May 27, 2010

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 2010
Mori Trust Group recently announced its consolidated business performance for the year ended
March 31, 2010. The Group consists of 23 consolidated companies, including Mori Trust Co., Ltd., Mori
Trust Building Management Co., Ltd., and Mori Kanko Trust Co., Ltd., and three equity-method
affiliates.

[Mori Trust Group Consolidated Financial Report] (April 1, 2009 – March 31, 2010)(Figures in millions of yen; figures less than one million yen rounded down)

FY 2009
1 Operating revenue

FY 2010

FY 2011(projection)

226,879

133,259

120,000

Leasing

68,00962,54460,000Hotel

22,04127,801

21,000Real estate sales

119,806

30,57226,000Other

17,022

12,341

13,0002 Operating income

93,98225,02816,0003 Ordinary income

72,791

20,57313,0004 Net income

35,2198,899

17,000(Subsidiaries’ construction subcontracting, etc.)○Consolidated Companies (23 companies)(*: Company added to consolidation)

MORI TRUST CO., LTD. / MORI TRUST BUILDING MANAGEMENT CO., LTD. / MORI KANKO
TRUST CO., LTD. / MAMPEI HOTEL / YOKOHAMA GRAND INTER･CONTINENTAL HOTEL Co., Ltd.
/ MT&Hilton Hotel Co., Ltd. / MT GOLF DEVELOPMENT CO., LTD. / LAFORET T&S CO., LTD. /FORETSEINE CO., LTD. / Toyo Housing Management, Inc. / Toyo Green Building Co., Ltd. / URBAN
LIFE Co., Ltd. / URBAN LIFE JUUTAKUHANBAI Co., Ltd. / LIZ INVESTMENT Co., Ltd. / MT Labo Co.,
Ltd. / MT Labo Capital Co., Ltd. / MTL Fund No.1 Investment Limited Partnership / *MT Advanced
Technology Co., Ltd. / MT GENEX CORPORATION / MORI TRUST Asset Management Co., Ltd. /Shiroyama Heating & Cooling Supply Co., Ltd. / OHNO KOGYO CO., LTD. / AZMAX CORP.
○Equity-Method Affiliates (3 companies)
PARCO CO., LTD. / THE ROYAL HOTEL, LIMITED / MORI TRUST Sogo Reit, Inc.
（As of March 31, 2010)1

Overview of FY 2010 business performanceo

In the fiscal year ended March 31, 2010, operating revenue totaled 133.2 billion yen and ordinary
income was 20.5 billion yen. The year-on-year decline was chiefly due to the absence of special
factors that affected real estate sales business in the previous year.

oLeasing business accounted for 62.5 billion yen of operating revenue, down from the previous year.
Although full-year operation of Marunouchi Trust Tower Main made a significant contribution,leasing revenues fell overall due to factors including the end of full-building leases on Mita MT
Building and Ginza MTR Building, owned by Mori Trust Sogo Reit, Inc.

o

Although hotel business suffered from sluggish personal consumption and falling banquet demandin the face of the economic downturn, inclusion of Yokohama Grand Inter-continental Hotel Co., Ltd.
in consolidated results led to revenue of 27.8 billion yen.

o

Revenue from real estate sales business was 30.5 billion yen, largely driven by subsidiaries’
condominium sales.

oSubsidiaries’ construction subcontracting revenues contributed to 12.3 billion yen in revenue fromother business.

o

Non-operating income and extraordinary income included investment returns from equity method
affiliates. As a result, ordinary income totaled 20.5 billion yen, while net income amounted to 8.8
billion yen.

Business performance projections for FY 2011o

For the year ending March 31, 2011, Mori Trust Group is conservatively anticipating ongoing
weakness in the office leasing market. Consequently, leasing business revenue is forecast to total 60
billion yen. Hotel business revenue is projected to decline to 21 billion yen due to factors including
Yokohama Grand Inter-continental Hotel ceasing to be a consolidated company in April 2010.
Revenue from real estate sales business is forecast to total 26 billion yen, largely driven bycondominium sales.
Total operating revenue is expected to be 120 billion yen and ordinary income is forecast to be 13
billion yen. The sale of the Tokyo Shiodome Building and other factors are expected to generate
extraordinary income, and sounder assets and a stronger financial position are projected to result in
net income of 17 billion yen.

