May 16, 2013
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 2013
Mori Trust Group recently announced its consolidated business performance for theyear ended March 31, 2013(FY 2013).
The Group consists of 22 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, 2012 – March 31, 2013)(Figures in millions of yen; figures less than one million yen are rounded down.)
FY2012
1 Operating revenue

FY2013

FY2014(Projection)

95,574

92,080120,000

Leasing

56,32458,04562,000Hotel

17,92819,56320,000Real estate sales

4,827

1,882

28,000Other

16,493

12,58910,000(Subsidiaries’ construction subcontracting, etc.)2Operating income

20,01725,26527,0003

Ordinary income

22,45024,92030,0004

Net income

16,11819,256

16,000

Summary of Results○ In the fiscal year ended March 31, 2013, operating revenue totalled 92.0 billion yen. Despite
strong performances in the core leasing and hotel businesses, revenues declined in real estate
sales and other businesses such as subsidiaries’ construction subcontracting, resulting in a
year-on-year decline in overall operating revenue. However, progress in improving
operational efficiency and strengthening the company’s financial base resulted in increased
income at all levels, including operating income of 25.2 billion yen (up 26.2% year-on-year),ordinary income of 24.9 billion yen (up 11.0%), and net income of 19.2 billion yen (up19.5%).
Revenue and income are both projected to increase in the fiscal year ending March 31, 2014,
with operating revenue forecast at 120.0 billion yen and ordinary income at 30.0 billion yen.
1

Overview of FY 2013 business performance○ Leasing business accounted for 58.0 billion yen of operating revenue. The start of operations
at Kyobashi OM Building and improved occupancy rates at existing buildings were key
contributors to a year-on-year increase in revenue.
○ Hotel business revenue increased to 19.5 billion yen. A recovery in demand from domestic
and international tourists resulted in higher occupancy rates and sales for hotels operated byMori Trust Hotels & Resorts Co., Ltd., as well as for the Group as a whole.
○ Real estate sales business posted 1.8 billion yen in revenue, primarily as a result ofcondominium sales in the Tokyo and Sendai areas.
○ Revenue from other business was 12.5 billion yen, reflecting lower revenue fromsubsidiaries’ construction subcontracting due to continued high occupancy in existing officebuildings.
○ Ordinary income increased to 24.9 billion yen (up 11.0% year-on-year). This was largely
driven by higher operating income of 25.2 billion yen resulting from successful efforts toinstitute improvements in business efficiency and other areas, combined with a reduction ininterest expenses.
○ Net income increased to 19.2 billion yen (up 19.5%), primarily due to the negative goodwill
resulting from Nihon Eslead Corporation’s conversion from an equity-method affiliate to a
consolidated subsidiary.
○ The financial position for Mori Trust Group as of March 31, 2013 comprised consolidated
total assets of 869.1 billion yen and net assets of 251.4 billion yen. The equity ratio after
exclusion of minority interests showed a steady increase to 27.1%, and the net D/E ratio was
1.7.

2Ordinary income / Operating revenue (Mori Trust consolidated results)billions yen
140

30%

Ordinary income

25%

Other
(Subsidiaries’ construction
subcontracting, etc.)

27.1%
120.0
120

23.5%

10.0

25.0%

Real estate sales

100

95.5
16.4

12.5

4.8

1.8

80

20%
Hotel

20.0

19.5

17.9

60

28.0

92.0

15%

Leasing10%

Ratio of ordinary income tooperating revenue

40
62.0

58.0

56.3

5%

20

0

'12/3

30.0

24.9

22.4
'13/3

'14/3（Projection）

0%

Net debt (Mori Trust consolidated results)billions yen
472.8

500
450
400
350
300
250
200
150
100
50
0

469.1
83.0

128.0

344.7

Net D/E
ratio*2:
1.7

Net D/E
ratio*2:
1.8
386.0 395.9

393.9

235.4

223.4

'12/3

'13/3

Short-term loans payable
Net debt*1

Long-term loans payable, etc.
Equity*1 Net debt = Debt - (Cash and deposits + Cash equivalents)*2 Net D/E ratio = Net debt / Equity

