May 15, 2014
MORI TRUST CO., LTD.
Toranomon 2-chome Tower, 2-3-17
Toranomon Minato-ku, Tokyo,
105-0001 JAPANTEL: +81-3-5511-2255
FAX: +81-3-5511-2259

Financial Report for the Fiscal Year Ended March 2014
Mori Trust Group recently announced its consolidated business performance for the year ended
March 31, 2014(FY 2014).
The Group consists of 21 consolidated companies, including MORI TRUST CO., LTD., MORI
TRUST BUILDING MANAGEMENT CO., LTD., and MORI TRUST HOTELS & RESORTS
CO., LTD., and two equity-method affiliates.

[Mori Trust Group Consolidated Financial Report] (April 1, 2013 – March 31, 2014)
In the fiscal year ended March 31, 2014, operating revenue was 149.7 billion yen, with
operating income of 33.7 billion yen and ordinary income of 37.0 billion yen. Both sales andprofit increased year on year thanks to strong performance in the core real estate businessmainly from leasing and real estate sales, as well as in the hotel business, along with theinclusion of the full-year results of Nihon Eslead Corporation.
FY2013
1 Operating revenue

FY2014FY2015(Projection)

92,080149,779

133,000

Leasing

58,04562,15461,000Hotel

19,56319,80325,000Real estate sales

1,882

55,53336,000Other

12,58912,28811,000(Subsidiaries’ construction subcontracting, etc.)2Operating income

25,26533,76933,0003

Ordinary income

24,92037,03730,0004

Net income

19,25615,14520,000(Figures in millions of yen; figures less than one million yen are rounded down.)1Overview of FY 2014 business performance

Leasing business accounted for 62.1 billion yen of operating revenue. The full-year operation of
Kyobashi OM Building, completed in September 2012, the improved occupancy rates of existingbuildings, and the increase in revenue from condominium leasing were key contributors.

Hotel business revenue increased to 19.8 billion yen, despite some existing hotels having beenclosed for renewal during the year, as improved occupancy rates and stronger room prices resulted
from a recovery in business demand and in-bound tourism demand by both Japaneseand international visitors.
Real estate sales business revenue increased sharply to 55.5 billion yen thanks to strong
condominium sales and the sale of office buildings.



Revenue from other business was 12.2 billion yen, reflecting lower revenue from construction
subcontracting due to continued high occupancy in existing office buildings.



For the year ended March 31, 2014, the focus was shifted to growth, now that the measuresinstituted starting in 2009 to strengthen the financial position have achieved their targets. As aresult of aggressive investments particularly in real estate and hotels, the financial position forMori Trust Group as of March 31, 2014 comprised consolidated total assets of 915.4 billion yen
and net assets of 257.1 billion yen.

2

Business Performance Projections for FY 2015
Leasing business revenue is projected to be 61.0 billion yen. The main positive factors include the start ofoperation of Kyobashi Trust Tower, maintaining of high occupancy rates in existing office buildings, andprospects for higher rents as the office building market recovers. These will be offset somewhat by theend of operation of the Akasaka Twin Tower Main and East Tower for rebuilding, and by the sale of
Kojimachi Millennium Garden during the year ended March 31, 2014.
Hotel business revenue is forecast to increase to 25.0 billion yen, helped by increased revenue fromexisting hotels due to continued demand growth from domestic and international tourists, along with thestart of operation of Courtyard by Marriott Tokyo Station, and expected rises in occupancy rates androom prices in the renovated Laforet properties including Tokyo Marriott Hotel.
Revenue from real estate sales business is projected to be 36.0 billion yen, much of it from condominium
sales. Revenue from other business including construction subcontracting is forecast at 11.0 billion yen.
Operating revenue is projected to be 133.0 billion, with 33.0 billion yen in operating income, 30.0 billion
yen in ordinary income, and 20.0 billion yen in net income expected.

Projections contained in this document have been made on the basis of information available when it was
released. Due to various unforeseeable factors, actual performance may differ from such projections.

