February 10, 2021

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)

1. Income Statement Results for FY2021-3Q and FY2020-3Q
2. Current and Previous

II. Investment Data
III. Business Data

IV.Historical Performance Data(Consolidated)announced on November 11, 2020

3
Income Statement Estimates for FY2021

4

3. Current Income Statement Estimates for FY2021 and Results for FY2020

5

4. Balance Sheet Results at Periods Ended Dec 31, 2020 and Mar 31, 2020

6

5. Consolidated Cash Flow Statement Results for FY2020-3Q, Results for FY2021-3Q, Results for FY2020, and Estimates for FY2021

7

1. Investment data8

2. Assets Breakdown

9

1. Commercial Property Business Revenue from Operations Breakdown (Consolidated)

10

2. Office Building Data (Consolidated)

10

3. Office Building Data (Unconsolidated)

10

4. Marunouchi Area Building Data (Unconsolidated)

10

5. Domestic Condominium Business Data11

1. Major Performance Items

12

2. Segment Information (Consolidated)

13

V. Mitsubishi Estate Group Companies' Data

14~16

Disclaimer
This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance, our plans and objectives
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 FY2021-3Q and FY2020-3Q
Millions of yen (rounded down)

Overview
There is a decrease in revenue and operating income but an increase inincome before taxes and special items and profit attributable to owners ofparent compared with FY2020-3Q. In regards to revenue and operating
income, there is an increase in rental profits as a result of a full-year
operation of new buildings and a rent increase in existing buildings as wellas an increase in capital gains from sales of office buildings and logistic
facilities. However, the following factors led to an overall decrease inrevenue and operating income : a decrease in profits from retail properties
and hotels affected by spread of COVID-19; a decrease in revenue andprofits from asset sales in International Business.
Commercial Property Business
Office Buildings
A full-year operation of new buildings (e.g.Yotsuya Tower) and a rent increase inexisting buildings led to an increase in rental revenue and profits.
Retail Properties (e.g. outlet malls)
Factors such as a temporary closure during the state of emergency declaration in
Spring 2020 and a decrease in the number of customers led to a decrease in tenantsales. As a result, there is a great decrease in rental revenue and profits.
HotelsDue to factors such as a temporary closure during the state of emergency
declaration in Spring 2020 and a stagnant occupancy rates , performance is greatly
deteriorated.
Residential Business
There is a decrease in revenue and an increase in profits compared with FY20203Q. In regards to domestic condominiums, the number of condominiums units
sold is increased: however, a great number of condominiums sold in the suburbsof greater Tokyo area and provincial cities led to a decrease in average price perunit, thus resulted in a decrease in condominiums sales. On the other hand, there isan increase in profits as a result of improvement of the gross margin. There is anincrease in capital gains from sales of rental apartments.
International Business
There is a decrease in revenue and profits compared with FY2020-3Q. While anincrease in occupancy rates of the U.S. office building (1271 Avenue of theAmericas) and profits from condominiums business in Asia contribute to anincrease in income gains, there is a decrease in revenue and profits due to an effectof an office building disposition in the U.K. recorded in FY2020-3Q.

FY2021-3Q
Results

FY2020-3Q
Results

Millions of yen (rounded down)

Breakdown of Extraordinary income

Change(New Segment)

FY2021-3Q
Results

FY2020-3Q
Results

ChangeGain on sales of fixed assets

13,576-

Commercial Property Business

481,831488,950(7,119)Gain on sales of investment securities

2,034

-

2,034

Residential Business

206,086

215,593(9,507)

Total

15,610-15,610International Business

53,281

84,556(31,274)

Investment Management Business

14,537

14,070466

Architectural Design & Engineering Business and Real Estate Services Business

35,80236,872(1,070)

Other

5,682

6,383

(701)

Eliminations(19,338)(19,196)(141)

Revenue from Operations

777,883

827,231(49,347)(New Segment)

13,576

Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021-3Q
Results

FY2020-3Q
Results

ChangeLoss on valuation of investment securities

2,283

-

Impairment loss

2,646

-

2,283
2,646

Loss on liquidation of subsidiaries

13,856-

13,856

131,355

131,848(493)

Loss on infectious disease

5,698

-

5,698

Residential Business

6,972

3,120

3,851

Total

24,485-24,485International Business

20,21432,342(12,127)

Investment Management Business

2,642

2,349

292

Architectural Design & Engineering Business and Real Estate Services Business(2,819)(1,534)(1,284)

Other(1,499)(1,751)

252

Commercial Property Business

Reference
Capital Gains included in Operating Income

Millions of yen (rounded off to the nearest billion)

FY2021-3Q
Results

FY2020-3Q
Results

ChangeEliminations or Corporate(17,388)(16,860)(528)

Operating Income

139,477

149,515(10,037)

Commercial Property Business

17,0006,000

Non-operating revenue

23,782

11,506

12,275Residential Business

6,000

4,000

2,000

274

231

43

International Business

2,000

21,000(19,000)

23,794

26,794(3,000)Investment Management Business

-

-

-

139,465

134,227

5,238

Other

-

-

-

Eliminations or Corporate

-

-

-

25,00031,000(6,000)Equity in earnings of unconsolidated subsidiaries and affiliates
Non-operating expense
Income Before Taxes and Special Items

Capital Gains
11,000Extraordinary income

15,610-15,610Extraordinary loss

24,485-24,485

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

130,591

134,227(3,636)

Corporate tax, etc.