Equity ratio (Mori Trust consolidated results)billion yen
300.0
250.0

30%
235.4
223.4

200.0
27.1%
150.0

25%

26.3%

100.0
50.0
0.0

20%
'12/3
Equity'13/3
Equity ratio

3

Business Performance Projections for FY 2014
○ Leasing business revenue is projected to rise to 62.0 billion yen in the fiscal year ending
March 31, 2014, reflecting the fact that high occupancy rates in existing office buildings are
expected to continue. Hotel business revenue is forecast to increase to 20.0 billion yen,factoring in new developments such as the planned rebranding of Hotel Laforet Tokyo as
Tokyo Marriott Hotel, along with higher occupancy rates and sales due to growing demand
from domestic and international tourists. Revenue from real estate sales business is projected
to rise to 28.0 billion yen, as condominium sales by new subsidiary Nihon Eslead
Corporation will be included from the fiscal year ending March 31, 2014. Revenue fromother business including subsidiaries’ construction subcontracting is forecast at 10.0 billion
yen.
Operating revenue is expected to be 120.0 billion yen, based on higher sales in the threebusinesses of leasing, hotels, and real estate sales.
Steady growth in income is also forecast, with operating income expected to rise to 27.0
billion yen, and ordinary income to 30.0 billion yen.

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

■ Investment and Rental Properties
The consolidated balance sheet amount and fair value of investment and rental properties
owned by Mori Trust Group are set out below.
Consolidated balance sheet amount: 527.8 billion yen
Fair value: 1,000.9 billion yen
Unrealized profit: 473.0 billion yen

4

FY 2013 Key Business Topics
Real Estate Business◇ Projects in Tokyo’s Kyobashi Area
・Kyobashi Trust Tower under Construction
Mori Trust Group is currently in the process of constructing Kyobashi Trust Tower, alarge complex comprising offices, a hotel, and stores. This disaster-resistant,environmentally friendly development is due for completion at the end of February
2014. The complex is designed to cater not only to weekday office workers, but also toweekend and holiday hotel guests, with the aim of attracting a new influx of people tothe Kyobashi area.

Features of Kyobashi Trust Tower• A large complex providing amenities including high-spec office spaces, anapproximately 150-room hotel focused on providing accommodation combined withrelaxing, hospitable service, and two restaurants with terraces facing onto Chuo-doriStreet.
• Excellent accessibility by public transport: 1-minute walk from Kyobashi Station on
the Tokyo Metro Ginza Line; and 4-minute walk from JR Tokyo Station.
• In addition to offering approximately 1.5 times the earthquake resistance of mosthigh-rise buildings, the complex is equipped with disaster resistance capabilities,
including emergency generators that can supply up to around 80% of regular power
demand and thus enable continuation of business for around one week throughout thebuilding including tenant spaces in the event of power cuts.
• Environmental performance garnering the highest AAA rating in Tokyo Metropolitan
Government’s Energy Performance Certification Program.

Name
KYOBASHI TRUST TOWER
1-8 Kyobashi 2-chome, Chuo-ku, Tokyo
Address (parcel number)
Site area
4,403.86 ㎡
Total floor area
Approx. 52,000㎡
21 stories above ground, 3 stories below groundNumber of floors
Office (5-21F), Hotel (2-4F), Shop (1F), Parking (B1F-B3F)
Primary use
November 2011
Start of construction
Building completion(schedule） The end of February 2014

5

・Kyobashi OM Building Completed
Kyobashi OM Building, which boasts the industry’s highest levels of disaster
resistance and environmental performance, was completed with full occupancy on
September 28, 2012.

Features of Kyobashi OM Building• Incorporates the latest systems for saving, generating, and storing energy. **Saving: Use of LED lighting in all areas, etc.; Generating: Wall-mounted solar panels, etc.; Storing:Use of storage cells, etc.

• Currently implementing a project subsidized by Japan’s Ministry of the Environment
to test a “minimum bCP (building Continuity Plan).”**A plan for responding to power blackouts in central Tokyo, where office buildings are concentrated,using the minimum amount of energy necessary to maintain safety.

• The building’s earthquake resistance will enable it to continue functioning even after
an earthquake measuring upper-6 on the 7-point Japanese scale. It is also built for
post-disaster response with emergency generators that can supply power to tenants for
up to 48 hours and an emergency well to supply water after an earthquake.

