,444

105,271
63,762
343,127
56,595
14,423947
183,619
767,747

95,632
77,881
86,61728,00040,2259,934
205
181,210
519,707560,000
845,635
373,189
181,398
321,230
15,420712
82,99573,4632,454,046
3,013,100

689,664
1,058,240
378,876
194,827
321,972
16,671743
88,14356,9252,806,065
3,345,509

645,000
855,052
383,083
192,938
319,090
20,380593
92,35642,0322,550,527
3,318,275

645,000
1,044,387
381,605
206,079
280,672
23,068656
77,172
83,012
2,741,655
3,261,362

141,373
170,485
471,087(4,366)
778,580

141,373
170,485
413,392(4,585)
720,666

141,373
170,485
465,757(4,811)
772,805

141,373
162,638
538,687(5,259)837,440

47,251(238)
500,647(69,449)478,211451
116,672
1,373,915
4,387,015

70,608(221)
498,103(49,608)
518,881500
125,963
1,366,011
4,711,521

75,971
125
493,153(8,249)(4,748)556,252494
117,540
1,447,093
4,765,368

127,609(5)
504,756
20,7985,238
658,398500
143,825
1,640,163
4,901,526

14

2. Consolidated Income Statements(Millions of yen)
2012/3
1,013,069
146,299

2013/3927,157
118,349

2014/3
1,075,285
161,271

2015/3
1,110,259
156,332

2016/3 (Estimates)
995,000
135,000

Revenue from operations
Operating income
Non-operating income
Interest income
334
420
232
287
500
Dividend income
3,829
3,603
3,876
4,577
4,000
Amortization of consolidation goodwill
835
835
Equity in earnings of unconsolidated subsidiaries and affiliates
515
517
1,547
1,372
Other non-operating income
3,606
4,759
3,666
2,850
2,500
Total non-operating income
9,122
10,136
9,323
9,087
7,000
Non-operating expenses
Interest expense
23,04624,54022,12921,07221,000Loss on disposal of fixed assets
6,586
5,744
4,029
4,780
5,000
Other non-operating expenses
5,124
5,819
4,796
6,454
3,000
Total non-operating expenses
34,756
36,10430,95632,30629,000
Income before taxes and special items
120,665
92,381
139,638
133,113
113,000
Extraordinary income
Gain on sales of fixed assets
2,205
6,165
6,702
36,551Gain on sales of investment securities
15,000Gain on negative goodwill
1,374
4,942
12,256
Total extraordinary income
2,205
7,540
11,644
48,807
15,000Extraordinary loss
Loss related to retirement of fixed assets
7,728
24,3382,303
6,190
10,000
Impairment loss
18,133
2,826
32,64473,725
Loss related to measures of soil pollution
1,569
Impairment loss on equity investments
3,011
8,985
7,648
Loss related to serviced apartment business
3,618
Loss related to termination cost of employee benefit facility (clinic)
1,296
Provision for loss on guarantees
7,030
Provision for loss on obligations of additional investments
1,804
Total extraordinary loss
35,35743,181
42,596
81,71910,000
Income before income taxes and minority interests
87,51356,741
108,685
100,201
118,000
Corporation tax, inhabitants' tax and enterprise tax
28,715
16,52822,40323,19036,000
Income taxes for prior periods
20,684
Income taxes-deferred(10,070)(14,620)(2,359)(9,814)
Profit*68,86954,833
67,95786,82582,000
Profit attributable to non-controlling interests*
12,356
9,325
3,660
13,487
12,000
Profit attributable to owners of parent*
56,51245,50764,29773,33870,000* In accordance with amendments to the Accounting Standard for Business Combinations etc., changes in titles appearing in the consolidated financial statement have been applied as of FY2016.

15

3. Consolidated Cash Flow Statements(Millions of yen)

2012/3

2013/3

2014/3

2015/3

2016/3 (Estimates)

Income before income taxes and minority interests

87,51356,741

108,685

100,201

118,000

Adjustment for extraordinary income or loss

32,22324,71534,95532,9545,000

Depreciation and amortization

67,46573,36474,80572,69675,000Decrease (increase) in inventories

109,481

43,17393,854110,219(40,500)

Decrease (increase) in equity investments(82,423)(24,319)(18,180)(35,973)(73,000)

Other

16,788(17,975)

71,470(45,659)(33,500)

Income taxes, etc.