■ Investment and Rental Properties
The consolidated balance sheet amount and fair value of investment and rental properties owned byMori Trust Group are set out below.
Consolidated balance sheet amount: 501.3 billion yen
Fair value: 977.0 billion yen
Unrealized profit: 475.6 billion yen

3

FY 2014 Key Business Topics
Real Estate Business

Management strategy for the year ended March 31, 2014 saw a shift toward growth after recent years ofemphasizing stability. Aggressive investments in the real estate business were therefore carried out withan eye to securing future-oriented management resources. In addition to the completion of a large-scalecomplex in the Kyobashi area, Mori Trust Group is carrying out on-going development projects, while
keeping watch on the business climate, to take advantage of large underused assets and properties locatedin the Toranomon-Akasaka area and the Shinagawa-Mita area which have been targeted by the national
government and Tokyo Metropolitan Government for key strategic development.
In these and other areas we are also offering area management activities that highlight the special flavorof each area, raising their value by turning them into international and thriving urban centers.

◇Completion of Kyobashi Trust Tower
February 2014 saw the completion of Kyobashi Trust Tower in the Kyobashi area near Tokyo Station.
Redevelopment of this large complex provides international urban functions, combining advanced
offices designed to international standards and an international hotel. It also boasts the industry’s
highest levels of disaster resistance and environmental performance. Based on next-generation
standards, it provides support from the stage of protection of human life and property to the stage ofprompt resumption of business and restoration of normal operations.

Features of Kyobashi Trust Tower
 A prime location just minutes from the Shinkansen trains crisscrossing Japan and close to theworld-famous Ginza commercial district.

 The latest in office functions to support head office operations of global companies, combinedwith a worldwide hotel brand in Courtyard by Marriott Tokyo Station.

 Approximately 1.5 times the earthquake resistance required for super high-rise buildings alongwith emergency generators that can supply up to around 80% of regular power demand andlarge fuel tanks, providing for up to a week’s needs in case of power outages.

 Environmental performance earning the highest AAA rating in the Tokyo Metropolitan
Government’s Energy Performance Certification Program.
 Blends the best of functionally oriented office design and style-oriented hotel design aspects.

Name
Address
Site area
Total floor area

KYOBASHI TRUST TOWER
1-3 Kyobashi 2-chome, Chuo-ku, Tokyo
4,403.86㎡
52,470.87㎡
21 stories above ground, 3 stories below ground,
2-story rooftop structure
office, hotel, rental meeting rooms,shops, parking
February 2014

Number of floors
Primary use
Building completion4◇Rebranding as Gotenyama Trust CityIn December 2013, Gotenyama Garden was rebranded as Gotenyama Trust City as the international
urban center functions of Shinagawa are being upgraded. This move comes as Shinagawa is rising inimportance as a domestic and international transportation hub, a terminal for the Tokaido Shinkansen,a neighbor to Haneda Airport with its growing international role, and the starting point for the Linear
Chuo Shinkansen maglev train.
As part of the rebranding, area management activities are being carried out actively in order toenhance the attractiveness of the area further. With the 6,800 m2 Gotenyama Teien Garden as a placethat carries on the history and natural beauty of Gotenyama, the aim is to create an urban center forenjoyment both by international visitors and local residents, and from which new encounters and life
styles can emerge.
Features of the Gotenyama Trust City RebrandingA large-scale urban renewal project with total investment of 6 to 7 billion yen.

Global hospitality functions enhanced by attracting Tokyo Marriott Hotel, an international
brand.



Area management functions drawing on Gotenyama Teien Garden to create a more
appealing urban center. The concept is “Wellness through garden living: A new dimensionof personal and community well-being.”

