November 11, 2020

MITSUBISHI ESTATE CO., LTD.

(The Fiscal Year Ending on March 31, 2021)

Inquiries: MITSUBISHI ESTATE CO., LTD.
Investor Relations Office
TEL: +81-3-3287-5200
FAX: +81-3-3212-3757
https://www.mec.co.jp/e/investor/index.html

Page

I. Performance Comparisons (Consolidated)

II. Investment Data
III. Business Data

IV.Historical Performance Data(Consolidated)

1. Income Statement Results for FY2021-2Q and FY2020-2Q

3

2. Current and Previous

4announced on May 14, 2020

Income Statement Estimates for FY2021

3. Current Income Statement Estimates for FY2021 and Results for FY2020

5

4. Balance Sheet Results at Periods Ended Sep 30, 2020 and Mar 31, 2020

6

5. Consolidated Cash Flow Statement Results for FY2020-2Q, Results for FY2021-2Q, Results for FY2020, and Estimates for FY2021

7

1. Investment data8

2. Assets Breakdown and Special Purpose Vehicles Data9

1. Commercial Property Business Revenue from Operations Breakdown (Consolidated)*110

2. Office Building Data (Consolidated)

10

3. Office Building Data (Unconsolidated)

10

4. Marunouchi Area Building Data (Unconsolidated)

10

5. Domestic Condominium Business Data11

1. Major Performance Items

12

2. Segment Information (Consolidated)

13

V. Mitsubishi Estate Group Companies' Data

14~16

Disclaimer
This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance, our plans and objectives
for future operations and projections of revenue and other financial items.
These predictions are inherently subject to risks and uncertainties, due to unforeseeable events or external factors.
Future events and actual results, financial and otherwise, may differ materially from the events and results expressed here.
Please refer to ASSET BOOK for principal projects.

2

I. Performance Comparisons (Consolidated)
1. Income Statement Results for FY2021-2Q and FY2020-2Q
Millions of yen (rounded down)

Overview
There is a decrease in revenue and an increase in profits compared withFY2020-2Q. Retail properties and hotels have been affected by spread of the
new coronavirus, therefore, resulted in a great decrease in profits.
However, the following factors led to an overall increase in profits: anincrease in rental profits as a result of a full-year operation of new buildings
as well as a rent increase in existing buildings; an increase in capital gains
from sales of office buildings and logistic facilities. A decrease in rental
revenue from retail properties and revenue from hotels can be identified as amain factor for a decrease in revenue.
In regards to retail properties and hotels temporarily closed during the stateof emergency declaration, although 5.7 billion yen, a partial cost during
temporary closure, is carried at extraordinary loss from operating costs,
profits remain at the same level as the previous year even after excluding theeffect of such an adjustment.
Commercial Property Business
Office Buildings
A full-year operation of new buildings (e.g.Yotsuya Tower), a vacancy rate
improvement, and a rent increase in existing buildings led to an increase in rental
revenue and profits.
Retail Properties (e.g. outlet malls)
Factors such as a temporary closure during the state of emergency declaration anda decrease in the number of customers led to a decrease in sales. As a result, there
is a great decrease in rental revenue and profits.
HotelsDue to factors such as a temporary closure during the state of emergency
declaration and a stagnant occupancy rates, business balance is greatly deteriorated.
Residential Business
There is a decrease in revenue and an increase in profits compared with FY20202Q. In regards to domestic condominiums, stagnant of sales activities imposed by
infectious disease measures resulted in a decrease in condominiums units sold andsales. However, there is an increase in profits as a result of improvement of thegross margin. There is an increase in capital gains from sales of rental apartments.
International Business
There is an increase in revenue and profits compared with FY2020-2Q. While
there is a decrease in capital gains, increase in occupancy rates of the U.S. officebuilding (1271 Avenue of the Americas) and business profits from condominiums
in Asia contributed to an increase in income gains.

FY2021-2Q
Results

FY2020-2Q
Results

Millions of yen (rounded down)

Breakdown of Extraordinary income

Change(New Segment)

FY2021-2Q
Results

Total

Commercial Property Business

325,885

331,055(5,170)Residential Business

142,741

149,168(6,427)

International Business

34,47830,2784,199

Investment Management Business

10,106

8,757

1,349

Architectural Design & Engineering Business and Real Estate Services Business

23,19024,009(819)

FY2020-2Q
Results-

Change--Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021-2Q
Results

FY2020-2Q
Results

Change

3,797

4,420

(623)

Loss on infectious disease

5,698

-

5,698

Eliminations(12,886)(12,463)(423)

Loss on valuation of investment securities

3,609

-

3,609

Revenue from Operations

527,312535,226(7,914)

Total

9,307

-

9,307

Commercial Property Business

92,65690,0192,637

Residential Business

6,571

3,436

3,135

International Business

12,033

10,487

1,546

Investment Management Business

2,140

1,271

869

Architectural Design & Engineering Business and Real Estate Services Business(2,521)(915)(1,606)

Other

(957)

(1,007)49

Other(New Segment)

Reference
Capital Gains included in Operating Income

Millions of yen (rounded off to the nearest billion)

FY2021-2Q
Results

FY2020-2Q
Results

ChangeEliminations or Corporate(11,851)(11,015)(835)

Operating Income

98,072

92,276

5,795

Commercial Property Business

17,0006,000

Non-operating revenue

10,218

6,738

3,479

Residential Business

6,000

3,000

3,000

198

163

34

International Business

0

3,000

(3,000)Equity in earnings of unconsolidated subsidiaries and affiliates
Non-operating expense
Income Before Taxes and Special Items

17,931(1,259)Investment Management Business

-

-

-

91,61881,083

10,535

Other

-

-

-

Eliminations or Corporate

-

-

-

23,00012,00011,000

-

-

-

9,307

-

9,307

Total

*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

82,31081,083

1,227

Corporate tax, etc.

