May 19, 2016

Toranomon 2-chome Tower, 2-3-17
Toranomon Minato-ku, Tokyo,
105-0001 JAPANTEL: +81-3-5511-2255
FAX: +81-3-5511-2259

Financial Report for the Fiscal Year Ended March 2016
Mori Trust Group recently announced its consolidated business performance for the year ended March
31, 2016(FY 2016).
The Group consists of 24 consolidated companies, including MORI TRUST CO., LTD., MORI
TRUST BUILDING MANAGEMENT CO., LTD., and MORI TRUST HOTELS & RESORTS CO.,LTD., and two equity-method affiliates.

[Mori Trust Group Consolidated Financial Report] (April 1, 2015– March 31, 2016)
Operating revenue for the fiscal year ended March 2016 was 163.0 billion yen (down
40% year-on-year) with all areas of Leasing, Hotel, and Real Estate Sales performing
as expected. Operating income was 41.2 billion yen (down 3% year-on-year), and net
income attributable to parent company’s shareholders was 34.0 billion yen (down 25%
year-on-year), almost achieving the earnings forecast.
Net income attributable to parent company’s shareholders for the fiscal year ending
March 2017 is projected to reach a record high of 57.0 billion yen.

(Figures in millions of yen; figures less than one million yen are rounded down.)
FY20151

Operating revenue

FY2016FY2017(Projection)

272,868

163,063

148,000

Leasing

65,09362,65461,000Hotel

24,96328,52832,000Real estate sales

169,491

60,47543,00013,32011,40412,000Other(Subsidiaries’ construction subcontracting, etc.)2Operating income

42,393

41,231

30,0003

Ordinary income

62,211

35,10730,0004

Net income attributable to parent
company’s shareholders. *45,58934,09557,000* From the fiscal year ended March 2016, the account title “Net income” is changed to “Net income attributable to parent company’s shareholders.

1Overview of FY 2016 business performance

Revenue of the Leasing Business was 62.6 billion yen due to the stable operation of existing buildings,
despite the loss of rental income from Meguro Gajoen and so on, which was sold during the fiscal year
ended March 2015.



Revenue of the Hotel Business increased significantly to 28.5 billion yen. Key contributors were the fullyear operation of Suiran, a Luxury Collection Hotel, Kyoto which opened in March 2015, and thefavorable effects of strong demand for accommodation from Japanese and oversea visitors.



Revenue of the Real Estate Sales Business was 60.4 billion yen, due to the partial sale of the KYOBASHI
TRUST TOWER and steady sales of residences at FORETSEINE AKASAKA HINOKIZAKA which
was completed during the fiscal year ended March 2016, and condominiums in the Kansai region.



Revenue of Other Businesses was 11.4 billion yen, due to the sound performance of all businesses, withthe exception of construction work for tenants moving in and out, which decreased because operations ofleased buildings remained stable.

As a result, operating revenue and operating income were 163.0 billion yen and 41.2 billion yen,respectively, with net income attributable to parent company’s shareholders of 34.0 billion yen.

2

Business Performance Projections for FY 2017


Revenue of the Leasing Business is projected to be 61.0 billion yen. While solid demand for officebuildings is expected to continue to be firm, a decline in rental revenue will occur due to the partial saleof the KYOBASHI TRUST TOWER in the previous year, and the sale of fixed properties planned during
the fiscal year.



Revenue of the Hotel Business is projected to increase to 32.0 billion yen, up 12%. The projection isbased on the expected expansion of revenue of existing hotels through continued high occupancy rates
and room price rises, and the full-year operation of the rebranded Courtyard by Marriott Shin-Osaka
Station supported by a further increase in demand for accommodation from Japanese and overseas visitors.



Revenues of the Real Estate Sales Business and Other Businesses are projected to be 43.0 billion yen and12.0 billion yen, respectively.

As a result, operating revenue is projected to be 148.0 billion yen with operating income of 30.0 billion
yen. Net income attributable to parent company’s shareholders is expected to be a record high of 57.0
billion yen partly because the scheduled sale of other fixed assets.

Projections contained in this document have been made on the basis of information available when it was
released. Due to various unforeseeable factors, actual performance may differ from such projections.

