May 16, 2019
MORI TRUST CO., LTD.
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 2019
Mori Trust Group recently announced its consolidated business performance for the year ended
March 31, 2019(FY 2019).
The Group consists of 28 consolidated companies, including MORI TRUST CO., LTD., MORI
TRUST BUILDING MANAGEMENT CO., LTD., and MORI TRUST HOTELS & RESORTS CO.,LTD., and three equity-method affiliates.
[Mori Trust Group Consolidated Financial Report](April 1, 2018 – March 31, 2019)○ In the term ended March 2019, Operating revenue was 174.8 billion yen (up 8.0%
compared to the previous term) and operating income was 34.4 billion yen (up 7.9%
compared to the previous term), with hotel-related business recording its record
high revenue. Operating revenue and operating income both increased for thesecond consecutive fiscal year.
○ Each business segment performed steadily, leading to good final results, withordinary income at 36.1 billion yen (up 8.7% compared to the previous term), andnet income attributable to owners of the parent at 40.2 billion yen (up 33.1%
compared to the previous term).
○ For the fiscal year ending March 2020, we expect operating revenue of 238 billion
yen (up 36.1% compared to the previous term), operating income of 55 billion yen(up 59.7% compared to the previous term), and net income attributable to ownersof the parent of 40 billion yen.

1

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

FY2018FY2019FY2020(Projection)

Operating revenue

161,911

174,868

238,000

Operating income

31,92334,43655,000Ordinary income

33,30936,19653,000Net income attributable to parent
30,22940,22740,000company’s shareholders. ** From the fiscal year ended March 2016, the account title “Net income” is changed to “Net income attributable to parent company’s shareholders.

Operating revenue breakdown
Rental related business

68,023

67,97473,000Hotel related business

33,704

37,21240,000Real estate sales business

45,76955,130110,000

Other business （contract work,etc）

14,414

14,551

15,000Total assets

1,042,032

1,076,523―

Net assets

406,433

435,002―

Total assets and net assets

2

Highlithts of FY 2019 business performance○ In “leasing-related business,” although rental income fell away in association with thesale of shares in Urban Life Co., Ltd., high occupancy rates at existing properties inJapan and overseas, including Marunouchi, Sendai and Boston, and an increase in unit
prices due to factors such as rent revisions and new contracts contributed, and werecorded operating revenue of 67.9 billion yen.
○ “Hotel-related business” recorded record high results, with operating revenue of 37.2
billion yen, an increase for the seventh consecutive year. This was due to the continued
maintenance from last year of high occupancy rates and high unit prices in both innercity and regional areas, as well as the contribution of the full-year operation of rebranded
Marriott hotels throughout Japan against the backdrop of vigorous domestic andoverseas demand for accommodation, which continues to boom.
○ “Real estate sales business” recorded operating revenue of 55.1 billion yen as a result ofstrong sales of condominiums, while “other business” recorded operating revenue of 14.5
billion yen.
As a result of the above, operating revenue finished at 174.8 billion yen, operating income
at 34.4 billion yen and net income attributable to owners of the parent at 40.2 billion yen.

Business Performance Projections for FY 2020
○ In “leasing-related business,” we expect operating revenues of 73 billion yen because weanticipate the maintenance of high occupancy rates and increased unit prices for existing
properties in Japan and overseas due to the strong transition of office market conditions
and renovations to increase added value, and there will be contributions by the officebuildings in San Jose, California, U.S., which we acquired in March 2019.
○ In “hotel-related business,” we expect operating revenue of 40 billion yen because weanticipate an increase in the ADR (average room unit price) of existing hotels due to an
expected further increase in demand for accommodation, centered on inbound demandin the run-up to the Olympics, and because of the full-year operation of “Iraph SUI, a
Luxury Collection Hotel, Miyako Okinawa” (opened in December 2018) and “Courtyard
by Marriott Hakuba” (rebranded opening in December 2018), etc.
○ In “real estate sales business,” we expect operating revenue of 110 billion yen due tofactors such as housing sales business performing strongly and office sales, and in “otherbusiness,” we expect operating revenue of 15 billion yen due to increased move-in related
construction work, etc.
As a result of the above, we expect operating revenue of 238 billion yen, operating income3

of 55 billion yen and net income attributable to owners of the parent of 40 billion yen.
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.