26,82424,962

1,862

Profit55,48656,121(635)

Profit attributable to non-controlling interests

4,547

8,043

(3,495)

Profit Attributable to Owners of Parent

50,93948,0782,860

Income Before Income Taxes and Minority Interests

Reference
Business Profit

As of April 2020, the Company made the following changes to its disclosure segment- The Office Building, Lifestyle Property, and Hotel & Airport Business were integrated into newly established The Commercial Property Business segment.
- International Residential Business moved from the Residential Business segment to the International Business segment.
- The Architectural Design & Engineering Businss and Real Estate Services Business segment were integrated into newly established Architectural Design & Engineering Business and Real Estate Services Business segment.

3

11,00016,671

Extraordinary income
Extraordinary loss

Capital Gains

Business Profit

Millions of yen (rounded down)

FY2021-2Q
Results

98,270

FY2020-2Q
Results

Change92,439*Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates.

5,830

2. Current and Previous

announced on May 14, 2020

Income Statement Estimates for FY2021
Millions of yen (rounded down)

Overview
The followings are reflected on the earnings estimates announced on May
14, 2020: Loss on infectious disease carried as extraordinary loss, loss on
valuation of investment securities, and estimated decrease in corporate tax
etc. Loss on infectious disease is determined by recording a partial costfrom operating costs at extraordinary loss.
As a result of these revisions, operating income is improved by around 6
billion yen and profit attributable to owners of parent remains the same.
Annual Dividends per share also stay the same as 25 yen.

FY2021
Current
Estimates

FY2021
Previous
Estimates

Millions of yen (rounded down)

Breakdown of Extraordinary income

Change(New Segment)

FY2021
Current
Estimates

FY2021
Previous
Estimates

ChangeGain on sales of fixed assets

13,00013,0000Commercial Property Business

674,000

674,000

0Gain on sales of investment securities

2,000

2,000

0

Residential Business

320,000

320,000

0

Total

15,00015,0000International Business

88,00088,0000Investment Management Business

20,00020,0000Architectural Design & Engineering Business and Real Estate Services Business

58,00058,000

0

Other

8,000

8,000

0

(26,000)(26,000)

0

1,142,000

1,142,000

0

Eliminations
Revenue from Operations(New Segment)

Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021
Current
Estimates

FY2021
Previous
Estimates

ChangeLoss related to retirement of fixed assets

8,000

8,000

0

Loss on infectious disease

6,000

-

6,000
3,000

Commercial Property Business

169,000

163,000

6,000

Loss on valuation of investment securities

3,000

-

Residential Business

12,00012,0000

Other extraordinary loss

14,00014,0000International Business

29,00029,0000

Total

31,00022,0009,000

Investment Management Business

4,000

4,000

0

Architectural Design & Engineering Business and Real Estate Services Business

2,000

2,000

0

Other

(1,000)(1,000)0Reference

Eliminations or Corporate(24,000)(24,000)

0

Capital Gains included in Operating Income

Operating Income

191,000

185,000

6,000

Non-operating revenue

18,00018,000

0

300

300

0

Commercial Property Business

22,00022,000034,00034,0000

Residential Business

6,000

6,000

0

International Business

Equity in earnings of unconsolidated subsidiaries and affiliates
Non-operating expense

175,000

169,000

6,000

Extraordinary income

15,00015,0000Extraordinary loss

31,00022,000159,000

Corporate tax, etc.

Millions of yen (rounded off to the nearest billion)

FY2021
Current
Estimates

FY2021
Previous
Estimates

ChangeCapital Gains

3,000

3,000

0

Investment Management Business

-

-

-

9,000

Other

-

-

-

162,000(3,000)Eliminations or Corporate

-

-

-

38,00041,000(3,000)31,00031,0000Profit121,000

121,000

0

Profit attributable to non-controlling interests

11,00011,0000Profit Attributable to Owners of Parent

110,000

110,000

0

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests

Total*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Reference
Business Profit
As of April 2020, the Company made the following changes to its disclosure segments.
- The Office Building, Lifestyle Property, and Hotel & Airport Business were integrated into newly established The Commercial Property Business segment.
- International Residential Business moved from the Residential Business segment to the International Business segment.
- The Architectural Design & Engineering Businss and Real Estate Services Business segment were integrated into newly established Architectural Design & Engineering Business and Real Estate Services Business segment.

4

Business Profit

Millions of yen (rounded down)

FY2021
Current
Estimates

191,300

FY2021
Previous
Estimates

Change185,300*Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates.

6,000

3. Current Income Statement Estimates for FY2021 and Results for FY2020
Millions of yen (rounded down)

Overview
An overall decrease in income and profits is expected by considering theimpact of the new coronavirus. An increase in rental profits from both
domestic and international office buildings is expected. Factors include anincrease in occupancy rate as a result of full-year operation of domestic newbuildings as well as a completion of the U.S. office building renovation. On
the other hand, a decrease in profits is expected due to an impact of the newcoronavirus on hotels and retail properties, such as outlet malls. Capitalgains are also expected to decrease as a result of a decline in property sales.
Commercial Property Business
Office Buildings
An increase in rental income and profits is expected as a result of a full-year
operation of new buildings (e.g. Yotsuya Tower) as well as a vacancy rate
improvement and a rent increase in existing buildings.
Retail Properties (e.g. outlet malls)
A decrease in rental income and profits is expected due to an impact of the newcoronavirus.
Hotels
A decrease in revenue and profits is expected due to a decline of occupancy rate asa result of an impact of the new coronavirus.
Capital gains from sales of office buildings and logistic facilities are also expected
to decrease.
Residential BusinessA decrease in sales from domestic condominiums is expected due to an impact of
the new coronavirus. Capital gains from sales of rental apartments are also
expected to decrease.

