Mitsubishi Estate • Simon Co., Ltd.

CORPORATEPROFILE2024

CORPORATE PROFILETOP MESSAGE

Striving for Further Business Growth Driven by
OVERVIEWNew Value Creation of Premium Outlets
Founded in 1999 as a developer specializing in outlets, we have operated Premium
Outlets in 10 locations in Japan to present. In FY2023, we broke away from thelingering impacts of the pandemic and made great strides as a leading outlet

company through our pursuit of better experiences unique to in-person shopping as
we prepared for our 25th anniversary in 2024.

Corporate name

Mitsubishi Estate • Simon Co., Ltd.

Date established

July 2, 1999

Operations
CapitalShareholder composition
Officers

a positive cycle of providing greater satisfaction to our customers and tenants

Outlets.”

Representative Director and Chairman

Mark J. Silvestri

Chief Executive Officer

Masaki Yamagishi

Managing Director

Takehisa Seki

Tatsu Maeda
Yuji Fujioka

Directorof the company, and creating a workplace for employees that encourages greaterout to achieve a different growth model, driven by new value creation of Premium

Mitsubishi Estate Co., Ltd.: 60%, Simon Property Group, Inc.: 40%

Directorthrough amplification / advancement of our facilities, achieving economic growthlaunched our medium-term management plan, driven by the theme of “stepping

249 million yen

Senior Managing Director

The management of our business is founded upon a commitment to creating

growth, fulfillment, and happiness. Based on this foundation, from FY2024, we have

Development, ownership and operation of Premium Outlets in Japan

Stanley Shashoua

AuditorHead office address

Number of employees

Ryuichi Enomoto

Auditor

Motohiro Sato

Otemachi Financial City South Tower 19F, 1-9-7 Otemachi, Chiyoda-ku, Tokyo 100-0004
180

We have also newly established a “Digital Strategy Planning Department” that willserve as the driving force of this transformation. We will strive to contribute to aricher society, heighten our organizational capabilities, and achieve further business

ORGANIZATION CHART

growth through such initiatives.

Mitsubishi Estate・Simon plans and executes all
operations from development to leasing and property
management, based on the Premium Outlet businessmodel.
Head
office● Development Department● Digital Strategy Planning Department

Mitsubishi Estate • Simon Co., Ltd.

2

Net income(Millions yen)
24,000● Fainancial Department● Gotemba Premium Outlets● Rinku Premium Outlets● Sano Premium Outlets● Tosu Premium Outlets

57,376 million yen (112% year-on-year)

Operating income● Public Relations Department● Human Resources and General Affairs Department

Chief Executive Officer

Operating revenue

income● Marketing Department● Corporate Planning Department

Masaki Yamagishi

2023 Fisical Year(April 1, 2023 to March 31, 2024)● Leasing Department● Operations Department

Center

ACHIEVEMENT SUMMARY

23,00022,00023,013 million yen (119% year-on-year)

15,955 million yen (117% year-on-year)

Trend in business results

Operatingrevenue

Operating revenue
Operating income
Net income

23,01321,00020,00018,94019,00018,00017,00016,00019,67345,462

15,00014,00013,14313,00012,00019,257

18,96346,65913,572

46,393
13,165

11,00010,00051,06916,78914,61940,03044,17757,376
15,955

13,57565,00060,00055,00050,00045,00040,00011,87035,00030,000

9,477

9,000

(Millions yen)

25,000● Toki Premium Outlets

8,000

7,000

20,000● Sendai-Izumi Premium Outlets

5,000

15,000● Kobe-Sanda Premium Outlets● Ami Premium Outlets● Shisui Premium Outlets● Fukaya-Hanazono Premium Outlets

6,000
4,000

10,000

3,000

2,000

5,000

1,000
0

FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY20240

3

History

COMPANY HISTORY❿ Fukaya-Hanazono Premium Outlets❺ Toki Premium Outlets

Mitsubishi Estate・Simon Co., Ltd. is a joint venture between Mitsubishi Estate Co.,

Ltd. and Simon Property Group, Inc., the largest specialized commercial developer in⓫ ( Tentative name) Kyoto-Joyo Premium Outlets®︎
We are planning to open an outlet mall in theof outlet centers in Japan. Starting with the opening of Gotemba Premium Outlets inafter the opening of the Otsu – Joyo section of the2003

3 〔 March 〕

Sano Premium
Outlets opens.
 helsea Japan
C
Co., Ltd. isfounded.

〔 July 〕 1

Gotemba Premium
Outlets opens.