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

2

■ Investments and Rental Properties
From the end of this fiscal year we applied the Accounting Standard for Disclosures about Fair Valueof Investment and Rental Property (ASBJ Statement No. 20, November 28, 2008) and the Guidanceon Accounting Standard for Disclosures about Fair Value of Investment and Rental Property (ASBJ
Guidance No. 23, November 28, 2008).
The consolidated balance sheet amount and fair value of such investments and rental properties are
set out below (fair value at fiscal year-end was calculated in-house, based primarily on the JapaneseReal Estate Appraisal Standards).
Consolidated balance sheet amount: 656.8 billion yen
Fair value: 1130.7 billion yen
Unrealized profit: 473.9 billion yen

FY 2010 key business topics
Redevelopment Projects◇ Marunouchi Trust CityIn June 2009 Tourist Information Center Tokyo (TIC Tokyo) opened in Marunouchi Trust City,
adjacent to Tokyo Station’s Nihonbashi exit. Together with Shangri-La Hotel, Tokyo, which opened in
March 2009 in Marunouchi Trust Tower Main (completed in November 2008), this creates a focal
point for international tourism.
In December 2009 Trust City Conference Marunouchi (TCC Marunouchi) opened on the third floor of
Marunouchi Trust Tower North (completed in September 2003). Adding a new element to urban
infrastructure, this conference center is another step in the formation of an international businesshub.
◇ Sendai Trust City
Mori Trust is currently developing Sendai Trust City on the former site of the Tohoku Gakuin juniorand senior high schools in the Aoba-ku, Ichibancho area of central Sendai. The grand opening of thecomplex, comprising Sendai Trust Tower and the Residence Ichibancho, is scheduled for August
2010.
Completed in April 2010, Sendai Trust Tower will offer a broad array of urban services, including
highly functional offices as well as the Westin Sendai—the first foreign luxury hotel in the Tohoku
region—and the retail facility Trust City Plaza (both scheduled to open on August 1, 2010). Trust
City Plaza will house a wide range of stores, and the second floor will feature a collection of renowned
restaurants. This dining floor named ―Tohoku Takumigai‖ will be a culinary paradise like no other,3

offering dishes prepared by master chefs using carefully selected local ingredients from around the
Tohoku region.
The Residence Ichibancho (scheduled for completion in June 2010) aims to offer the finest in
tower-style living. Model units opened within the tower in March 2010.
Several events and promotions were held at Sendai Trust City in 2009, including a community
clean-up event, a promotional campaign marking one year until the opening of Sendai Trust City andthe Westin Sendai, and the ―Happy Greeting‖ e-card promotion. In December 2009 a Christmas Eve
window art display was staged at Sendai Trust Tower, using lighted windows to depict a giant
Christmas tree on the front of the building.
◇ Acquisition of Government Land at Roppongi 1-chome
In January 2010 Mori Trust made a successful bid for the former site of a Ministry of Agriculture,
Forestry and Fisheries training center. Redevelopment plans have yet to be determined.
◇ Former Toranomon Pastoral Hotel Site
In partnership with Leeds TMK, Mori Trust began demolition work on Toranomon Pastoral Hotel in
May 2010. The work is scheduled to take eight months and should be completed in January 2011.
Redevelopment plans following demolition are yet to be determined.
Hotel and Resort Business◇ The Westin Sendai
The Westin Sendai (general manager: William J. Pitton) is scheduled to open in Sendai Trust City on
August 1, 2010. In addition to sweeping views from the upper floors and spacious guest rooms (292rooms ranging from 30 m2 to 142 m2, average size approximately 43 m2), the hotel will feature tworestaurants and a bar: Symphony, a restaurant offering all-day dining, and HORIZON, a bar-lounge,
both on the 26th floor, and on the top (37th) floor the Japanese restaurant Ichimuan, created by
Yugyoan Tankuma Kitamise, a long-established restaurant famed for Kyoto cuisine.
◇ Conrad Tokyo
In November 2009 the restaurant section of the Michelin Guide Tokyo 2010 awarded one star to eachof two restaurants at Conrad Tokyo: China Blue (Chinese cuisine) and Gordon Ramsay at Conrad
Tokyo (modern French cuisine). In the hotel section, Conrad Tokyo was awarded Michelin’s highest
honor of five red pavilions for the third consecutive year.
◇ Laforet Hotels and Resorts
In mid-2009, to celebrate 80 years of Japan-Canada diplomatic relations, Laforet Hotels and Resorts
held Canada Fair. Special programs featuring popular Canadian leisure activities, cuisine, food4

products, and merchandise were offered. In October 2009 the hotel section of the Michelin Guide