Name
Address
Site area
Total floor area
Number of floors
Primary use
Start of construction
Building completion

KYOBASHI OM BUILDING
19-8 Kyobashi 1-chome, Chuo-ku, Tokyo
1,347.20 ㎡
9,638.88 ㎡
8 stories above ground, 1 story below ground
Office (2-8F), Shop (1F), Parking(1F-B1F)
August 2011
September 2012

◇ Project in Tokyo’s Toranomon Area
・MORI TRUST GARDEN TORA4 Opened
On April 24, 2013, Mori Trust Group opened MORI TRUST GARDEN TORA4 on a sitecovering some 10,000 m2 in Tokyo’s Toranomon district. The outdoor park incorporates
six experience-based attractions (a man-shaped herb-garden, a beer garden, a café, a futsal
court, vegetable plots for rent, and a mobile cinema).

About MORI TRSUT GARDEN TORA4• An outdoor commercial complex open for a limited period (April 24, 2013 to January
2014, on present planning), as a temporary use of the site earmarked for the
Toranomon 4-chome Project (tentative name), prior to the project’s commencement.
• The complex, based on the concept of a community garden, will host events during
the above period enabling visitors to experience new ways of enjoying Toranomonand discovering the unexpected. In so doing, it will play a community-building roleand showcase alternative lifestyles.

6• The plan is to take advantage of the international character of the Toranomon area
and use the information and experience gained from this project when developing
future mixed-use facilities after the temporary use of this particular site is over.
Name
Address (parcel number)
Site area
Basic design

MORI TRUST GARDEN TORA4
1-1 Toranomon 4-chome, Minato-ku, Tokyo
Approx. 10,000㎡
akihisa hirata architecture office
HERBMAN PROJECT in TORANOMONKIRIN ICHIBAN GARDEN
PR cafemobcast FUTSAL STADIUM supported by SFIDA
mori tora farm
Garden Theater in TORANOMON 4-chome
April 24, 2013

Attractions

Open◇ Project in Tokyo’s Marunouchi Area
・Marunouchi Trust City Awarded Highest “Platinum” Level of DBJ Green
Building Certification
In April 2012, Marunouchi Trust City, a complex Mori Trust developed next to Tokyo
Station consisting of Marunouchi Trust Tower Main and Marunouchi Trust Tower North,
was awarded the highest “platinum” level of DBJ Green Building Certification* inrecognition of the top-class environmental and social awareness exercised in its
operation.
*Based on a comprehensive evaluation system that includes consideration of social needs inaddition to environmental performance, the Development Bank of Japan Inc. identifies andcertifies Green Buildings, which are essential in today’s real estate market. The DBJ grants
certification at four levels: platinum, gold, silver, and bronze.
Area name
Name
Address

MARUNOUCHI TRUST CITY
Marunouchi Trust Tower Main Marunouchi Trust Tower North
8-3 Marunouchi 1-chome,
8-1 Marunouchi 1-chome,
Chiyoda-ku, Tokyo
Chiyoda-ku, Tokyo
Site area
12,026.77㎡
Total floor area
180,574.94㎡
Number of floors
37 stories above ground,
19 stories above ground,4 stories below ground3 stories below groundPrimary use
office (2-26F)
office (3-19F)
hotel (B1F,1F,27-37F)
retail (1-2F)
retail (2F)
tourist information center (1F)
Building completion November 2008
September 2003

7

◇ Project in Miyagi’s Sendai Area
・Area Revitalization Initiatives at Sendai Trust City
Since its grand opening in August 2010, Sendai Trust City has engaged in area
revitalization initiatives aimed at bringing new dynamism to the complex and increasing
the value of the city.
In FY 2013, as in the previous year, Sendai Trust City implemented a number of projects,
including the Miyagi Mirai Project to assist children orphaned by the Great East Japan
Earthquake and the Sendai Trust City Second Anniversary Project.
Sendai Trust City is also supporting the city of Sendai as it strives to establish itself as acosmopolitan city, by attracting international conferences to the Westin Sendai, as well as
hosting other events with an international flavor, such as the Tohoku-Thailand Festival
and a chance to meet Finland’s Santa Claus.