3

FY 2016 Key Business Topics
Real Estate Business
During the fiscal year ended March 2016, we continued to focus on growth, aggressively promoting large-scalecomplex urban development projects in the Tokyo Metropolitan Area. In particular, these projects include an
initiative to start construction of the main building for TRANOMON TRUST CITY WORLD GATE; Akasaka
2-chome Project (tentative name), which is under consideration to create an international base in the Akasaka
Area; and development plans in the Shinagawa-Mita Area, which is expected to make rapid progress as a newtransport node when the Linear Chuo Shinkansen Line is opened. With Tokyo preparing to be transformed
significantly by leveraging the hosting of the 2020 Tokyo Olympics and Paralympics, we are actively expanding
undertakings that will contribute to strengthening global competiveness.
Furthermore, we are engaged in continuing activities to reinforce anti-disaster responses and reduce
environmental loads around the facilities we have developed, as well as promoting a variety of area management
activities that will bring prosperity to urban areas.

■ Large-scale Complex Urban Development◇ Promoting TRANOMON TRUST CITY WORLD GATETRANOMON TRUST CITY WORLD GATE (Toranomon 4-chome, Minato Ward) was accredited by thePrime Minister of Japan as an Architecture Remodeling Project for National Strategic Urban Planning in theTokyo Metropolitan National Strategic Special Zone. This project is a large-scale, complex re-development
plan on a site area of approximately 16,300 m² with a floor area of 210,000 m² in the heart of the Roppongi
and Toranomon districts. The site will connect directly to Kamiya-cho Station on the Hibiya Subway Line andadjacent to Toranomon New Station (tentative name). The area is expected to experience further growth byestablishing new transport infrastructure.
This plan will include introducing functions for cultivating and supporting Cool Japan (industrial developmentusing regional resources in Japan and support in overseas expansion) and comprehensively supporting the daily
lives of people from abroad with the aim of equipping the facilities with the urban functions an international
business base deserves. We will promote implementation of the plan to help enhance the convenience andattractiveness of the area through projects including the Forest of Fukishiro (tentative name) withapproximately 3,000 m² of large green spaces; re-development of Fukishiro Inari Shrine, which has been
located there for more than 300 years, and improving the network of pedestrian sidewalks in coordination withsurrounding areas.

Establishing an urban foundation andcreating green spaces

Introducing functions supporting the daily
lives of people from abroad

Introducing functions supporting industrial
development and overseas expansion※All picture are image.

4

Project NameTORANOMON TRUST CITYWORLD GATE
(Former name of the plan：(tentativename)Toranomon 4-chome Project)

Address

Toranomon 4-chome and 3-chome,
Minato-ku, Tokyo

Site area

Approx. 16,300 m2

Total floor area

Approx. 210,000 m2

Number of floors

36 stories above ground, 4 stories below
groundPrimary use

Office, Hotel・Serviced Apartment,
Residence, Shop, Conference,
Life-supporting facilities, Industrial
development facilities, Shinto shrines, etc.

Planned ternof works

FY2016-FY2019

Appearance (for illustrative purpose)◇ Promoting (tentative name) Akasaka 2-chome Project (Former name of the plan：(tentativename)Toranomon 4-chome Project)
The former site of Akasaka Twin Tower Main and East Tower, whose demolition was completed in April
2015, is situated in the Toranomon-Akasaka area, where a number of domestic and international corporations,Japan’s leading hotels, and embassies are clustered, has experienced re-development triggered by the openingof Loop Highway 2. We are considering a large-scale development, centered on cutting-edge office functions
that are suitable for a business base that represents the area.

Project Name(tentative name) Akasaka 2-chome Project

Address

Akasaka 2-chome, Minato-ku, Tokyo

Building

Unfixedcompletion5◇ Examining Large-scale Re-development in the Shinagawa-Mita Area
The Shinagawa-Mita Area connects directly to Haneda Airport, which is serving more and more international
flights, and is expected to enhance its presence further as a gateway to domestic and overseas destinations withthe opening of the Linear Chuo Shinkansen and a project for a new station on the Yamanote Line in the pipeline.
We are considering a plan for re-developing a site area of about 11,000 m² of MITA 43 MT BUILDING,MITA MT BUILDING, and MITA 3-CHOME MT BUILDING combined, which we own in this area.

