May 17, 2018
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 2018
Mori Trust Group recently announced its consolidated business performance for the year ended
March 31, 2018(FY 2018).
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, 2017 – March 31, 2018)○ In the fiscal year ended March 2018, operating revenue was 161.9 billion yen (up15.4% from the previous year), and operating income was 31.9 billion yen (up 5.3%
from the previous year). In addition to robust office operations, there has been an
increase in Hotel Business revenue over the last six terms, resulting in higher
revenue and earnings.
○ Ordinary income stands at 33.3 billion yen (down 14.9% from the previous year,
11% higher than forecast) and the net income attributable to the parent company’s
shareholders is 30.2 billion yen (down 49.7% from the previous year, 0.8% higher
than forecast). Despite no longer having the special circumstances of the previous
term, each business has given a steady performance, allowing them to achieve
better results than the forecast amount.
○ Our forecast for the fiscal year ending March 2019 is that operating revenue willreach 174.0 billion yen (up 7.5% from the previous year) and operating income willreach 34 billion yen (up 6.5% from the previous year). We also estimate net income
attributable to the parent company’s shareholders of 40 billion yen (up 32.3% fromthe previous year).
○ In January 2018, Mori Trust Holdings Inc., the parent company of MORI TRUST
Co., Ltd., received an “AA -” long-term issue credit rating from the Japan Credit
Rating Agency, Ltd.

1

(Figures in millions of yen; figures less than one million yen are rounded down.)
FY2017FY2018FY2019(Projection)

Operating revenue

140,261

161,911

174,000

Operating income

30,31631,92334,000Ordinary income

39,14733,30932,000Net income attributable to parent
company’s shareholders. *60,05430,22940,000* 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

62,76768,02368,000Hotel related business

29,82433,70437,000Real estate sales business

36,46545,76956,000

Other business（contract work,etc）

11,203

14,41413,000Total assets

1,044,664

1,042,032―

Net assets

397,790

406,433―

Total assets and net assets

2

Highlithts of FY 2018 business performance
1. Formulated a new corporate slogan

Following the Mori Trust Group’s medium- to long-term vision “Advance 2027,” devised in2016, and along with the one-year anniversary of our president’s inauguration, we
formulated our new corporate slogan, “Create the future,” as we look toward the future in
the run-up to 2030.
As advances in technology continue to accelerate, we will drive business with a sense of
speed, promote the formation and synergy of new communities, and aim to “provide "new,exciting and rewarding visions of the future.”
2. Business strategies for our three major businesses○ Real Estate Business ： Creative First
Creative First is an office business strategy with the aim of generating a creativeenvironment with improved productivity and active innovation.
Regarding the new development, in addition to “Tokyo World Gate” (scheduled forcompletion in March 2020), currently under construction at Toranomon, Tokyo, adevelopment policy has been set up for the “Akasaka 2-chome Project (tentative name),”which is scheduled for completion in FY2024. We are proceeding with the certification of
specific projects in the Tokyo area National Strategic Special Zone.
Regarding existing properties, we are enhancing efforts to create new working methods
and communities, both in terms of improving hardware aspects such as renovation, andsoftware aspects through area management activities.
○ Hotel & Resort Business ： Luxury Destination Network
In order to lead the Japanese tourism industry to become the next-generation growthindustry, we formulated the “Luxury Destination Network Initiative,” and are promoting
the development of luxury foreign-owned hotels and long-stay resorts, which will hostdomestic and foreign travelers seeking high added value.
In the city, we decided to bring in EDITION, luxury lifestyle hotels that capture theattention of the world’s wealthiest people, so as to bring them to Tokyo World Gate and Ginza.
Furthermore, we attracted three foreign-affiliated hotel brands including the new hotel
brand “SUI,” which is expanding to Kyoto and then Okinawa. We also launched a new
development plan in Hakone Gora, Atami, Nagasaki, and Nara.
Currently, in addition to 22 existing facilities throughout Japan, we have 17 new projects
that are ongoing.
○ Investment Business ： New Innovation Investment Strategy
In order to realize active new investments and innovation creation, we formulated the“New Innovation Investment Strategy.” We have set a total investment limit of 20 billion
yen with three pillars: (1) construction of the startup venture ecosystem, (2) promotion of
CVC* activities, and (3) investment in VC. Our primary investments are with “Re-Tech” inreal estate, and “Hospi-Tech” in the field of tourism and hotels.
During the previous fiscal year, in addition to opening a community space, we also invested
in venture capital with startup companies as our key investment, along with two hospitalityrelated companies and one healthcare-related company.
*CVC (Corporate Venture Capital): Business companies that invest in outside venture companies

