May 18，2023

MORI TRUST CO., LTD.
報道関係者各位

Financial Reportfor the Fiscal Year Ended March 2023

Mori Trust Group recently announced its consolidated business performancefor the year ended March 31, 2023 (FY 2023).
The Group consists of 36 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, 2022 – March 31, 2023)○ In the fiscal year ended March 2023, operating revenue was 266.6
billion yen (up 3.0% compared with the previous term), and operating
income came to 65.5 billion yen (up 4.3% compared with the previousterm). Due to the easing of border measures against COVID-19 inaddition to the acquisition of several real estate properties in the
United States, higher hotel-related revenue contributed to an increasein both operating revenue and operating income. Both Rental related
business and hotel-related revenues were at record highs.
○ Income increased, with ordinary income at 69.3 billion yen (down 0.0%
compared with the previous term), and net income attributable toowners of the parent posting 53.0 billion yen (up 31.4% compared withthe previous term).
○ For the fiscal year ending March 2024, the total operating revenue is
expected to rise to 272.0 billion yen (up 2.0% compared with theprevious term) due to an increase in leasing-related and hotel-related
revenues for two consecutive years. We also expect operating incomeof 55.0 billion yen (down 16.1% compared with the previous term), andnet income attributable to owners of the parent of 38.0 billion yen(down 28.3% compared with the previous term), due to scaled backsales plans.

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

FY 2022

FY 2023

FY 2024(Projection)

Operating revenue

258,832

266,629

272,000

Operating income

62,82765,55555,000Ordinary income

69,347

69,34053,00040,33453,01238,000Rental related business

81,60885,38490,000Hotel related business

29,40544,54560,000126,308

118,010102,000

21,51018,68920,000Total assets

1,163,642

1,254,665―

Net assets

513,698

559,912―Net income
attributable to parent
company’s
shareholders.
Operating revenue breakdown

Real estate sales
business
Other business(contract work, etc.)
Total assets and net assets

Highlights of FY2023 Business Performance○ In the leasing-related business, operating revenue was a record high at 85.3
billion yen, up 4.6% compared with the previous term, due to higher rental
income from the acquisition of office buildings in Northern Virginia andWashington, D.C. in the United States, despite a decline in rental income from
HQ @ First, a property in the Silicon Valley area of the United States sold in
July 2021.
〇 In the hotel-related business, despite the impact of the continued spread of
COVID-19 in Japan since 2020, the occupancy rate recovered mainly at
hotels in urban areas due to the end of infection control measures such as
the declaration of a state of emergency that had continued intermittently
until September 2022 and the relaxation of border control measures in
October of the same year. This resulted in a record operating revenue of 44.5
billion yen, up 51.5% compared with the previous term.

〇 The real estate sales business generated operating revenue of 118.0 billion
yen, down 6.6% compared with the previous term, due to a decline in sales
revenue from the high-class condominiums THE RESIDENCE ROPPONGI andFORETSEINE SHIBUYA TOMIGAYA in central Tokyo, which were sold in theprevious year, despite strong sales of condominiums by Eslead Corporation.
Other business posted operating revenue of 18.6 billion yen, down 13.1%
compared with the previous term, due to a decline in contract construction
orders for tenant move-in construction and other projects.
As a result of the above, operating revenue finished at 266.6 billion yen,operating income at 65.5 billion yen, and net income attributable to owners of
the parent at 53.0 billion yen. In addition, we achieved the numerical targets
established for the final fiscal year of “Advance 2027,” our medium- to longterm vision, of operating revenue of 230.0 billion yen and operating income of
55.0 billion yen. This is the fourth consecutive year of achieving the numericaltargets continuing from the fiscal years ended March 2020, March 2021 andMarch 2022.

Business Performance Projections for FY2024○ In the leasing-related business, operating revenue is expected to increase to90.0 billion yen due to rental income from two real estate properties in the
United States acquired in 2022 contributing to the full-year rental income,and an increase in the occupancy rate of existing office buildings.
○ The hotel-related business is expected to achieve a significant improvementin the occupancy rate of existing hotels due to a further recovery in tourism
demand from domestic and inbound tourists, affected by COVID-19 being
shifted to a Category V infectious disease in May 2023. As a result of thisfactor in addition to the opening of two hotels in Ginza of Tokyo and Nara,
operating revenue is expected to increase for three consecutive years to
60.0 billion yen, which will be a record high for the second consecutive year.
○ The real estate sales business is expected to generate 102.0 billion yen in
operating revenue mainly due to the residential property sales business, andother business is expected to generate 20.0 billion yen in operating revenue.