Address

Mita 3-chome, Minato-ku, Tokyo

Site area

Approx. 11,000 m2 (The total area of
three buildings )Building

Unfixedcompletion■ Condominium◇ Completion of FORETSEINE AKASAKA HINOKIZAKAFORETSEINE AKASAKA HINOKIZAKA, a complex of high-end condominium residences at the center ofthe Akasaka-Roppongi area, was completed in March 2016. With FORETSEINE AKASAKA HINOKIZAKA,
based on the concept of “Luxury Courtesy,” we aim to offer high-quality residences worthy of the site throughdesigns that draw on Hinokizaka’s history, culture, and traditions; disaster control and security functions using
cutting-the-edge technologies including the introduction of an earthquake-proof structure; and, refined services
that put the comfort of residents first.

Entrance corridor

Dwelling units (for illustrative purpose)

LoungeAddress

19-33 Akasaka 6-chome, Minato-ku, Tokyo

Site area

2,645.20 m2

Total floorarea

12,145.78 m2

Number offloors7 stories above ground, 2 stories below
groundTotal units

54

Room Type

1LDK-3LDK

Building
completion

March 20166◇ Aggressively Promoting the Luxury Residential Sales Business
The Mori Trust Group, which is promoting a business for providing many people with high-end living spaces,
has developed a number of luxury residential projects. FORETSEINE CO., LTD. acquired a property in Azabu
during the fiscal year ended March 2016 and is planning to reconstruct it with luxury residences. With several
plans including the above, the Mori Trust Group will continue to promote the luxury residential sales business.

FORETSEINE CO., LTD. Past Record of Residential Sales7

■ Area management activities in each area
◇ Shinagawa area
Area management activities in GOTENYAMA TRUST CITY
At GOTENYAMA TRUST CITY, we are engaged in area management activities using the lush green
Gotenyama Garden and its spaces, which are open to the public, in cooperation with Tokyo Marriott Hotel,
which is situated in the compound. We aim to help people expand human networks and create new lifestyles
based on the concept of a “Wellness City, a life with gardens, and an exquisite time to nurture urban life andpeople.”◇ Sendai area
Area management activities in SENDAI TRUST CITY
Since its grand opening in August 2010, we have been engaged in area management activities at SENDAI
TRUST CITY with a view to reenergizing and enhancing the value of urban districts.
During the year ended March 31, 2015, we continued urban development by hosting the Trust City Garden
Café Tohoku - Thailand Festival, Tanabata (Star Festival) decorations, Date Gourmet Marche, and many otherevents, in order to be appreciated not only by local communities but also by visitors to Sendai.

8

Hotel and Resort Business

The Mori Trust Group has been engaged in developing and operating a number of hotels for over 40 years since
the founding of the first corporate membership resort club in Japan, Laforet Club. Leveraging expertise obtained
through these operations, we have established accommodation facilities that offer world-class services by
successfully inviting overseas luxury hotels mainly to Tokyo, Sendai, and Kyoto.
During the fiscal year ended March 2016, we actively acquired land for developing hotels with the aim of
responding to further increasing demand for accommodation and promoting regional revitalization through the
hotel business. We hope to help realize a tourism-driven Japan by sending messages about the attractions ofJapan through regional resources worldwide, while contributing to Japan’s economic growth by accelerating
development of the tourism business, which is a next-generation growth industry with high economic ripple
effects.

■ New Hotel Projects
In recent years, we have also focused on launching stand-alone hotels in addition to promoting the opening of
hotels within urban complex development projects, and are now implementing new hotel projects in various
areas.

◇ JW Marriott Hotel Nara Project
Nara Prefecture is implementing the Omiya Street New Hotel-Interaction Base Project (formally the
Redevelopment Project of Prefecture-run Swimming Pool Site). For the hotel portion, the core of this project,which we are developing now, we invited Marriott International, a hotel group that boasts the largest numberof members in the world, to operate its high-end hotel brand JW Marriott Hotel Nara for the first time in Japan.
It is scheduled to open in the spring of 2020. Through the first foreign luxury hotel in Nara, we are sending out
a message about Nara’s attractive tourism resources, such as its historic and cultural properties including three
World Heritage Sites and picturesque landscapes, to the world, as well as make the venue a new tourism
destination for domestic and foreign tourists.

Map

Appearance (for illustrative purpose)

Address

Sanjo-Oji 1-chome, Nara-city, Nara

Site area

4,000 m2

Total floor area

Approx. 15,000 m2

Total units

150 rooms

Open schedule

Spring 20209◇ Ginza-2chome Project (tentative name)
The development area is located in Japan’s best commercial area in Ginza, with approximately 660 m2 of landfacing Maronie Avenue near the Ginza 2-chome intersection on the main street. It is perfect for going around
Ginza and has convenient access to other areas. Leveraging the potential of the location, where worldrenowned brand stores are gathered, along with the long-established department stores nearby, our hotel will
be designed for a highly sensitive, active generation.