Area name
Address
Site area
Total floor area
Primary use
Building completion

GOTENYAMA TRUST CITY
7-35 Kita-Shinagawa 4-chome, Shinagawa-ku, Tokyo
33,044.71㎡ [Japanese Garden 6,800 ㎡]
118,425.00㎡
office, residence, hotel, shops, parking
July 1990
Below
Above
Facilities namePrimary use
groundground21stories 3stories
GOTENYAMA TRUST TOWER office ,shops
TOKYO MARRIOTT HOTEL hotel
25stories 3stories
GOTENYAMA TRUST COURT leased residences
25stories 3stories
GOTENYAMA TEIEN GARDENjapanese garden
UJI-AN
Teahouse-◇Construction started on Akasaka Hinokizaka Project (tentative name)
In December 2013, work began on a high-end condominium residence in the center of the
Akasaka-Roppongi area, provisionally known as the Akasaka Hinokizaka Project. With a plannedcompletion date of spring 2016, it draws on the hard and soft expertise built up by Mori Trust in large
urban development projects, mainly in central Tokyo, that combine luxury international hotels andhigh-end leased residences.
Name (tentative name)
Address(parcel number)
Site area
Total floor area
Number of floors
Total units
Start of construction
Building completion(schedule）

5

AKASAKA HINOKIZAKA PROJECT
1918-1 Akasaka 6-chome, Minato-ku, Tokyo
2,645.20㎡
Approx. 12,000㎡
7 stories above ground, 2 stories below ground,54
December 2013
March 2016◇Demolition of Akasaka Twin Tower Main and East Tower begun
Akasaka Twin Tower Main and East Tower, completed in March 1983, ceased operations in March 2014,
in order to be reborn as a complex more suited to the needs of today, given the ever-changing office market.
The first steps toward demolition were begun in April.
◇Aggressive real estate investment

Investment in real estate properties was carried out aggressively in the year ended March 31, 2014. A
property on the former site of the Toranomon Pastoral Hotel became our sole possession when webought out a partner’s share of the joint holdings. As a new property, we purchased the Meiji Yasuda
Seimei Mita Building (now Mita 3-chome MT Building), adjacent to our Mita 43 MT Building.
Taking advantage of the upswing in the economic environment, we plan to invest aggressively in theyear ending March 31, 2015 as well.
■Area management activities in each area
◇Toranomon area

・Area management activities in Mori Trust Garden Tora4Long involved in the Toranomon area, we have a vision for renewing its vitality and attraction. As astart, we created a limited-time outdoor park on the concept of a community garden, on the formersite of the Toranomon Pastoral Hotel now earmarked for the Toranomon 4-chome Project (tentativename). Hosting a variety of events suggestive of new life styles across generations and nations, we are
seeking to create a brand new and thriving Toranomon.
Name
Address
Site area
Basic design

MORI TRUST GARDEN TORA4
Toranomon 4-chome, Minato-ku, Tokyo
Approx. 10,000㎡
akihisa hirata architecture office
Human-shaped herb garden, beer garden, café, futsal
court, rental vegetable plots, mobile cinema
April 2013 ~ January 2014

Attractions
Duration◇Shinagawa area

・Area management activities in Gotenyama Trust City
In Gotenyama Trust City, our area management activities, occasioned by the rebranding in December
2013, are drawing on urban development expertise built up over 23 years and on the natural beauty ofGotenyama depicted by the ukiyo-e artist Katsushika Hokusai. Among the events held to date werethe “Sakura” Illumination and Gotenyama Cherry Blossom Festival.
Examples of area management activities in Gotenyama Trust City

”Sakura” Illumination

Gotenyama Cherry Blossom Festival

6◇Sendai area

・Area management activities in Sendai Trust City
Since its grand opening in August 2010, we have been engaged in area management activities at
Sendai Trust City toward reenergizing and raising the value of the surrounding urban area.
These continued in the year ended March 31, 2014, with the hosting of a Trust City Garden Café
Tohoku-Thailand Festival and, in collaboration with local creative talent, creation of a cover for The
Trust City Times (the PR magazine of Sendai Trust City) and opening of The Westin Art Showcase, aroom displaying the works of artists located in Sendai. Through projects like these, we are supporting
creative artists in the area.
Examples of area management activities in Sendai Trust City