Examples of Sendai Trust City’s FY 2013 Area Outreach Initiatives

Miyagi Mirai Project

Second Anniversary Project

Involved raising funds to support the future of children

A variety of events and initiatives took place toorphaned by the earthquake, as well as displaying a monument

commemorate the second anniversary of Sendai Trust City’s

made of paper cranes representing the good wishes of donors.

opening.

Tohoku-Thailand Festival

Christmas Event

To support the Mutual Cooperation Agreement for Tourism

In addition to installing winter illuminations, Sendai Trust

between the city of Sendai and Thailand, Sendai Trust City held

City organized an event enabling Sendai’s children to meet aa festival offering visitors an opportunity to eat Thai food, along

real Santa Claus all the way from Finland.

with other specialties, such as foods direct from producers in the
Tohoku region, and Zaososeigyu, a new brand of beef producedin the town of Zao in Miyagi Prefecture.

8◇ Project in Osaka Area
・Osaka Branch Opens
In the aim of strengthening its business capabilities in the Kansai region, Mori Trust
opened an Osaka Branch in April 2012. The branch will also build stronger ties with Mori
Trust Group companies in the Kansai region.

Hotel and Resort Business
Mori Trust Group’s hotel business has developed in three stages. The first stage entailed
establishment of MORI TRUST HOTELS & RESORTS CO., LTD., Ltd. and the launch of
Laforet Club; the second stage brought partnerships with long-established Japanese hotels,such as Mampei Hotel and the RIHGA Royal Hotel Group; and the third stage saw the
opening of new international brand hotels, such as Conrad Tokyo, Shangri-La Hotel, Tokyo,
and the Westin Sendai. Now the Group is combining the know-how acquired during those
three stages to take on a range of strategic challenges in the fourth stage.

◇ 40th Anniversary of Mori Kanko Trust—Company Name Changed to Mori Trust Hotels & Resorts
In February 2013, MORI KANKO TRUST CO., LTD., the company central to Mori TrustGroup’s hotel business, celebrated the 40th anniversary of its founding and changed its
name to MORI TRUST HOTELS & RESORTS CO., LTD.
The company will continue to leverage the collective strengths of Mori Trust Group to
pursue “facility renovation” involving refurbishment of existing facilities and opening of
new hotels, as well as “soft innovation” offering packages and activities that draw on athorough understanding of our customers’ needs to remain one step ahead of changing
trends over time.

◇ TOKYO・Shinagawa
Decision Made to Rebrand Hotel Laforet Tokyo as Tokyo Marriott Hotel
On February 7, 2013, Mori Trust Group signed an agreement with MARRIOTTINTERNATIONAL INC. to rebrand its Gotenyama Garden Hotel Laforet Tokyo, locatedin Tokyo’s Shinagawa Ward, as Tokyo Marriott Hotel.
Shinagawa is one of Tokyo’s key transportation hubs, and as such it needs to offer moreof the functions expected of a cosmopolitan urban center. The hotel, scheduled to reopenin December 2013, is intended to contribute to the Shinagawa area in the run-up to the
opening of the new Chuo Shinkansen using the maglev system.

Hotel Name
Address
Guest room
Starting date (schedule)※image9TOKYO MARRIOTT HOTEL
Kitashinagawa Shinagawa-ku, Tokyo
Approx. 250 rooms
December 2013

◇ TOKYO・Kyobashi
Kyobashi Trust Tower Hotel ProjectMori Trust Group is planning to open an approximately 150-room hotel focused onproviding accommodation in Kyobashi Trust Tower, which is due for completion at the endof February 2014. The design concept calls for a high-class setting that offers innovative
design teamed with an air of hospitality, and the hotel can be used for a wide variety of
purposes, from business use during the week to weekend and holiday leisure use.