Kyoto Osaka 2010 awarded two pavilions to Hotel Laforet Shin-Osaka.
Investment Business◇ MT Advanced Technology Co., Ltd.
Using investment from MTL Fund No. 1 Investment Limited Partnership, operated by MT Labo
Capital Co., Ltd. as a general partner, MT Advanced Technology Co., Ltd. was established in
February 2009 to provide ICT consulting and solutions. The company offers ICT services designed toraise overall business quality, including a service provided to KDDI that enables its clients’
employees to securely connect to internal systems from their personal computers using simple
settings when they are out of the office.
◇ REIT Business
In April 2010 Mori Trust transferred the Tokyo Shiodome Building to Mori Trust Sogo Reit andacquired the Akasaka Mitsuke MT Building. Located in the Shiodome district, one of Japan’s largest
redevelopment areas, the Tokyo Shiodome Building faces Hamarikyu Gardens, offering splendid
views over Tokyo Bay and a prime high-profile location. This large complex encompasses offices, theConrad Tokyo hotel, and Pedi Shiodome, retail facilities operated by Parco Co., Ltd.
In May 2010, Mori Trust Sogo Reit announced a public offering of new shares.
Organizational Changes◇ Merger with Ohno Kogyo
Mori Trust is scheduled to merge with Ohno Kogyo Co., Ltd., a consolidated company engaged inbuilding leasing, on July 1, 2010. Mori Trust will take over the reconstruction of the Ohno Building(Kyobashi 1-chome, Chuo-ku, Tokyo) planned by Ohno Kogyo.
◇ Transfer of Stock in Yokohama Grand Inter-continental Hotel
Since beginning co-management of Yokohama Grand Inter-continental Hotel in March 2003, Mori
Trust has strengthened the hotel’s financial position and augmented and stabilized its business base.
As part of these efforts, in February 2007 Mori Trust transferred stock to the Ishin Hotels Group in
the aim of enhancing operational efficiency through joint business. As a result, key
value-enhancement measures were undertaken through the joint business and upon their completionin December 2008 Ishin Hotels Group’s stockholding was transferred to Mori Trust and Hospitality
Network Corporation (President: Yuji Tsutsumi).
Subsequently, as part of considering future development strategy for the hotel, 43.97% of Mori
Trust’s 58.68% stockholding was transferred to Yuji Tsutsumi in April 2010 in the aim of creating amanagement structure to enable an active and flexible approach to such opportunities as linking
5with Hotel InterContinental Tokyo Bay. As the holder of 14.71% of outstanding shares in Yokohama
Grand Inter-continental Hotel, Mori Trust will continue to cooperate in the business with a view to
its further development.
Note: Revenue from hotel business
Since Yokohama Grand Inter-continental Hotel became a consolidated company with the acquisitionof stock from the Ishin Hotels Group in December 2008, revenue from the hotel was included infinancial results for the year ended March 31, 2010. With the subsequent transfer of stock in April
2010, Yokohama Grand Inter-continental Hotel ceased to be a consolidated company, thus its revenue
is not included in the financial forecast for the year ending March 31, 2011.

6

<Reference>
Overview of redevelopment projects○ Multipurpose Redevelopment Project■ Marunouchi Trust City
Address(Main) 1-8-3 Marunouchi, Chiyoda-ku, Tokyo(North) 1-8-1 Marunouchi, Chiyoda-ku, Tokyo
Site Area
12,026.77㎡
Total floor area
180,574.94㎡
Main
North
Total floor area
115,379.68㎡
65,195.26㎡
Number of floors
37 stories above
19 stories above
ground, 4 stories
ground, 3 stories
below groundbelow ground
Maximum height
178ｍ
99.6ｍ
Primary use
office (2-26F)
office (3-19F)
hotel (B1F,1F,27-37F)
conference center （3F）
retail (2F)
retail (1-2F)
tourist information
center (1F)
Building completion November 2008
September 2003
Shangri-La Hotel, Tokyo
Hotel tenant
202 rooms
Guest room
Italian restaurant Piacere, Japanese restaurant
Restaurant andNadaman ,The Lobby Lounge
bar facilities
Wedding chapel, Ball Room, Meeting facilities,
Other facilities
Horizon Club Lounge,
CHI spa, Health club, Indoor swimming pool
March 2009
Starting date
■ Sendai Trust City
Sendai Trust Tower
The Residence Ichibancho
1-9-1 Ichibancho, Aoba-ku, 1-9-2 Ichibancho, Aoba-ku,
Sendai-shi, Miyagi
Sendai-shi, Miyagi
Site area
13,550.52㎡
3,099.49㎡
Total floor area
125,295.96㎡
30,359.96㎡
Number of floors
37 stories above ground,
29 stories above ground,2 stories below ground1 stories below ground
Maximum height
180m
Approx. 100m
Primary use
office (6-24F)
residence
hotel (1-3F,25-37F)
retail (1-5F)
Scheduled for completion April 2010
June 2010 (scheduled)
THE WESTIN SENDAI
Hotel
292 rooms
Guest room
Symphony(All day dining),
Restaurant and
HORIZON(Lounge & bar),
bar facilities
Ichimuan(Japanese)
Spa,Wedding chapel, Banquet hall, etc.
Other facilities
Address