〔 November 〕 2

Rinku Premium
Outlets opens.

❽ Ami Premium Outlets

Shin-Meishin Expressway.

2007

2005

5 〔 March 〕〔 July 〕

Phase 2 of Gotemba
Premium Outlets iscompleted.

Toki Premium Outlets
opens.

6 〔 July 〕

Kobe-Sanda Premium
Outlets opens.

2002〔 March 〕〔 March 〕

4Tosu Premium Outlets
opens.

〔 July 〕

Phase 2 of Sano Premium
Outlets is completed.

2000〔 December 〕

Phase 2 of Tosu Premium
Outlets is completed.

〔 March 〕

Phase 2 of Rinku
Premium Outlets iscompleted.

Chelsea Japan becomesa consolidated subsidiaryof Mitsubishi Estate.

〔 December 〕

Phase 3 of Rinku Premium
Outlets is completed.

2004

Phase 3 of Sano
Premium Outlets iscompleted.

〔 October 〕

Phase 2 of Toki
Premium Outlets iscompleted.

2006

8 〔 July 〕〔 December 〕

Phase 2 of Kobe-Sanda
Premium Outlets iscompleted.

〔 March 〕

Phase 3 of Gotemba
Premium Outlets iscompleted.

〔 July 〕

Phase 4 of Sano
Premium Outlets iscompleted.

〔 October 〕 7

Sendai-Izumi Premium
Outlets opens.

2008❶ Gotemba Premium Outlets❹ Tosu Premium Outlets〔 March 〕

Ami Premium Outlets
opens.

❾ Shisui Premium Outlets❻ Kobe-Sanda Premium Outlets

2009〔 July 〕❸ Sano Premium Outlets

eastern hills of Joyo City, Kyoto Prefecture right

2000, we currently operate 10 facilities nationwide.

1999❼ Sendai-Izumi Premium Outlets※ Opening date TBD

the United States. Our main business is the development, ownership, and operation❷ Rinku Premium Outlets

2010

2014

〔 July 〕

10〔 October 〕〔 November 〕

Phase 3 of Toki
Premium Outlets iscompleted.

Phase 4 of Toki Premium Outlets iscompleted.

〔 July 〕

Phase 3 of Tosu
Premium Outlets iscompleted.

〔 February 〕〔 April 〕〔 April 〕 9

2015

The Company
changes its name to
Mitsubishi Estate •Simon Co., Ltd.

〔 December 〕

Phase 2 of Ami
Premium Outlets iscompleted.

2011

2022

Shisui Premium
Outlets opens.

〔 July 〕

Phase 2 of Shisui
Premium Outlets iscompleted.

2013

Fukaya-Hanazono Premium
Outlets opens.

〔 November 〕

Phase 4 of Tosu
Premium Outlets iscompleted.

〔 September 〕

Phase 3 of Shisui
Premium Outlets iscompleted.

2018

Phase 4 of Rinku Premium
Outlets is completed.

〔 December 〕

Phase 3 of Kobe-Sanda
Premium Outlets iscompleted.

2019〔 June 〕

Phase 4 of Gotemba
Premium Outlets iscompleted.

〔 August 〕

Phase 5 of Rinku
Premium Outlets iscompleted.

2020

2012

WORLDWIDEWorldwide
Premium Outlets

C ANADA®

PREMIUM OUTLETS® is an American-born outlet shopping center trademarked
by Simon Property Group, Inc. dating back to the early 1980s. With Woodbury

KOREA

JAPAN

U SA

Common Premium Outlets in the suburbs of New York City as its flagship, it has

expanded to include Desert Hills Premium Outlets in the suburbs of Los Angeles,
Waikele Premium Outlets in Hawaii, and other locations throughout the United

MEXICOStates. Through joint ventures, the company is currently expanding its operations
to other countries around the world, including Japan, Mexico, Canada, South
Korea, Malaysia, and Thailand.

HAWAIIPUERTO RICOTHAILANDMALAYSIA

45

DEVELOPMENT IN JAPANPremium
Outlets

Gotemba Premium Outlets®

Rinku Premium Outlets®

Toki Premium Outlets®

The expansive site with views of the World Heritagesite Mt. Fuji is separated into three shopping areas:
West Zone, East Zone and Hillside. The outlet mallhas an extensive lineup of popular Japanese andforeign brands. Visitors can find enjoyment beyond
just outlet shopping, including helicopter rides,
the Odakyu Group’s Hotel Clad and a day-use hotspring. It is a one-of-akind shopping resortthat is also popular with
inbound tourists.