Map

Ginza-4chome cross

Address

8-15 Ginza 2-chome, Chuo-ku, Tokyo

Site area

663.3 m2

Open schedule

Around FY 2019

◇ Hakone Gora Project (tentative name)
The development area, with over 10,000 m2 of time-honored land, is in an excellent location only three minutes
on foot from Naka-Gora Station on the Hakone Tozan Cable car Line and two types of spring water quality fora hot spring experience. The project aims to re-build luxury accommodation with an open-air bath attached toeach room and is considering attracting global brands.

Hakone Gora “Daimonji yaki”

Map

Address

1320-61 Gora Mukouyama, Ashigarashita-gun, Kanagawa etc (Parcel Number)

Site area

10,324.3 m2

Open schedule

10

Around 2020◇ Okinawa Sesoko Project (tentative name)
The development area of approximately 330,578 m2 is located on the western edge of Sesoko
Island which is connected to a peninsula of the main island by the Sesoko Bridge. Our hotelsite is rare in Okinawa Prefecture, with a beautiful sunset view and facing the 800 meter-long
Sesoko Beach which is known for having the most transparent water in the country.
Capitalizing on the beautiful landscape, we aim to open a stay-type resort hotel, offering aworld-class service to meet the needs of domestic and overseas travelers.

Location map

Sesokojima island

Address

5750 Sesoko Shimojibaru, Motobucho, Kunigami-gun, Okinawa etc (Parcel Number)

Site area

335,131.0 m2

Open schedule

Around 2020

◇ Irabujima island Project (tentative name)
This project site is situated on the beachside near Toguchi Beach, which is famous for its white sand beach andclear emerald green ocean, on Irabu Island, one of the Miyako Islands. The location can expect demand fromextended stay hotels. We are working to open a luxury hotel that delivers world-class services.

Location map

Irabu bridge

Address

818-19 Irabu Irabu-nagasokobaru, Miyako-city, Okinawa etc (Parcel Number)

Site area

7,338.0 m2

Open schedule

11

Around 2019~2022

◇ Hakuba Sakka Project (tentative name)
The Hakuba area is internationally known for its powder snow quality and is one of thebest ski resorts visited by tourists from all over the world. The land acquired for the project,located in Wadano district admired by both domestic and overseas visitors, is a prime hotel
location for skiing, facing the Sakka slope in Hakuba Happo-One, also known for being acompetition venue for the 1998 Olympic Winter Games in Nagano. We aim to open a luxury
hotel that provides world-class services capitalizing on the site's location.

Address

4821-1 Jonan-sakka, Hakuba-mura,
Kitaazumi-gun, Nagano etc (Parcel
Number)

Site area

14,555.0 m2

OpenAround 2019~2022

schedule■ Hotel Renovation and Rebranding Plans
The Mori Trust Group has been renovating and rebranding seven facilities of Laforet Hotels & Resorts(applicable to about 1,000 guest rooms) with an investment of approximately 16 billion yen over three years
since 2015. We are aiming at “regional revitalization,” “coping with changes in life styles,” and “responding
to expanding inbound demand” by transforming facilities into hotels that are equipped with new attractions
and meet the needs of the times.

◇ Rebranding Project of Five Laforet Hotels to Marriott Hotel（From 2016 to 2017）
Of the 10 facilities of Laforet Hotels & Resorts, which are located in Japan’s leading resorts, we plan to rebrand
five hotels at Karuizawa (Nagano Prefecture), Nanki-Shirahara (Wakayama Prefecture), Lake Yamanaka(Yamanashi Prefecture), Shuzenji (Shizuoka Prefecture), and Lake Biwa (Shiga Prefecture) into Marriott
Hotels, the flagship brand of Marriot International. They are scheduled to open, one after another, by 2017.
We intend to attract tourists from all over the world by fusing Marriott’s strengths—the ability to sendcustomers to various destinations through its membership network, and its world-class services—withexpertise we have developed operating the Laforet Club membership network and hotels. Promoting the above
activities, we hope to send out messages about Japan throughout the world and contribute to foreign visitors
coming to the resorts, which will lead to regional revitalization.

