May 19, 2011

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

PRESS RELEASE

Financial Report for the Fiscal Year Ended March 2011
Mori Trust Group recently announced its consolidated business performance for the year ended March 31, 2011.
The Group consists of 23 consolidated companies, including MORI TRUST CO., LTD., MORI TRUST BUILDINGMANAGEMENT CO., LTD., and MORI KANKO TRUST CO., LTD., and three equity-method affiliates.

[Mori Trust Group Consolidated Financial Report] (April 1, 2010 – March 31, 2011)(Figures in millions of yen; figures less than one million yen are rounded down.)

FY 2010
1 Operating revenue

FY 2011

FY 2012(projection)

133,259

111,962

115,000

Leasing

62,54458,51556,000Hotel

27,801

19,492

15,000Real estate sales

30,572

19,88930,000Other

12,341

14,06514,0002 Operating income

25,028

20,11021,0003 Ordinary income

20,573

17,13518,0004 Net income

8,899

14,742

10,000(Subsidiaries’ construction subcontracting, etc.)

FY 2011 Operating Results○ In the fiscal year ended March 31, 2011, operating revenue totaled 111.9 billion yen and ordinary income was 17.1
billion yen. Factors including gain on the sale of the Tokyo Shiodome Building resulted in net income of 14.7 billion
yen, up 66% from the previous year.

1Overview of FY 2011 business performance○ Leasing business accounted for 58.5 billion yen of operating revenue. Although the opening of Sendai Trust City inAugust 2010 and acquisition of the Akasaka Mitsuke MT Building made a significant contribution, the business wasadversely affected primarily by weakness in the real estate leasing market.
○ The opening of the Westin Sendai contributed new revenue to the hotel business, but the exclusion of YOKOHAMAGRAND INTER-CONTINETAL HOTEL Co., Ltd. from the scope of consolidation led to revenue of 19.4 billion
yen.
○ Revenue from real estate sales business was 19.8 billion yen, driven in part by subsidiaries’ condominium sales.
○ Increased income from subsidiaries contributed to 14.0 billion yen in revenue from other business.
○ With regard to non-operating income/expenses, efforts continued to be made to reduce interest-bearing liabilities,
resulting in ordinary income of 17.1 billion yen. While gain on the sale of the Tokyo Shiodome Building boosted
extraordinary income, losses on valuation of real estate holdings and impairment losses incurred by affiliates
resulted in net income of 14.7 billion yen.
○ The business and asset portfolio was reviewed in accordance with management policies aimed at building a stronger
corporate base. This resulted in a more robust financial position, with the shareholders' equity ratio increasing to
25.5%, up from 21.4% in FY 2010.

Business performance projections for FY 2012
○ The impact of subdued demand for office space, and hotel accommodation and banquet facilities due to the effectsof the Great East Japan Earthquake has been built into projections for the year ending March 31, 2012. As a result,revenue forecasts are 56.0 billion yen for leasing business and 15.0 billion yen for hotel business. Revenue from realestate sales business is forecast to total 30.0 billion yen, partly driven by condominium sales.
Operating revenue is expected to be 115.0 billion yen and ordinary income is forecast at 18.0 billion yen. Duemainly to the absence of the preceding year’s extraordinary income from the sale of the Tokyo Shiodome Building,
net income is projected to be 10.0 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 from such projections.