Starting Date
August 1 ,2010 (scheduled)
The above contents is based on plans as of the date this document was released.
Plans in this document subject to change.

Mori Trust Group: Total floor area leased or managed○Leased or managed facilities (as of March 2010)○Leased buildings:
Approx. 1,210,000 ㎡ (60 buildings)○Hotel ＆ Resort facilities: 29 hotels (Approx.7,100 guest rooms)(Laforet Hotels & Resorts 14 locations; MAMPEI HOTEL; CONRAD TOKYO; INTERCONTINENTAL
YOKOHAMA GRAND; HOTEL SUNROUTE PLAZA SHINJUKU; Shangri-La Hotel, Tokyo; RIHGA
ROYAL HOTELS & Associates Hotels(Capital & Business tie-up partner: 10 hotels))7

Overview of Hotel & Resort business[Latest Hotel Project]■ THE WESTIN SENDAI*image Perspective

Address
Guest Room
Restaurant andbar facilities
Other facilities
Starting Date

1 Ichibancho, Aoba-ku, Sendai, Miyagi
292 Rooms
Symphony(All day dining), HORIZON(Lounge & bar),
Ichimuan(Japanese)
Spa,Wedding chapel, Banquet hall, etc.
August 1 ,2010 (scheduled)■Laforet Hotels & Resorts
Name of Hotel
Laforet Shuzenji
Laforet Shuzenji & Country club
Laforet Gora
Laforet Ito
Laforet Yamanakako
Laforet Nasu
Laforet Shirakawa Golf course
Laforet Zao Resort & Spa
Laforet Club Hotel Nakakaruizawa
Laforet Club Hotel Hakubahappo
Laforet Biwako
Laforet Nankishirahama
Hotel Laforet Tokyo
Hotel Laforet Shin-Osaka
Laforet ＆ Matsuo Golf Club

Address
Izu-shi, Shizuoka
Hakone-machi, Ashigarashimo-gun, Kanagawa
Ito-shi, Shizuoka

Yamanakako-mura, Minamitsuru-gun, Yamanashi

Nasu-machi, Nasu-gun, Tochigi

Izumizaki-mura, Nishi-Shirakawa-gun, Fukushima

Zao-machi, Katta-gun, Miyagi
Karuizawa-machi, Kita-Saku-gun, Nagano
Hakuba-mura, Kita-Azumi-gun, Nagano
Moriyama-shi, Shiga
Shirahama-machi, Nishi-Muro-gun, Wakayama
Shinagawa-ku, Tokyo
Yodogawa-ku, Osaka-shi, Osaka
Sammu-shi, Chiba

Guest Room, etc.
296 Rooms
18 Holls
34 Rooms
84 Rooms
104 Rooms
118 Rooms
18 Holls 48 Rooms
197 Rooms
84 Rooms
45 Rooms
272 Rooms
182 Rooms
248 Rooms
332 Rooms
18 Holls■ MAMPEI HOTEL
Address
Guest Room
Restaurant
and barfacilities
Other facilities
Starting Date

Karuizawa-cho, Kitasaku-gun, Nagano
109 Rooms
Main dining room, Chinese restaurant Manzanro,
Yugyoan Tankuma Kita-mise restaurant specializingin Kyoto cuisine,and Kappo Yugyoan, Cafe, Bar,
Function Rooms, Exthetic Salon, Shop, etc.
1894