Located across from the Kansai International Airport,
this seaside Premium Outlets offer shopping in aresort atmosphere complete with views of the ocean
and palm trees blowing in the wind. The Seaside
Area expansion that opened in 2020 responds todiverse needs with its glamping facilities and large
open grassy areas for enjoying outdoor activities.

It is designed based on the image of Colorado
and the majestic Rocky Mountains. Surroundedby the impressive Central Alps, Premium Outlets
offer beautiful, expansive views similar to those at
highland resorts.

SINCE 2000

SINCE 2000

SINCE 2005

Kobe-Sanda Premium Outlets®
SINCE 2007

Sendai-Izumi Premium Outlets®
SINCE 2008

in Japan

We offer unique shopping resorts
in selected areas that are easily
accessible from major cities.

1 Approx. 290 shops

Shizuoka, Japan

2 1312 Fukasawa, Gotemba-shi,

3 Site area: Approx. 419,200㎡/ Retailarea: Approx. 61.300㎡

1 Number of stores
2 Location
3 Area2 3-28 Rinku Ourai Minami,

3 Site area: Approx. 130,300㎡/ Retail area: Approx. 50,200㎡

1 Approx. 180 shopsJapan

2 1-2, Tokigaoka, Toki-shi, Gifu,

3 Site area: Approx. 283,700㎡/ Retail area:

Approx. 35,100㎡

1 Approx. 210 shops

shi, Hyogo, Japan

2 7-3, Kouzudai, Kita-ku, Kobe-

3 Site area: Approx. 316,800㎡/ Retailarea: Approx. 42,100㎡

Sano Premium Outlets®

Tosu Premium Outlets®

Ami Premium Outlets®

Shisui Premium Outlets®

This is one of the leading outlet centers in Kanto
with easy access from central Tokyo, it boasts awide range of brand lineups, from luxury fashion tohousehold goods.

It is designed based on an image of a southern
California town and its bright sunlight and tall palm
trees. Premium Outlets white walls, warm hued roofs
and tile designs are beautiful, and it is an ideal place
to enjoy shopping and food throughout the day in an
overseas resort atmosphere.

The buildings are lined with palm trees, reminiscentof the West Coast of the United States, giving you
a relaxed and comfortable feeling. It is an easily
accessible outlet center that is directly connected to
the Ken-o Expressway Ami-Higashi interchange.

One of the largest outlet centers in Kanto, withexcellent access from central Tokyo and a facadeinspired by American art deco. Located nearby Narita
Airport, visitors can also confirm flight information.

SINCE 2003

1 Approx. 180 shops

Tochigi, Japan

2 2058, Koena-cho, Sano-shi,

3 Site area: Approx. 174,600㎡/ Retailarea: Approx. 37,300㎡

6

1 Approx. 250 shops

Izumisano-shi, Osaka, Japan

Modeled after Pasadena, an upscale suburb of
Los Angeles, it is designed based on the image ofa sophisticated, open-air streetscape. Premium
Outlets offer a diverse lineup of brands, including
many high-end brands.

SINCE 2004

1 Approx. 170 shops

Saga, Japan

2 8-1, Yayoigaoka, Tosu-shi,

3 Site area: Approx. 134,200㎡/ Retail area:

Approx. 31,700㎡

SINCE 2009

1 Approx. 160 shops

2 4-1-1, Yoshiwara, Ami-machi,

Inashiki-gun, Ibaraki, Japan

3 Site area: Approx. 211,100㎡/ Retail area: Approx. 30,600㎡

SINCE 2013

1 Approx. 220 shops

gun, Chiba, Japan

2 2-4-1, Iizumi Shisui-machi, Inba-

3 Site area: Approx. 421,000㎡/ Retailarea: Approx. 42,100㎡

Located in the elegant and lush Izumi Park Town,
this two-story outlet center is adjacent to the Sendai
Royal Park Hotel and Izumi Park Town Tapio. It was
built in the image of the streets of northeastern
United States.