Holding of Tohoku-Thailand Festival

Collaboration with Sendai artists

Hotel and Resort Business

Having accumulated expertise over more than 40 years of operating Laforet Club as Japan’s first
corporate membership club, the Hotels and Resorts Division of Mori Trust Group is today entering thefourth stage, that is, taking on strategic challenges.
Anticipating an increase in number of visitors to Japan now that Tokyo has been chosen to host the 2020
Olympics, during the year ended March 31, 2014 the division attracted international hotels to Tokyo andactively engaged in new hotel projects and renovation of existing hotels.
■New international hotel projects◇Grand opening of Tokyo Marriott Hotel
In Gotenyama, located in the Shinagawa area that is developing into a hub of domestic andinternational transportation, Tokyo Marriott Hotel had its grand opening in December 2013 as afull-service international hotel. A facility of one of the world’s leading hotel brands, Marriott Hotels,with more than 500 hotels in 60 countries worldwide, it is equipped with large halls for international
conferences and events and is able to meet diverse needs of domestic and international guests.
Then in February 2014, a detached chapel, The Forest, was completed in Gotenyama Teien Garden
with its rich expressions of the four seasons, surrounded by water and greenery.

7

Hotel Name
Address
Guest room
Starting date

TOKYO MARRIOTT HOTEL
7-36 Kitashinagawa 4-chome,
Shinagawa-ku, Tokyo249 rooms
December 2013

◇Grand opening of Courtyard by Marriott Tokyo Station

Courtyard by Marriott Tokyo Station had its grand opening in April 2014. It is located just four
minutes from Tokyo Station and within walking distance of the Ginza commercial area. Guest rooms,
designed on the concept of “Ginza-Kyobashi Luxury Apartments,” feature a diversity of individualinteriors, are well equipped with Wi-Fi and smartphone-operated locks, and provide comfortable andflexible spaces.

Hotel Name
Address
Guest room
Starting date

COURTYARD BY MARRIOTTTOKYO STATION
1-3 Kyobashi 2-chome Chuo-ku, Tokyo(KYOBASHI TRUST TOWER 1-4F)
150 rooms
April 2014

■Existing hotel projects◇Renovation of Laforet Hotels & Resorts facilities
・Opening of renovated Laforet Club Hakone Gora Yunosumika

Resort Hotel Laforet Gora underwent a total renovation including guest rooms,
lobby, and restaurants, along with a redesign blending traditional Japaneseelements into a more modern look. It reopened in April 2014 as Laforet Club
Hakone Gora Yunosumika.
・Opening of renovated Laforet Club Ito Onsen Yunoniwa
Resort Hotel Laforet Ito reopened in July 2013 as Laforet Club Ito Onsen
Yunoniwa. The entranceway and first floor have been totally renovated, a new
footbath terrace and after-spa lounge have been built, and the entrance is graced
with a hearth, as traditional Japanese design is incorporated.
・Renovation of barbeque garden at Resort Hotel Laforet Shuzenji

The barbeque garden at Resort Hotel Laforet Shuzenji was extensively
renovated and opened in July 2013. Guests are able to enjoy the relaxing
experience of a barbeque unique to a highlands resort, away from the big city,
in a modern space with lovely views of nature.

8◇120th anniversary of Mampei Hotel

Founded in 1894 as one of Japan’s earliest Western-style hotels, Mampei Hotelmarked its 120th anniversary in 2014 by renovating the Alps building that is
the hotel’s hallmark. Other plans for celebrating the anniversary include
offering of a commemorative dinner course.

■New hotel projects◇Construction started on Kyoto Arashiyama Project (tentative name)
In January 2014, work began on the Kyoto Arashiyama Project (tentative name), an initiative to create ahigh-end hotel. Located nearby the World Heritage temple Tenryuji in the historical setting of Kyoto’s Saga
district, the site offers spectacular views of Arashiyama across the Hozu River. This will be a new type of
hotel-building project for Mori Trust Group, further advancing the expertise gained with Mampei Hotel andother projects for leveraging the history and tradition of a site. While retaining the grand architecture of the
Meiji period and incorporating traditional Japanese taste for which Kyoto is famous, all the comforts of aluxury hotel will be provided, with the aim of creating a place that attracts travelers from near and far,meeting a wide range of needs including long-term stays.