Financial Conditions of Mori Trust Group■ Trends of Capital Stock and Capital Adequacy Ratio
In the term ended March 2019, equity capital ended at 411.9 billion and the capital
adequacy ratio at 38.3%.
500,000

自己資本
Capital
Stock

40.0%

自己資本比率Capital Adequacy Ration

400,000

30.0%

300,000
20.0%
200,000
10.0%

100,000
0(million)

0.0%
14/3
14/3期

15/3
15/3期

16/3
16/3期

17/3
17/3期

18/3
18/3期

19/3
19/3期

■ Fair Value of the Group’s Real Estate
The total market value of our group’s real estate holdings was 1,924.6 billion yen, withunrealized gains of 986.4 billion yen.
(Figures in millions of yen; figures less than one million yen are rounded down.)
Fair value

Carrying value

Unrealized gains

1,924,608

938,200

986,408

Business real estate

1,490,195

684,373805,822

Real estate for Sale

434,413

253,827

180,586

Entire real estate4

(Reference) Mori Trust Holdings Inc.
Mori Trust Holdings Inc. Non-consolidated Financial Report(Figures in millions of yen; figures less than one million yen are rounded down.)
FY2018FY2019Operating revenue

26,087

12,737

Operating income

25,794

12,447

Ordinary income

24,73315,856

Net income

24,134

13,904

Total assets

732,007754,533

Net assets

163,657

176,939

Total assets and net assets*Mori Trust Holdings Inc. is the parent company which owns all the issued shares of MORI TRUST Co., Ltd.

5

FY 2019 Key Business Topics
REAL ESTATE
In new development in central Tokyo, we are progressing steadily towards the completionof “Tokyo World Gate” in 2020. We are also giving shape to plans for the “Akasaka 2-Chome
Project (provisional name)” (scheduled for completion in fiscal year 2024), in an area thathas been designated a National Strategic Special Zone. Minato Ward is expected to have themost large-scale office building supply in Tokyo over the next five years* and our company
will also contribute to the further revitalization of this ward.
Furthermore, we are also rolling out overseas investments of up to 200 billion yen, apriority strategy raised in “Advance 2027,” our medium- to long-term vision, and have newly
acquired properties in Silicon Valley in the U.S.. As a result, following on from ouracquisition in Boston in 2017, our total investment in real estate in the U.S. is now over 100
billion yen.
In addition, based on the themes “historical inheritance” and “creation of the future,” theMori Trust Group is promoting area management overflowing with originality for joint
creation and co-prosperity, in cooperation with companies and groups associated with eacharea. Following on from Shinagawa and the Gotenyama area, Minato Ward and the
Kamiyacho area have formulated the “Kamiyacho God Valley Vision” as their town planningvision. Along with promoting the building of diverse spaces that enhance creativity, we will
also continue to promote sustainable town planning for mutual creation and co-prosperity
through community activities and area events.
*(Source) Mori Trust “Survey of Large-Scale Office Building Supply in Tokyo’s 23 Wards”

6Development in central Tokyo[Toranomon area](1) Completion of the structure of “Kamiyacho Trust Tower”

We completed the structure of “Kamiyacho Trust Tower” (name changed from the former
building name “Toranomon Trust Tower”), the complex made up of offices, hotels, residences,medical facilities, commercial facilities, etc., that will be at the core of “Tokyo World Gate”(city block name), on February 2, 2019.
“ Tokyo World Gate” Plan summary (Scheduled to be completed in March 2020)
Location

Toranomon, Minato-ku, Tokyo

Site area

16,210 ㎡

Total floor area

195,190 ㎡

Number of floors/ Height

38 floors above ground,
3 floors below ground / About 180m

Primaryuse

Offices, conference center, industry training center,subdivided residence, luxury hotel, serviced
apartments, medical facility for foreign patients, shop &restaurant, shrine(2) Development of “Creative Floors”』の展開*The photograph is an image

As part of our measures to promote open innovation, we will establish “Creative Floors”
on the third to sixteenth floors of “Kamiyacho Trust Tower,” roughly half of the office floors
in the building. By providing “unique interior specifications” that realize cost reductions,“exclusive common area designs” that increase creativity on the floor as a whole, and“flexible and optimal security plans” that assume open innovation, we will provide strong
support for the creation of innovative office space.