3Overview of FY 2018 business performance○ In regard to revenue of the Leasing Business, despite a slight sales decline due to the saleof some properties, we experienced a sales increase thanks to the full-year operation of
two office buildings acquired in Boston, as well as the continued high operation of existing
properties and revised rent increases. This resulted in our highest ever recorded operating
revenue of 68 billion yen.
○ In regard to revenue of the Hotel Business, we continued to operate at the same high level
as last year and with the full-year operation of the “Sheraton Okinawa Sunmarina Resort”
we acquired in December 2016 as well as that of the “Karuizawa Marriott Hotel” after
rebranding, we recorded an operating revenue of 33.7 billion yen, and have seen
increasing sales for six consecutive years.
○ Operating revenue of the Real Estate Sales Business was 45.7 billion yen, while the sameof Other Businesses was 14.4 billion yen, mainly backed by an increase in construction
between tenants, interior construction and contracted work.
As a result, operating revenue and operating income amounted to 161.9 billion yen and31.9 billion yen respectively. Net income attributable to the parent company’s shareholders
came to 30.2 billion yen.

Business Performance Projections for FY 2019
○ In the Leasing Business, with the high-level operation of existing properties, solid trends
in office market conditions, and increased rent, we are expecting operating revenue of 68
billion yen.
○ In the Hotel Business, thanks to full-year operation of the Marriott Hotel, which
underwent rebranding last year across all regions, and the increase in the average hotel
room price (ADR = average daily rate) as well as the opening of IRAPH SUI, a Luxury
Collection Hotel, Miyako Okinawa, we anticipate operating revenue of 37 billion yen.
○ In the Real Estate Sales Business, we forecast operating revenue of 56 billion yen
primarily due to favorable sales of subsidiary companies. Regarding Other Businesses, weare anticipating operating revenue of 13 billion yen.
As a result, operating revenue and operating income are expected to reach 174 billion yen
and 34 billion yen respectively while the net income attributable to the parent company’s
shareholders is expected to be 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.

4Financial Conditions of Mori Trust Group■ Trends of Capital Stock and Capital Adequacy Ratio
The capital stock and capital adequacy ratio for the fiscal year ended March 2018 were
383.7 billion yen and 36.8% respectively. We will continue to actively invest in the future
while also selling real estate to funds, institutional investors, and businesses. We will alsoendeavor to maintain and strengthen the soundness of the balance sheet by replacing theassets appropriately.
450,000

40.0%

400,000

35.0%

350,000

30.0%

300,000

25.0%

250,000

20.0%

200,000

15.0%

150,000
100,000

10.0%

50,0005.0%

0(million)

0.0%
14/3期
14/3

15/3期
15/3

16/3期
16/3

Capital Stock

17/3期
17/3

18/3期（予）18/3

Capital Adequacy Ration■ Fair Value of the Group’s Real Estate
The fair value of the entirety of the real estate which the Group owns amounted to
1,743.7 billion yen with unrealized gains of 873.4 billion yen. The Group is committed tocontributing to society through continued investments and development which bring
added value to real estate.
(Figures in millions of yen; figures less than one million yen are rounded down.)
Fair value

Carrying value

Unrealized gains

1,743,734

870,261

873,473

Business real estate

1,349,135

647,906

701,229

Real estate for Sale

394,599

222,355

172,244

Entire real estate5

(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.)
FY2017FY2018Operating revenue

13,41726,087

Operating income

13,132

25,794

Ordinary income

12,95024,733

Net income

12,271

24,134

Total assets

696,558

732,007

Net assets

140,530

163,657

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

Achieved High Ranking
As detailed below, Mori Trust Holdings achieved a high ranking on January 10, 2018.
After the objective evaluation of a third-party organization and achieving this highranking for the first time, we aim to diversify and stabilize our means of raising funds
while also establishing better relationships with each of our stakeholders.
Acquisition company

Mori Trust Holdings Inc.