Artist’s impression

Name (tentative name)
Address(parcel number)
Guest room
Starting date (schedule)

KYOTO ARASHIYAMA PROJECT
12-1 Sagatenryuji Susukinobaba-cho Ukyo-ku, Kyoto-shi, Kyoto
Approx. 40 rooms
Spring 2015

■MICE (Meeting, Incentive Travel, Convention and Exhibition/Event) and tourism promotion projects◇New Trust City Conferences started
Operated by Mori Trust Hotels & Resorts Co., Ltd., new rental meeting rooms were opened with central
urban locations and excellent access. Trust City Conference Shin-Osaka was opened in Shin-Osaka Trust
Tower in January 2014, and Trust City Conference Kyobashi in Kyobashi Trust Tower in April 2014.
◇Tourist information projects at TIC TOKYO
Tourist Information Center TIC TOKYO operated by Mori Trust Hotels & Resorts Co., Ltd., located in
Marunouchi Trust City in front of Tokyo Station, has begun renting mobile Wi-Fi routers and selling SIM
cards for data communication, aimed at visitors to Japan. This is the only foreign tourist information centerin the Tokyo Station area and one of the few such centers anywhere in Japan to offer such services.

9

Investment Business

Mori Trust Group carries out investment activities flexibly and in tune with the times, targeting all kindsof assets as well as corporate and business systems that are beneficial to society and bring value to urban
centers.
In the year ended March 31, 2014, we invested aggressively in real estate and hotels above all, from thestandpoint of optimizing our portfolio based on the management environment. We will continue taking
advantage of an improving economy by stepping up our investments, with an eye also on overseas
markets, aimed at building up a portfolio of assets and corporations, not limited to real estate and hotels,
which is optimal to the Group.
◇Nihon Eslead Corporation acquired as consolidated subsidiaryMori Trust Co., Ltd. acquired Nihon Eslead Corporation in March 2013 by means of a tender offer, making
it a consolidated subsidiary. The company’s performance was incorporated in Mori Trust Group full-year
profit and loss statement starting in the year ended March 31, 2014.

Disaster readiness and environmental initiatives

Based on our management philosophy, “A Responsibility for Shaping the City,” Mori Trust Group is
actively involved in disaster readiness and environmental initiatives, taking both “hard” approaches,developing properties equipped with the latest technologies, and “soft” approaches, working with thesurrounding areas and tenants.
Through ongoing initiatives helping to shape cities that are safe, secure, and sustainable, we are aiming todevelop urban areas that are internationally competitive.
■Disaster readiness initiatives◇ At Kyobashi Trust Tower, tenant-participatory demonstration of emergency generator operation
At Kyobashi Trust Tower, for the first time our company carried out atenant-participatory demonstration of emergency generator operation, the aim
being to share with prospective tenant companies and the building owner theimportance of disaster readiness and business continuity planning (BCP).
◇ Agreement with Chiyoda City on accommodating persons stranded by a disaster
Mori Trust Co., Ltd. and Chiyoda City, Tokyo, signed an agreement on
accommodating persons who are unable to return to their homes due to a disaster.
Under the agreement, our Marunouchi Trust City near Tokyo Station was
designated officially by Chiyoda City as a facility for temporary accommodation of
stranded persons.

10

■Environmental initiatives◇First certification by CASBEE for Market Promotion
Five office buildings owned by Mori Trust Co., Ltd. have been awarded their first certification by theInstitute for Building Environment and Energy Conservation using the CASBEE for Market Promotion, a
new tool to rate environmental performance.

Buildings earning certification
SHIROYAMA
TRUST TOWER“S” rating★★★★★
TORANOMON
KAMIYACHO
2-CHOMEMT BUILDINGTOWER“A” rating★★★★
SENDAIMT BUILDING

SHIN-OSAKA
TRUST TOWER

Note: A five-level rating system is used for certification, with “S” as the highest followed by “A,” “B+,” “B-,” and “C.”