2

■ Investment and Rental Properties
The consolidated balance sheet amount and fair value of investment and rental properties owned by Mori TrustGroup are set out below (fair value at fiscal year-end was calculated in-house, based primarily on theJapanese Real Estate Appraisal Standards).
Consolidated balance sheet amount: 522.9 billion yen
Fair value: 1,007.5 billion yen
Unrealized profit: 484.5 billion yen

FY 2011 key business topics
Real Estate Business◇ Projects in Sendai
・Sendai Trust City Grand Opening
The grand opening of Sendai Trust City, developed on the former site of the Tohoku Gakuin junior and senior highschools in the Aoba-ku, Ichibancho area of central Sendai, was held on August 1, 2010. Creating a new landmark forthe city, the complex consists of two towers: the 180-meter Sendai Trust Tower is the tallest building in the Tohoku
region and houses the Westin Sendai, offices, and the Trust City Plaza retail facility, while the Residence Ichibancho
condominium occupies the neighboring tower. The complex also includes Trust City Conference Sendai, a rental
meeting room facility offering up-to-the-minute infrastructure for business operations.
Since its opening, Sendai Trust City has attracted crowds of visitors for events including live performances allied to
the 20th Jozenji Street Jazz Festival, “Pink Ribbon” breast cancer awareness activities, and the First WinterCampaign. Sendai Trust City also won the Design Week in Sendai Grand Prize at the Seventh Urban Good Design
Exhibition.
・Sendai Branch EstablishedMori Trust established a Sendai Branch in January 2011 as a local, community-oriented base for supervising
management of Sendai Trust City and the Sendai MT Building to contribute to the further development of the city.
・Great East Japan Earthquake
When the Great East Japan Earthquake struck on March 11, 2011, strong tremors measuring at least 6-lower on theJapan Meteorological Agency seismic intensity scale were recorded in Sendai. The seismic response control
structure of Sendai Trust Tower and the seismically isolated structure of the Residence Ichibancho and the Sendai
MT Building averted major damage. These buildings are all equipped with emergency power generators, and Mori
Trust’s Sendai Branch, in cooperation with the rest of the Group, took the lead in swiftly supporting tenants’ efforts
to continue business. Sendai Trust Tower and the Sendai MT Building are now highly rated by companies that placea premium on business continuity. The Westin Sendai closed temporarily after the earthquake, but resumed virtually
full operations on April 29 after conducting thorough inspections.
Immediately after the earthquake an in-house disaster response headquarters was set up, and Tokyo head officecollaborated with the Sendai Branch to accommodate people unable to return home at Sendai Trust Tower, the3

Westin Sendai, and the Sendai MT building. Various types of support continue to be provided to people and areas
affected by the disaster.
◇ Projects in the Kyobashi area
The Kyobashi area adjacent to Tokyo Station has long been a magnet for office buildings, and with growing
opportunities for reconstruction it is now attracting attention as a district with potential for future development. Mori
Trust is currently undertaking two development projects in the area.
(1) Kyobashi 2-Chome Project (tentative name)
This development is reshaping the block occupied by the former site of the Kyobashi Chiyoda Building, acquiredin 2001 and renamed the Kyobashi MT Building. Most of the construction will be devoted to offices, but thecomplex will also contain hotel facilities to make the most of this prime site situated between Ginza andNihonbashi and close to Tokyo Station. As well as featuring earthquake-resistant construction, the complex will
add a much-needed green zone to the area, with some 2,200 m2 of gardens and related facilities occupying morethan half of the site.
(2) Kyobashi 1-Chome OM Project (tentative name)
On July 1, 2010, Mori Trust merged with OHNO KOGYO CO., LTD., one of its consolidated companies, andtook over the Ohno Building reconstruction plan. The development project is moving ahead favorably. Solar
power generation panels and LED lighting are being considered for this environmentally friendly office building.
Such systems will reap energy savings of more than 40% according to ERR indicators specified in Japan’s Act on
the Rational Use of Energy.
◇ Projects in the Toranomon/Kamiyacho Area
(1) Toranomon 4-Chome Project (tentative name) (former Toranomon Pastoral Site)
Mori Trust acquired Toranomon Pastoral in 2008, and in partnership with Leeds TMK it completed demolition of
the building between May 2010 and January 2011. Redevelopment plans are currently being drawn up.
(2) Former Site of Ministry of Agriculture, Forestry and Fisheries Training Center
Following its successful bid in January 2010 for the former site of a MAFF training center in Roppongi 1-chome,Mori Trust began demolition work on the site in December 2010. The work should be completed in November
2011, and redevelopment plans are currently being drawn up.
◇ Restructuring of Residence Business
Mori Trust has restructured some group companies and businesses to create a stronger base for group-wide
residence business. Aimed at maintaining the brand value that FORETSEINE CO., LTD. has established as adeveloper of luxury condominiums, this reorganization will enable the company to adapt swiftly and flexibly tomarket conditions and undertake high-quality developments in keeping with the Foretseine brand. Former
Foretseine subsidiary Toyo Housing Management Inc. has become a subsidiary of MT Genex Corporation. As partof measures to secure stable revenues and enhance leasing business, Urban Life Co., Ltd. has acquired the fixed
assets of its subsidiary LIZ INVESTMENT Co., Ltd., which has been dissolved.