12

New Hotel’s Name (Current name)Karuizawa Marriott Hotel(Laforet Naka-Karuizawa)
Nanki-Shirahama Marriott Hotel(Laforet Nanki-Shirahama)
Fuji Marriott Hotel Yamanakako(Laforet Yamanakako)
Izu Marriott Hotel Shuzenji(Laforet Shuzenji ),Lake Biwa Marriott Hotel(Laforet Biwako)

Open schedule
2016
2017
2017
2017
2017

◇ Renovation Plans of Laforet Club Hotel Hakuba Happo(From September to December 2016)
At Laforet Club Hotel Hakuba Happo, we plan to renovate guest rooms and common spaces as part of a largescale renovation project for Laforet Hotels & Resorts, with work starting soon.
In recent years, more and more foreign tourists have been visiting the Hakuba area for skiing, which isincreasing demand for accommodation. In response, we plan to renovate the hotel as a facility that can better
meet the needs of foreign tourists.

Address

2937 Hokujo Hakuba-mura, Kitaazumi-gun,
NaganoPlanned

September - December 2016

tern of works

13◇ Rebrand Open of Courtyard by Marriott Shin-Osaka Station(November 2015)
The rebranded Courtyard by Marriott Shin Osaka Station opened in November 2015. The hotel is locatedjust one-minute’s walk from Shin Osaka Station, the main terminal of the Kansai region and is in an excellent
area for business and tourism bases. All of the hotel’s guest rooms are spacious with a floor area of at least 30
m² and modern interiors, while offering space with amenities that support the lifestyles of today’s businesstravelers.

Address

1-2-70 Miyahara Yodogawa-ku, Osaka-city, Osaka

Total units

332 rooms (30 m2~90 m2)

Facilities

All-day dining , Teppanyaki , Bar
Fitness room, Meeting rooms

Open dateNovember 2 , 2015

◇ Laforet Club Ito Onsen (Hot Spring) Yu No Niwa (hot spring with gardens)“The Second Phase Renewal Opening”
Laforet Club Ito Onsen Yu No Niwa renovated guest rooms during the second phase of a refurbishing project,
following the renovation of public spaces in 2013, and reopened in December 2015. A new offering is thePremium Rooms (54 rooms) where guests can luxuriate in hot spring waters from an original source in a
spacious floor area of about 45 m², providing a higher quality stay in a time-honored hot spring town and as abase for travelling across Ito.

Address

2-3-1 Shishido, Ito-city, Shizuoka

Total units

84 rooms

Facilities

Restaurant, Onsen “Kenshin-Tou” (large publicbath, open-air spa, three family bath, footbathterrace), Banquet & training hall

RenewalDecember 23 , 2015 (The Second Phase)Open date14

Investment Business

Leveraging its diverse strengths, Mori Trust Group has been carrying out investment activities in a wide
range of areas, targeting assets as well as corporate and business systems that are beneficial to society anddeliver value to urban centers in general.
We are investigating a wide range of real estate investments at home and abroad in an effort to reinforce ourasset portfolio. At the same time, we are actively involved in incubating Japan’s next-generation industries andmarkets. As part of those activities, we are further promoting the real estate investment trust (REIT) business.

◇ Establishing a REIT Specializing in Hotels and Activities toward a Stock Exchange Listing
The Mori Trust Group has developed expertise from developing and operating domestic and international hotel
brands in its capacity as both developer and operator. Taking advantage of our professional knowledge andexperience, we set up Mori Trust Hotel Asset Management Co., Ltd., which specializes in managing assets, inAugust 2015, and the Mori Trust Hotel REIT Investment Company in January 2016, in order to contribute to
the further revitalization of the hotel market. We expect these investment companies to realize the asset value,
stability, and growth potential of hotels, using expertise the Mori Trust Group has accumulated and offer
support from both hardware and software sides. So that we can demonstrate the investment value of hotels forpromoting investments in the tourism industry, we will take the necessary procedures with the aim of a Tokyo
Stock Exchange listing within fiscal 2016.

15

Environmental initiatives

Based on our management philosophy, “A Responsibility for Shaping the City,” Mori Trust Group is
actively involved in disaster readiness and environmental initiatives, taking both “hard” approaches,developing properties equipped with the latest technologies, and “soft” approaches, working with thesurrounding areas and tenants.
Through ongoing initiatives helping to shape cities that are safe, secure, and sustainable, we are aiming todevelop urban areas that are internationally competitive.