As a result of the above, for the fiscal year ending March 2024, we expect
operating revenue of 272.0 billion yen, operating income of 55.0 billion yen,and net income attributable to owners of the parent of 38.0 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 suchprojections.

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 March2023 were 528.4 billion yen and 42.1% respectively
600,000
Capital Stock

Capital Adequacy Ratio
40.0%

500,000

400,000

30.0%

300,000
20.0%
200,000
10.0%

100,000

0(million)

0.0%
17/3

18/3

19/3

20/3

21/3

22/3

23/3

■Trends of Lease-related and Hotel-related Businesses
Hotel-related revenue for the fiscal year ended March 2023 exceeded
revenue for the fiscal year ended March 2020, and reached a record highalong with leasing-related revenue.

FY2023 Key Business Topics■REAL ESTATETokyo World Gate Akasaka, a project in central Tokyo, is being developed
toward its completion in 2024. Overseas investment, which is a key strategy
set forth in our medium- to long-term vision, Advance 2027, achieved theinvestment target of 200 billion yen through the acquisition of real estate in
Washington D.C., the United States. In addition, in the fiscal year ending March
2024, which is a progression stage, we participated in an overseas real estatedevelopment project in Boston, Massachusetts, which is the first time to do sofor Mori Trust. We also relocated our headquarters, for the first time in 24
years, to the Tokyo World Gate Kamiyacho Trust Tower.
Tokyo World Gate Akasaka／Akasaka Trust Tower
Based on the district concept “Next Destination: Meet Up Again in the City,”
we are promoting development with the aim of creating a city that will becomea destination for diverse people to meet again and interact with each other inthe future, in a way that goes beyond the new normal (behaviors, etc. that willremain after COVID-19).

Location

2-chome, Akasaka, Minato-ku, Tokyo

Site area

approx. 15,750m2

Rentable Area
Number offloorsapprox. 220,000m2(Including existing buildings)

43 floors above ground
3 floors below ground
Offices, hotel, serviced apartments,

Property Typeshop & restaurant, facilities to support
tourism, facilities to promote history andculture, clinics

Acquisition of real estate in Washington D.C., U.S.A.
Through our U.S. subsidiary, MORI America
LLC, we acquired an office building located in
Washington D.C., the United States, in August
2022.
Located in a district called Mount Vernon
Triangle, which has been redeveloped by the
public and private sectors since 2002, thisproperty is an office building developed by a leading real estate company in
the United States. It has received gold certification in LEED, an international

environmental performance evaluation indicator for buildings, and has
excellent environmental performance.
Building name

601 Massachusetts Avenue

Location

601 Massachusetts Avenue NW, Washington, D.C.

Site area

Approx. 1.03 acres

Rentable Area
Number of floors
Property Type478,882 sq. ft
11 floors above ground, 5 floors below ground
Office, Retail, Parking garage（314 spaces）

Participation in development in Boston, Massachusetts, U.S.A.
Through MORI America LLC, we participatedin a development project for a laboratory andoffice located in Boston in the United States,
aiming for completion in November 2023.
This property is a laboratory and office tomeet growing interest in the life science fieldand demand for research facilities as a resultof experiencing the global pandemic and therapid development of advanced therapeutic drug science. The Seaport Districtin Boston, where the property is located, has been designated as an innovation
district led by the city and is expected to grow in the future.
Building name

15 Necco Street

Location

15 Necco Street, Boston, Massachusetts 02210

Site area

Approx. 2.22 acres

Rentable Area
Number of floors
Property Type345,995 sq. ft
1 basement floor, 12 floors above ground
Laboratory and office, RetailMori Trust’s new office (Tokyo World Gate/Kamiyacho Trust Tower)
At the new headquarters, Mori Trust has realized a new office that will remaina place where people wish to be by increasing employee engagement throughour office business vision, DESTINATION OFFICE, and adding the idea of aversatile office.