Address
Guest Room
Restaurant andand barfacilities
Other facilities
Starting Date

1 Higashi-shinbashi, Minato-ku, Tokyo
290 Rooms
Gordon Ramsay at Conrad Tokyo (French), Cerise by Gordon Ramsay(Brasserie), China Blue (Chinese), Kazahana (Japanese),
TwentyEight (Bar & Rouge)
Mizuki Spa & Fitness, Indoor pool, Banquet rooms, Wedding Chapel, etc.
2005

■ CONRAD TOKYO■ RIHGA ROYAL HOTELS■RIHGA ROYAL HOTELSName of Hotel
RIHGA ROYAL HOTEL (Osaka)
RIHGA ROYAL HOTEL Tokyo
RIHGA ROYAL HOTEL Kyoto
RIHGA ROYAL HOTEL Hiroshima
RIHGA ROYAL HOTEL Kokura
RIHGA ROYAL HOTEL Niihama
RIHGA Nakanoshima Inn
RIHGA ROYAL HOTEL Sakai
Kuroyon Royal Hotel

Address
Guest RoomKita-ku, Osaka-shi, Osaka
973 Rooms
Shinjuku-ku, Tokyo
126 Rooms
Shimogyo-ku, Kyoto-shi, Kyoto
484 Rooms
Naka-ku, Hiroshima-shi, Hiroshima
490 Rooms
Kokurakita-ku, Kitakyushu-shi, Fukuoka 295 Rooms
Niihama-shi, Ehime
94 Rooms
Nishi-ku, Osaka
340 Rooms
Sakai-shi, Osaka
241 Rooms
Omachi-shi, Nagano
73 Rooms■Associates Hotel
RIHGA Hotel Zest Takamatsu

Takamatsu-shi, Kagawa

122 Rooms■ INTERCONTINENTAL YOKOHAMA GRAND
Address
Guest Room
Restaurant
and barfacilities
Other facilities
Starting Date

Minato Mirai, Nishi-ku, Yokohama-shi, Kanagawa
594 Rooms
Karyu（Chinese）, Azur（French）, La Vela（Italian）,
Ocean Terrace（Buffet dining）, Pier 21（Seafood bistro）,
Nadaman（Japanese）, Marine Blue(Bar & Rouge),
Starboard(Music lounge), Patisserie(Pastry shop)
Spa, Fitness, Banquet Halls, Wedding Chapel, etc.
1991

■ Shangri-La Hotel, Tokyo ※Lease
Address
Guest Room
Restaurant andbar facilities
Other facilities*image Perspective

Starting Date

1 Marunouchi, Chiyoda-ku, Tokyo
202 Rooms
Italian restaurant Piacere, Japanese restaurant Nadaman ,The Lobby Lounge
Wedding chapel, Ball Room, Meeting facilities, Horizon Club Lounge,
CHI spa, Health club, Indoor swimming pool
March 20098

Mori Trust Group: summary of consolidated companies
MORI TRUST CO., LTD.

URBAN LIFE JUUTAKUHANBAI Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Akira Mori
June 10, 1970
10 billion yen
Urban development, hotel management andinvestment business

MORI TRUST BUILDING MANAGEMENT CO., LTD.
Location
President
Established
CapitalBusiness sectors

Minamisenba, Chuo-ku, Osaka-shi, Osaka
Kenkichi Takatsu
July 29, 1982
300 million yen
Planning and sales of condominiums, dealing,
brokerage of leasing and operations of real estate

LIZ INVESTMENT Co., Ltd.

Toranomon, Minato-ku, Tokyo
Location
Kenichi Uchimura
Representative
April 1, 2002
Established
100 million yen
Capital
Building management businessBusiness sectors(management of property, facility and interior design)

Marunouchi, Chiyoda-ku, Tokyo
Shinji Arakawa
July 28, 2005
3 million yen
Ownership and leasing of commercial building

MORI KANKO TRUST CO., LTD.

MT Labo Co., Ltd.