(27,805)(33,413)(29,102)(34,360)(16,000)

203,243

122,286

336,489

200,078

35,000

2,907

2,429

1,034

624

35,000Net cash provided by (used in) operating activities
Proceeds from sales of marketable securities andinvestment securities
Proceeds from sales of property and equipment andbeneficial interests in trust of property and equipment

10,592

10,00033,854

167,645

4,000(282,171)(208,135)(159,677)(177,331)(320,000)(3,338)(22,287)(8,748)(37,506)(17,000)(272,009)(217,992)(133,537)(46,568)(298,000)

Newly acquired funds

347,169

587,403

181,349

328,053

375,500

Repayment(271,023)(569,256)(275,254)(505,027)(115,500)

Cash dividends paid

(21,342)(25,747)(25,448)(21,684)(24,000)

2,385

34,751(58,161)

9,549(6,000)Net cash provided by (used in) financing activities

57,18927,150(177,514)(189,109)

230,000

Effect of exchange rate on cash and cash equivalents(2,262)

3,838

8,321

1,235

-

Net increase (decrease) in cash and cash equivalents(13,839)(64,716)

33,758(34,363)(33,000)

7

42,724

-

6,658

-

(66)

(1,942)

(856)

-

-

607

-

-

-

-

Purchases of property and equipment
Other
Net cash provided by (used in) investing activities

Other

Increase in cash and cash equivalents from newly
consolidated subsidiary
Decrease in cash and cash equivalents resulting
from exclusion of subsidiaries from consolidation
Increase in cash and cash equivalents resulting
from merger
Increase in cash and cash equivalents resulting
from share transfer
Cash and cash equivalents at the beginning of year
Cash and cash equivalents at the end of year

-

-

-

1,455

-

229,062
215,771

215,771
191,837

191,837
224,739

224,739
198,489

199,000
166,000

16

4. Total Assets, Capital Investment and Depreciation (Consolidated)
2012/3(Millions of yen)

2013/3

2014/3

2015/3

2016/3 (Estimates)

Total assets

4,387,015

4,711,521

4,765,368

4,901,526

5,190,000

Capital investment

282,171

208,135

159,677

177,331

320,000

Depreciation

67,46573,36474,80572,69675,000(Millions of yen)

2015/3 Capital investment

Mitsubishi Estate Building Business

177,300 million yen

Marunouchi redevelopment construction cost etc. = 64,000

97,700

Refurbishment cost etc. = 20,600
Other

Other

Residential Business = 12,800

79,600 etc.

2016/3 Capital investment (Estimates)

Mitsubishi Estate Building Business

320,000 million yen

Consolidated TMK = 17,200

Mitsubishi Jisho Residence = 7,600

Mitsubishi Estate・Simon = 7,100

Mitsubishi Estate Europe = 6,000

Sunshine City = 5,600

Marunouchi Heat Supply = 2,600

Royal Park Hotels & Resorts = 2,600

Rockefeller Group, Inc., Rockefeller Group, Inc. = 27,600

Marunouchi redevelopment construction cost etc. = 148,000

179,500

Refurbishment cost etc. = 11,000
Other

Other

Lifestyle Property Business = 18,000

Rockefeller Group, Inc., Consolidated TMK = 39,000

Mitsubishi Estate Europe = 24,000

Rockefeller Group, Inc. = 33,000

Mitsubishi Jisho Residence = 20,000 Mitsubishi Estate・Simon = 6,000

140,500 etc.

Sunshine City = 5,000

Mitsubishi Estate Asia = 6,000

Marunouchi Heat Supply = 3,000* Major inter-group transactions are eliminated.
* Mitsubishi Estate Europe Limited is a holding company covering European companies, including Mitsubishi Estate London Ltd.
* As of April 2015, domestic retail & logistics property businesses (not including some multi-use facilities ）no longer feature in the Building Business, now featuringin the newly created Lifestyle Property Business.
* As of April 2015, the residential leasing business has been moved from Mitsubishi Estate’s Residential Business to Mitsubishi Jisho Residence Co., Ltd.

5. Interest-Bearing Debt (Consolidated)(Millions of yen)

2012/3

2013/3

2014/3

2015/3

2016/3 (Estimates)

Interest-bearing debt

1,716,890

2,085,417

1,973,042

1,929,355

2,190,000

Net interest-bearing debt *1
Interest expense

1,501,118
23,087

1,893,580
24,594

1,748,303
22,176

1,730,866
21,0992,020,000
21,000Financial income and expense (net) *2(18,923)(20,571)(18,067)(16,234)(16,500)

Average interest rate *3

1.38 %

1.29 %

1.09 %

1.08 %

1.05 %

Debt equity ratio *4

1.37

1.68

1.48

1.29

1.43

*1 Net interest-bearing debt = Interest-bearing debt - Cash and cash equivalents*2 Financial income and expense = Interest income + Dividend income - Interest expense*3 Average interest rate = Interest expense / Interest-bearing debt (average)*4 Debt equity ratio = Interest-bearing debt / Shareholders' equity

176. Major Consolidated Subsidiaries
2015/3 Results(Millions of yen)
Revenue fromoperations

Share of MEC

Mitsubishi Estate・Simon Co., Ltd.
Mitsubishi Jisho Residence Co., Ltd.
Mitsubishi Estate Home Co., Ltd.
Mitsubishi Jisho Community Co., Ltd.
Rockefeller Group, Inc.
Mitsubishi Estate Europe Limited
Mitsubishi Jisho Sekkei Inc.
Royal Park Hotels & Resorts Co., Ltd.
Royal Park Hotel Co., Ltd.
Mitsubishi Real Estate Services Co., Ltd.