◇ Activities toward the Full Operation of Mori Trust Energy Park Izumigazaki
In the mega solar business (large-scale solar power generation), which targets the introduction and promotionof renewable energy, regional revitalization, and contributions to society, we are following the procedures tostart operation of the 2nd phase (maximum output of 8 MW) of the Mori Trust Energy Park Izumigazaki(Izumigazaki-mura, Nishi-Shirakawa-gun, Fukushima Prefecture). When in full operation, the maximum
output will be 10 MW, together with the 1st phase, and the annual output will be equivalent to the annual
consumption of about 3,200 households.
The Mori Trust Energy Park Biwako (a maximum output of 2 MW), a project in Shiga
Prefecture, has been in operation since December 2014.
Institution Name

Mori Trust Energy Park Izumigazaki

Address

1 Otagawa Takamuki, Izumizaki-mura,
Shirakawa-gun, Fukushima (Parcel Number)Power generation
capacity(The first period,
the second period
total)

Maximum output：
about 10MW (about 10,000kW)

Date of the【The first period】
August 2013
【The second period】 unfixedcommencement ofPower Generation output：
about 10,800 thousand kWh per year

operations

Institution Name

Mori Trust Energy Park Biwako

Address

2870 Imahamacho Jukkenya, Moriyama-city,
Shiga etc (Parcel Number)Power generation
capacity

Maximum output：
about 2MW (about 2,000kW)
Power Generation output：
about 2,300 thousand kWh per year

Date of thecommencement ofoperations

16

December 2014

Mori Trust Group: Total Floor Area Leased or Managed
Number of rental/managed facilities (as of March 31, 2016)○ Rental buildings: Approx. 1,280,000m² (101 buildings)○ Hotel & Resort facilities: 32 hotels (Number of rooms: Approx. 7,200)(Laforet Hotels & Resorts (12, including Tokyo Marriott Hotel); Laforet & Matsuo Golf Club;CONRAD TOKYO; Suiran, a Luxury Collection Hotel, Kyoto; The Westin Sendai;
Courtyard by Marriott Tokyo Station; MAMPEI HOTEL;RIHGA ROYAL HOTELS & ASSOCIATE HOTELS (11, Capital & business tie-up partner);
Shangri-La Hotel, Tokyo (lease); Hotel Sunroute Plaza Shinjuku (lease))

Mori Trust Group: Summary of Consolidated Companies
MORI TRUST CO., LTD.

Toyo Green Building Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Akira M ori
June 10, 1970
30 billion yen
Real estate development, hotel management andinvestment business

Toranomon, M inato-ku, Tokyo
Nobuo Konomi
M arch 1, 1978
90 million yen
Condominium management service

MORI TRUST BUILDING MANAGEMENT CO., LTD.

URBAN LIFE Co., Ltd. (Code：8851)

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Yasutsugu Sakai
April 1, 2002
100 million yen
Comprehensive building services for building management, interior
design management & renovation, and planning & consulting.

M otoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Nobuo Konomi
July 31, 1970
3.405 billion yen
Development, planning, sales, and rental of condominiums,
office buildings and stores

MORI TRUST HOTELS & RESORTS CO., LTD.

URBAN LIFE JUUTAKUHANBAI Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Kitashinagawa, Shinagawa-ku, Tokyo
M iwako Date
February 7, 1973
100 million yen
Operation of hotel chains & golf courses, M anagement of
tourism information center, M eeting room lease, Innovative R&D

M otoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Kenkichi Takatsu
July 29, 1982
300 million yen
Planning and sales of condominiums, dealing,
brokerage of leasing and operations of real estate

MAMPEI HOTEL CO., LTD.

STUDIO-KOA Co.,Ltd.

Location
Chair
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
M iwako Date
Yasutaka Yanai
1894
100 million yen
Ownership and operation of the M ampei Hotel

Higashiashiyamachi, Ashiya-shi, Hyogo
M asako Omoto
November 18, 2002
10 million yen
Housing refurbishments

MT&Hilton Hotel Co., Ltd.

NIHON ESLEAD CORPORATION (Code：8877)

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Kazuo Asano
October 22, 2004
20 million yen
M anagement of the Conrad Tokyo

Fukushima，Fukushima-ku，Osaka-shi
Sugio Aramaki
M ay 8, 1992
1,983 million yen
Sale of condominiums, Real estate replacement business,
Real estate rental business, etc

MT GOLF DEVELOPMENT CO., LTD.