FY2021
Estimates

Millions of yen (rounded down)

Breakdown of Extraordinary income

Change(New Segment)

FY2021
Estimates

FY2020Results

ChangeGain on sales of fixed assets

13,0005,144Commercial Property Business

674,000

723,712(49,712)Gain on sales of investment securities

2,000

1,711

289

Residential Business

320,000

385,538(65,538)

Gain on amortization of negative goodwill-

14,915(14,915)International Business

88,000134,175(46,175)

Gain on contribution for construction

Investment Management Business

20,00021,316(1,316)

Total

Architectural Design & Engineering Business and Real Estate Services Business

58,00057,128

872

Other

8,000

8,743

(743)

(26,000)(28,418)

2,418

1,142,000

1,302,196(160,196)

Eliminations
Revenue from Operations(New Segment)

7,856

-

4,480

(4,480)15,00026,251(11,251)

Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021
Estimates

FY2020Results

ChangeLoss related to retirement of fixed assets

8,000

5,445

2,555
6,000

Commercial Property Business

169,000

187,855(18,855)

Loss on infectious disease

6,000

-

Residential Business

12,00024,320(12,320)

Loss on valuation of investment securities

3,000

2,344

656

International Business

29,00046,156(17,156)

Loss on transfer of business

-

3,240

(3,240)Investment Management Business

4,000

4,467

(467)

Impairment loss-

10,844(10,844)

Architectural Design & Engineering Business and Real Estate Services Business

2,000

2,407

(407)

Other extraordinary loss

14,000-14,000Other(1,000)(2,018)

1,018

Total

31,00021,874

9,126

Eliminations or Corporate(24,000)(22,420)(1,580)Operating Income

191,000

240,768(49,768)

Non-operating revenue

18,00012,377

5,623

300

229

71

Equity in earnings of unconsolidated subsidiaries and affiliates
Non-operating expense
Income Before Taxes and Special Items

International Business
An increase in rental profits is expected as a result of an increase in occupancy rateof the U.S. office building (1271 Avenue of the Americas). In Asia, an increase insales and profits is expected as a result of an increase in unit delivery. A decrease incapital gains is expected due to an effect of sales the U.K. office buildings in theprevious year.

FY2020Results

Extraordinary income

Reference
Capital Gains included in Operating Income

Millions of yen (rounded off to the nearest billion)

FY2021
Estimates

FY2020Results

Change34,00033,574426

175,000

219,572(44,572)

Capital Gains
Commercial Property Business

22,00023,000(1,000)15,00026,251(11,251)

Residential Business

6,000

10,000(4,000)International Business

31,00021,874

9,126

3,000

28,000(25,000)

159,000

223,949(64,949)

Investment Management Business

-

-

-

Corporate tax, etc.

38,00058,533(20,533)

Other

-

-

-

Profit121,000

165,415(44,415)

Eliminations or Corporate

-

-

-

Profit attributable to non-controlling interests

11,00016,963(5,963)

Total

31,00061,000(30,000)

Profit Attributable to Owners of Parent

110,000

148,451(38,451)*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Extraordinary loss
Income Before Income Taxes and Minority Interests

Reference
As of April 2020, the Company made the following changes to its disclosure segments.
- The Office Building, Lifestyle Property, and Hotel & Airport Business were integrated into newly established The Commercial Property Business segment.
- International Residential Business moved from the Residential Business segment to the International Business segment.
- The Architectural Design & Engineering Businss and Real Estate Services Business segment were integrated into newly established Architectural Design & Engineering Business and Real Estate Services Business segment.

5

Business Profit
Business Profit

Millions of yen (rounded down)

FY2021
Estimates

191,300

FY2020Results

Change240,998*Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates.

(49,698)

4. Balance Sheet Results at Periods Ended Sep 30, 2020 and Mar 31, 2020
Millions of yen (rounded down)

At Sep 30, 2020

At Mar 31, 2020

Millions of yen (rounded down)

ChangeAt Sep 30, 2020

AssetsAt Mar 31, 2020

ChangeLiabilities

I. Current assets

I. Current liabilities

1. Cash267,956

207,896

60,059

1. Notes and accounts payable-trade37,82866,368(28,539)

2. Notes and accounts receivable-trade47,42450,340(2,916)

2. Short-term borrowings

143,951

115,306

28,644

3. Marketable securities

5,722

7,657

(1,934)

3. Current portion of long-term debt

174,055

156,778

17,277

4. Property for sale

52,18372,256(20,073)

4. Commercial paper

86,00050,00036,0005. Property for sale in progress

244,690247,677(2,987)

5. Bonds due within one year

65,00051,55013,450

975

975

(0)

6. Accrued income taxes

15,49829,773(14,274)

7. Other current liabilities

189,252

194,225(4,972)

711,586

664,001

47,585

6. Property for development
7. Appropriated construction in progress

10,399

7,390

3,009

8. Other inventories

996

1,005

(9)

9. Equity investments

429,331450,520(21,189)

10. Other current assets

74,59470,2084,385

1. Bonds

805,584775,584

30,000

(401)

(294)

(106)

2. Long-term borrowings

1,315,363

1,278,678

36,684

1,133,873

1,115,634

18,238

3. Lease deposits received

461,736

459,1772,559

4. Deferred tax liability

225,367

215,8529,515

5. Deferred tax liabilities on land revaluation

264,046

264,063(17)

6. Net defined benefit liability

26,81826,919(101)(49)