34,39135,572(1,181)

Profit96,19998,654(2,454)

Profit attributable to non-controlling interests

7,417

12,007(4,589)Profit Attributable to Owners of Parent

88,782

86,6462,135

Income Before Income Taxes and Minority Interests

Reference
Business Profit

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.

3

Business Profit

Millions of yen (rounded down)

FY2021-3Q
Results

139,752

FY2020-3Q
Results

Change149,746*Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates.

(9,994)

2. Current and Previous

announced on November 11, 2020

Income Statement Estimates for FY2021
Millions of yen (rounded down)

Reviewing the impact of COVID-19 and the outlook for asset sales etc.,
earning estimates are upgraded from the previous one. Operating income isincreased by 26 billion yen and profit attributable to owners of parent isincreased by 20 billion yen.
An increase in profit attributable to owners of parent resulted in an increaseof annual dividends per share by 5 yen, from 25 yen to 30 yen.
Factors contributed to an increase in operating income are : favorable sales
performances in domestic condominium business, cost reduction in officebuilding rental business, an increase both in domestic and international
asset sales etc.

FY2021
Current
Estimates

FY2021
Previous
Estimates

Millions of yen (rounded down)

Breakdown of Extraordinary income

Change(New Segment)

FY2021
Current
Estimates

FY2021
Previous
Estimates

ChangeGain on sales of fixed assets

13,00013,0000Commercial Property Business

678,000

674,000

4,000

Gain on sales of investment securities

3,000

2,000

1,000

Residential Business

362,000

320,000

42,000Total

16,00015,0001,000

International Business

100,000

88,00012,000Investment Management Business

20,00020,0000Architectural Design & Engineering Business and Real Estate Services Business

57,00058,000(1,000)

Other

9,000

8,000

1,000

Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021
Current
Estimates

FY2021
Previous
Estimates

Change(26,000)(26,000)

0

Loss related to retirement of fixed assets

2,000

8,000

(6,000)1,200,000

1,142,000

58,000Loss on valuation of investment securities

2,000

3,000

(1,000)

Impairment loss

2,000

-

2,000

Commercial Property Business

178,000

169,000

9,000

Loss on liquidation of subsidiaries

14,000-14,000Residential Business

21,00012,0009,000

Loss on infectious disease

6,000

6,000

0

International Business

38,00029,0009,000

Other extraordinary loss-

14,000(14,000)

Investment Management Business

4,000

4,000

0

26,00031,000(5,000)Architectural Design & Engineering Business and Real Estate Services Business

1,000

2,000

(1,000)Eliminations
Revenue from Operations(New Segment)

Total

Other

(1,000)(1,000)0Reference

Eliminations or Corporate(24,000)(24,000)

0

Capital Gains included in Operating Income

Operating Income

217,000

191,000

26,000Non-operating revenue

22,00018,000

4,000

300

300

0

Commercial Property Business

31,00022,0009,000

34,00034,0000

Residential Business

7,000

6,000

1,000

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

Millions of yen (rounded off to the nearest billion)

FY2021
Current
Estimates

FY2021
Previous
Estimates

ChangeCapital Gains

205,000

175,000

30,000International Business

10,000

3,000

7,000

Extraordinary income

16,00015,0001,000

Investment Management Business

-

-

-

Extraordinary loss

26,00031,000(5,000)

Other

-

-

-

195,000

159,000

36,000Eliminations or Corporate

-

-

-

Corporate tax, etc.

55,00038,00017,000Total

48,00031,00017,000

Profit140,000

121,000

19,000*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Profit attributable to non-controlling interests

10,00011,000(1,000)

Profit Attributable to Owners of Parent

130,000

110,000

20,000

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests

Reference
Business Profit
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.

4

Business Profit

Millions of yen (rounded down)

FY2021
Current
Estimates

217,300

FY2021
Previous
Estimates

Change191,300*Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates.

26,0003. Current Income Statement Estimates for FY2021 and Results for FY2020
Millions of yen (rounded down)

Overview
An overall decrease in income and profits is expected by considering theimpact of COVID-19. An increase in rental profits from both domestic andinternational office buildings is expected. Factors include an increase inoccupancy rate as a result of full-year operation of domestic new buildings
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 COVID-19 on
hotels and retail properties, such as outlet malls. Capital gains 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 of a 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 COVID19.
Hotels
A decrease in revenue and profits is expected due to a decline of occupancy rate asa result of an impact of COVID-19.
Capital gains from asset sales (e.g. office buildings, logistic facilities) are expected
to increase.
Residential BusinessIn regards to domestic condominiums, while sales from domestic condominiums
is projected to be the same level compared with FY2020, an increase in profits is
expected as a result of an improvement in the gross margin.
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 incapital gains is expected due to an effect of sales the U.K. office buildings in theprevious year.

