May 13, 2024

Q&A from IR Presentation (IR Meeting for FY2023)＜Long-Term Management Plan＞
Q．ROE is expected to decrease in FY2024, and gains on sales are anticipated to beslightly lower than in the previous year. Have you considered increasing the asset
turnover ratio and capital gains on properties to achieve 10% ROE?
A．Although ROE is forecast to decline over the FY2024, our long-term profit growthprospects are actually starting to look more positive. The combination of the sharebuyback, capital gains from overseas property sales and the completion of Torch
Tower, means that the Company is on track to achieve its ROE target of 10% for
FY2030. Capital gains on sales of properties are already high and are expected to
grow further in the future.
Q．What is your medium-term ROE forecast for the next few years?
A．Due to technical factors such as foreign currency translation adjustments, ROE is notexpected to grow significantly over the next few years. However, we are firmly on
track for our goal of 10% ROE for FY2030.
Q．Please outline your strategy for how you plan to achieve a 10% ROE in the three years
after 2027. Will you accelerate share buybacks?
A．As for the strategy after 2027 towards to achieve the KPI targets, we would like toconsider this after implementing the current measures up to FY2026. We intend to
determine which measures have the best chance of success at improving ROE byconsidering future market conditions at the same time as working to maximize
profits from the completion of Torch Tower and the sale of overseas assets.
Q．If the operating profit target is achieved ahead of schedule, would it be feasible toconsider raising the KPI target?
A．At this current time, this is yet to be determined. There are several potential scenarios,
and we will evaluate them, taking into account the prevailing business and market
conditions, at such time as the operating profit target is achieved.

1

May 13, 2024

Q．In the scenario that the operating profit target of 350 billion yen is achieved before
the target date, what will be the growth drivers responsible? Are you also thinking
about further growth in the residential business?
A．We anticipate that the biggest driver of profit growth will be International Business,
and as such a great deal of investments has already been made, predominantly indeveloped countries. In particular, Australia has entered the payback period fromFY2025. In addition, we have plans to expand existing fee businesses such as
investment management business, real estate services business, and hotelmanagement business from the viewpoint of efficiency, while also earning fees fromreal estate development, As for the residential business, although procurement is
progressing, there are many properties currently undergoing redevelopment which
are expected to take time to complete, so our growth plan for this business is longerterm.
＜Marunouchi Property Business＞
Q．Is there a probability of property sales in Marunouchi as in the previous fiscal year?
A．We will continue to consider selling assets where tax payments are low and contributeto improving ROA efficiency as we did before with the Otemon Tower.
＜Commercial Property Business＞
Q．What revenue enhancement measures are in effect with regard to operational assets?
A．For hotels, by including our Royal Park Hotel brand, we will maximize revenues by
expanding our lineup. We will do this with external partners and by introducing
hotels in complexes. We will also enhance profitability by positioning all assets,
including offices and logistics, as operational assets, such as flexible workspacebusinesses, Regus and mobility centered next-gen facilities.
＜International Business＞
Q．What are the drivers for achieving profit targets upfront? What are the assumptionsof the trading market?
A．The driver of profit growth in international business is mainly gains on property
sales. We assume a certain degree of normalization in the trading markets and, in
the US, we're working under the assumption of decreases in interest rates.

2

May 13, 2024

＜Investment Management Business＞
Q．Is there a risk of adjustment of incentive fees in the future?
A．Since interest rates are ceasing to rise and some funds are reaching the end of theirterms, we assume that the risk of adjustment of incentive fees will be limited in
FY2024. There is no revision to the company's long-term target of 30 billion yen in
operating profit, and the company expects steady profit growth to continue.
＜Asset Sales＞
Q．What is the volatility of gains on sales of properties in FY2024?
A．We will keep an eye on the trading market and work to maximize property sales
accordingly. Depending on the recovery of the overseas market, we may revise thebalance between domestic/international business.
＜Cross-Shareholdings＞
Q．What is your policy for reducing cross-shareholdings?
A．In FY2023, we sold a considerable amount of shares, and will continue to reduce ourcross-shareholdings
End of document3

Mitsubishi Estate IR Presentation

FY2023(The Fiscal Year Ending March 31, 2024)

Mitsubishi EstateLong-Term Management
Plan 2030 Review
For details of the "Long-Term Management Plan 2030", which began from April 2020, please see the following link.
https://www.mec.co.jp/en/ir/plan2030/