7

[Akasaka area]
・National Strategic Special Zone plan certification

The “Akasaka 2-Chome Project (provisional name),” which we are promoting on a site
centered on the former site of the Akasaka Twin Towers, has been certified as a National
Strategic City Planning Building Development Project in the Tokyo Area National StrategicSpecial Zone. Based on this certification, it will be deemed that the city planning decision
for a special urban renaissance district has been made. We will give shape to plans aiming
to complete construction in fiscal year 2024.
“Akasaka 2-Chome Project (provisional name)” Plan summary (Scheduled to be completed in March 2024)
Location

Akasaka, Minato-ku, Tokyo

Site area

15,750 ㎡

Total floor area

210,000 ㎡

Number of floors/ Height

43 floors above ground,
3 floors. below ground / About 210m

Primaryuse

Offices, hotel, serviced apartments, shop & restaurant,
Tourism support facility, History and culture
transmission facility, Clinic

Overseas investment[USA]・Acquisition of real estate in San Jose City (Silicon Valley).

In March 2019, MORI America LLC, a U.S. subsidiary, acquired three office buildings in
San Jose City in the Silicon Valley area of California in the U.S.. Following on from Boston,
we will strengthen our asset portfolio by investing in some of the leading innovation centersof the U.S., and connect that to innovation in domestic business using the information andnetworks obtained from overseas operations.

8

Property Description
Property Name

(1) 110 Holger Way(2) 120 Holger Way(3) 130 Holger Way

Location

110 Holger Way, San Jose, CA

120 Holger Way, San Jose, CA

130 Holger Way, San Jose, CA

Site area
Rentable area
Number of floors

About 9.7 acres
140,043 sq. ft

227,583 sq. ft

236,040 sq. ft

603,666 sq. ft in total
4 floors above groundUse

7 floors above ground

7 floors above ground

Office, Parking lot (1,687 cars)

Area management[Kamiyacho area]
The “Kamiyacho God Valley Council” was established in August 2018 in cooperation withcompanies and groups associated with the area and the first area event sponsored by the
council was held in December. The council will aim for sustainable town planning for mutual
creation and co-prosperity, with assembled people and groups creating a future ofdevelopment together around the core “SDGs,” “open innovation,” “smart technology” and“wellness,” the four pillars of the “Kamiyacho God Valley Vision” for the Kamiyacho area’s
town planning.
[Kamiyacho God Valley Council]*As of May 2019

Kamiyacho God Valley Vision

In the “Kamiyacho” (former town name) area of(1) SDGs~ The realization of asustainable society ~(2) Open Innovation~ The creation of new value~(3) Smart Technology~ The creation of future work
lifestyles ~(4) Wellness~ The creation of vitality in thearea ~

Toranomon, Minato Ward, which is being developed
as an international hub, we formulated a vision for
town planning aiming for future development into a“global and creative area that the world pays
attention to and where new value is created,” andestablished four pillars that will realize that vision.

9

[Gotenyama area]
The “Gotenyama Area Management Executive Committee” was established by companies
and groups based in Shinagawa and Gotenyama in October 2017. In addition to its location
as an international gateway to Tokyo, the Shinagawa-Gotenyama area is home to agathering of companies including global IT companies and manufacturing companies thatare driving the Fourth Industrial Revolution.
The Executive Committee aims to spread the potential and value of the area both in Japanand overseas, to make the people who work, live and gather there proud, to revitalize culture,
education and economic activities through exchange, and to create new value.