ESLEAD KANRI CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Toshio Komatsu
November 19, 2004
100 million yen
Ownership and operation of Laforet & M atsuo Golf Club

Fukushima，Fukushima-ku，Osaka-shi
Sugio Aramaki
M ay 20, 1996
10 million yen
Condominium M anagement and Rental M anagement
Businesses

FORETSEINE CO., LTD.

SOUDEN CORPORATION

Location
President
Established

Location
President
Established
CapitalBusiness sectors

CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Nobuo Konomi
M arch 31, 2011
(date of foundation since incorporation-type company split)
100 million yen
Planning and development of urban type condominium forsales and rental management

17

Fukushima，Fukushima-ku，Osaka-shi
Hiroshi Nakazawa
M ay 17, 2006
90 million yen
Electricity M anagement BusinessE・L CONSTRUCTION CORPORATIONMORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Yasutaka Kidouchi
June 14, 2006
55 million yen
General Contract and Renovation Businesses

Toranomon, M inato-ku, Tokyo
Satoshi Horino
February 28, 2000
400 million yen
Operation of real estate investment trusts

ESLEAD JYUTAKU RYUTU CO. LTD

MORI TRUST Hotel Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Hiroyuki Harima
M ay 8, 2007
10 million yen
Real Estate Transaction,Asset M anagement

Toranomon, M inato-ku, Tokyo
Nobuyuki Endo
August 20, 2015
200 million yen
Operation of real estate investment trusts

and Real Estate Rental Businesses
MT GENEX CORPORATION (Code：9820)

Shiroyama Heating & Cooling Supply Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Hitoshi Suzuki
October 1945
Approx. 1.072 billion yen
Facelift of building and housing, andparking operation management, etc.

Toyo Housing Management, Inc.

AZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Roppongi, M inato-ku, Tokyo
Nobuo Konomi
November 27, 1979
10 million yen
Leasing management and operations of real estate

Toranomon, M inato-ku, Tokyo
M asahide Kasahara
November 6, 1989
300 million yen
Local heating and cooling services
in the Shiroyama Garden and adjacent area

Nihonbashi, Chuo-ku, Tokyo
M asayoshi Takahashi
August 11, 1947
499 million yen
M anufacturing and selling cold drawn special steel shapes

MORI TRUST INSURANCE SERVICE CORPORATIONMORI TRUST Hotel Reit, Inc.

Location
President
Established
CapitalBusiness sectors

Location
Executive Director
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Hitoshi Suzuki
January 25, 2016
10 million yen
Nonlife insurance agent and life insurance solicitor

Toranomon, M inato-ku, Tokyo
Nobuyuki Endo
January 15, 2016
100 million yen
Investment in real estate and asset-backed
securities investing primarily in real estate(as of M arch 31, 2016)

Mori Trust Group: Summary of Equity-Method Affiliates
THE ROYAL HOTEL, LIMITED (Code：9713)

MORI TRUST Sogo Reit, Inc. (Code：8961)

Location
Established
Business sectors

Location
Established
Business sectors

Nakanoshima, kita-ku, Osaka-shi, Osaka
February 10, 1932
Hotel management centered on lodgment,
banquet and restaurant, and hotel
incidental business

Toranomon, M inato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate(as of M arch 31, 2016)18

Consolidated Financial Statements

Consolidated Balance Sheets (as of March 31, 2016 and 2015)
MORI TRUST CO., LTD. and its consolidated subsidiaries
AssetsⅠ．Current assets
1 Cash and deposits
2 Notes and accounts receivable-trade
3 Short-term investment securities
4 Real estate for sale
5 Real estate for sale in process
6 Real estate for development
7 Other inventories
8 Deferred tax assets
9 Other
Allowance for doubtful accounts
Total current assets
Ⅱ．Noncurrent assets
1 Property, plant and equipment（1) Buildings and structures, net（2) Machinery, equipment and vehicles, net（3) Tools, furniture and fixtures, net（4) Land（5) Construction in progress（6) Other, net
Total property, plant and equipment
2 Intangible assets（1) Leasehold right（2) Goodwill（3) Other
Total intangible assets
3 Ｉｎｖｅｓｔｍｅｎｔs and other assets（1) Investment securities
Investments in unconsolidated subsidiaries and（2)
affiliates（3) Long-term loans receivable（4) Deferred tax assets（5) Guarantee deposits（6) Other
Allowance for doubtful accounts
Total iｎｖｅｓｔｍｅｎｔs and other assets
Total noncurrent assets
Total assets
Note: Figures less than one million yen are rounded down.