FY2021
Estimates

FY2020Results

Millions of yen (rounded down)

Breakdown of Extraordinary income

Change(New Segment)

FY2021
Estimates

FY2020Results

ChangeGain on sales of fixed assets

13,0005,144Commercial Property Business

678,000

723,712(45,712)Gain on sales of investment securities

3,000

1,711

1,289

Residential Business

362,000

385,538(23,538)

Gain on amortization of negative goodwill-

14,915(14,915)International Business

100,000

134,175(34,175)

Gain on contribution for construction

Investment Management Business

20,00021,316(1,316)

Total

Architectural Design & Engineering Business and Real Estate Services Business

57,00057,128

(128)

Other

9,000

8,743

257

(26,000)(28,418)

2,418

1,200,000

1,302,196(102,196)

Eliminations
Revenue from Operations(New Segment)

7,856

-

4,480

(4,480)16,00026,251(10,251)

Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021
Estimates

FY2020Results

ChangeLoss related to retirement of fixed assets

2,000

5,445

2,000

2,344

(3,445)
(344)

-

3,240

(3,240)Commercial Property Business

178,000

187,855(9,855)

Loss on valuation of investment securities

Residential Business

21,00024,320(3,320)Loss on transfer of business

International Business

38,00046,156(8,156)

Impairment loss

2,000

10,884(8,884)

Investment Management Business

4,000

4,467

(467)

Loss on liquidation of subsidiaries

14,000-14,000Architectural Design & Engineering Business and Real Estate Services Business

1,000

2,407

(1,407)

Loss on infectious disease

6,000

-

6,000

Other

(1,000)(2,018)

1,018

Total

26,00021,874

4,126

Eliminations or Corporate(24,000)(22,420)(1,580)Operating Income

217,000

240,768(23,768)

Non-operating revenue

22,00012,377

9,623

300

229

71

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

Extraordinary income

Reference
Capital Gains included in Operating Income

Millions of yen (rounded off to the nearest billion)

FY2021
Estimates

FY2020Results

Change34,00033,574426

205,000

219,572(14,572)

Capital Gains
Commercial Property Business

31,00023,0008,000

16,00026,251(10,251)

Residential Business

7,000

10,000(3,000)International Business

26,00021,874

4,126

10,00028,000(18,000)

195,000

223,949(28,949)

Investment Management Business

-

-

-

Corporate tax, etc.

55,00058,533(3,533)

Other

-

-

-

Profit140,000

165,415(25,415)

Eliminations or Corporate

-

-

-

Profit attributable to non-controlling interests

10,00016,963(6,963)

Total

48,00061,000(13,000)

Profit Attributable to Owners of Parent

130,000

148,451(18,451)*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

Reference
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.

5

Business Profit
Business Profit

Millions of yen (rounded down)

FY2021
Estimates

217,300

FY2020Results

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

(23,698)

4. Balance Sheet Results at Periods Ended Dec 31, 2020 and Mar 31, 2020
Millions of yen (rounded down)

At Dec 31, 2020

At Mar 31, 2020

Millions of yen (rounded down)

ChangeAssetsAt Dec 31, 2020

At Mar 31, 2020

Change36,302
151,797
145,852
200,000
210,000
6,033
196,198
946,184

66,368115,306
156,778
50,00051,55029,773
194,225
664,001(30,066)
36,491(10,925)
150,000
158,450(23,739)
1,973
282,182

Total liabilities

645,584
1,384,410
462,467
232,828
264,046
26,770606
4,554
82,590135,128
3,238,986
4,185,171

775,584
1,278,678
459,177
215,852
264,063
26,919601
4,556
80,251
147,343
3,253,028
3,917,030(130,000)
105,7313,290
16,975
(17)
(148)
4
(1)
2,338
(12,215)(14,042)
268,140

Total shareholders' equity

142,279
164,357
1,011,542(105,258)
1,212,919

142,147
164,041
962,840(105,282)
1,163,746

131
315
48,702
24
49,173

101,953(2,321)
526,584(48,345)(4,078)573,792269
205,829
1,992,810
6,177,981

79,527(1,948)526,623(29,321)(4,163)570,716288
206,454
1,941,206
5,858,236

22,425(372)(38)(19,023)
84
3,075
(19)
(625)
51,604
319,744

Liabilities

I. Current assets

I. Current liabilities

207,896
50,3407,657
72,256247,677
975
7,390
1,005

162,573(8,134)(2,037)
7,129
10,239
(0)
4,116
140

1. Notes and accounts payable-trade

8. Other inventories

370,470
42,206
5,619
79,386257,916975
11,5061,145

9. Equity investments

436,490

450,520(14,029)