[Gotenyama Area Management Executive Committee]

10*As of May 2019

HOTELS & RESORTS
In hotel and resort business, we opened international brand hotels on Irabu Island,
Okinawa Prefecture, and in Hakuba Village, Nagano Prefecture, making use of highpotential tourism resources. We have also started new development plans for regional cities,
and are currently promoting a total of 19 new hotel projects, three in central Tokyo and 16
in regional areas.
Under the “luxury destination network” concept,*1 we will contribute to the further
development of Japan as a leading tourism country*2 through initiatives aimed atincreasing inbound demand and increasing consumption per traveler.

16 projects inregional areas.

3 projects incentral Tokyo*1 “Luxury destination network” concept: The Mori Trust Group’s business vision of creating a “luxury destination network”
in Japan through the development of luxury hotels in attractive cities and resorts throughout Japan to contribute to making
Japan a leading tourism country.
*2 Government policies aimed at the realization of Japan as a leading tourism country11[Okinawa Sesoko Project (provisional name) construction started]
Hilton Grand Vacations

Hilton Okinawa Sesoko Resort(provisional name)Construction began on the “Okinawa Sesoko Project (provisional name)” currently being
promoted on Sesoko Island, Okinawa Prefecture in June 2018. Mori Trust will manage thedevelopment of this project, Hilton will manage the roughly 300-room hotel, and Hilton
Grand Vacations will own and manage a 132-room time-share resort. The hotel is scheduled
to open in 2020 and the time-share resort in 2021. These facilities will provide comfortablestays for various people from Japan and overseas, and contribute to the further developmentof Okinawa’s tourism industry.
Plan summary
Hilton Okinawa Sesoko Resort(provisional name)

Hilton Grand Vacations
Location

Motobu-cho, Kunigami-gun, Okinawa

Site area

133,791 ㎡ (Total site area including adjacent land:335,131 ㎡)

Total floor area

approx. 15,000 ㎡

approx. 21,000 ㎡

Guest room / Number of floors

132 rooms / 10 floors above groundabout 300 rooms / 9 floors above ground

Facilities

Lounge, Outdoor pool, etc.

Restaurant, Fitness gym, Spa,
Indoor pool, Outdoor pool, Chapel, etc.

Starting date

2021 (Schedule)

2020 (Schedule)[Iraph SUI, a Luxury Collection Hotel, Miyako Okinawa opened]

The “Iraph SUI, a Luxury Collection Hotel, Miyako Okinawa,” constructed on Irabu
Island of the Miyako Islands of Okinawa Prefecture, opened in December 2018.
This hotel is double-branded with “SUI,” the new hotel brand that the company
announced in 2017, and “Luxury Collection,” Marriott International’s premium category
brand. It is the second hotel double-branded like this following “Suiran, a Luxury Collection
Hotel, Kyoto” in Kyoto. It aims to be a place where you can truly enjoy glamorous
experiences and refreshment in an extraordinary space.
12

[Courtyard by Marriott Hakuba opened]

The “Laforet Club Hotel Hakuba Happo” in Hakuba Village, Nagano Prefecture was
rebranded and opened as “Courtyard by Marriott Hakuba” in December 2018. This hotel
will be the first foreign-brand hotel in Hakuba Village.

[Kanazawa Hirooka Project (provisional name)]

We acquired land in Hirooka 3-chome, Kanazawa City, Ishikawa Prefecture in June 2018.
Kanazawa City combines both historical and advanced features, and is expected to further
develop as a leading tourist destination representative of Japan. In order to contribute to
the promotion of tourism and increased inbound tourism promoted by Kanazawa City, we
aim to open a hotel in the city that provides services based on international standards.
Property Description
Location

Hirooka, Kanazawa-shi, Ishikawa

Site area

3,910.52 ㎡[Received awards in “Condé Nast Traveler” magazine’s “Readers’ Choice Awards 2018”]

Suiran, a Luxury Collection Hotel, Kyoto

CONRAD TOKYOTokyo Marriott Hotel“Suiran, a Luxury Collection Hotel, Kyoto,” “Conrad Tokyo” and “Tokyo Marriott Hotel”
received high marks for their hospitality from travelers from around the world, and wereranked first, fifth and tenth respectively in the Japanese hotel category of the “Readers’
Choice Awards 2018” held by the prestigious American travel magazine “Condé Nast
Traveler.” “Suiran, a Luxury Collection Hotel, Kyoto” also ranked sixth in the global hotel
category of the same awards.
13

INVESTMENT
In investment business, under the “new innovation investment strategy,” for which we set
a total investment limit of 20 billion yen, we are promoting the creation of new value withan eye on the future, including investing in companies engaged in innovative business andconducting joint creation and demonstration experiments with startup companies based on
the three pillars of: [1] the development of community spaces that will be bases for theactivities of startup companies; [2] the promotion of CVC* activities; and [3] VC investment.