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Mitsubishi Estate IR Presentation

Updates on Business/Management Strategy

Review of shareholder return
Domestic asset

1)Progressive dividend2)Continuous share buyback

Improve profitability through reorganization

International asset

Accelerate achievement of the goal
Update of business strategy

Enhanced disclosure

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

1

Mitsubishi Estate IR Presentation

Execution

Review of shareholder return1)Progressive dividends2)Continuous share buyback
C O PCYORPI GYH
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Mitsubishi Estate IR Presentation

1

Review of shareholder return

Progressive dividend of \3 every fiscal year
Shareholder Return (Dividends)

Business Strength

Shareholder Value

Reflect upward growth prospect and implement \3progressive dividend every fiscal year (\60 or more in FY2030)
From Marunouchi/Outlets/flagship buildings (Yen)in the US/UK
65

Stable rental CF\60 or more

Dividend per share

60

Increase dividend by\3 every fiscal year

55

After completion of Torch Tower,
8 Bishopsgate, etc.,

Further growth ofrental CF

50
45

43

38

40

36
33

35
30

By monitoring the Market

40

Continuous/Stableshareholder return

30
26

31

Improved
foreseeability

25

Maximize profits on sale 20
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3

Mitsubishi Estate IR Presentation

1

Review of shareholder return

Continuous Share Buyback
Business Strength/
Management Strategy

High-level gains
on sale of property

Shareholder Return (Share Buyback)\50 billion share buyback decided in FY2024\50 billion/year buyback estimated also in FY2025/FY2026

Based on market insight,

Consider additional Share Buyback depending
on share price/CF, etc.

Maximize profits on saleOccasionally consider
addition

Including Marunouchi assets,

Strategic return
Sale of crossshareholdings, etc.

Shareholder Value

Base
Annually around\50 billion

Improved stability/
foreseeability
Occasionallyadditional return
Cancel after
completing acquisition

FY2024 FY2025 FY2026
COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

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Mitsubishi Estate IR Presentation

Execution

Domestic asset
Improve profitability through reorganizationC O P YCROI G
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Mitsubishi Estate IR Presentation

2

Domestic asset ‒ Improve profitability through reorganization

By clarifying the business model/responsibility for profit and loss to enable

Visualize and Refine the Earning Power
Commercial Property Business
Split into Marunouchi Property Business andCommercial Property Business

Marunouchi Property Business
Compelling differentiation for Marunouchi,
and profitability improvement

Commercial Property Business
Capital recycling business of office / logistics /commercial / hotels, and improved competitiveedge/profitability of operational assets

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6

Mitsubishi Estate IR Presentation

2

Domestic asset ‒ Improve profitability through reorganization ‒ Marunouchi Property Business

Marunouchi Property
Business

Commercial Property
Business

Compelling differentiation for Marunouchi,
and profitability improvement

Capital recycling business of office / logistics /commercial / hotels, and improved competitiveedge/profitability of operational assets

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

7

Mitsubishi Estate IR Presentation

2

Domestic asset ‒ Improve profitability through reorganization ‒ Marunouchi Property Business

Compelling differentiation of Marunouchi,
and improvement of its profitability
Leasing

Reaffirm/refine the value of Marunouchi as town toPropertysale

Strategic sale of assets

Improve profitability

Improve efficiency/Actualize unrealized gains©Mitsubishi Jisho Design Inc.
COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

8Mitsubishi Estate IR Presentation

2

Domestic asset ‒ Improve profitability through reorganization ‒ Marunouchi Property BusinessChange in External Environment
Change in the style of offices→Diverse values to both businesses and workers matters

Full-blown inflation

Utilizing changes in external environment and advantages to higher office rents
Outstanding location advantage
Ranked No.1* city to work in
5th：
Yurakucho

Accessibility
Business concentration

Providing new value to the area
Workplaces that meet
diverse needs

Providing a place forinnovation

Stations/Railway lines

13 stations 28 lines(7.7%)

4th：
Ikebukuro(11.5%)

3rd：Shinjuku West(12.1%)

2nd：
OtemachiWorkers
Approx.

(12.3%)

350k

Businesses
Approx.