II. Long-term liabilities

10. Other current assets

87,189(429)
1,292,478

70,208(294)
1,115,634

16,980(135)
176,843

1. Bonds

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

11. Allowance for doubtful accounts
Total current assets

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. Other current liabilities
Total current liabilities

2. Long-term borrowings
3. Lease deposits received

II. Fixed assets

4. Deferred tax liability

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

5. Deferred tax liabilities on land revaluation

1,215,077
31,3372,235,913
580,291
110,759
17,242
4,190,621

1,174,536
27,712
2,152,812
608,331
126,311
17,5484,107,252

40,541
3,624
83,101(28,039)(15,552)(306)
83,3696. Net defined benefit liability
7. Accrued directors' retirement benefits
8. Provision for environmental measures
9. Negative goodwill
10. Other long-term liabilities
Total long-term liabilities

2. Intangible assets

Net Assets(1) Leaseholds(2) Other intangible assets
Total intangible assets

76,03025,032
101,062

72,76424,002
96,767

3,266
1,029
4,295

260,737
11,547
134,031
23,07015,076150,016(660)
593,819
4,885,503
6,177,981

236,969
10,924
126,092
21,336
16,266
127,636(643)
538,582
4,742,602
5,858,236

23,767
623
7,939
1,733
(1,190)22,380(17)
55,236
142,901
319,744

I. Shareholders' Equity
1. Capital
2. Capital surplus

3. Investments and other assets(1) Investment securities(2) Long-term loans(3) Lease deposits(4) Net defined benefit asset(5) Deferred tax assets(6) Other investments(7) Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

3. Retained earnings
4. Less treasury stock, at cost
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. Non-controlling interests
Total net assets
Total liabilities and net assets

65. Consolidated Cash Flow Statement Results for FY2020-3Q, Results for FY2021-3Q, Results for FY2020, and Estimates for FY2021
Millions of yen (rounded down)

FY2020-3Q Results

FY2021-3Q Results

Change-FY2020 Results

FY2021 (Estimates)

Change-134,227

130,591(3,636)

223,949

195,000(28,949)

Adjustment for extraordinary income or loss

5,237

7,586

2,349

(1,395)9,000

10,395

Depreciation and amortization

62,737

66,372

3,634

84,94189,0004,059

Decrease (increase) in inventories

31,402

23,630(7,772)

148,161

61,000(87,161)

Decrease (increase) in equity investments(44,128)

13,57457,702(43,217)(143,000)(99,783)

Other(47,571)(86,567)(38,995)(25,035)(56,000)(30,965)

Income taxes, etc.

(44,898)(57,138)(12,239)(45,636)(58,000)(12,364)

Net cash provided by (used in) operating activities

97,006

98,0491,043

341,766

97,000(244,766)

Proceeds from sales of investment securities

3,257

12,813

9,555

5,275

14,0008,725

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

6,357

29,78823,431

105,830

32,000(73,830)

Capital investment(221,279)(231,284)(10,004)(331,857)(350,000)(18,143)

Other(29,681)(18,887)

10,793(56,687)(13,000)

43,687

Net cash provided by (used in) investing activities(241,345)(207,570)

33,775(277,440)(317,000)(39,560)

Newly acquired funds

253,501

271,062

17,561

342,782

632,000

289,218

Repayment(221,907)(142,388)

79,518(305,736)(391,000)(85,264)

Cash dividends paid

(52,504)(48,054)4,450(53,846)(48,000)

5,846

Repurchase and disposal of own shares(70,018)(18)

70,000(100,024)-

100,024

Other

268,792

193,028(75,763)

87,937(50,000)(137,937)

Net cash provided by (used in) financing activities

177,862

273,629

95,766(28,886)

143,000

171,886

Cash and cash equivalents at the end of year

210,368

373,948

163,579

213,008

135,000(78,008)

Free Cash Flow

(144,339)(109,520)

34,81864,326(220,000)(284,326)

Income before income taxes and minority interests

7II. Investment Data
1. Investment data
Capital investment*

Millions of yen (rounded down)

FY2021-3Q

Equity investment

FY2021 (Estimates)

Millions of yen (rounded down)

FY2021-3Q

Total

231,284

Total

350,000

Mitsubishi Estate

122,347

Mitsubishi Estate

169,000

FY2021 (Estimates)

Total

27,595

Mitsubishi Estate

6,902

Total

167,000

Mitsubishi Estate

27,000(Breakdown)(Breakdown)(Breakdown)

Office Building Business

Office Building

International

4,183

Logistics Facility

23,000Logistics Facility

1,806International

3,000

Other

20,693Other

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

59,118

New/Redevelopment buildings(Marunouchi redevelopment etc.)

84,00015,307

Refurbishment cost etc.