[Development of community spaces]
At “Shiroyama Trust Tower” (address: Toranomon, Minato Ward), we will develop avariety of office spaces and support functions that can respond precisely to the changing
needs of entrepreneurs, venture companies and large corporations in accordance with theirstage of development, and contribute to the promotion of exchanges in the area.
Facilities in Shiroyama Trust Tower
dock-Toranomon

Café & Deli GGCo．

October 2017

November 2018

February 2019Socializing Lounge Cafe

Community-based workspacefrom NY

WeWorkNameStarting date
Function

Coworking space[Promotion of CVC activities]
We will promote support for start-up companies in a variety of ways, such as investment
in companies conducting innovative business, aiming for the creation of new business thatlooks ahead to the future.
・New investee companies in 2018

Name

Liquid,inc.

Established

Business sectors

Research and development of image recognition engines; planning, development and manufacture ofbiometric terminals; planning, development and sale of tablet-made cash registers

Name

Scentee inc.

Business sectors

Planning, development, manufacture and sale of scented hardware and software
Planning, development, manufacture and sale of electronic and electrical machinery and equipment
Planning, manufacture, development and sale of various IoT services and software

Established14

December 2013

August 2011

Name

Savioke Inc.

Established

Business sectors

Service robot planning, development, sales

2013

・Major companies that we have invested in to this point

air weave inc.

FIRST CABIN INC.

MRSO, Inc

*In general, this means “funds that business companies invest in external venture companies,” but in a broad sense, itmeans “business companies investing in external venture companies” and our company’s activities are of the latter kind.

・Start of demonstration experiments with start-up companies■ We started a demonstration test of a cafe delivery service
in an office building using the autonomous driving transport
robot “Relay” developed by Savioke Inc., and the mobile orderservice “O:der” provided by Showcase Gig Co., Ltd.,
companies that we have invested in. (From January 7, 2019)■ Together with Nurve, Inc., which promotes the use ofvirtual reality (VR) in the business field, we have begun
demonstration tests of domestic tourist information using VR
technology at the Tourist Information Center “TIC TOKYO”
which is managed by our group and located next to the
Nihonbashi exit of Tokyo Station. (From January 21, 2019)[Future Acceleration Program]
We started the “Future Accelerate Program”
as a new initiative aimed at creating innovation
through joint creation with startup companies.
Under the theme of realizing a next-generation resort, “Creative Resort,” we acceptedbusiness plans and in March 2019, held a meeting for the presentation of results by six
companies selected from about 50 applications (demo day). We chose the three companies
below with whom we will consider specific cooperation.
[Overview of selected companies]

Name
Business sectors

Aquabit Spirals Inc.
Based on the concept of “not making people Google,” we provide the last inch that connects products and information
through a next generation information distribution platform.

15

Name
Business sectors

NameBusiness sectors

div Inc.
Under the philosophy “surprise your life,” we develop human resources who can acquire technological skills and play
an active role in the world through programming training.

Unirobot Corp.
We develop manufacture and sell next-generation social robots capable of communication such as natural language
processing, information analysis and recommendations.

[VC investment]
We invest in venture capital aimed at expanding the pipeline of startup companies withpotential for cooperation and accelerating CVC activities by widespread information
gathering.
[New investment destination companies in fiscal year 2018][Investment destination companies to this point]

Fund name

SBI AI & Blockchain

Spiral Ventures Japan Fund 1

Established

January 2018

January 2016

Composition
amount60 billion yen (target)

7 billion yen

Investment
area

Promising venture companies centered on
the AI and blockchain areas

Domestic internet and X-Tech areas

SBI Investment Co., Ltd.