■HOTELS & RESORTS
Apart from having 28 hotel facilities across Japan as of March 2023, the Mori
Trust Group’s hotels & resorts business, which is our core business, is also
promoting new hotel plans for two hotels in central Tokyo and 15 hotels inregional areas. Under the “Luxury Destination Network” concept*, we provide
comfortable stays to tourists from Japan and overseas utilizing the attractive
tourism resources of various areas of Japan, such as promoting initiatives
aimed at increasing inbound demand and boosting consumption per traveler.
List of existing hotels and new hotel projects*Luxury Destination Network concept: Mori Trust believes that it is necessary to increase
consumption per traveler, to connect not only individual tourist destinations but also wide areas toencourage round-trips, and to promote regions with history, culture, nature, and other tourism
resources to the world, in addition to increasing the number of inbound visitors. For that purpose,
we are promoting the concept of developing and expanding international hotels across Japan under
the name “Luxury Destination Network.”(Reference) Hotels scheduled to be developed■The Tokyo EDITION, Ginza
Affinity with surrounding global
high-brand customer segments ishigh. We aim to contribute to thesustainable development of the
Ginza area by attracting international
travelers, including trendsetters andthe wealthy.
■Shisui, a Luxury Collection Hotel, Nara
This project is being promoted in
Nara Prefecture’s public-private
partnership project, “Yoshikien’s
Surrounding Area Preservation,
Management, and Utilization
Project.” The hotel is scheduled toopen on Tuesday, August 29, 2023
as the third double-brand hotel inJapan under the luxury hotel brands“SUI” and “Luxury Collection.
■Major renovation project for Mampei HotelThis is a major renovation projectfor Mampei Hotel, which willcelebrate its 130th anniversary in
2024. This project aims to preserve
the tradition as a valuable historic
landmark in the history of hotels inJapan, and to provide a dignified
stay at a classic hotel for a long time
to come.
■Minamiyamate District in Nagasaki
This property is located at thesouthern end of the exotic
Minamiyamate District in Nagasaki,
where there is a concentration ofcultural and tourist attractions close
to the important cultural property
Former Glover House and thenational treasure Oura Church.
While preserving, restoring, and utilizing the red brick exterior,which is rare even in the city of Nagasaki, we are proceeding withplans to open the international hotel.

■NEW FIELD
Aiming to create new value by thinking outside the framework of existing
businesses, we are working on businesses in new areas.
Last year, we fully launched CoCo JAPAN, a project to support thedissemination and development of manufacturing industries across Japan, at
TOKYO WORLD GATE CoCo Lounge, an industry development facility in Tokyo
World Gate.
We also started a SaaS project as a solution to various workspace issues
and developed the workspace management tool WORK AGILE. We will continue
striving to solve issues regarding ever-changing work styles in companies.

Full-scale launch of CoCo JAPAN
Leveraging knowledge accumulated by
Trust and its network with local
governments and local companies, we arepromoting the industry support project
CoCo JAPAN to further contribute toregional revitalization by helping todevelop the Japanese manufacturingindustry.
Through the four industry support
functions of “discovery,” “development,” “promotion of exchange,” and“dissemination,” this project helps local governments and businesses aroundthe country to promote local products to Japan and overseas.

Start of development and sales of WORK AGILE
We developed the workspace management
tool WORK AGILE, which aims to maximize theperformance of workers and space in the eraof hybrid work.
Equipped with functions for reserving seats anddetecting employee positions, it helps to create
office environments that encouragecommunication in real places. It also has afunction to collect and analyze data related to
office space such as seat usage.

Sustainability Activity Report■Mori Trust Sustainability Vision

From Urban Planning to Future Planning
Under our corporate slogan “Create the Future,” we aim to create an exciting
future.

SloganJust as our mission
oncechangedfromtobuilding
From
Urban
Planning
Future planning
Planningto urban planning,
creating a newsocietywillchangealongwewith
Under
our corporate
slogan“Create us
the Future,”
aim to society.
create an exciting future.
Just as our mission once changed from building planning to urban planning,
creating a new society will change us along with society.
7 Priority Theme

Action Plan

Safe and Secure- Creating a place where sustainable activities can be carried out by realizing regional
disaster prevention and BCP- Providing peace of mind to meet the needs of the times, such as measures against
infectious diseases using new technologies- Promoting the developmental growth of local communities and society together
with various interested parties