20,000Retail Property

18,615

Logistics Facility

22,000Hotel

15,342

Hotel

21,000Logistics Facility

11,532Retail Property

21,000Other

108,937

Other

181,000(Breakdown)(Breakdown)(Breakdown)(Breakdown)

140,000(Breakdown)

Mitsubishi Estate Residence

49,207

Mitsubishi Estate Residence

72,000US

12,319US

26,000

MEC Group International*2

14,558

MEC Group International

55,000Asia, Oceania

7,642

Asia, Oceania

20,000Mitsubishi EstateSimon

12,974

Mitsubishi Estate Europe

17,000Europe

4,000

Mitsubishi Estate Europe

12,130Mitsubishi Estate

13,000Strategic investment

90,000Consolidated TMK(Domestic)

8,338

Consolidated TMK(Domestic)

8,000

Sunshine City

4,586

Sunshine City

7,000

Marunouchi Heat Supply

2,739

Marunouchi Heat Supply

5,000Royal Park Hotels & Resorts

1,377

Royal Park Hotels & Resorts

2,000

Yokohama Sky Building

1,056

Yokohama Sky Building

1,000

Simon

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

8

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

At Dec 31, 2020

At Mar 31, 2020

ChangeInventories

256,047
24,653
11,954
12,69970,231
350,931

262,0902,028
2,028
65,187329,305(6,043)
22,625
9,926
12,6995,044
21,626

Domestic(other)

55,82630,141

61,842
34,890(6,016)(4,749)International

350,522353,788(3,266)

US

174,038
32,610143,873436,490

172,424
34,238147,124450,520

1,614(1,628)(3,251)(14,029)

3,138,561
137,326
86,478138,372
107,880
373,941
164,524
124,526
84,889208,063

3,111,799
132,724
72,853
142,161
80,908
390,761
171,339
130,872
88,548176,046

26,762
4,602
13,625(3,789)26,972(16,820)(6,815)(6,346)(3,659)32,017

4,190,621

4,107,252

83,369Condominium(domestic)
International
US
EuropeAsia
OtherTotal inventories
Equity investments
Domestic Office Building

EuropeAsia
Total equity investments
Fixed assets (Property and equipment)
Office Building
Outlet Mall
Logistics Facility
Retail Property (Except Outlet Mall)
Rental Apartment
International
US
EuropeAsia
OtherTotal fixed assets(property and equipment)

9III. Business Data
1. Commercial Property Business Revenue from Operations Breakdown (Consolidated)*1
FY2018FY2019Marunouchi Area Office Building-

Tokyo Area Office Building (Outside of Marunouchi)-

Office Building (Outside of Tokyo)
Outlet Mall
Other*2

Millions of yen (rounded down)

FY2020-3Q

FY2020

FY2021-3Q

FY2021 (Estimates)-

181,389

243,681

186,308--

95,403

128,927

104,939---

47,74764,54844,824---34,956

46,38629,072---32,01940,91925,809---391,517524,464

390,952-

Sales of assets--

14,69791,03019,280

-

Other

-

-

82,735108,217

71,597

-

Total

-

-

488,950

723,712481,831-

Leasing

Total leasing*1 Including revenue from other segments*2 Including independent shopping center, logistics facility, etc.

2. Office Building Data (Consolidated)
Contracted area

(Thousands of square meters)

At Mar 31, 2018

At Mar 31, 2019

At Dec 3 , 2019

At Mar 31, 2020

At Dec 31, 2020

3,822

3,968

4,046

4,120

4,196

Owned by MEC

2,404

2,536

2,602

2,592

2,605

Subleases

1,418

1,432

1,444

1,528

1,591

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

At Mar 31, 2018

At Mar 31, 2019

At Dec 31, 2019

At Mar 31, 2020

At Dec 31, 2020

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

3,556

3,729

3,777

3,736

3,744

3,749

Subleases

2,013

2,016

2,033

2,133

2,288

2,298

Total

5,570

5,745

5,810

5,869

6,032

6,048

(2) Leasable area

3,475

3,631

3,671

3,726

3,832

3,841

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

1.87

1.80

1.47

1.07

1.86

2.5

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

26,193

26,702

27,493

27,177

27,77728,000At Mar 31, 2018

At Mar 31, 2019

At Dec 31, 2019

At Mar 31, 2020

At Dec 31, 2020

Operating floor space

2,784

2,915

2,915

2,915

2,952

Leasable area

1,665

1,755

1,749

1,751

1,776

*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

1.76

0.69

1.73

221,674

235,119

182,607

243,457

185,876

10

5. Domestic Condominium Business Data
FY2018FY2019FY2020-3Q

FY2020

FY2021-3Q

FY2021 (Estimates)

254,140

238,924

97,057

202,876

95,822201,000

Condominiums sold (units)

3,938

4,007

1,515

3,214

1,624

3,400

Gross Margin*

19.7

17.0

16.8

17.8

19.2

18.6

Inventory (units)