Spiral Ventures Japan LLP

Operatingcompany16Mori Trust Group : Total Floor Area Leased or Managed■Number of rental / managed facilities (as of March 31, 2019）○ Rental buildings：Approx. 1,410,000 ㎡ (79 buildings)○ Hotel & Resort facilities：23 facilities (Number of rooms：Approx. 3,500）

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

FORETSEINE CO., LTD.

Location
ChairmanPresident
Established
CapitalBusiness sectors

Location
President
Established

Toranomon, Minato-ku, Tokyo
Akira Mori
Miwako Date
June 10,1970
30 billion yen
Real estate development, hotel management andinvestment business

CapitalBusiness sectors

Akasaka, Minato-ku, Tokyo
Shin Takahashi
March 31, 2011
(date of foundation since incorporation-type company split)
100 million yen
Planning and development of urban type condominium forsales and rental management

MORI TRUST BUILDING MANAGEMENT CO., LTD.

Toyo Green Building Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Kazunobu Kuwata
April 1, 2002
100 million yen
Comprehensive building services for building management, interior
design management & renovation, and planning & consulting.

MORI TRUST HOTELS & RESORTS CO., LTD.
Location
President
Established
CapitalBusiness sectors

Akasaka, Minato-ku, Tokyo
Mamoru Hukuda
March 1, 1978
90 million yen
Condominium management service

NIHON ESLEAD CORPORATION (Code：8877)

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

Location
President
Established
CapitalBusiness sectors

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

MAMPEI HOTEL CO., LTD.

ESLEAD KANRI CORPORATION

Location
Chair
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Miwako Date
Mamoru Fukuda
1894
100 million yen
Ownership and operation of the Mampei Hotel

Fukushima，Fukushima-ku，Osaka-shi
Sadami Otsuki
May 20, 1996
10 million yen
Condominium Management and Rental Management
Businesses

MT&Hilton Hotel Co., Ltd.

SOUDEN CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Shin Takahashi
October 22, 2004
20 million yen
Management of the Conrad Tokyo

Sun Marina Operations Co., Ltd.
Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Masaaki Fujino
May 17, 2006
90 million yen
Electricity Management Business

E・L CONSTRUCTION CORPORATION

Onna-son，Kunigami-gun，Okinawa
Shigeru Sakai
April 1, 1987
100 million yen
Operation of the Sheraton Okinawa Sun Marina Resort

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Wataru Suzuki
June 14, 2006
100 million yen
General Contract and Renovation Businesses

GOURAKANSUIROU CO.,LTD.

ESLEAD JYUTAKU RYUTU CO. LTD

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Hakone-Machi Gora, Ashigarashimo-gun, Kanagawa
Shigeru Sakai
April 15, 1949
10 million yen
Ownership and operation of Gora-Kansuirou

17

Oyodominami，Kita-ku，Osaka-shi
Hiroyuki Harima
May 8, 2007
10 million yen
Real Estate Transaction,Asset Management

and Real Estate Rental Businesses

ESLEAD HOUSE CORPORATION

Shiroyama Heating & Cooling Supply Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Koichi Arai
June 20, 2016
10 million yen
Sale of detached houses

ESLEAD TATEMONOKANRI CORPORATIONAZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Hiroshi Nakazawa
November 22, 2018
10 million yen

Real Estate Management Business etc.

Toranomon, Minato-ku, Tokyo
takashi akiba
November 6, 1989
300 million yen
Local heating and cooling services
in the Shiroyama Garden and adjacent area

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

MT GENEX CORPORATION (Code：9820)

MORI America LLC

Toyo Housing Management, Inc.