Environment- Urban planning through conservation of landscapes and ecosystems and utilization ofenvironmentally friendly resources- Use and diffusion of renewable energy and expansion of stable supply- Appropriate cooperation with various stakeholders

Work / Lifestyle- Providing facilities and services to improve work-life balance- Creating a diversity of lifestyles through new businesses- Practicing new ways of working, and proposing and giving back to society

Innovation- Developing industries through investments and partnerships- Optimizing the supply chain through the use of digital data and advanced technologies- Establishing a group structure to promote free proposals and their realization

Wellness- Providing a place to contribute to the sustainable health promotion of people- Creating food and stay opportunities that satisfy both mind and body
- Realizing health management throughout society

Diversity- Promoting international exchange and multilingual support- Establishing a management foundation that enables diverse human resources to play
an active role

Compliance
Governance- Continual improvement of governance that contributes to economic revitalization- Strengthening risk management that contributes to sustainable corporate activities

Related SDGs

Results of Initiatives in the Fiscal Year Ended March 2023 (Excerpt)■Safe and secure urban planning and community revitalization〇 Provision of a lounge space open to the local community
Number of actual users of TOKYO WORLD GATE CoCo Lounge: 125,030〇 Local community-building through area management activities
Number of events held in Kamiyacho, Gotenyama and Marunouchi areas: 15〇 Preparation for safety by conducting disaster drills
Number of disaster drills conducted: 4■Realization of a sustainable environment and society〇 Introduction of renewable energy power to rental buildings
Introduced to eight rental buildings in total, including Marunouchi Trust
Tower and Kamiyacho Trust Tower: Progress rate 44.5% (target rate of
introduction to rental buildings by FY2025: 100%)〇 Investment in and partnership with startup funds that help realize asustainable environment
Number of investments: 2 (PowerX, Inc., Luup, Inc.)〇 Acquisition of environmental certifications for rental buildings
Certifications acquired: 3 (10 St. James: LEED Gold, 75 Arlington: LEED
(pending application), 601 Massachusetts Avenue: LEED Gold)(Reference)■Tokyo World Gate Fukishiro-no-Mori receives the 42th Green City
Award from the Chairman of the Organization for Landscape and Urban
Green Infrastructure
In the external structure of Tokyo World Gate,
we have developed Fukishiro-no-Mori, a green
space of about 5,500 m2, where we areworking to preserve biodiversity bytransplanting and conserving a large camphor
tree, which has been on the premises sinceancient times and developing a biotope using rainwater circulation. We
have also installed terraces and benches in the lush green plaza andalong garden I paths to develop an environment where everyone canspend time in nature safely and comfortably, creating traffic and thebustle of residents, visitors, and workers.

■Reduction in plastic use for hotel amenities by approximately 15 tons
Mori Trust Hotels & Resorts is
implementing initiatives to reduce theplastic contained in hotel amenities usedat the 18 hotels it operates, 16 tons perannum, by 15 tons by FY2024.
[1] Replacement with wood, bamboo, andproducts containing less plastic.
[2] Initiatives to encourage guests to bring their own amenities with them.
[3] Abolishment of some free hotel amenities.

■Proposal of new work and life styles〇Acquisition of certifications for the workplace environment
Acquisition of the Health and Productivity Management Organization
certification for four consecutive years, and acquisition of the Platinum
Kurumin Certification■Creation of a new era and development of industries〇Exhibitions and sales that contribute to dissemination of culture andindustries.
Actual exhibition and sales activities at TOKYO WORLD GATE CoCo Lounge:
Permanent exhibitions for 36 weeks, planned exhibitions for 10 weeks.
〇Development of DX analysts
Number of analysts developed: 27■Promotion of wellness and health〇Promotion of projects in the wellness field
Development and sales of health-conscious or environmentally friendly lunch
boxes
Sales of home-grown herbal teas
Introduction of pure wellness rooms: 20 facilities〇Childcare leave acquisition rate
Acquisition rate: Total 71.4%, female 100.0%, male 55.6% (target by FY2025:
100%)■Initiatives for diversity〇Support for foreign residents with life concierges
Number of cases handled by concierges at TOKYO WORLD GATE CoCo
Lounge: 1,099〇Increase in the female employee ratio
Female employee ratio at Mori Trust Co., Ltd.: 27.1% (target by FY2025:
25%)〇Implementation of recruitment activities with an awareness of diversity
Quotas for international students and innovation recruitment in the
recruitment of new graduates, and comeback recruitment and referral
recruitment in the mid-career recruitment