Hotel Name
Address
Guest room
Starting date (schedule)

To be determined
Kyobashi Chuo-ku, Tokyo(KYOBASHI TRUST TOWER 2-4F)
Approx. 150 rooms
2014※image◇ Shuzenji・Ito・Gora

Renovation at Laforet Hotels & Resorts Facilities
On 1 August, 2012, Mori Trust Group opened the Sanshisuimei cottage as part of its
renovation of the Laforet Shuzenji. The cottage features open air hot-spring baths, and allits guest rooms afford panoramic views of majestic Mount Fuji.
The following refurbishment and renovation projects have been planned for Laforet
Hotels & Resorts hotels during 2012 and 2013.
Address ：1529 Oodaira, Izu-shi, Shizuoka
Laforet Shuzenji August 1, 2012 ：Opening of Sanshisuimei cottage
Summer, 2013(schedule) ：Renovation of barbecue garden
Address ：3-1Shishido 2-chome, Ito-shi, Shizuoka
Laforet Ito
Summer, 2013(schedule) ：Major refurbishment of lobby and hot-spring baths
Address ：1320 Gora, Hakonemachi, Ashigarashimogun, Kanagawa
Laforet Gora
During the FY 2014(schedule) ：Full refurbishment◇ KYOTO・Arashiyama

Kyoto Arashiyama Project (tentative name)
In December 2011, MORI TRUST CO., LTD. acquired the former site of
the Hotel Rantei in Kyoto’s Arashiyama district. The site offers an ideal
location, facing directly onto the Katsura River with a view of nearby
Mount Arashiyama. Mori Trust is currently working on the Kyoto
Arashiyama Project (tentative name) to build a new luxury hotel at the site.
Construction is progressing, with the hotel due to open for business during FY 2015.
Through this project, Mori Trust plans to contribute to further development of the
Arashiyama district. One approach will be to draw in overseas tourists using Mori TrustGroup’s unique international network, while taking care to maintain the prestige andtraditions of this district, which already boasts a long history as a tourist destination.

10※image◇ OSAKA・Nakanoshima

New Capital and Business Alliance with Royal Hotel and Nakanoshima West
District Redevelopment Project
In September 2011, MORI TRUST CO., LTD. revised the terms of its alliance with THE
ROYAL HOTEL, LIMITED, inaugurating a new capital and business alliance. Since then,
the two companies have been forging a new collaborative relationship as they strive toexpand and develop the Royal Hotel brand, a top hotel brand boasting a long history inJapan’s Kansai region.
Meanwhile, Mori Trust and Royal Hotel are also continuing to discuss, and examine
options for, the Nakanoshima West District Redevelopment Project, to include future
rebuilding of the RIHGA Royal Hotel Osaka.

Investment Business◇ Residence
NIHON ESLEAD CORPORATION (TSE, OSE 1st Section; Code 8877)
Becomes Consolidated Subsidiary
In March 2013, MORI TRUST CO., LTD. acquired common stock of NIHON ESLEADCORPORATION by means of a tender offer, taking a 53.6% holding in Nihon Eslead,and making it into a consolidated subsidiary. Prior to the acquisition, Mori Trust had a
32.3% holding in Nihon Eslead, its equity method affiliate and capital and businessalliance partner. By making Nihon Eslead into a consolidated subsidiary, Mori Trust aims
to enhance the corporate value of both enterprises.
◇ Residence

URBAN LIFE Co., Ltd. (OSE 2nd Section; Code 8851) Private Placement
Underwritten and Debts Partially Waived
On December 26, 2012, MORI TRUST CO., LTD. took action to support restructuring byconsolidated subsidiary URBAN LIFE Co., Ltd., underwriting Urban Life’s private
placement of new shares of stock and waiving a portion of its debts.

11

Disaster Preparedness Initiatives and Support for Tohoku
Ever since the Great East Japan Earthquake, Mori Trust Group has maintained ongoing
contributions to tourism, economic revitalization, and recovery in the Tohoku region as awhole. To that end, it is implementing initiatives to support recovery in the areas affected by
the disaster and working to bolster disaster preparedness.
◇ TOKYO・Minato-ku

Disaster Drills for Kamiyacho Area in Collaboration with Swedish Embassy
The Great East Japan Earthquake spurred a greater need not only
for disaster preparedness measures focused on improving BCPs
(business continuity plans), but also for measures that can ensure
DCPs (district continuity plans) are in place covering wider
geographical areas. On March 11, 2013, Mori Trust Group
conducted drills based in Shiroyama Trust Tower, one of its
flagship buildings, in collaboration with the nearby Swedish
Embassy. The drills were held to practice sharing information in
the event of a disaster with a view to bolstering the DCP for the
Kamiyacho area, where the Group operates.
Mori Trust Group will continue these efforts, forging links with neighboring businesses in
its operating localities to improve the localities’ disaster preparedness, thereby helping toboost Tokyo’s international competitiveness.
◇ FUKUSHIMA・Shirakawa