Location
President
Established

Location
Chair
President
Established
CapitalBusiness sectors

Kitashinagawa, Shinagawa-ku, Tokyo
Kazuyasu Abe
April 3. 2006
(date of foundation since incorporation-type company split)

Capital2 billion yen
Business sectors Operation of the Laforet Hotels & Resorts

MAMPEI HOTEL
Location
Chair
General Manager
Established
CapitalBusiness sectors

Akasaka, Minato-ku, Tokyo
Akira Mori
Masaki Murata
April 3, 2006
300 million yen
Investment banking services

MT Labo Capital Co., Ltd.
Toranomon, Minato-ku, Tokyo
Miwako Date
Yanai Yasutaka
1894
100 million yen
Ownership and operation of the Mampei Hotel

Location
President
Established
CapitalBusiness sectors

Akasaka, Minato-ku, Tokyo
Hidemitsu Mori
December 3, 2007
100 million yen
Management of investment fund, consulting

YOKOHAMA GRAND INTER･CONTINENTAL HOTEL Co., Ltd.

MTL Fund No.1 Investment Limited Partnership

Location
President
Established
CapitalBusiness sectors

General Partner
Established

Minato Mirai, Nishi-ku, Yokohama-shi, Kanagawa
Nobuyuki Endo
May 12, 1988
1,631 million yen
Management of
INTERCONTINENTAL YOKOHAMA GRAND

MT Labo Capital Co., Ltd.
August 31, 2007

MT&Hilton Hotel Co., Ltd.

MT Advanced Technology Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Kazuhiko Oiwa
October 22, 2004
20 million yen
Management of the Conrad Tokyo

Akasaka, Minato-ku, Tokyo
Masaki Murata
February 27, 2009
450 million yen
ICT consulting services & ICT solutions offering

MT GOLF DEVELOPMENT CO., LTD.

MT GENEX CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Toshio Komatsu
November 19, 2004
100 million yen
Ownership and Operation of Laforet &Matsuo Golf Club

Shinbashi, Minato-ku, Tokyo
Hitoshi Suzuki
October 1945
Approx. 1,072 million yen
Facelift of building and housing, and parking
operation management, etc.

LAFORET T&S CO., LTD.

MORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Ryoji Tanaka
May 9, 1970
55 million yen
Sales and planning for domestic and overseasorganized travel and other various services
industries

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

FORETSEINE CO., LTD.

Shiroyama Heating & Cooling Supply Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Nobuo Konomi
August 7, 2001
550 million yen
Plannning, development and sales of urban residence

Toyo Housing Management, Inc.
Location
President
Established
CapitalBusiness sectors

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

OHNO KOGYO CO., LTD.
Kyobashi, Chuo-ku, Tokyo

Location
Chair
Established
CapitalBusiness sectors

Toyo Green Building Co., Ltd.

AZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Nobuo Konomi
March 1, 1978
90 million yen
Condominium management service

URBAN LIFE Co., Ltd.
Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Akira Mori
November 6, 1989
300 million yen
Local heating and cooling services
in the Shiroyama Garden and adjacent area

Motoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Hitoshi Nakamuara
July 31, 1970
3 billion yen
Development, planning, and sales of condominiums,
office buildings and stores

9

Akira Mori
August 1, 1937
50 million yen
Leasing management and operation of real estate,and steel operation

Yachiyo-shi, Chiba
Michinobu Mizobe
August 11, 1947
499 million yen
Manufacturing and selling cold drawn special steel shapes

Mori Trust Group: summary of equity-method affiliates
PARCO CO., LTD.

MORI TRUST Sogo Reit, Inc.

Location
Shinsen-cho, Shibuya-ku, Tokyo
EstablishedFebruary 13, 1953
Business sectors Development, operation, consulting,and property management for shopping centers, etc.

Location
Akasaka, Minato-ku, Tokyo
Established
October 2, 2001
Business sectors Investment in real estate and asset-backed
securities investing primarily in real estate

THE ROYAL HOTEL, LIMITED
Nakanoshima, kita-ku, Osaka-shi, Osaka
Location
March 14, 1932
Established
Business sectors Hotel management centered on lodgment,
banquet and restaurant, and hotel
incidental business10Consolidated Financial Statements

Consolidated Balance Sheets (as of March 31, 2010 and 2009)
MORI TRUST CO., LTD. and its consolidated subsidiaries
2010
AssetsⅠ．Current assets
1 Cash and deposits
2 Notes and accounts receivable-trade
3 Short-term investment securities
4 Real estate for sale
5 Real estate for sale in process
6 Real estate for development
7 Other inventories
8 Deferred tax assets
9 Other
Allowance for doubtful accounts
Total current assets
Ⅱ．Noncurrent assets
1 Property, plant and equipment（1) Buildings and structures, net（2) Machinery, equipment and vehicles, net（3) Land（4) Golf courses（5) Construction in progress（6) Other
Total property, plant and equipment
2 Intangible assets（1) Leasehold right（2) Goodwill（3) Other
Total intangible assets
3 Ｉｎｖｅｓｔｍｅｎｔs and other assets（1) Investment securities
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 and other assets
Total noncurrent assets
Total assets