11. Allowance for doubtful accounts
Total current assets

Total current liabilities
II. Long-term liabilities

II. Fixed assets
1. Property and equipment(1) Buildings and structures(2) Machinery and equipment

1,206,807

1,174,536

32,271

31,33327,712

3,621

7. Accrued directors' retirement benefits

552

601

(3) Land

2,198,120

2,152,812

45,3088. Provision for environmental measures

4,555

4,556

(0)

(4) Land in trust

608,422608,33190

9. Negative goodwill

81,78880,251

1,536(5) Construction in progress

120,769

126,311(5,542)(6) Other property and equipment

17,69817,548150

4,183,152

4,107,252

75,899Total property and equipment

10. Other long-term liabilities

2. Intangible assets

139,038

147,343(8,305)

Total long-term liabilities

3,324,850

3,253,028

71,821

Total liabilities

4,036,437

3,917,030

119,407

Net Assets(1) Leaseholds

72,03772,764(726)

I. Shareholders' Equity(2) Other intangible assets

25,72724,002

1,724

1. Capital

142,279

142,147

131

97,76596,767998

2. Capital surplus

164,303

164,041

262
26,889(1) Investment securities

255,246

236,969

18,276(2) Long-term loans

11,525

10,924600(3) Lease deposits

129,731

126,092

3,639

II. Other accumulated comprehensive income(4) Net defined benefit asset

22,63921,3361,302(5) Deferred tax assets

15,63916,266(627)(6) Other investments

146,466

127,636

18,829

(666)

(643)

Total intangible assets
3. Investments and other assets(7) Allowance for doubtful accounts

3. Retained earnings

989,729

962,840

4. Less treasury stock, at cost(105,253)(105,282)

29

1,191,057

1,163,746

27,311

1. Unrealized holding gain on securities

90,212

79,527

10,684

2. Deferred gains or losses on hedging instruments(2,341)(1,948)(392)

3. Land revaluation reserve

526,584

526,623

(38)

(22)

4. Foreign currency translation adjustments(47,247)(29,321)(17,925)

5. Remeasurements of defined benefit plans

Total investments and other assets

580,580

538,582

41,998

Total fixed assets

4,861,498

4,742,602

118,896

5,995,372

5,858,236

137,135

Total assets

Total shareholders' equity

Total other accumulated comprehensive income
III. Stock acquisition rights
IV. Non-controlling interests
Total net assets
Total liabilities and net assets

6(4,142)(4,163)

21

563,065

570,716(7,650)

269

288

(19)

204,541

206,454(1,913)

1,958,934

1,941,206

17,7285,995,372

5,858,236

137,135

5. Consolidated Cash Flow Statement Results for FY2020-2Q, Results for FY2021-2Q, Results for FY2020, and Estimates for FY2021
Millions of yen (rounded down)

FY2020-2Q Results

FY2021-2Q Results

Income before income taxes and minority interests

81,08382,310Adjustment for extraordinary income or loss

2,765

Depreciation and amortization

FY2020 Results

FY2021 (Estimates)

1,227

223,949

159,000(64,949)

6,206

3,441

(1,395)9,000

10,39541,59043,231

1,640

84,94187,0002,059

Decrease (increase) in inventories

23,311

23,663351

148,161

18,000(130,161)

Decrease (increase) in equity investments(13,511)

17,48030,991(43,217)(146,000)(102,783)

Other(40,280)(77,274)(36,993)(25,035)(19,000)

6,035

Income taxes, etc.

(25,845)(35,516)(9,670)(45,636)(66,000)(20,364)

69,11360,101(9,011)

341,766

42,000(299,766)

Proceeds from sales of investment securities

604

10,079

9,475

5,275

12,0006,725

Proceeds from sales of property and equipment and beneficial
interests in trust of property and equipment

6,334

647

(5,686)

105,830

55,000(50,830)

Capital investment(153,394)(133,967)

19,426(331,857)(350,000)(18,143)

Other(19,359)(18,906)453(56,687)(16,000)

40,687(165,814)(142,146)

23,668(277,440)(299,000)(21,560)

Newly acquired funds

228,866

191,912(36,953)

342,782

645,000

302,218

Repayment(116,574)(88,384)

28,189(305,736)(353,000)(47,264)

Cash dividends paid

(30,358)(30,982)(624)(53,846)(49,000)

4,846

Repurchase and disposal of own shares(42,402)(2)

42,399(100,024)-

100,024

Other

175,613

70,160(105,452)

87,937(49,000)(136,937)

Net cash provided by (used in) financing activities

215,145

142,703(72,442)(28,886)

194,000

222,886

Cash and cash equivalents at the end of year

297,486

271,598(25,888)

213,008

147,000(66,008)

Free Cash Flow

(96,701)(82,044)

14,65664,326(257,000)(321,326)

Net cash provided by (used in) operating activities

Net cash provided by (used in) investing activities

Change7-

Change-II. Investment Data
1. Investment data
Capital investment*

Millions of yen (rounded down)

FY2021-2Q

Equity investment

FY2021 (Estimates)

Total

133,967

Mitsubishi Estate

63,849Millions of yen (rounded down)

FY2021-2Q

FY2021 (Estimates)

Total

350,000

Total

13,563

Mitsubishi Estate

178,000

Mitsubishi Estate

3,963

Total
Mitsubishi Estate(Breakdown)(Breakdown)(Breakdown)

Office Building Business

Office Building

International

3,047International

Other

9,599

Other

New/Redevelopment buildings(Marunouchi redevelopment etc.)
Refurbishment cost etc.

36,614

New/Redevelopment buildings(Marunouchi redevelopment etc.)

90,000

9,101

Refurbishment cost etc.