Start of Mega Solar Project in Shirakawa, Fukushima Prefecture
In June 2012, MORI TRUST CO., LTD. made a decision to enter
the mega solar business with an energy generation project on theformer site of the Laforet Shirakawa Golf Course. Through thisentirely new initiative for the company, Mori Trust aims to
support recovery from the earthquake and to address energy
supply. This will complement Mori Trust’s ongoing efforts on the
demand side to reduce the environmental load of its buildings as areal-estate business operator.
The project comprises two phases; construction of the installations is currently under way
for the first phase (to provide about 2 MW of output), with operation expected to startaround the fall of 2013.

12◇ Initiatives to Support Recovery from the Great East Japan Earthquake
・ TOKYO・Chiyoda-ku

TIC Tokyo’s Event Space Offered as Venue for Events to Support Tohoku
Tourist Information Center Tokyo (TIC Tokyo) operated by MORI
TRUST HOTELS & RESORTS CO., LTD. (located inside the
Marunouchi Trust Tower North building in front of Tokyo Station)holds events to support the Tohoku region on a continuous basis.
During FY 2013, TIC Tokyo offered its event space free-of-charge
to support eight prefectures affected by the earthquake—the six
Tohoku prefectures, as well as the prefectures of Ibaraki and Chiba.
Eight different organizations used the event space to hold 19 events
over a total of 52 days. Mori Trust Hotels & Resorts has decided tocontinue this initiative in FY 2014 to support the Tohoku region at
TIC Tokyo.
・ MIYAGI・Sendai

Participation in Festivals and Events Held in Miyagi Prefecture
MORI TRUST CO., LTD.’s Sendai Branch pursues activities withstrong local connections and participates actively in events held
within Miyagi Prefecture. Such events include the Sendai Tanabata
Festival, the Jozenji Street Jazz Festival, the Sendai International
Half Marathon, and the Watari Strawberry Field event, held in the
town of Watari.

13

Mori Trust Group: Total Floor Area Leased or Managed
Number of rental/managed facilities (as of March 31, 2013)○ Rental buildings: Approx. 1,350,000m² (89 buildings)○ Hotel & Resort facilities: 29 hotels (Number of rooms: Approx. 7,000)(Laforet Hotels & Resorts (13); The Westin Sendai; MAMPEI HOTEL; CONRAD TOKYO;RIHGA Royal Hotels, RIHGA associate hotels (Capital & Business tie-up partner: 11 hotels);
Shangri-La Hotel, Tokyo; Hotel Sunroute Plaza Shinjuku)

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 business start-ups,
management, and interior decorating, etc. in M ori Trust Co.,
Ltd. and its affiliates.

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

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

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

Location
President
Established
CapitalBusiness sectors

MAMPEI HOTEL
Location
Chair
President
Established
CapitalBusiness sectors

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

NIHON ESLEAD CORPORATION (Code：8877)
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
30 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

14

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

ESLEAD JYUTAKU RYUTU CO. LTD
Location
President
Established
CapitalBusiness sectors

Toyo Housing Management, Inc.

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

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

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

MORI TRUST Asset Management Co., Ltd.

General Partner
Established

Location
President
Established
CapitalBusiness sectors

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

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

MT Advanced Technology Co., Ltd.

Shiroyama Heating & Cooling Supply Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
M asaki M urata
February 27, 2009
450 million yen
ICT Consulting Services & ICT Solutions Offering

MT GENEX CORPORATION (Code：9820)

AZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Shinbashi, 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(as of M arch 31, 2013)

Mori Trust Group: Summary of Equity-Method Affiliates
THE ROYAL HOTEL, LIMITEDMORI TRUST Sogo Reit, Inc.

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, Minato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate(as of M arch 31, 2013)15

Consolidated Financial Statements

Consolidate d B alanc e She ets (as of March 3 1, 2 013 an d 2 01 2)
MO RI TRUST CO., LTD. an d its consolidate d su bsidiaries(\ millions)
2012

2013
Asse ts
Ⅰ．Curren 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 cu rren t asse ts
Ⅱ．Non cu rren t assets
1 Property, plant an d equ ipme nt（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 property, plan t and equ ipmen t
2 Intangible asse ts（1) Leasehold right（2) Goodwill（3) Other
Total in tan gible assets
3 Ｉｎｖｅｓｔｍｅｎｔs an d oth er 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 an d oth er asse ts
Total noncu rre nt assets
Total asse ts
Note: Figures less than one million yen are rounded down.