1 Approx. 80 shops

shi, Miyagi, Japan

2 6-1-1, Teraoka, Izumi-ku, Sendai-

3 Site area: Approx. 43,700㎡/ Retailarea: Approx. 15,100㎡

Fukaya-Hanazono Premium Outlets®
SINCE 2022

The Fukaya-Hanazono Premium Outlets opened in
October 2022 as the first new location in almost 10 years.
Based on a concept of coexistence with the local
community, it uses bricks associated with Fukaya City
and adopts a design that emphasizes harmony with thesurrounding environment and evokes an image of therich nature found in northwestern Saitama Prefecture.
Developed as part of the Hanazono IC Area Improvement
Project, the Fukaya Terrace Vegetable Friends’ Farm ofKewpie Corporation and Fukaya City’s Fukaya Terrace
Park are located next to the outlet mall, and at the
Fukaya-Hanazono Premium Outlets, the attractions
designed based on GariGarikun, the main productof Akagi Nyugyo Company Limited headquartered in
Fukaya City, and the food menu using local Fukaya leeks
have been popular.
1 Approx. 130 shops

Saitama, Japan2 1 Hanazono, Fukaya-shi,

3 Site area: Approx. 195,700㎡/ Retailarea: Approx: 27,500㎡

7

OUR VALUEINTERVIEWSThe Value We Cherish

Creators of Excitement

The elegant and beautiful streets look like a resort, and popular brands from around the world line the streets,

From the department that support the Premium Outlets, we asked two people to share their aspirations.

making for an exciting shopping experience. A space where you can get away from your daily life and have a valuable
experience filled with excitement that will leave you with vivid memories of the day, rather than just shopping to getthings—it is exactly what makes Premium Outlets the “WORLD’S SHOPPING RESORTS”. A place where you can turn theeveryday activity of shopping into a special and valuable experience. We are aiming for such a facility.

Our Focus on the
Location

Our Focus on thePlace

Suburban
Locations

Open air feel

Provideexperiential value

Exciting Outings

Creating an Exciting Environment

Exciting Real Shopping

In order for people to get away from their
daily lives and feel the extraordinary, we
believe that it is necessary to have anenvironment and time to change theirminds. Being located in the suburbs,
which are a certain distance from urban
areas, our facilities feel like you are goingfor a drive or a short trip. In addition, thelocation of our facilities in the suburbs isdesigned to avoid competing directly withfull-price stores in urban locations.

We focus on creating and providing spacethat leverages the outdoor environment
to realize an enjoyable shopping
experience with an open-air feel. Throughcharacteristic facility appearances thathave out-of-the-ordinary features andusing lots of decorative plantings andflowers, we strive to create beautiful, open
air landscapes that utilize the naturalenvironment.

Premium Outlets seek to be a place
where visitors will spend special timethrough rewarding outlet shopping andmemorable experiences at facilities thatleave a lasting impression. To increase
the value felt when visiting Premium
Outlets, we are working to add further
experiential value by attracting popular
brands, enhancing the food and drink
menus and providing enjoyment otherthan shopping, such as planning joint
hands-on events and other events withthe local community.

Strategic Expansion that Changes
with the Times

By strategically expanding our facilities, we are expanding
our brand lineup, services and functions. By focusing on thethree key elements of location, place, and service, as well as
through expansion,
we provide customers
with a fresh andexciting experiencethat they will neverforget.

8

Our Focus on theService

Becoming a Regional Hub Facility
in a Wide Trade Area

As a company that operates in suburban areas, we are also
focusing on co-prosperity with the communities where we
operate. We aim to take advantage of the characteristics ofa wide trade area to become a hub facility and work withvarious facilities and areas in the vicinity, as well as promote
employment through facility operations to revitalize theregion. In addition, by including the name of the area in thename of the facility, we are helping to improve the area’s
recognition and image.

Creating New Values andTransforming Ways ofWorking through a Fusion ofReal and Digital

Pursuing uniqueexperiential value andcontinuing to be
the customer’s choice

Kazunori Kakizaki

Etsuko Higashi

General Manager, Digital Strategy PlanningT

he Digital Strategy Planning Department was establishedin April 2024. As customer behaviors and values change
drastically post-pandemic, our mission is to promote newtechnology, including digital technology, to become an even more
attractive facility chosen by our customers. Premium Outlets offer areal and exciting shopping experience unattainable through online
shopping. However, there is still room for improvement in thecontext of convenience and innovation. These challenges involve
stepping outside the box and making improvements through a newlens by offering new values to customers, leveraging the strengths
of both real and digital realms. Enhancing the efficiency of internal
processes is also key. Rather than merely going paperless or
implementing new IT tools, we will review the business processes
themselves and bring added value to transform ways of working.
Flexible adaptation by employees to their work styles will be crucial
in this transformation.

This fiscal year, our goal is to promote understanding and familiarity
internally with the Digital Strategy Planning Department. We
will assign a digital leader in every department and work crossfunctionally as one team to establish this system. The success ofthese promotions will be measured by how much everyone canactually feel the improvement in their day-to-day tasks throughthe use of digital technology. We look forward to gathering small
successes quickly. We will strive to create digital-driven value sothat Premium Outlets will become even more indispensable in ourcustomers’ lives.