◇Mori Trust Energy Park Izumizaki first phase completed and in operation

As the first mega solar project of Mori Trust Group, the first phase of
construction was completed in August 2013 of Mori Trust Energy Park
Izumizaki (peak output approx. 2 MW) on the grounds of the former Laforet
Shirakawa Golf Course. Built by drawing on the know-how and management
resources of Group companies, the facility is now in operation. In the second
phase, the scope will be expanded further for a total peak output of 8 MW.

11Mori Trust Group: Total Floor Area Leased or Managed
Number of rental/managed facilities (as of April 2, 2014)○ Rental buildings: Approx. 1,270,000m² (88 buildings)○ Hotel & Resort facilities: 30hotels (Number of rooms: Approx. 7,100)( Laforet Hotels & Resorts (12, including Tokyo Marriott Hotel); Laforet & Matsuo Golf Club;
Courtyard by Marriotto Tokyo Station; The Westin Sendai; MAMPEI HOTEL; CONRAD TOKYO;RIHGA ROYAL HOTELS & ASSOCIATE HOTELS (11, Capital & business tie-up partner);
Shangri-La Hotel, Tokyo (lease); Hotel Sunroute Plaza Shinjuku (lease) )Mori Trust Group: Summary of Consolidated Companies
MORI TRUST CO., LTD.

Toyo Green Building Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Akira M ori
June 10, 1970
10 billion yen
Real estate development, hotel management andinvestment business

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

MORI TRUST BUILDING MANAGEMENT CO., LTD.

URBAN LIFE Co., Ltd. (Code：8851)

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Yasutsugu Sakai
April 1, 2002
100 million yen
Comprehensive building services for property management,interior decorating, and technical consulting, etc.

M otoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Nobuo Konomi
July 31, 1970
3,405 billion yen
Development, planning, sales, and rental of condominiums,
office buildings and stores

MORI TRUST HOTELS & RESORTS CO., LTD.

URBAN LIFE JUUTAKUHANBAI Co., Ltd.

Location
Chair
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Kitashinagawa, Shinagawa-ku, Tokyo
Nobuyuki Endo
M iwako Date
February 7, 1973
2 billion yen
Operation of hotel chains & golf courses, M anagement of
tourism information center, M eeting room lease, Innovative R&D

M otoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Kenkichi Takatsu
July 29, 1982
300 million yen
Planning and sales of condominiums, dealing,
brokerage of leasing and operations of real estate

MAMPEI HOTEL CO., LTD.

NIHON ESLEAD CORPORATION (Code：8877)

Location
Chair
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
M iwako Date
Yasutaka Yanai
1894
100 million yen
Ownership and operation of the M ampei Hotel

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

MT&Hilton Hotel Co., Ltd.

ESLEAD KANRI CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

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

MT GOLF DEVELOPMENT CO., LTD.

SOUDEN CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Toshio Komatsu
November 19, 2004
100 million yen
Ownership and operation of Laforet & M atsuo Golf Club

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

FORETSEINE CO., LTD.

E・L CONSTRUCTION CORPORATION

Location
President
Established

Location
President
Established
CapitalBusiness sectors

CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Nobuo Konomi
M arch 31, 2011
(date of foundation since incorporation-type company split)
100 million yen
Planning and development of urban type condominium forsales and rental management

12

Fukushima，Fukushima-ku，Osaka-shi
Sugio Aramaki
June 14, 2006
55 million yen
General Contract and Renovation Businesses

ESLEAD JYUTAKU RYUTU CO. LTD

MORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Yasuyuki Okumura
M ay 8, 2007
10 million yen
Real Estate Transaction,Asset M anagement

Akasaka, M inato-ku, Tokyo
Satoshi Horino
February 28, 2000
400 million yen
Operation of real estate investment trusts

and Real Estate Rental Businesses
MTL Fund No.1 Investment Limited Partnership

Shiroyama Heating & Cooling Supply Co., Ltd.