460

542

441

373

240

-

Condominiums sold (Millions of yen)

New Supply of condominiums (units)

3,615

3,966

2,463

2,924

1,655

2,100

156,944

144,970

326,449

162,141

272,781---

192,414-

188,500-

The following fiscal year share (Millions of yen)

141,408

104,242

109,824130,195

83,847-

The post following fiscal year share (Millions of yen)

15,536

40,72824,21031,946434-

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

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

11

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

Millions of yen (rounded down)

Revenue from Operations
PL

Operating income
Income before taxes and special items
Profit attributable to owners of parent
Total assets
Inventories
Fixed assets (property and equipment and Intangible assets)

BSInterest-bearing debt
Net interest-bearing debt
Average interest rate
Shareholders' equity *2
Cash flow from operating activities

CF(Depreciation and amortization)
Cash flow from investing activities(Capital investment)
Cash flow from financing activities
Free Cash FlowBusiness Profit *3
EBITDA *4
ROA*6
ROE*7

Indicator

EPS(Yen)
Net interest-bearing debt EBITDA
After hybrid debt deductions *8
Debt equity ratio *9
After hybrid debt deductions*8
Interest expense
Interest coverage ratio (ICR) *10
Annual dividends per share(Yen)Dividend payout ratio

Other

Current value of Income generating assets
Income generating assets unrealized gain
Exchange average rate(¥/$ /PL
Exchange average rate(¥/£ /PL
Exchange current rate(¥/$ /BS

FY20181,194,049
213,047
190,506
120,443
5,801,450 *1
434,638
4,076,113
2,481,675
2,194,815
0.95
1,698,348
293,338
77,545(286,841)(289,570)
37,203
6,497
213,467
302,424
3.8
7.3
86.78
7.3 times
6.7 times
1.46
1.23
23,122
9.5 times
26
30.0
7,383,415
3,422,832
112.16144.49113.00151.95FY20191,263,283
229,178
206,587
134,608
5,774,193
361,455
4,183,212
2,319,597
2,140,288
0.98
1,770,643
345,954
80,336(271,083)(285,089)(192,473)
74,871
229,442
320,641
4.0
7.8
96.97
6.7 times
6.1 times
1.31
1.10
23,50310.1 times
30
30.9
7,941,134
3,898,413
110.44147.41111.00140.46FY2020-3Q
827,231
149,515
134,227
86,646
5,995,817
434,409
4,215,373
2,600,005
2,389,636
0.90
1,727,927
97,00662,737(241,345)(221,279)
177,862(144,339)
149,746
222,04263.10- times- times
1.50
1.27
16,682- times109.13138.95107.92132.69FY20201,302,196
240,768
219,572
148,451
5,858,236
329,305
4,204,019
2,429,883
2,216,874
0.93
1,734,462
341,766
84,941(277,440)(331,857)(28,886)
64,326240,998
336,784
4.1
8.5
108.64
6.6 times
6.1 times
1.40
1.18
22,10011.3 times
33
30.4
8,270,844
4,222,505
109.03139.19109.56143.48FY2021-3Q
777,883
139,477
139,465
88,782
6,177,981
350,931
4,291,684
2,739,639
2,365,691
0.85
1,786,712
98,04966,372(207,570)(231,284)
273,629(109,520)
139,752
222,604 *5
66.33- times- times
1.53
1.31
16,439- times107.55
136.68105.80136.09FY2021 (Estimates)
1,200,000
217,000
205,000
130,000
6,000,000
2,620,000
2,490,000
0.87
1,790,000
97,00089,000(317,000)(350,000)
143,000(220,000)
217,300
323,900 *5
3.7
7.4
97.12
7.7 times
7.2 times
1.46
1.26
22,00010.6 times
30
30.9
106.00138.00106.00138.00Exchange 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 the amendment.
*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 FY2021-3Q and FY2021(Estimates) = 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 expense

122. Segment Information (Consolidated)

Millions of yen (rounded down)
FY2018

Revenue fromOperations

481,831

Residential Business--

215,593385,538

206,086

362,000

International Business--

84,556

134,175

53,281

100,000

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

14,07021,316

14,53720,000--36,872

57,12835,80257,000

-

-

6,383

8,743

5,682

9,000

Eliminations or Corporate--(19,196)(28,418)(19,338)(26,000)

1,263,283

827,231

1,302,196

777,883

1,200,000

Commercial Property Business--

131,848

187,855

131,355

178,000

Residential Business

-

-

3,120

24,320

6,972

21,000International Business--

32,342

46,156

20,21438,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

2,349

4,467

2,642

4,000

-

-

(1,534)2,407(2,819)

1,000

-

-

(1,751)(2,018)(1,499)(1,000)Eliminations or Corporate--(16,860)(22,420)(17,388)(24,000)

1,194,049

213,047

229,178

149,515

240,768

139,477

217,000

Commercial Property Business--

132,084

188,099

131,626

178,200

Residential Business

-

-

3,116

24,305

6,976

21,100International Business--

32,342

46,156

20,21738,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

2,349

4,467

2,642

4,000

-

-

(1,534)2,407(2,819)