General Manager, Tosu Premium Outlets

For facility operation, in addition to the joy of shopping,
we value the offering of special and unique in-person
experiences. Among them, Tosu Premium Outlets is dedicating its
efforts in landscaping.

At Tosu, they have planted trees and created flower beds
throughout the facility, maintained with love and care, so that
customers can experience the seasons on their visits. Many local
customers stop by our facilities as a part of their walking course,
and it brings us great joy seeing them admiring the beautiful
flowers in bloom. Maintaining our environment as a part of ourexperiential offering is our mission as well as our passion. We arealso dedicated to being a commercial facility that is rooted in andcoexists with the local community and tie-up extensively with manyfrom local governments to small business owners. To present, wehave distributed coupons in hot spring towns, hosted round trip
ticket campaigns with public transport companies, and even held
events inviting fireworks craftsmen from Fukuoka Prefecture. We
will leverage Tosu’s strength as a hub of Kyushu transport andcontinue to showcase the highlights of the Kyushu area.
Our facility welcomed its 20th anniversary in 2024. Despite the lowawareness of outlets at the time, we have come to where we aretoday by diligently growing our concept of, “enjoying shopping in aspace out of the ordinary”, which is what characterizes our facility.
The pandemic sent shock waves to what we had built throughout
the years but we truly appreciate the customers who have comeback and our staff who have supported its operations. We lookforward to bringing special experiences, only possible in Tosu, by
bringing further shine to our facilities through phased renewals sothat we can continue to be the customer’s choice in the future.

9

SUSTAINABILITY

Sustainability

The Mitsubishi Estate Group has announced the “Mitsubishi Estate Group Sustainability Vision 2050”, setting goals for 2050. To achieve thismission, the Long-Term Management Plan 2030 sets forth “Four Key Themes of Sustainability for the Mitsubishi Estate Group and Society” related

to community / service, global environment, respect for people, and value creation. We, as a member of the Mitsubishi Estate Group, will carry out
initiatives for a more sustainable society through the operation of our Premium Outlets, based on these four core themes.

Main Activities

Initiatives to reduce environmental impact
Operating the facilities with renewable energy*Fukaya-Hanazono (electric power for the entire outlet mall) and 9 otherPremium Outlets (electric power for the shared facilities)
Reducing CO2 through electricity
generated through solar power andother renewable energy (Ami, Shisui,
Fukaya-Hanazono).

*This initiative is one of the tangible
actions based on Mitsubishi EstateGroup’s 4 important themes, and it is an
important initiative for contributing as amember of the Mitsubishi Estate Group to
realizing the targets (KPI) of reducing CO2
and achieving RE100.

Environment Month (June) at the Premium Outlets*All facilities
In addition to further reducing energy
use at the facilities, hold casual eventsfor customers in the name ofenvironmental preservation and SDGs.

● Food recycling (Gotemba, Fukaya-Hanazono, Toki)● Installation of charging stations for electric vehicles● Installation of groundwater filtration systems

Initiatives to create a society where diverse people can work and live happily
Universal design / Universal service training

Customer service role-playing contests*All facilities*All facilities

With the aim of realizing facilities thatare easy for anyone to use, in addition
to installing universal toilets andsecuring main walkways that haveenough width to allow smooth trafficof all people including persons in awheelchair and pushing a baby
stroller, provide training about diverse
customer perspectives.

Unique role-playing events are held at
the Premium Outlets to improvecustomer service skills and motivationof employees working in our tenants.

©️ 日本ショッピングセンター協会●Hold job fairs ●Operating an on-site nursery school (Gotemba)

Pursue tangible and intangible urban development for the next generation
Conclusion of disaster preparedness agreements with thelocal community

Initiatives for revitalizing the local community*Gotemba, Sano, Toki, Kobe-Sanda, Ami, Shisui, Fukaya-Hanazono*All facilities

Concluded agreements to offer thefacilities as an evacuation site or basefor disaster response unit to local
governments and fire department
headquarters in the event of a disaster.

Initiatives aimed at revitalizing the
local community, including boosting
local tourism demand and holding
events promoting the use of local
foods and sales of local products.

● Concluded a comprehensive partnership agreement with alocal municipality● Community clean-up

1011Mitsubishi Estate • Simon Co., Ltd.

Otemachi Financial City South Tower 19F, 1-9-7 Otemachi, Chiyoda-ku, Tokyo 100-0004 phone +81-3-3275-5252

https://www.premiumoutlets.co.jp