20,000

Hotel

9,602

Hotel

21,000Logistics Facility

6,322

Retail Property

21,000Retail Property

1,370

Logistics Facility

18,000Other70,118Other

172,000(Breakdown)(Breakdown)
36,173

MEC Group International

Mitsubishi Estate

Simon

3,000

(Breakdown)(Breakdown)

Mitsubishi Estate Residence

168,000

2,000

165,000(Breakdown)

57,000Asia, Oceania

5,053

Asia, Oceania

43,000US

4,254

11,716

Mitsubishi Estate Residence

40,000US

31,000

MEC Group International*2

7,293

Mitsubishi Estate Europe

30,000Europe

1,000

Mitsubishi Estate Europe

6,084

Mitsubishi Estate

16,000Strategic investment

90,000Sunshine City

2,518

Sunshine City

7,000

Marunouchi Heat Supply

2,145

Consolidated TMK(Domestic)

8,000

Consolidated TMK(Domestic)

1,228

Marunouchi Heat Supply

6,000Royal Park Hotels & Resorts

2,000

Simon

* Major inter-group transactions are eliminated.
*2 Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.

8

2. Assets Breakdown and Special Purpose Vehicles Data
Assets Breakdown (Consolidated)

Special Purpose Vehicles Data
Millions of yen (rounded down)

At Sep 30, 2020

At Mar 31, 2020

Millions of yen (rounded down)

ChangeAt Sep 30, 2020

Inventories

At Mar 31, 2020

ChangeEquity investments by Mitsubishi Estate

Condominium(domestic)

258,460

262,090(3,630)International

-

2,028

(2,028)Domestic(other)

US

-

2,028

(2,028)International

Europe

-

-

-

US

172,547

EuropeAsia

429,331

Asia

-

-

-

50,78465,187(14,403)309,244

329,305(20,061)

Domestic Office Building

55,876

61,842(5,966)

Domestic(other)

27,41934,890(7,471)

Other
Total inventories

Domestic Office Building

Total equity investments by Mitsubishi Estate

55,876

61,842(5,966)

27,41934,890(7,471)

346,035

353,788(7,753)

172,424

123

31,56034,238(2,678)141,927

147,124(5,197)450,520(21,189)

Equity investments

International

346,035

353,788(7,753)

US

172,547

172,424

123

Reference

Millions of yen (rounded off to the nearest billion)

Equity investments by other companies
Domestic Office Building
Domestic(other)

94,00099,000(5,000)00

0(18,000)

Europe31,56034,238(2,678)International

809,000

827,000

Asia

141,927

147,124(5,197)

US

456,000

465,000(9,000)429,331450,520(21,189)

Europe31,00034,000(3,000)

Office Building

3,144,139

3,111,799

32,340Outlet Mall

139,138

132,724

6,414

Total equity investments
Fixed assets (Property and equipment)

Asia
Total equity investments by other companies

322,000

328,000(6,000)903,000

926,000(23,000)
0

Interest bearing debt borrowed by SPV

Logistics Facility

80,10772,853

7,254

Domestic Office Building

77,00077,000Retail Property (Except Outlet Mall)

137,245

142,161(4,916)

Domestic(other)

4,000

4,000

0

Rental Apartment

95,32680,90814,418International

751,000

686,000

65,000International

385,301

390,761(5,460)US371,000

351,000

20,000US

172,465

171,339

1,126

EuropeEurope128,223

130,872(2,649)

Asia

Asia

84,61288,548(3,936)

201,896

176,046

25,8504,183,152

4,107,252

75,900

Other
Total fixed assets(property and equipment)

Total interest bearing debt borrowed by SPV

-

-

-

380,000

335,000

45,000832,000

767,000

65,000* Domestic Same-Boat investment in Investment Management Business, etc. is not listed in the above reference.

9III. Business Data
1. Commercial Property Business Revenue from Operations Breakdown (Consolidated)*1
FY2018FY2019Marunouchi Area Office Building--

Tokyo Area Office Building (Outside of Marunouchi)--

Office Building (Outside of Tokyo)-

Outlet Mall-

Other*2

Millions of yen (rounded down)

FY2020-2Q

FY2020

FY2021-2Q

FY2021 (Estimates)

120,897

243,681

123,760-

62,605

128,927

68,772--

31,64064,54829,508--22,94546,386

17,077---

21,83940,91916,637---259,927

524,464

255,757-

Sales of assets--

14,69791,03019,280

-

Other

-

-

56,430108,21750,846

-

Total

-

-

331,055

723,712

325,885-

Leasing

Total leasing*1 Including revenue from other segments*2 Including independent shopping center, logistics facility, etc.

2. Office Building Data (Consolidated)
Contracted area

(Thousands of square meters)

At Mar 31, 2018

At Mar 31, 2019

At Sep 30, 2019

At Mar 31, 2020

At Sep 30, 2020

3,822

3,968

3,998

4,120

4,186

Owned by MEC

2,404

2,536

2,566

2,592

2,595

Subleases

1,418

1,432

1,432

1,528

1,590

3. Office Building Data (Unconsolidated)(Thousands of square meters ; yen/tsubo.month)

At Mar 31, 2018

At Mar 31, 2019

At Sep 30, 2019

At Mar 31, 2020

At Sep 30, 2020

At Mar 31, 2021
(Estimates)(1) Total operating floor space
Owned by MEC

3,556

3,729

3,763

3,736

3,718

3,747

Subleases

2,013

2,016

2,030

2,133

2,272

2,284

Total

5,570

5,745

5,792

5,869

5,990

6,031

(2) Leasable area

3,475

3,631

3,659

3,726

3,801

3,827

(3) Vacancy rate (All uses in Japan*1 )

1.87

1.80

1.98

1.07

1.12

2.0

(4) Average rent*2 (All uses in Japan)

26,193

26,702

27,177

27,177

27,72428,000At Mar 31, 2018

At Mar 31, 2019

At Sep 30, 2019

At Mar 31, 2020

At Sep 30, 2020

Operating floor space

2,784

2,915

2,916

2,915

2,916

Leasable area

1,665

1,755

1,749

1,751

1,754

*1 Including retail area etc. in office building*2 The average rent is per 3.3 square meters per month.