Ranking agency

Japan Credit Rating Agency, Ltd.

Rankinglong-term company ranking

Outlook

Stable6

FY 2018 Key Business Topics

TOKYO WORLD GATEWith the newly formulated 2017 office business strategy, “Creative First,” we will build newvalue at Tokyo World Gate as a creative city that stimulates innovation.
Project
name
Site
area
Numberof floors
PrimaryuseTokyo World Gate

Location

Toranomon, Minato-ku, Tokyo

16,210Total floor area

195,190

38 floors.above ground
Building completed
2020
3 floors.below ground(schedule)
Offices, shared office, conference center, industry training center, subdivided residence, luxury hotel andserviced apartments, medical facility for foreign patients, shop & restaurant, shrine

EDITION©隈研吾建築都市設計事務所・安藤ハザマ JV 作成©隈研吾建築都市設計事務所・安藤ハザマ JV 作成©隈研吾建築都市設計事務所・安藤ハザマ JV 作成

In July 2017, we decided to bring in Marriott International’s top-grade lifestyle brand,
EDITION, to Tokyo World Gate and Ginza. We will turn those areas into a new activity basefor trendsetters and others who enjoy traveling around the world.
Hotel nameTokyo Edition Toranomon

Tokyo Edition Ginza

Location
Guest room
/ Number of floors

Toranomon, Minato-ku, Tokyo
about 200 rooms/ 31 36 floors above ground

Facilities

Restaurant, Bar, Fitness room, Pool, Spa

Ginza, Chuo-ku, Tokyo
about 80 rooms/ 13 floors above groundRestaurant, Lobby bar, Rooftop bar, Fitness
room

Starting dateSpring to summer of 2020 (Schedule)

7

Spring to summer of 2020 (Schedule)

Akasaka 2-Chome Project

Our primary promotion area for this plan is the site where the Akasaka Twin Towers
originally stood. In December 2017, we decided on a development policy and have now begun
moving forward on bringing the plan to fruition. By presenting facilities of Japanese brands
and inviting an international hotel, we aim to build a new cultural transmission base thatconveys Japanese tradition and traditional culture.
Project name

Akasaka 2-Chome Project

Location

Akasaka, Minato-ku, Tokyo

Site area

approx. 15,700

Total floor area

approx. 220,000

Number offloors43 floors.above ground
3 floors.below ground

Building
completedfiscal 2024 (schedule)Primary use

Office, Hotel, Serviced Apartments, Shop, Exhibition facilities, Clinic, etc.

8

Luxury Destination Network
The Mori Trust Group aims to form a tourist route that meets the needs of wealthy
individuals, and disseminate luxury tourism resources to the world through the creation of“Luxury Destination Network.” This includes Japan’s seasonal landscape, rich hot springs,
rich historical culture, world heritage, and dynamic cityscapes.
Currently, we are planning the development of new hotels with 17 variations to match theirlocation, three in Tokyo and 14 in more rural areas. We would like to contribute to thedevelopment of Japan’s tourism industry through the expansion of inbound demand.

9

Developments in Okinawa
In recent years, Okinawa has been attracting as many tourists as the world-class resort
destination of Hawaii. Mori Trust Group is aiming to develop the “Okinawa, No. 1 resort in Asia”
with accommodation facilities containing 1000 rooms.
Iraph SUI, a Luxury Collection Hotel, Miyako Okinawa

We decided to open a double brand hotel that attracted Marriott International’s finest
category brand “Luxury Collection” in 2018, with Mori Trust Group’s new hotel brand “SUI”
at the forefront. We aim to show the abundant charm of Irabu to the world as an untouchedparadise.
Location

Irabu, Miyakojima-shi, Okinawa

Site area

9,027.38

Guest room

About 60 rooms

Starting
date2018 (Schedule)