1,000

-

-

(1,751)(2,018)(1,499)(1,000)Eliminations or Corporate--(16,860)(22,420)(17,391)(24,000)

213,467

229,442

149,746

240,998

139,752

Commercial Property Business--

52,431

70,92753,226217,300-

Residential Business

-

-

2,892

3,946

3,080

-

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

-

-

4,929
999

6,646
1,333

6,600
1,017

-

-

-

634

868

678

-

-

-

73

98

97

-

Eliminations or Corporate

-

-

776

1,119

1,671

-

62,737

84,941

66,372

Commercial Property Business

-

-

-

56

89,000-Residential Business

-

-

298

386

268

-

International Business

-

-

48

66

48

77,54580,336

-

-

1,447

1,929

1,425

-

451

208

283

-

-

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

-

-

-

-

-

-

-

Eliminations or Corporate

-

-

-

-

-

5,561

3,282

2,245

2,591

2,082

Commercial Property Business--

107,841

169,163

149,971

3,000-

Residential Business--

36,30945,07950,865-International Business--

72,823

113,755

26,913-

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

-

-

289

328

20

-

-

-

824

948

430

-

-

-

410

411

258

-

Eliminations or Corporate

-

-

2,781

2,172

2,824

-

289,570

285,089

221,279

331,857

231,284

Commercial Property Business--

4,208,148

4,135,091

4,201,133

350,000-

Residential Business--

601,304

570,282

609,884-

International Business--

880,178

887,179

935,683-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others--70,662

71,82969,377---50,32955,73750,588---13,494

13,27025,840-Eliminations or Corporate--

171,699

124,847

285,474-

5,774,193

5,995,817

5,858,236

6,177,981

6,000,000

Total

Total assets

678,000

723,712

Total

Capitalinvestment

FY2021 (Estimates)

488,950

Total

Amortization of
goodwill

FY2021-3Q

-

Total

Depreciation
and amortization

FY2020-Total

Business Profit*

FY2020-3Q

Commercial Property Business

Total

OperatingincomeFY2019Total

5,801,450* Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates

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

Mitsubishi Estate Co., Ltd.

FY2018FY2019FY2020-3Q

FY2020

FY2021-3Q

Revenue from operations

472,486

498,273354,449549,362

376,313

Operating income

109,715

110,80374,490117,176

89,132

Income before taxes and special items

127,288

126,115

92,098131,431

117,499

Net income

108,813

100,980

74,638109,251

88,371

Total assets

4,708,269

4,749,852

4,904,011

4,782,507

5,058,105

44,49447,57938,026

51,121

38,335
FY2021-3Q

Depreciation and amortization
Mitsubishi Jisho Property Management Co., Ltd.

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

71,666

79,54759,14080,68359,981

Operating income

5,509

5,950

4,070

5,960

3,817

Income before taxes and special items

5,495

5,936

4,067

5,960

3,817

Net income

3,882

4,282

2,794

4,101

2,636

Total assets

69,761

77,14674,372

77,63378,498Depreciation and amortization

113

227

149

201

152

Number of management properties

167

172

-

184

-

8,000,277

8,124,226-

8,615.266-

Management area
Marunouchi Heat Supply Co., Ltd.

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

64.16

64.16

64.16

65.59

FY2021-3Q
65.59

Revenue from operations

13,894

14,833

11,916

15,766

11,825

Operating income

1,387

1,855

2,001

2,037

1,584

Income before taxes and special items

1,270

1,837

1,956

1,982

1,423

Net income

974

1,712

1,352

4,327

988

Total assets

32,68433,25534,231

39,631

41,551

Depreciation and amortization

2,384

2,600

2,018

2,732

2,651
FY2021-3Q

Sunshine City Corporation

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

63.20

63.20

63.20

63.20

63.20

Revenue from operations

29,212

28,121

20,571

26,926

18,044

Operating income

8,352

6,933

4,231

5,213

4,060

Income before taxes and special items

7,260

5,690

2,946

3,473

3,021

Net income

5,016

3,954

2,047

2,372

1,581

Total assets

114,641

111,663

106,786

106,081106,212

5,298

5,265

4,208

5,686

4,265
FY2021-3Q

Depreciation and amortization
Mitsubishi Estate Simon Co., Ltd.

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

60.00

60.00

60.00

60.00

60.00

Revenue from operations

45,462

46,65934,956

46,39329,073Operating income

18,94019,673

14,686

18,963

10,415

Income before taxes and special items

19,211

19,952

14,845

19,21910,687

Net income

13,143

13,572

10,147

13,165

6,569

Total assets

109,485

108,913

116,508

110,754

119,353

5,176

5,035

3,847

5,197

4,497

308,500

314,600-

315,300-

Depreciation and amortization
Store floor area

14

Millions of yen (rounded down)

Tokyo Ryutsu Center Inc.