Net income

Total assets

Shareholders' equity

Interest-bearing
debt

414,683

77,56479,87551,347

4,067,775

1,289,332

1,716,149

42,018100.00%64.16%
63.20%
60.00%
100.00%100.00%71.47%
100.00%100.00%100.00%100.00%55.71%
100.00%-65,62013,72827,171
39,954
254,497
28,57233,36770,316
7,028
15,501
22,078
9,917
13,9391,110,259

4,145
482
7,178
14,292
3,537
166
2,283
25,979
3,006
1,746
478
494
797
156,332

4,183
475
5,990
14,464
2,753
171
2,273
24,238
2,442
1,785
425
353
1,532
133,113

2,681
414
3,766
8,828
3,484
155
1,645
(1,386)
1,537
883
389
171
1,237
73,33870,08323,07097,36393,350453,871
10,821
8,917
332,941
159,70922,591
11,33516,016
20,772
4,901,526

22,89319,001
51,61430,364
283,5552,550
3,416
187,965
82,28817,167909
7,348
15,126
1,495,838

44
950
20,54929,78062,065095,01073,020
5,037
4,840
35
1,929,355

135
2,467
5,315
5,528
893
195
137
4,791
2,013
92
642
688
300
72,696

2016/3 Estimates(Millions of yen)
Revenue fromoperations

Share of MEC
Mitsubishi Estate Co., Ltd.
Mitsubishi Jisho Property Management Co., Ltd.
Marunouchi Heat Supply Co., Ltd.
Sunshine City Corporation
Mitsubishi Estate・Simon Co., Ltd.
Mitsubishi Jisho Residence Co., Ltd.
Mitsubishi Estate Home Co., Ltd.
Mitsubishi Jisho Community Co., Ltd.
Rockefeller Group, Inc.
Mitsubishi Estate Europe Limited
Mitsubishi Jisho Sekkei Inc.
Royal Park Hotels & Resorts Co., Ltd.
Royal Park Hotel Co., Ltd.
Mitsubishi Real Estate Services Co., Ltd.

Depreciation-

Mitsubishi Estate Co., Ltd.
Mitsubishi Jisho Property Management Co., Ltd.
Marunouchi Heat Supply Co., Ltd.
Sunshine City Corporation

Operating income

Income before taxes
and special items

Operating income

Income before taxes Profit attributable
and special items
to owners of parent

Total assets

Shareholders' equity

Interest-bearing
debt

Depreciation-

372,000

62,00052,00049,0004,340,000

1,300,000

1,940,000

40,000100.00%64.16%
63.20%
60.00%
100.00%100.00%71.47%
100.00%100.00%100.00%100.00%55.71%
100.00%-64,165
13,382
26,494
41,898245,000
29,067
34,20977,197
6,683
15,90023,028
10,187
15,360995,000

3,936
389
5,819
13,42315,000284
2,149
13,963
3,032
1,640
274
639
1,200
135,000

3,972
396
4,808
13,30414,000290
2,139
12,719
2,066
1,670
206
516
1,309
113,000

2,578
1,049
3,217
8,602
9,400
259
1,329
3,572
(6,421)
1,080
171
334
1,000
70,00071,621
23,869100,20397,700601,000
12,0009,698
372,012
154,00923,377
11,50615,32021,3605,190,000

24,57820,05053,86533,609327,000
2,809
4,197
207,631
81,568
17,953
1,081
7,682
15,714
1,530,000

13
700
19,32630,944
170,000
0
115,886
68,323
4,237
3,920
35
2,190,000

120
2,138
5,336
6,290
1,625
200
149
10,456
2,108
132
898
712
331
75,000* Before consolidation adjustments.
* As of April 1, 2014, Mitsubishi Jisho Building Management and Mitsubishi Jisho Property Management were merged, and operate under the name Mitsubishi Jisho Property Management.
* As of July 1 2014, a new holding company, MITSUBISHI JISHO COMMUNITY HOLDINGS CO., LTD. was established as the sole parent company of Mitsubishi Jisho Community Co., Ltd. andMarubeni Community Co., Ltd., resulting in a decrease in stock holdings.
* Mitsubishi Estate Europe Limited is a holding company covering European companies, including Mitsubishi Estate London Ltd.
* In accordance with amendments to the Accounting Standard for Business Combinations etc., changes in titles appearing in the consolidated financial statement have been applied as of FY2016.

18