Total floor area

approx. 5,500

Hilton Hotels & Resorts, Hilton Grand Vacations

We decided to open a hotel operated by Hilton Hotels & Resorts in 2020, and decided toopen a timesharing resort operated by Hilton Grand Vacations in 2021. We aim to create aresort that provides international services in response to the needs of domestic and foreign
travelers, including medium- and long-term guests. This will be in a planned areasurrounded by many sightseeing spots.
Location

133,791

Motobu-cho, Kunigami-gun, Okinawa

Site area

Hilton(Hotel)Hilton Grand Vacations Club(Timeshare resort)

Total floor area

approx. 21,000

approx. 15,000

Guest room
/ Number of floors

about 300 rooms/ 9 floors above ground

132 rooms/ 10 floors above ground

Facilities

Restaurant, Fitness gym, Spa, Pool, Chapel, etc.

Lounge, Outdoor pool, etc.

Starting date2020 (Schedule)

2021 (Schedule)

105 New Marriott Hotels
In July 2017, we rebranded five major Japanese resort facilities of “Laforet Hotels &Resorts” and opened them under Marriott International’s flagship brand, Marriott Hotel.
We will bring energy into regional creation through tourism; providing new experiences at
new destinations blessed with abundant nature and traditional culture.

Izu Marriott Hotel Shuzenji

Karuizawa Marriott Hotel

New Lands for Resort Development
Atami Kinomiya Project
On a quiet hill facing Atami Bay, there is a woodenbuilding with more than 80 years of history, a Japanesegarden that reflects the four seasons, and our exclusive
rich hot spring spread over about 8,400 m2 of land.
Making the most of this area’s long history, we aim toopen a foreign-owned luxury hotel, which will be the firstin the area, and continue to promote our development
plan.
Location

Nishiatami-cho, Atami-shi, Shizuoka

Site area

8,366.48

Guest room

To be determined

Starting

To be determined

date

Nagasaki Minami-yamate Project
For the first time as Mori Trust, we are pursuingbusiness development in Kyushu with the aim of
opening an international luxury hotel. We will achieve
this through the preservation and utilization of
traditional buildings that have stood for more than 100
years on a hill in the Minami-Yamate area facing
Nagasaki Bay.
Location

Minamiyamate-machi, Nagasaki-shi, Nagasaki

Site area

4,826.00

Guest room

To be determined

Starting
date

To be determined

11New Innovation Investment Strategy
In October 2017, we launched a new innovation investment strategy with three pillars:
construction of a startup venture ecosystem, promotion of CVC activities and investment in
VC, to realize active new investment and the creation of innovation as listed in the mediumto long-term vision “Advance 2027.”
We have set a total investment limit of 20 billion yen and are promoting open innovationof the Mori Trust Group through primary investments with “Re-Tech” in real estate and“Hospi-Tech” in the field of tourism and hotels.
1. Community Space Improvement
We opened a startup company’s activity base “dock-Toranomon” in October 2017. We
collaborate with large companies to support the creation of new businesses through open
innovation.

2. Promotion of CVC Activities
By investing in companies engaged in innovative business and promoting the support ofvarious startup companies, we aim to create new businesses that are geared toward thefuture.
Major investee companies

name

FIRST CABIN INC.

Established

Business sectors

Operation and planning of first cabin business, hospitality business and building managementbusinessnameair weave inc.

Business sectors

Manufacture and sale of “airweave” mattress pads and cushion materials

name

MRSO, Inc

Business sectors

Portal site for medical examination reservations, web reservation service for medical facilities, etc.

EstablishedEstablished

07/2006

11/2004

02/2015

CapitalCapitalCapital1.195 billion yen

90 million yen

320.625 million yen

3. Investment in Venture Capital
We have invested in Spiral Ventures Japan Fund 1, formed by Spiral Ventures Japan LLP,
a venture capital firm centered on X-Tech. X-Tech is a startup company that combines
technology in traditional markets such as finance, real estate and logistics. These markets
have been experiencing rapid growth in recent years, as seen in FinTech and Real Estate
Tech.
Company name

Spiral Ventures Japan LLP

Fund name

Spiral Ventures Japan Fund 1

Established

10/2015

Established

01/2016

Business sectors

Venture capital business

12Mori Trust Group : Total Floor Area Leased or Managed■Number of rental / managed facilities (as of March 31, 2018）○ Rental buildings：Approx. 1,360,000 ㎡ (171 buildings)○ Hotel & Resort facilities：22 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, M inato-ku, Tokyo
Akira M ori
M iwako Date
June 10,1970
30 billion yen
Real estate development, hotel management andinvestment business

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

MORI TRUST BUILDING MANAGEMENT CO., LTD.