■Continuous improvement of compliance and governance〇Strengthening of Mori Trust Group’s legal functions
Number of group legal meetings held: 4〇Raising awareness of management against information leakage
Implementation of crisis management simulations

Mori Trust Group: Total Floor Area Leased or Managed■ Number of rental/managed facilities (as of March 31, 2023)
Buildings, housing, and commercial facilities: 66
Hotel & resort facilities: 31 (number of rooms: approx. 4,500)

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

MORI TRUST RESIDENTIAL SERVICE CO., LTD.

Location
ChairmanPresident
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

Kitashinagawa, Shinagawa-ku, Tokyo
Mitsuya Toyoda
March 1, 1978
90 million yen
Sale and rental of condominium apartment properties

MORI TRUST BUILDING MANAGEMENT CO., LTD.

MORI TRUST Asset Management 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.

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

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

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

MAMPEI HOTEL CO., LTD.

MORI America LLC

Location
ChairmanPresident
Established
CapitalBusiness sectors

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

Toranomon, Minato-ku, Tokyo
Miwako Date
Hiroshi Komoto
1894
100 million yen
Operation of the Mampei Hotel

MT&Hilton Hotel Co., Ltd.
Location
President
Established
CapitalBusiness sectors

MORI America Management LLC
Location
County of New Castle, Delaware 19808 U.S.A.
Established
December 16, 2016
Business sectors Real estate management service in the United States

Toranomon, Minato-ku, Tokyo
Eiji Funayama
October 22, 2004
20 million yen
MT BACK BAY ONE LLC
Management of the Conrad Tokyo, Hilton Odawara Location
County of New Castle, Delaware 19808 U.S.A.
and Hilton Okinawa Sesoko Resort Resort & Spa
Established
November 4, 2016
Business sectors Ownership of 10 St. James Avenue and 75 Arlington
Street in Boston
MT&M Hotel Management Co., Ltd.
Location
Toranomon, Minato-ku, Tokyo
President
Eiji Funayama
MT D.C. One LLC
EstablishedMay 13, 2019
Location
County of New Castle, Delaware 19808 U.S.A.
Capital20 million yen
Established
January 19, 2022
Business sectors Management of JW Marriott Hotel NARA,
Business sectors Ownership of 2235&2245 Monroe Street in Northern
The Tokyo EDITION, Ginza and The Tokyo EDITION,
Virginia
Toranomon

MT D. C. Two LLC
Sun Marina Operations Co., Ltd.
Location
President
Established
CapitalBusiness sectors

Onna-son，Kunigami-gun，Okinawa
Hiroshi Komoto
April 1, 1987
100 million yen
Operation of the Sheraton Okinawa Sun Marina
ResortFORETSEINE CO., LTD.
Location
President
Established

Kitashinagawa, Shinagawa-ku, Tokyo
Shin Takahashi
March 31, 2011
(date of foundation since incorporation-type company split)

Capital

100 million yen

Location
County of New Castle, Delaware 19808 U.S.A.
Established
July 12, 2022
Business sectors Ownership of 601 Massachusetts Avenue
in Washington D.C.

MT Boston Two LLC
Location
County of New Castle, Delaware 19808 U.S.A.
EstablishedFebruary 2, 2023
Business sectors Investment in real estate in Boston

MT Boston Two LLCESLEAD TATEMONOKANRI CORPORATION

Location
Established
Business sectors

Location
President
Established
CapitalBusiness sectors

County of New Castle, Delaware 19808 U.S.A.
March 7, 2023
Investment in real estate in Boston

AZMAX CORP.
Location
President
Established
CapitalBusiness sectors

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

Shiroyama Heating & Cooling Supply Co., Ltd.
Location
President
Established
CapitalBusiness sectors

Oyodominami, Kita-ku, Osakashi
Masaaki Fujino
November 22, 2018
10 million yen
Real Estate Management Business etc.

Location
President
Established
CapitalBusiness sectors

Fukushima, Fukushima-ku, Osaka-shi
Yuichi Amatani
May 8, 2018
10 million yen
Web marketing consulting, Web advertising
optimization, Web contents optimization etc.