FY2018FY2019FY2020-3Q

FY2020

FY2021-3Q

Share of Voting rights

56.41

58.22

60.03

60.03

60.03

Revenue from operations

8,679

10,3497,818

10,361

7,075

Operating income

2,451

3,223

2,640

3,238

1,788

Income before taxes and special items

2,193

2,874

2,404

2,976

1,555

Net income

1,517

2,543

1,648

2,037

1,060

Total assets

65,51765,56064,886

65,166

63,661

Depreciation and amortization

1,973

2,686

1,958

2,617

1,929

Royal Park Hotels and Resorts Co., Ltd.

FY2018FY2019FY2020-3Q

FY2020

FY2021-3Q

Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

24,09625,38819,97924,266

7,429

553

549

997

(992)

(4,666)

Income before taxes and special items

503

505

996

(1,004)(4,437)

Net income

324

432

667

(1,304)(6,559)Total assets

11,95012,327

12,173

10,366

15,761

796

928

729

1,220

829
FY2021-3Q

Operating income

Depreciation and amortization
Mitsubishi Estate Residence Co., Ltd.

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

306,379

302,180

136,584

269,660

131,371

Operating income

25,45426,2604,331

24,729

9,248

Income before taxes and special items

23,907

24,777

3,189

23,1848,108

Net income

16,875

17,692

2,647

16,4295,386

Total assets

556,464

583,392595,790

570,960

607,386

1,668

1,853

1,589

2,218

1,838
FY2021-3Q

Depreciation and amortization
Mitsubishi Estate Home Co., Ltd.

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

28,00534,57819,40635,474

15,837

Operating income

148

341

(1,199)54(1,083)

Income before taxes and special items

162

347

(1,185)68(1,082)

Net income

106

197

(1,188)(29)(1,080)Total assets

12,805

11,506

13,282

11,232

12,451

250

312

295

402

295
FY2021-3Q

Depreciation and amortization
Mitsubishi Jisho Community Co., Ltd.

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

71.47

71.47

71.47

71.47

71.47

Revenue from operations

50,35952,56340,55755,514

39,621

Operating income

3,029

3,170

2,632

3,353

2,379

Income before taxes and special items

3,106

3,237

2,675

3,427

2,417

Net income

2,032

2,101

1,732

2,222

1,571

Total assets

17,75819,44018,97820,851

19,806

403

393

294

401

299

342,691 units

349,572 units

Depreciation and amortization
Number of condominium management units

15- units

352,365 units- units

Millions of yen (rounded down)

MEC Group International, Inc.*

FY2018FY2019FY2020-3Q

FY2020

FY2021-3Q

Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

89,759107,952

44,682

91,99044,373Operating income

23,30028,143

13,36024,861

13,910

Income before taxes and special items

22,78026,11911,87522,874

11,689Net income

6,237

13,3395,821

12,654

8,057

Total assets

447,459

410,801

444,151

429,135

466,765

7,531

5,535

3,531

4,762

4,268

Depreciation and amortization
Mitsubishi Estate Europe Ltd.

FY2018FY2019FY2020-3Q

FY2020

FY2021-3Q

Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

7,320

7,912

41,60543,672

5,392

Operating income

2,895

4,320

19,741

20,361

2,070

Income before taxes and special items

2,534

3,612

18,752

19,060

1,337

Net income(4,511)

2,910

16,79816,982985

Total assets

145,608

156,852

175,877

189,954

202,015

2,083

1,876

1,376

1,834

1,496

Depreciation and amortization
Mitsubishi Estate Asia Pte. Ltd.

FY2018FY2019FY2020-3Q

FY2020

FY2021-3Q

100.00100.00100.00100.00100.00

Revenue from operations

830

2,918

922

1,905

2,054

Operating income

236

1,502

(42)

381

1,079

Share of Voting rights

Income before taxes and special items

785

1,625

232

558

1,321

Net income

743

1,647

127

534

1,223

Total assets

34,94836,59935,39138,802

38,045

119

133

102

130

106
FY2021-3Q

Depreciation and amortization
Mitsubishi Jisho Sekkei Inc.

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

18,887

21,552

9,745

18,838

10,942
613

Operating income

2,894

3,474

(228)

2,446

Income before taxes and special items

2,875

3,496

(275)

2,394

626

Net income

1,955

2,374

(223)

1,617

424

Total assets

24,82625,85922,01825,053

23,211

110

239

229

312

246
FY2021-3Q

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

FY2018FY2019FY2020-3Q

FY2020Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

25,584

27,524

19,25927,117

14,977

Operating income

1,617

2,741

(301)

1,031

(1,711)

Income before taxes and special items

1,684

2,797

(332)

1,367

(1,700)Net income

885

1,838

(302)

755

(1,219)Total assets

21,34326,35924,42525,04722,977

Depreciation and amortization

347

397

307

416

271

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.

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