4. Marunouchi Area Building Data (Unconsolidated)

Office vacancy rate
Building lease revenue(Thousands of square meters; millions of yen(rounded down))

1.65

2.19

2.51

0.69

0.63

221,674

235,119

121,615

243,457

123,58510

5. Domestic Condominium Business Data
FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

FY2021 (Estimates)

254,140

238,924

72,572

202,876

68,307

191,000

Condominiums sold (units)

3,938

4,007

1,213

3,214

1,178

3,300

Gross Margin*

19.7

17.0

17.0

17.8

19.5

17.5

Inventory (units)

460

542

515

373

298

-

Condominiums sold (Millions of yen)

New Supply of condominiums (units)

3,615

3,966

1,814

2,924

619

1,800

156,944

144,970

280,336

162,141

209,010---

172,495-

165,181-

The following fiscal year share (Millions of yen)

141,408

104,242

89,468130,195

43,829-The post following fiscal year share (Millions of yen)

15,536

40,72818,373

31,9460-

Condominium contract balance (Millions of yen)
The fiscal year share (Millions of yen)

* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales

11

IV.Historical Performance Data(Consolidated)
1. Major Performance Items

PL

BS

Millions of yen (rounded down)

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

FY2021 (Estimates)

Revenue from Operations

1,194,049

1,263,283

535,226

1,302,196

527,312

1,142,000

Operating income

213,047

229,178

92,276

240,768

98,072

191,000

Income before taxes and special items

190,506

206,587

81,083

219,572

91,618175,000

Profit attributable to owners of parent

120,443

134,608

48,078148,451

50,939110,000

Total assets

5,801,450 *1

5,774,193

5,986,672

5,858,236

5,995,372

6,000,000

Inventories

434,638

361,455

367,020

329,305309,244-

Fixed assets (property and equipment and Intangible assets)

4,076,113

4,183,212

4,257,754

4,204,019

4,280,917-

Interest-bearing debt

2,481,675

2,319,597

2,589,350

2,429,883

2,591,971

2,610,000

Net interest-bearing debt

2,194,815

2,140,288

2,291,863

2,216,874

2,320,372

2,460,000

0.95

0.98

0.91

0.93

0.88

0.93

Shareholders' equity *2

1,698,348

1,770,643

1,730,095

1,734,462

1,754,123

1,790,000

Cash flow from operating activities

293,338

345,954

69,113

341,766

60,10142,000(Depreciation and amortization)
Cash flow from investing activities

77,54580,336

41,59084,941

43,23187,000

Average interest rateCF(286,841)(271,083)(165,814)(277,440)(142,146)(299,000)(289,570)(285,089)(153,394)(331,857)(133,967)(350,000)

37,203(192,473)

215,145(28,886)

142,703

194,000

6,497

74,871(96,701)

64,326(82,044)(257,000)

Business Profit *3

213,467

229,442

92,439240,998

98,270191,300

EBITDA *4

302,424

320,641

139,820

336,784

145,354 *5

293,800 *5

ROA*6

3.8

4.0

-

4.1

-

ROE*7

7.3

7.8

-

8.5

-

34.85
- times108.64
6.6 times

38.05- times(Capital investment)
Cash flow from financing activities
Free Cash Flow

Indicator

EPS(Yen)

86.78
7.3 times

Net interest-bearing debt EBITDA
After hybrid debt deductions *8
Debt equity ratio *9
After hybrid debt deductions*8
Interest expense

Other

96.97
6.7 times

6.7 times

6.1 times

1.46

1.31

- times
1.50

6.1 times
1.40- times
1.48

3.2
6.2
82.18
8.4 times
7.8 times
1.46

1.23

1.10

1.27

1.18

1.25

1.24

23,122

23,503

11,121

22,10011,05623,000Interest coverage ratio (ICR) *10

9.5 times

10.1 times

8.7 times

11.3 times

9.3 times

Annual dividends per share(Yen)

26

30

15

33

12

8.9 times
25

Dividend payout ratio

30.0

30.9

-

30.4

-

30.4
-

Current value of Income generating assets

7,383,415

7,941,134-

8,270,844-

Income generating assets unrealized gain

3,422,832

3,898,413-

4,222,505--

Exchange average rate(¥/$ /PL

112.16110.44110.07109.03108.23106.00Exchange average rate(¥/£ /PL

144.49147.41142.44139.19136.41138.00Exchange current rate(¥/$ /BS

113.00111.00107.79109.56107.74106.00151.95140.46136.57143.48132.51
Exchange current rate(¥/£ /BS*1 From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied. Thus figure on the Total assets as of the end of March, 2018, is also modified based on the application of the amendment.
*2 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*3 Business Profit = Operating Income + Equity in earnings(loss) unconsolidated subsidiaries and affiliates*4 EBITDA = Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates + Depreciation + Amortization of goodwill*5 D&A for FY2021-2Q and FY2021(Estimates) = Total of D&A

D&A included in Loss on infectious disease (1,976 millions of yen)

*6 ROA = Business Profit / Total assets (average*7 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*8 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.
*9 Debt equity ratio = Interest-bearing debt / Shareholders' equity*10 ICR = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Interest expense