5,000*Colliers 2022 Ranking of the best places to work in Tokyo
COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

9Domestic asset ‒ Improve profitability through reorganization ‒ Marunouchi Property Business

A wide line-up of workspace addressing the needs of businesses/workers
Flexible offices

7 sites

4 sites

Offices with fixtures, andserviced offices comprising ofreception, conference roomand lounge area

Serviced offices with premium
feel of high quality/added
value

Touch down function

173 sites nationwide
Rental offices with Japan slargest number of locations,catered to various work styles

Mitsubishi Estate IR Presentation2

100 sites in Tokyo
Increase productivity using
spare time and space
efficiently

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10

Domestic asset ‒ Improve profitability through reorganization ‒ Marunouchi Property Business

Provide software and venues for innovations (innovation ecosystem)
FintechInternational businesses
EGG／The M Cube

DeeptechInspired.Lab

Global Business Hub TokyoAll Genres
TOKIWA BRIDGE

Mitsubishi Estate IR Presentation

2

FINOLAB

Number of companies founded in
the last decade

Approx.

1,000

Cumulative number of businesses
occupying startup facilities

Over

400

Number of participants in organizations thatconnect leading companies with startups

Over

250 companies/groups
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11

Mitsubishi Estate IR Presentation

2

Domestic asset ‒ Improve profitability through reorganization ‒ Marunouchi Property Business

Improve profitability of the entire area
Improvement in profits→Most effective use through area managment→Expansion/Evolution of service

Cost efficiency→Cost management
Active use of Nakadori≈

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

12

Domestic asset ‒ Improve profitability through reorganization ‒ Marunouchi Property Business

Strategic sale of assets
Improve efficiency and actualize unrealized gains

FY2019FY2023Otemachi Park Building(Sale of some stock holdings)

Otemon Tower(Sale of some stock holdings)
COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

Mitsubishi Estate IR Presentation

2

13

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business

Marunouchi Property
Business

Commercial Property
Business

Compelling differentiation for Marunouchi,
and profitability improvement

Capital recycling business of office / logistics /commercial / hotels, and improved competitiveedge/profitability of operational assets

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

Mitsubishi Estate IR Presentation

2

14

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business

Capital recycling business of office/logistics/commerce/hotels,
and improved competitive edge/profitability of operational assets

Property sale

Through market opportunities,
sustainable/high-level

gain on sale of property

Leasing
Operation

High quality building assets in good
locations, and operational assets,
including outlets and hotels,

improve profitability

Mitsubishi Estate IR Presentation

2

Fees

Active use of our know-how toearn various fees, andhighly efficient profits

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

15

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business(Billions of yen)

Capital Gain Results (Total Domestic Asset Business)

80.0

75.0
Residential(excluding Condominium)

66.0

Hotel and other

60.0

23.0

Logistics facility

Mitsubishi Estate IR Presentation

2

Office24.0

Sustainable/High-level
gain on sale of property

6.0

5.0

3.0

39.0

40.0

20.0

47.0

7.0

33.0

7.0

10.0

8.0

14.0

43.0

8.0

35.0
28.0

24.0
15.0

0.0
FY2019FY2020

FY2021

FY2022

FY2023

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16

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business

Office development in prime areas selectively invested

3rd MINAMI AOYAMA

the ARGYLE aoyama

Completed in FY2022
Sold in FY2023

Completed in FY2020
Sold in FY2022

Mitsubishi Estate IR Presentation

2

Osaka Dojimahama Tower
Completed in FY2024

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

17

Mitsubishi Estate IR Presentation

2

Reorganization as a starting point to increase profitability ‒ Commercial Property Business

Short-term capital recycling businesswith small and mid-sized office CIRCLES
Number of developments: 33( 23 completed, 10 under development)

Number of buildings sold: 15
List of buildings
CIRCLES Shibuya
CIRCLES Ginza
CIRCLES Shiodome
CIRCLES Nishishinjuku
CIRCLES Gotanda
CIRCLES Ichigaya
CIRCLES Hirakawacho
CIRCLES Ochanomizu
CIRCLES Kanda Ekimae
CIRCLES Akihabara Ekimae
CIRCLES Kanada Ogawamachi
CIRCLES Nihonbashi Kobunacho
CIRCLES Nihonbashi Bakurocho
CIRCLES Nagoya Nishiki
CIRCLES Otonoha Hakata