19

2016

(\ millions)2015

154,111
17,131
48,532
42,903
155,694
618
1,531
4,547
8,533
(28)
433,575

85,9804,819
52,48846,388
152,513
618
1,445
6,869
2,764
(98)
353,789

129,134
5,203
1,316
436,872
1,691
1,910
576,129

133,8262,894
1,239
434,879
987
1,873
575,700

3,258
112
423
3,794

3,258
168
422
3,849

18,54725,546

3,896

4,166

161
407
3,664
2,435
(82)
29,029608,953
1,042,528

173
281
3,834
2,558
(89)
36,471
616,021969,810

Liabilities
Ⅰ．Current liabilities
1 Notes and accounts payable-trade
2 Short-term loans payable
3 Current portion of long-term loans payable
4 Accounts payable-other
5 Income taxes payable
6 Accrued expenses
7 Advances received
8 Deposits received
9 Provision for bonuses
10 Other
Total current liabilities
Ⅱ．Noncurrent liabilities
1 Long-term loans payable
2 Long-term lease deposited
3 Long-term guarantee deposited
4 Long-term deposits received
5 Deferred tax liabilities
6 Net defined benefit liability
7 Asset Retirement Obligation
8 Other
Total noncurrent liabilities
Total liabilities
Net assets
Ⅰ．Shareholders' equity
1 Capital stock
2 Capital surplus
3 Retained earnings
Total shareholders' equity
Ⅱ．Valuation and translation adjustments
1 Valuation difference on available-for-sale securities
2 Revaluation reserve for land
3 Remeasurements of defined benefit plans
Total valuation and translation adjustments
Ⅲ．Non-controlling interests
Total net assets
Total liabilities and net assets
Note: Figures less than one million yen are rounded down.

20

2016

(\ millions)2015

14,60433,873122,075
5,800
14,128
980
6,195
1,373
610
296
199,939

9,278
60,422
83,992
11,302
16,532
913
6,801
2,044
554
145
191,987384,369
48,991
51,896
281
8,875
2,586
1,323
2,823
501,148
701,088364,505
49,96152,059312
10,492
2,571
1,043
897
481,844673,832

30,0009,845
282,548
322,393

10,000263,518
273,518

357
17
(543)
△ 167
19,213
341,440
1,042,528

4,708
14
(187)
4,535
17,923295,978
969,810

Consolidated Statements of Income (For the years ended March 31, 2016 and 2015)

Ⅰ．Operating revenue
Ⅱ．Operating cost
Operating gross profit
Ⅲ．Selling, general and administrative expenses
Operating income
Ⅳ．Non-operating income
1 Interest and dividends income
2 Gain on sales of securities
3 Gain on valuation of securities
4 Foreign exchange gain
5 Gain on investments in partnership etc.
6 Other
Total non-operating income
Ⅴ．Non-operating expenses
1 Interest expenses
2 Loss on valuation of securities
3 Equity in losses of affiliates
4 Other
Total non-operating expenses
Ordinary income
Ⅵ．Extraordinary income
1 Gain on sales of noncurrent assets
2 Gain on sales of investment securities
3 Other
Total extraordinary income
Ⅶ．Extraordinary loss
1 Loss on retirement of noncurrent assets
2 Loss on sales of investment securities
3 Other
Total extraordinary losses
Income before income taxes
and minority interests
Income taxes-current
Income taxes for prior periods
Income taxes-deferred
Net income
Net income attributable to non-controlling interests
Net income attributable to parent company’s shareholders
Note: Figures less than one million yen are rounded down.

2016
163,063
107,11355,94914,717
41,231(\ millions)2015
272,868
217,033
55,834
13,441
42,393

568
4,765
1,246
905
7,486

997
8,172
3,008
10,542
2,312
25,033

3,289
8,427
1,894
13,611
35,107

4,013
1,083
118
5,215
62,211

8,497
9,401
3
17,902

6,106
241
6,348

526
59
585

1,734
4,727
21
6,484

52,42462,075

14,9182,036
35,468
1,373
34,09523,807(22,541)
13,88046,928
1,338
45,589Note: This translation may be used only for reference purposes. This English version is not
an official translation of the original Japanese document. In cases where any differences
occur between the English version and the original Japanese version, the Japaneseversion shall prevail.
21