General Partner
Established

Location
President
Established
CapitalBusiness sectors

M T Labo Capital Co., Ltd.
August 31, 2007

MT GENEX CORPORATION (Code：9820)

AZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Hitoshi Suzuki
October 1945
Approx. 1,072 million yen
Facelift of building and housing, andparking operation management, etc.

Toranomon, M inato-ku, Tokyo
M asahide Kasahara
November 6, 1989
300 million yen
Local heating and cooling services
in the Shiroyama Garden and adjacent area

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

Toyo Housing Management, Inc.
Location
President
Established
CapitalBusiness sectors

Roppongi, M inato-ku, Tokyo
Nobuo Konomi
November 27, 1979
10 million yen
Leasing management and operations of real estate(as of M arch 31, 2014)

Mori Trust Group: Summary of Equity-Method Affiliates
THE ROYAL HOTEL, LIMITED (Code：9713)

MORI TRUST Sogo Reit, Inc. (Code：8961)

Location
Established
Business sectors

Location
Established
Business sectors

Nakanoshima, kita-ku, Osaka-shi, Osaka
February 10, 1932
Hotel management centered on lodgment,
banquet and restaurant, and hotel
incidental business

Akasaka, M inato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate(as of M arch 31, 2014)13

Consolidated Financial Statements

Con solidate d Balan c e She e ts ( as of Marc h 3 1 , 2 0 1 4 an d 2 0 1 3)
MORI TRUST CO., LTD. an d its c on solidate d su bsidiarie s(\ millions)
2013

2014
Asse ts
Ⅰ．Cu rren t asse ts
1 Cash and deposits
2 Notes and accounts receivable-trade
3 Short-term investment securities
4 Real estate for sale
5 Real estate for sale in process
6 Real estate for development
7 Other inventories
8 Deferred tax assets
9 Other
Allowance for doubtful accounts
Total c u rre n t assets
Ⅱ．Non c u rre n t asse ts
1 Prope rty, plan t an d e qu ipme n t（1) Buildings and structures, net（2) Machinery, equipment and vehicles, net（3) Tools, furniture and fixtures, net（4) Land（5) Golf courses（6) Construction in progress（7) Other, net
Total prope rty, plan t and e qu ipme n t
2 In tan gible asse ts（1) Leasehold right（2) Goodwill（3) Other
Total in tan gible asse ts
3 Ｉｎｖｅｓｔｍｅｎｔs an d oth e r asse ts（1) Investment securities
Investments in unconsolidated subsidiaries and（2)
affiliates（3) Long-term loans receivable（4) Deferred tax assets（5) Guarantee deposits（6) Other
Allowance for doubtful accounts
Total iｎｖｅｓｔｍｅｎｔs an d oth e r asse ts
Total n on cu rre n t asse ts
Total asse ts
Note: Figures less than one million yen are rounded down.

14

25,136
14,07355,02861,740148,278
618
1,734
21,1283,035(117)
330,657

39,517
3,513
58,522
17,068
127,613
4,665
2,012
2,218
14,215(147)
269,199

133,477
2,585
1,104
402,061
1,489
1,516
342
5 4 2 ,5 7 6148,158
2,225
1,006
413,461
1,489
1,136
231
5 6 7,7 1 0