E CLEANUP CORPORATION

Toranomon, Minato-ku, Tokyo
LocationTakashi Akiba
President
November 6, 1989
Established
300 million yen
CapitalDistrict heating and cooling services for Shiroyama Business sectors
Garden, Tokyo World Gate and the adjacent areas

Oyodominami，kita-ku，Osaka-shi
Masaaki Fujino
November 1, 201910 million yen
House cleaning business and cleaning business forbuildings, condominiums, hotels, etc.

ESLEAD CORPORATION (Code：8877)

NANTO BUILDING SERVICE CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

Shibatsuji-cho, Nara-shi
Masaaki Fujino
May 29, 1970
10 million yen
Building maintenance and real estate services

ESLEAD CHINTAI CORPORATIONESLEAD HOTEL MANAGEMENT CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Hiroshi Nakazawa
May 20, 1996
10 million yen
Rental Management Businesses

Oyodominami, Kita-ku, Osaka-shi
Ryosuke Kamine
January 29, 201910 million yen
Management, operation and consulting services for
Ryokan, hotel and budget hotel etc.

SOUDEN CORPORATIONESLEAD ASSET MANAGEMENT CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Hiroshi Kurokawa
May 17, 2006
90 million yen
Electric power management business

Fukushima，Fukushima-ku，Osakashi
Kiyofumi Shirouzu
March 12, 2021
10 million yen
Asset Management etc.

E・L CONSTRUCTION CORPORATIONMT GENEX CORPORATION (Code：9820)

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

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

ESLEAD JYUTAKU RYUTU CO. LTD

MORI TRUST INSURANCE SERVICE CORPORATION

Location
President
Established

Oyodominami，Kita-ku，Osaka-shi
Hiroyuki Harima
May 8, 2007

Location
President
Established

Roppongi, Minato-ku, Tokyo
Hitoshi Suzuki
January 25, 2016

Capital10 million yen

Capital10 million yen

Business sectors

Real Estate Transaction,Asset Management
and Real Estate Rental Businesses

Business sectors Nonlife insurance agent and life insurance solicitor

ESLEAD HOUSE CORPORATIONCHIYODA ME SERVICE CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

Ogimachi, Takamatsu-shi, Kagawa-ken
Hideki Yamada
May 29, 1976
30 million yen
Maintenance and preservation of electricalequipment systems(as of March 31, 2023)

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

Aichi Road Concession Co.,Ltd.

Location
Established
Business sectors

Location
Hikozucho, Handa-shi, Aichi
Established
August 3, 2016
Business sectors Road maintenance and management in the Aichi
prefecture district and surrounding regions andassociated road improvement works

Toranomon, Minato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate(as of March 31, 2023)

Consolidated Balance Sheets (as of March 31, 2023)
MORI TRUST CO., LTD. and its consolidated subsidiaries(\ millions)

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 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) Net Defined Benefit Asset（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.

81,523
17,545
17,295
185,261
62,809618
2,564
29,897(15)
397,499

243,2876,289
2,241
516,667
25,3502,040
795,876
3,301
338
15,26318,90323,197
18
1,121
1,013
6,162
10,890(18)
42,386857,165
1,254,665

(\ 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 Deposits received
8 Provision for bonuses
9 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.

13,54812,66026,8296,724
17,802
1,114
1,160
1,017
9,551
90,409482,663
60,74845,453
496
5,980
2,774
4,566
1,658
604,343694,753

30,00010,464473,893514,358
2,857
011,541(275)
14,124
31,429559,9121,254,665

Consolidated Statements of Income (For the years ended March 31, 2023)(\ millions)
Ⅰ．Operating revenue
Ⅱ．Operating cost
Operating gross profit
Ⅲ．Selling, general and administrative expenses
Operating income
Ⅳ．Non-operating income
1 Gain on valuation of securities
2 Gain on investments in partnership etc.
3 Foreign exchange gain
4 Other
Total non-operating income
Ⅴ．Non-operating expenses
1 Interest expenses
2 Loss on investments in partnership etc.
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 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.

266,629
181,411
85,21819,66365,555
965
1,965
1,191
2,908
7,030
2,705
360
178
3,244
69,340
2,335
9,331
492
12,159
2,590
37
2,628
78,871
24,984(2,165)56,052
3,039
53,012