16

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

20,138
4,551
71,931
9,604
110,00913,765
2,490
1,452
2,954
(563)
236,334

148,158
2,225
1,006
413,461
1,489
1,136
231
56 7,7 10

153,3791,796
1,107
411,285
1,489
962
16
5 70 ,0 37

3,258
334
318
3,9 11

6,306
79
355
6 ,7 41

21,871

20,322

277

8,914

275
432
3,368
2,229
(155)
2 8,2 99
59 9,9 21
86 9,1 20

213
414
4,572
1,961
(51)
36 ,3 48
6 13 ,1 27
8 49 ,4 61

Liabilitie s
Ⅰ．Curren t 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 cu rren t liabilities
Ⅱ．Non cu rren t 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 noncu rre nt liabilitie s
Total liabilities
Ne t asse ts
Ⅰ．Sh are holders' equity
1 Capital stock
2 Retained earnings
Total share holders' equ ity
Ⅱ．Valuation an d tran slation adju stments
1 Valuation difference on available-for-sale securities
2 Revaluation reserve for land, net of taxes
Total valuation an d tran slation adjustmen ts
Ⅲ．Minority in te rests
Total ne t assets
Total liabilitie s and ne t assets
Note: Figures less than one million yen are rounded down.

17

2013

(\ millions)
2012

9,514
83,05899,079
2,489
6,413
737
6,144
739
510
542
20 9,2 296,297
128,060
120,759
2,542
8,930
758
5,369
902
365
491
2 74 ,4 77

286,856
52,56556,606
324
8,550
2,627
946
40 8,4 78
61 7,7 07

224,01454,81359,175
318
7,403
2,582
247
3 48 ,5 55
6 23 ,0 33

10,000222,668
23 2,6 68

10,000213,427
2 23 ,4 27

2,725
37
2,7 62
1 5,9 80
25 1,4 12
86 9,1 2025
3762
2 ,9 37
2 26 ,4 28
8 49 ,4 61

Consolidate d State me nts of Inc ome (For the ye ars ende d March 3 1, 2 01 3 an d 2 01 2)

Ⅰ．Operating re venu e
Ⅱ．Operating cost
Operating gross profit
Ⅲ．Selling, gen eral an d administrative e xpe nse s
Operating in comeⅣ．Non- operating in come1 Interest and dividends income
2 Gain on valuation of securities
3 Other
Total n on -ope ratin g in comeⅤ．Non- operating expen ses
1 Interest expenses
2 Other
Total n on -ope ratin g e xpe nses
Ordin ary inc ome
Ⅵ．Extraordin ary in come
1 Gain on sales of noncurrent assets
2 Gain on bargain purchase
3 Other
Total e xtraordinary inc ome
Ⅶ．Extraordin ary loss
1 Loss on step acquisitions
2 Business restructuring expenses
3 Other
Total e xtraordinary losses
Inc ome be fore in come taxes
an d minority in te rests
Income taxes-current
Income taxes-deferred
Total inc ome taxes
In come before minority in te re sts
Min ority interests in inc ome (loss)
Ne t in comeNote: Figures less than one million yen are rounded down.

2013
9 2,0 80
5 8,5 22
3 3,5 58
8,2 93
2 5,2 65(\ millions)2012
95 ,5 74
66 ,3 09
29 ,2 64
9 ,2 46
20 ,0 17

1,333
1,901
975
4,2 10214
6,726
6 ,9 40

3,851
703
4,5 55
2 4,9 20

4,140
366
4 ,5 07
22 ,4 50

4,796
5,885
833
1 1,5 15

4,887
4 ,8 87

3,343
3,584
97
7,0 25290
2 90

2 9,4 10

27 ,0 48

8,883
1,164
1 0,0 47
1 9,3 62
1 05
1 9,2 56

12,355(1,798)
10 ,5 56
16 ,4 91
3 72
16 ,1 18

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.

18