3,258
251
282
3 ,7 9 1

3,258
334
318
3,9 1 130,971

21,871

277

277

211
376
4,230
2,486
(135)
3 8 ,4 1 9
5 8 4 ,7 8 7
9 1 5 ,4 4 5

275
432
3,368
2,229
(155)
2 8,2 9 9
5 9 9,9 2 1
8 6 9,1 2 0

Liabilitie s
Ⅰ．Cu rren t liabilitie s
1 Notes and accounts payable-trade
2 Short-term loans payable
3 Current portion of long-term loans payable
4 Accounts payable-other
5 Income taxes payable
6 Accrued expenses
7 Advances received
8 Deposits received
9 Provision for bonuses
10 Other
Total c u rre n t liabilitie s
Ⅱ．Non c u rre n t liabilitie s
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 Provision for retirement benefits
7 Net defined benefit liability
8 Other
Total n on cu rre n t liabilitie s
Total liabilitie s
Ne t asse ts
Ⅰ．Sh are h olde rs' e quity
1 Capital stock
2 Retained earnings
Total sh are h olde rs' e qu ity
Ⅱ．Valu ation an d tran slation adjustme n ts
1 Valuation difference on available-for-sale securities
2 Remeasurements of defined benefit plans
3 Revaluation reserve for land, net of taxes
Total valu ation and tran slation adju stme nts
Ⅲ．Min ority in te rests
Total n e t assets
Total liabilitie s an d n e t asse ts
Note: Figures less than one million yen are rounded down.

15

2014

(\ millions)
2013

9,263
64,22088,6406,631
12,502
811
5,522
2,398
503
1,335
1 9 1 ,8 2 99,514
83,05899,079
2,489
6,413
737
6,144
739
510
542
2 0 9,2 2 9350,544
48,78053,171311
10,0862,557
1,031
4 6 6 ,4 8 4
6 5 8 ,3 1 3286,856
52,56556,606
324
8,550
2,627
946
4 0 8,4 7 8
6 1 7,7 0 7

10,000227,799
2 3 7 ,7 9 910,000222,668
2 3 2,6 6 8

2,470
37
(130)
2 ,3 7 7
1 6 ,9 5 4
2 5 7 ,1 3 2
9 1 5 ,4 4 5

2,725
37
2,7 6 2
1 5,9 8 0
2 5 1,4 1 2
8 6 9,1 2 0

Con solidate d State me n ts of In c ome (For th e ye ars en de d Marc h 3 1, 2 0 1 4 an d 20 1 3 )Ⅰ．Ope ratin g re ve n u e
Ⅱ．Ope ratin g c ost
Ope ratin g gross profit
Ⅲ．Se llin g, ge n e ral an d admin istrative e xpe n se s
Ope ratin g in c ome
Ⅳ．Non - ope ratin g in come1 Interest and dividends income
2 Gain on valuation of securities
3 Foreign exchange gain
4 Other
Total non - ope rating in c ome
Ⅴ．Non - ope ratin g e xpe n ses
1 Interest expenses
2 Other
Total non - ope rating e xpe nse s
Ordin ary in c ome
Ⅵ．Extraordin ary inc ome
1 Gain on sales of noncurrent assets
2 Gain on bargain purchase
3 Other
Total extraordin ary inc ome
Ⅶ．Extraordin ary loss
1 Loss on retirement of noncurrent assets
2 Loss on step acquisitions
3 Business restructuring expenses
4 Other
Total extraordin ary losse s
In c ome be fore in c ome taxe san d min ority in te re sts
in come taxe s
Min ority in te re sts in in c ome ( loss)
Ne t in c ome
Note: Figures less than one million yen are rounded down.

2014
1 4 9 ,7 79
1 0 3 ,0 03
4 6 ,77 6
1 3 ,00 6
3 3 ,76 9(\ millions)2013
9 2 ,0 8 0
5 8 ,5 2 2
3 3 ,5 5 8
8,2 9 3
2 5 ,2 6 5

1,294
1,776
2,835
1,630
7 ,53 6

1,333
1,901
975
4,2 1 04,104
164
4 ,26 83 7 ,03 7

3,851
703
4,5 5 5
2 4 ,9 2 0

8,202
14
8 ,21 7

4,796
5,885
833
1 1 ,5 1 5

5,687
1,041
6 ,72 8

3,343
3,584
97
7,0 2 5

3 8 ,52 5

2 9 ,4 1 0

2 2 ,21 9
1 ,16 01 5 ,14 5

1 0 ,0 4 7105
1 9 ,2 5 6

Note: This translation may be used only for reference purposes. This English version is not an officialtranslation of the original Japanese document. In cases where any differences occur between
the English version and the original Japanese version, the Japanese version shall prevail.

16