MT BACK BAY ONE LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Location
President
Established
CapitalBusiness sectors

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

Location
Established
Business sectors

Roppongi, Minato-ku, Tokyo
Hitoshi Suzuki
November 27, 1979
10 million yen
Leasing management and operations of real estate

County of New Castle, Delaware 19808 U.S.A.
November 7, 2016
Real estate business in the United States

County of New Castle, Delaware 19808 U.S.A.
November 4, 2016
Ownership of 10 St. James Avenue and 75 Arlington Street in
BostonMORI TRUST INSURANCE SERVICE CORPORATIONMT Silicon Valley One LL

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Roppongi, Minato-ku, Tokyo
Hitoshi Suzuki
January 25, 2016
10 million yen
Nonlife insurance agent and life insurance solicitor

MORI TRUST Asset Management Co., Ltd.
Location
President
Established
CapitalBusiness sectors

County of New Castle, Delaware 19808 U.S.A.
July 11, 2018
Ownership of HQ @first (110 holger Way, 120 holger Way,
130 Holger Way, 95 Headquarters) in San JoseMORI America Management LLC

Toranomon, Minato-ku, Tokyo
Michio Yamamoto
February 28, 2000
400 million yen
Operation of real estate investment trusts

Location
Established
Business sectors

County of New Castle, Delaware 19808 U.S.A.
December 16, 2016
Real estate management service in the United States(as of March 31, 2020)

Mori Trust Group : Summary of Equity – Method Affiliates
MORI TRUST Hotel Reit, Inc.

MORI TRUST Sogo Reit, Inc. (Code：8961)
Location
Established
Business sectors

Toranomon, Minato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate

Location
Established
Business sectors

Toranomon, Minato-ku, Tokyo
January 15, 2016
Investment in real estate and asset-backed
securities investing primarily in real estate

Aichi Road Concession Co.,Ltd.
Location
Established
Business sectors

Hikozucho, Handa-shi, Aichi
August 3, 2016
Road maintenance and management in the Aichi prefecture district
and surrounding regions and associated road improvement works(as of March 31, 2020)18

Consolidated Balance Sheets (as of March 31, 2019 and 2018)
MORI TRUST CO., LTD. and its consolidated subsidiaries
2019
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（2) Long-term loans receivable（3) Deferred tax assets（4) Guarantee deposits（5) 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(\ millions)2018

86,795
6,849
25,50725,217
229,649
618
2,308
16,98120
393,906

74,644
5,825
29,23425,373
196,352
618
1,819
4,739
10,984(18)
349,573

180,7124,632
1,682
443,210
10,535
1,678
642,452

188,804
4,919
1,939
448,935
5,425
1,875
651,899

3,378
168
4,410
7,957

3,257
224
5,212
8,695

21,255
78
712
6,504
3,683
(26)
32,207
682,617
1,076,523

21,394
102
323
6,713
3,380
(49)
31,864692,458
1,042,032

(\ millions)
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 Deferred hedge gains and losses
3 Foreign currency translation adjustment
4 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

2019

2018

11,10760,084
6,509
4,554
7,919
1,094
19,098
1,066
816
399
112,650

10,92844,570
9,378
6,514
6,028
1,025
9,063
1,602
770
284
90,167396,70953,05550,852288
17,954
2,668
6,249
1,091
528,871641,521422,570
48,98351,311273
15,200
2,563
1,326
3,201
545,430
635,598

30,0009,996
374,346
414,343

30,00010,000344,118
384,119387(2,774)(53)(2,442)
23,101
435,002
1,076,523

841
0(1,197)(16)(371)
22,686
406,433
1,042,032

Consolidated Statements of Income (For the years ended March 31, 2019 and 2018)(\ millions)
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 Investment gain on equity method
4 Gain on investments in partnership etc.
5 Other
Total non-operating income
Ⅴ．Non-operating expenses
1 Interest expenses
2 Loss on valuation of securities
3 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 Impairment loss
4 Other
Total extraordinary losses
Income before income taxes
and minority interests
Income taxes-current
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.

21

2019
174,868
123,493
51,374
16,93834,436

2018
161,911
113,747
48,164
16,241
31,923

708
1,369
1,231
1,499
2,739
5,795

649
1,885
1,241
1,334
866
5,978

3,457
262
316
4,035
36,196

3,382
928
281
4,592
33,3093,683
25,519154
29,357

14,286
182
14,468

375
850
231
1,458

153
11
164

64,096

47,613

13,306
7,167
43,622
3,394
40,227

11,694
3,260
32,6592,430
30,229