12138.002. Segment Information (Consolidated)

Millions of yen (rounded down)
FY2018

Revenue fromOperations

723,712

325,885

674,000

Residential Business--

149,168

385,538

142,741

320,000

International Business--

30,278134,175

34,47888,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

8,757

21,316

10,10620,000--24,00957,12823,19058,000

-

-

4,420

8,743

3,797

8,000

Eliminations or Corporate--(12,463)(28,418)(12,886)(26,000)

1,263,283

535,226

1,302,196

527,312

1,142,000

Commercial Property Business--

90,019187,855

92,656

169,000

Residential Business

-

-

3,436

24,320

6,571

12,000International Business--

10,487

46,156

12,03329,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

1,271

4,467

2,140

4,000

-

-

(915)

2,407

(2,521)

2,000

-

-

(1,007)(2,018)(957)(1,000)Eliminations or Corporate--(11,015)(22,420)(11,851)(24,000)

1,194,049

213,047

229,178

92,276

240,768

98,072

191,000

Commercial Property Business--

90,204

188,099

92,852

169,255

Residential Business

-

-

3,414

24,305

6,574

12,044

International Business--

10,487

46,156

12,03329,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

1,271

4,467

2,140

4,000

-

-

(915)

2,407

(2,521)

2,000

-

-

(1,007)(2,018)(957)(1,000)Eliminations or Corporate--(11,015)(22,420)(11,851)(24,000)

213,467

229,442

92,439240,998

98,270191,300

Commercial Property Business--

34,65870,92734,947-

Residential Business

-

-

1,902

3,946

2,051

-

International Business
Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

3,409
673

6,646
1,333

3,943
681

-

-

-

409

868

449

-

-

-

48

98

64

-

Total

77,545

489

1,119

1,093

-

41,59084,941

43,23187,000
-

-

-

-

37

Residential Business

-

-

207

386

179

-

International Business

-

-

31

66

32

-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

978

1,929

953

-

-

-

301

208

188

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,561

3,282

1,518

2,591

1,391

3,000

Commercial Property Business--

60,904

169,163

81,090-Residential Business--

27,30045,07936,937-

International Business--

61,590113,755

13,539-Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

280

328

12

-

-

-

533

948

155

-

-

-

409

411

237

-

Eliminations or Corporate

-

-

2,376

2,172

1,995

-

289,570

285,089

153,394

331,857

133,967

350,000

Commercial Property Business--

4,152,704

4,135,091

4,168,742-

Residential Business--

614,049

570,282

601,044-

International Business--

837,177

887,179

898,873-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others--68,617

71,82970,394---50,60355,73750,237---

13,697

13,27026,194-

Eliminations or Corporate--

249,822

124,847

179,885-

5,774,193

5,986,672

5,858,236

5,995,372

6,000,000

Total

Total

Total assets

80,336

Commercial Property BusinessEliminations or Corporate

Capitalinvestment

FY2021 (Estimates)

331,055

Eliminations or Corporate

Amortization of
goodwill

FY2021-2Q

-

Total

Depreciation
and amortization

FY2020-Total

Business Profit*

FY2020-2Q

Commercial Property Business

Total

OperatingincomeFY2019Total

5,801,450* Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates

13V. Mitsubishi Estate Group Companies' Data
Millions of yen (rounded down)

Mitsubishi Estate Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Revenue from operations

472,486

498,273242,443

549,362

260,386-

Operating income

109,715

110,80352,725

117,176

67,484-

Income before taxes and special items

127,288

126,115

72,140131,431

87,148-Net income

108,813

100,980

58,558109,251

60,127-

Total assets

4,708,269

4,749,852

4,965,859

4,782,507

4,915,989-

44,49447,57925,07351,121

25,231-

Depreciation and amortization

FY2021 (Estimates)

Mitsubishi Jisho Property Management Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

71,666

79,54739,80880,68340,647-

Operating income

5,509

5,950

2,809

5,960

2,465

-

Income before taxes and special items

5,495

5,936

2,807

5,960

2,465

-

Net income

3,882

4,282

1,930

4,101

1,704

-

Total assets

69,761

77,14676,504

77,63378,318-Depreciation and amortization

113

227

98

201

97

-

Number of management properties

167

172

174

184

188

-

8,000,277

8,124,226

8,428,742

8,615.266

8,999,101-

Management area

FY2021 (Estimates)

Marunouchi Heat Supply Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

64.16

64.16

64.16

65.59

65.59

FY2021 (Estimates)-

Revenue from operations

13,894

14,8338,420

15,766

8,391-

Operating income

1,387

1,855

1,685

2,037

1,424

-

Income before taxes and special items

1,270

1,837

1,663

1,982

1,333

-

Net income

974

1,712

1,150

4,327

922

-

Total assets

32,68433,25534,744

39,63139,452-

Depreciation and amortization

2,384

2,600

1,342

2,732

1,731

-

Sunshine City Corporation

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

63.20

63.20

63.20

63.20

63.20

-

Revenue from operations

29,212

28,121

13,942

26,926

11,734-

Operating income

8,352

6,933

2,930

5,213

2,744

-

Income before taxes and special items

7,260

5,690

2,191

3,473

2,158

-

Net income

5,016

3,954

1,528

2,372

987

-

Total assets

114,641

111,663

107,073

106,081

108,354

-

5,298

5,265

2,784

5,686

2,812

-

Depreciation and amortization

FY2021 (Estimates)