Toyo Green Building Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

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

MORI TRUST HOTELS & RESORTS CO., LTD.

URBAN LIFE Co., Ltd. (Code：8851)

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
Nobuo Konomi
July 31, 1970
3.405 billion yen
Development, planning, sales, and rental of condominiums,
office buildings and stores

MAMPEI HOTEL CO., LTD.

URBAN LIFE JUUTAKUHANBAI Co., Ltd.

Location
Chair
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
M iwako Date
M amoru Fukuda
1894
100 million yen
Ownership and operation of the M ampei HotelM 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

MT&Hilton Hotel Co., Ltd.

STUDIO-KOA Co.,Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

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

Sun Marina Operations Co., Ltd.

NIHON ESLEAD CORPORATION (Code：8877)

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

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

GOURAKANSUIROU CO.,LTD.

ESLEAD KANRI CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

13

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

SOUDEN CORPORATIONMORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Hiroshi Nakazawa
M ay 17, 2006
90 million yen
Electricity M anagement Business

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

E・L CONSTRUCTION CORPORATIONMORI TRUST Hotel Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

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

ESLEAD JYUTAKU RYUTU CO. LTD

Shiroyama Heating & Cooling Supply 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

and Real Estate Rental Businesses
ESLEAD HOUSE CORPORATIONAZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osakashi
Kazuhiro Yasuda
June 20, 2016
10 million yen
Sale of detached houses

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

MT GENEX CORPORATION (Code：9820)

MORI America LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

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

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

Toyo Housing Management, Inc.

MT BACK BAY ONE LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

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

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 CORPORATIONMORI America Management LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

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

County of New Castle, Delaware 19808 U.S.A.
December 16, 2016
Real estate management service in the United States(as of M arch 31, 2018)

Mori Trust Group : Summary of Equity – Method Affiliates
MORI TRUST Sogo Reit, Inc. (Code：8961)

MORI TRUST Hotel Reit, Inc.

Location
Established
Business sectors

Location
Established
Business sectors

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

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, 2018)14

Consolidated Balance Sheets (as of March 31, 2018 and 2017)
MORI TRUST CO., LTD. and its consolidated subsidiaries
2018
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.

15(\ millions)2017

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

184,334
5,130
13,87334,365
181,812
618
1,353
5,429
12,520(15)
439,422

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

130,391
5,035
1,728
430,5963,081
1,900
572,734

3,257
224
5,212
8,695

3,257
56
426
3,740

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

18,754
133
439
6,801
2,704
(66)
28,766605,241
1,044,664

(\ millions)2018
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.

16

2017

10,92844,570
9,378
6,514
6,028
1,025
9,063
1,602
770
284
90,167

9,661
44,546
9,964
4,059
24,073
750
7,475
1,273
661
478
102,943

422,570
48,98351,311273
15,200
2,563
1,326
3,201
545,430
635,598

423,999
48,90851,258277
12,423
2,571
1,324
3,167
543,930
646,873

30,00010,000344,118
384,11930,0009,998
336,889
376,888841
0(1,197)(16)△ 371
22,686
406,433
1,042,032

268
1
129
(125)
274
20,627397,790
1,044,664

Consolidated Statements of Income (For the years ended March 31, 2018 and 2017)(\ 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 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
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 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.

17

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

2017
140,261
94,16746,094
15,77730,316

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

1,072
2,618
5,678
2,739
12,109

3,382
928
281
4,592
33,309

3,016
262
3,278
39,147

14,286
182
14,46850,615
1,330
51,946

153
11
164

429
1,303
202
1,935

47,61389,158

11,694
3,260
32,6592,430
30,22924,9672,358
61,831
1,777
60,054