CIRCLES Gotanda

CIRCLES Akihabara Ekimae

Completed in Nov.2023

CIRCLES Kanda Ekimae

Completed in Nov.2023

Completed in Dec.2023
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18

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business

Development of logistics facilities
in view of diversified needs
Next-generation core logistics facility
and next generations
Number of developments:

Mitsubishi Estate IR Presentation

240(23 completed, 17 under development)

Number of facilities sold:Tokyo Ryutsu Center Bldg. A (completed in Aug.2023)

20

Logicross Zama (competed in Nov. 2023)(Provisional name) Kyoto Joyo Core Logistics Facility
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19

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business

A diverse line-up of operational assets
Hotel Management
Business

ザ ロイヤルパークホテル アイコニック 京都

Outlet Business

Hotel Development
Business

Mitsubishi Estate IR Presentation

2

Hilton Okinawa Miyako Island Resort
Rinku Premium Outlet

The Royal Park Hotel Iconic Kyoto
Sendai Izumi
Sano
Fukaya Hanazono
Ami
Toki
Shisui
Kyoto Joyo
Gotemba
Kobe Sanda

Hotel Okura Kyoto Okazaki Bettei

Rinku
Tosu

The Royal Park Canvas Sapporo Odori Park

Gotemba Premium Outlet

Dorchester Collection @Torch Tower

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20

Mitsubishi Estate IR Presentation

2

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business

Capturing growing demand,
rental apartment business centeredon metropolitan area
Property including rental apartments
Number of developments:

111(60 buildings in operation, 51 buildings under development)

The Parkhabio Shinjuku (219 units)

The Parkhabio Yokohama Kannai (85 units)

The Parkhabio Sugamo (188 units)

The Parkhabio Kiba (223 units)

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21

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business

Earn various fees by fully leveraging the Group s expertise
MEC investment

Mitsubishi Estate IR Presentation

2

Third party investment

M itsubishi E s tate G roup
• Architectural Design &Engineering Business• Asset management• Property management• Brokerage business

Joint venture
InvestInvestReturnMEC

ReturnProvide know-hows such
as PJM/ML

Third party
investor

Provide the Group s expertise. Earn fees throughout the value chain.
COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

22

Domestic asset ‒ Improve profitability through reorganization ‒ Commercial Property Business

Earn various fees by fully leveraging the Group s expertiseGrand Green Osaka

Mitsubishi Estate IR Presentation

2

We obtain various fees as
managing company.

【Services provided by our Group】
Project management
Leasing management
Master lease
Property management
Architectural Design & Engineering Business
COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

23

Mitsubishi Estate IR Presentation

Execution

International asset
Accelerate achievement of the goal
Update of business strategy
C O P YCROI G
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International asset ‒ Accelerate achievement of the goal/Update of business strategy

Achieve of PL targets ahead of schedule
As of the release ofLong-Term Management Plan

Last 3 years results

Late 2020s(Average from FY2021 to FY2023)

Aim to achieve the LT
target ahead of schedule

30%
Operating profit

Operating profit
Operating profit\30.4 bn

Approx.

\65.5 bn

(Average from FY2017 to FY2019)

Total assets

Total assets\713 bn\1.3 tn(End of FY2018)21%

Mitsubishi Estate IR Presentation

3

49%(Breakdown of
total assets)
US
EuropeAsia/Australia\90 bnTotal assets
Approx.

\1.5 tn
ROA

Approx.

6%

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

25

International asset ‒ Accelerate achievement of the goal/Update of business strategy

Investment shifting to developed countries
Australia

London, UK

Mitsubishi Estate IR Presentation

3

1
3
2

1

8 Bishopsgate
Contract offers: over 85%

Total floor area:85,000㎡
Completion: Jun. 2023

180 George Street

Total floor area:62,710㎡
Completion: Sep.2022

Contract offers:
over 99%

２ One Circular Quay

3

Total floor area: 86,800㎡
Completion: 2027

Units: R1/315,R2/322
Completion:2024

One Sydney Harbour

Hotel : Sold
Condominiums:
Contracted over 90%
Condominiums:
Contracted over 70%
COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

26

International asset ‒ Accelerate achievement of the goal/Update of business strategy