11(\ millions)2009

26,734
4,925
23,28759,957
16,911
9,641
2,327
717
5,949
△ 3,823
146,626

14,895
5,083
14,63360,774
34,388
7,791
2,972
2,650
10,405△ 3,794
149,798

148,466
2,022
523,503
1,489
19,352
1,469
696,304

157,200
1,927
509,312
1,489
8,119
1,725
679,775

6,225
582
1,218
8,027

6,293
983
1,339
8,616

7,075

11,084

69,34571,534

1,400
945
10,3971,693△ 69
90,788795,120
941,746

1,449
890
11,571
2,128△ 314
98,344
786,736
936,534

2010
Liabilities
Ⅰ．Current liabilities
1 Notes and accounts payable-trade
2 Short-term loans payable
3 Current portion of long-term loans payable
4 Accounts payable-other
5 Income taxes payable
6 Accrued expenses
7 Advances received
8 Deposits received
9 Provision for bonuses
10 Other
Total current liabilities
Ⅱ．Noncurrent liabilities
1 Long-term loans payable
2 Long-term lease deposited
3 Long-term guarantee deposited
4 Long-term deposits received
5 Deferred tax liabilities
6 Provision for retirement benefits
7 Other
Total noncurrent liabilities
Total liabilities
Net assets
Ⅰ．Shareholders' equity
1 Capital stock
2 Capital surplus
3 Retained earnings
4 Treasury stock
Total shareholders' equity
Ⅱ．Valuation and translation adjustments
1 Valuation difference on available-for-sale securities
2 Deferred gains or losses on hedges
3 Foreign currency translation adjustment
Total valuation and translation adjustments
Ⅲ．Minority interests
Total net assets
Total liabilities and net assets

12(\ millions)
2009

8,934
237,001
132,653
4,387
6,975
1,613
6,332
2,255
393
327
400,875

13,360210,11381,9004,037
27,829
1,813
8,393
1,028
426
297
349,201

204,765
57,83862,855
296
7,085
3,276
233
336,351
737,226

250,489
60,27465,907
300
6,001
3,246
372
386,593735,795

10,0006,643
206,285△ 21,096
201,832

10,0006,643
200,392△ 21,096
195,939

△ 433
△ 74
△ 50
△ 558
3,246
204,519
941,746

△ 384
△ 89
△ 65
△ 539
5,339
200,739
936,534

Consolidated Statements of Income (For the years ended March 31, 2010 and 2009)

Ⅰ．Operating revenue
Ⅱ．Operating cost
Operating gross profit
Ⅲ．Selling, general and administrative expenses
Operating income
Ⅳ．Non-operating income
1 Interest and dividends income
2 Gain on sales of securities
3 Gain on valuation of securities
4 Equity in earnings of affiliates
5 Other
Total non-operating income
Ⅴ．Non-operating expenses
1 Interest expenses
2 Loss on sales of securities
3 Equity in losses of affiliates
4 Other
Total non-operating expenses
Ordinary income
Ⅵ．Extraordinary income
1 Gain on sales of noncurrent assets
2 Gain on sales of investment securities
3 Gain on sales of subsidiaries and affiliates' stocks
4 Other
Total extraordinary income
Ⅶ．Extraordinary loss
1 Loss on sales of noncurrent assets
2 Loss on retirement of noncurrent assets
3 Impairment loss
4 Loss on valuation of inventories
5 Loss on valuation of investment securities
6 Other
Total extraordinary losses
Income before income taxes
and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Minority interests in loss
Net income

13

2010
133,259
94,032
39,226
14,19825,028(\ millions)2009
226,879
118,332
108,547
14,564
93,982

293
294
842
2,046
847
4,325

611
753
1,364

7,687
427
664
8,779
20,573

7,851
10,5362,715
1,452
22,55572,791

856
353
975
2,185

360
251
612

253
152
517
327
1,251

1,873
2,775
1,687
1,198
158
7,693

21,50765,71011,171
3,044
14,215△ 1,608
8,899

36,185△ 4,334
31,850△ 1,359
35,219