Mitsubishi Estate Simon Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

60.00

60.00

60.00

60.00

60.00

Revenue from operations

45,462

46,65922,94546,393

17,078-Operating income

18,94019,673

9,893

18,963

5,488-

Income before taxes and special items

19,211

19,952

9,981

19,2195,636-

Net income

13,143

13,572

6,859

13,165

3,069-

Total assets

109,485

108,913

97,198110,754

115,562-

Depreciation and amortization
Store floor area

FY2021 (Estimates)
-

5,176

5,035

2,531

5,197

2,886

-

308,500

314,600

314,600

315,300

345,400-

14

Millions of yen (rounded down)

Tokyo Ryutsu Center Inc.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

56.41

58.22

58.22

60.03

60.03

FY2021 (Estimates)-

Revenue from operations

8,679

10,3495,280

10,361

4,960-

Operating income

2,451

3,223

1,836

3,238

1,577

-

Income before taxes and special items

2,193

2,874

1,680

2,976

1,418

-

Net income

1,517

2,543

1,152

2,037

973

-

Total assets

65,51765,56064,80365,16664,302-

Depreciation and amortization

1,973

2,686

1,302

2,617

1,285

Royal Park Hotels and Resorts Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

100.00100.00100.00100.00100.00

FY2021 (Estimates)-

Revenue from operations

24,09625,38812,73524,266

3,187-

Operating income

553

549

273

(992)

(4,582)-

Income before taxes and special items

503

505

274

(1,004)(4,507)-

Net income

324

432

193

(1,304)(6,462)

Total assets

11,95012,327

11,163

10,366

10,355

-

796

928

492

1,220

563

-

Depreciation and amortization
Mitsubishi Estate Residence Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

306,379

302,180

95,353

269,660

96,110-Operating income

25,45426,2604,044

24,729

8,917-

Income before taxes and special items

23,907

24,777

3,311

23,184

8,186-

Net income

16,875

17,692

2,724

16,4295,659-

Total assets

556,464

583,392

599,817570,960

601,180

-

1,668

1,853

1,057

2,218

1,201

-

Depreciation and amortization

FY2021 (Estimates)

Mitsubishi Estate Home Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

100.00100.00100.00100.00100.00

FY2021 (Estimates)-

Revenue from operations

28,80534,578

10,89935,474

8,337-

Operating income

148

341

(1,187)54(1,242)-

Income before taxes and special items

162

347

(1,177)68(1,242)-

Net income

106

197

(1,176)(29)(1,239)-Total assets

12,805

11,506

12,484

11,232

11,104

-

250

312

185

402

190

-

Depreciation and amortization
Mitsubishi Jisho Community Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

71.47

71.47

71.47

71.47

71.47

-

Revenue from operations

50,35952,563

27,79555,51425,501-

Operating income

3,029

3,170

1,850

3,353

1,463

-

Income before taxes and special items

3,106

3,237

1,880

3,427

1,476

-

Net income

2,032

2,101

1,216

2,222

958

-

Total assets

17,75819,44020,447

20,851

19,399-Depreciation and amortization
Number of condominium management units

FY2021 (Estimates)

403

393

194

401

203

-

342,691 units

349,572 units

349,707 units

352,365 units

351,469 units-

15

Millions of yen (rounded down)

MEC Group International, Inc.*

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

89,759107,952

27,513

91,99029,684-

Operating income

23,30028,143

8,715

24,861

8,854-

Income before taxes and special items

22,78026,1197,789

22,8747,165-

Net income

6,237

13,3393,533

12,654

5,389-

Total assets

447,459

410,801

430,762

429,135

453,624

-

7,531

5,535

2,371

4,762

2,896

-

Depreciation and amortization

FY2021 (Estimates)

Mitsubishi Estate Europe Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

7,320

7,912

4,141

43,672

3,626-

Operating income

2,895

4,320

2,544

20,361

1,513-

Income before taxes and special items

2,534

3,612

1,732

19,0601,224-

Net income(4,511)

2,910

1,320

16,982752-

Total assets

145,608

156,852

163,411

189,954

183,614

-

2,083

1,876

1,057

1,834

1,008

-

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

100.00100.00100.00100.00100.00-

Revenue from operations

830

2,918

635

1,905

1,572

-

Operating income

236

1,502

(123)

381

899

-

Income before taxes and special items

785

1,625

(26)

558

1,180

-

Net income

743

1,647

(25)

534

1,062

-

Total assets

34,94836,59935,92038,802

38,247

-

119

133

61

130

80

-

Depreciation and amortization

FY2021 (Estimates)

Mitsubishi Estate Asia Pte. Ltd.

Share of Voting rights

Depreciation and amortization

FY2021 (Estimates)

Mitsubishi Jisho Sekkei Inc.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

18,887

21,552

6,477

18,838

7,555-

Operating income

2,894

3,474

(87)

2,446

529

-

Income before taxes and special items

2,875

3,496

(89)

2,394

541

-

Net income

1,955

2,374

(84)

1,617

366

-

Total assets

24,82625,85922,17025,05323,700

-

110

239

148

312

164

-

Depreciation and amortization

FY2021 (Estimates)-

Mitsubishi Real Estate Services Co., Ltd.

FY2018FY2019FY2020-2Q

FY2020

FY2021-2Q

Share of Voting rights

100.00100.00100.00100.00100.00

FY2021 (Estimates)-

Revenue from operations

25,584

27,524

12,613

27,117

9,326-

Operating income

1,617

2,741

(420)

1,031

(1,769)-

Income before taxes and special items

1,684

2,797

(430)

1,367

(1,758)-Net income

885

1,838

(343)

755

(1,248)-

Total assets

21,34326,35924,26625,04722,535-

Depreciation and amortization

347

397

291

416

180

-

Amount of transaction

234,366

307,369

94,096450,048

57,269-Number of brokerage

1,162

1,129

463

1,095

323

-

Number of parking management

5,737

50,54052,31355,37956,866-* Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.

16