Stable Rental Profit
US1271 Avenue of the Americas

London, UK

Mitsubishi Estate IR Presentation

3

1221 Avenue of the Americas
8 Bishopsgate

Warwic k Court

Overseas: Total rental profit over \ 20bn
*FY2023 results

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

27

Mitsubishi Estate IR Presentation

3

International asset ‒ Accelerate achievement of the goal/Update of business strategy

US

A development track record across the US, centeringon logistics facilities, rental apartments, and data centers
Sale records

SeattleMontana
Portland
Minneapoli

ChicagoNew York

DenverKansas City
Indianapolis

San Francisco

Eastampton

FY2 02 3

Location
Main use
Total floorarea

New Jersey
Logistics

EIRR

Approx.100%

31,000㎡

Stateline 7

FY2 02 3

Location
Main use
Total floor
areaSouth Carolina
Logistics

EIRR

Over 30%

93,000㎡

Nashville

Las Vegas

Charlotte

AlbuquerqueAtlanta

Los Angeles
DallasSan Diego
AustinVal Verde

HoustonJacksonville

Logistics facilities 36

Rental apartments 30

Data centers 3

FY2 02 2

Location
Main use
Total floor
area

California
Logistics

EIRR

Approx.100％

26,900㎡

Hanover

FY2 02 2

Location
Main use
Total floor
area

Pennsylvania
Logistics

EIRR

Approx.100％

42,100㎡

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

28

International asset ‒ Accelerate achievement of the goal/Update of business strategy

EuropeOver 30 years of Continued Large-scale Development andRealization of Development Profits in London Prime Locations

Past achievements

1

Clive House6245 Hammersmith
Road

2

3

Central Saint Giles

4

Paternoster Square

Bow Bells House

5

Mitsubishi Estate IR Presentation

3

8 Finsbury Circus

5

2

3

4

10

9
Tower Bridge

Buckingham Palace

London Eye

1
7

Sold

In operation

Big Ben6

7 1 Victoria Street

Sold

8

72 Upper Ground

Sold

Sold

10 8 Bishopsgate

Morello North & South

Rentalapt.

8
In operation

Realization of highdevelopment profits

In operation

9

The Lark

2

In operation

Central Saint Giles
Total floor
area

66,000㎡

Completion

2010

FY2022\39bn

Rentalapt.

Sold

Under development

5

In operation

Under development

8 Finsbury Circus
Total floorarea

23,000㎡

Completion

2016

FY2019\16bn

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

29

Mitsubishi Estate IR Presentation

3

International asset ‒ Accelerate achievement of the goal/Update of business strategy

Australia

Captured investment opportunities
of various asset types inprime locations of Sydney CBD
1

3

2

4
Under development

1

One Sydney Harbour Residences One

Held by Fund

560 Margaret Street

Under development

2

One Sydney Harbour Residences Two

Held by Fund6

130 Pitt Street

Under development

3

One Circular Quay

Under development

7

Parkline Place

Completed4

180 George Street

5

6

7

180 George Street

One Circular Quay

One Sydney Harb our

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

30

Mitsubishi Estate IR Presentation

Execution

Enhanced disclosure
C O PCYORPI GYH
R ITG©
H TM©
I TM
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B I SEHSITEASTTEACTO
E . ,C L
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H ITGSHRTESSREERSVEERDV. E D3. 1

Mitsubishi Estate IR Presentation

4

Enhanced disclosure

Hold IR Day【Further improved disclosure】

IR DAY2024.12・Separation of Commercial Property Business(Commercial Property Business/Marunouchi Property Business)

・Disclosure of operating profit by business line
・Disclosure of small MTG materials on website (Ja/En)
・Proactive holding of property tours, etc.

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

32

Review of shareholder return
Domestic asset

Mitsubishi Estate IR Presentation

Updates on Business/Management Strategy1)Progressive dividend2)Continuous share buyback

Improve profitability through reorganization

International asset

Accelerate achievement of the goal
Update of business strategy

Enhanced disclosure

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

33

Social value

Shareholder value

2030 target

2030 target

・Pursue tangible and intangible urban development
for the next generation
・Maintain commitment to reducing environmental impact

ROA

ROE

EPS

5%

10%

\200

・Consider people, empathize with people, protect people
・Create and circulate new value

Business profit 350~400bn

COP YRIGHT © MITSUBISH I ESTATE CO., LTD. ALL RIGH TS RESERVED .

34