4Hotel and Resort Business◇ Mori Kanko Trust Business・The Westin Sendai Opening
The Westin Sendai opened for business in Sendai Trust City on August 1, 2010 as the first international urban hotel
to be operated under franchise by MORI KANKO TRUST CO., LTD. Its sweeping views from the upper floors,
spacious guest rooms (even standard rooms measure 42 m2), and attentive service have earned the praise of many
guests. In September 2010 the hotel hosted the APEC Senior Officials’ Meeting III (SOM3), helping Sendai to fulfill
its vision of becoming an international center by attracting this high-level conference. By offering even higher
standards of service, the Westin Sendai will develop with the Tohoku region and aims to be a truly international
hotel.
・Laforet Hotels and Resorts
This business operates, on a corporate membership basis, resort hotels and golf clubs in key leisure spots throughout
Japan and an urban hotel in the two metropolitan areas of Tokyo and Shin-Osaka. Applying the concept of “selectand focus,” Laforet Hotels and Resorts is staying abreast of the times by boosting the efficiency of its operating
systems through initiatives including appropriate cost management and new product development in all its facilities.
Its hotel and resort business has established a solid track record of results. Laforet Shuzenji marked the celebrationof the 10,000th wedding ceremony at its St. Laforet Chapel. Laforet Hotels and Resorts is currently mobilizing its
facilities nationwide to help revitalize the Tohoku region affected by the Great East Japan Earthquake.
・Rental Conference Rooms and Tourist Information Centers
Mori Kanko Trust has taken over business formerly handled by Laforet T&S Co., Ltd. and will use its wealth of
tourism know-how and expertise in corporate training and conference operations honed over many years of
hospitality services and hotel management to further develop Tourist Information Center Tokyo (TIC Tokyo) and
Trust City Conference facilities offering city-center rental meeting rooms. In February 2011, Laforet T&S
shareholders resolved to wind up the company.
◇ Hotels listed in Michelin Guide
The following Mori Trust Group hotels have earned listings in the Michelin Guide Tokyo Yokohama Kamakura 2011
and the Michelin Guide Kyoto Osaka Kobe 2011.
CONRAD TOKYO

5 Red Pavilion [4 consecutive years]

Gordon Ramsay at Conrad Tokyo (Modern French)

1 star [3 consecutive years]

China Blue (Chinese)

1 star [4 consecutive years]

RIHGA Royal Hotel Osaka

3 Pavilion [2 consecutive years]

RIHGA Royal Hotel Kyoto

3 Pavilion [2 consecutive years]

Hotel Laforet Shin-Osaka

2 Pavilion [2 consecutive years]

5Investment Business◇ REIT Business
In April 2010 Mori Trust transferred the Tokyo Shiodome Building to Mori Trust Sogo Reit, Inc. and acquired the
Akasaka Mitsuke MT Building. In May, Mori Trust Sogo Reit increased its capital by 39.0 billion yen through apublic offering, earning the title of “J-REIT of the Year” in the equity section of the Thomson Reuters DealWatch
Awards 2010. The Japan Credit Rating Agency assigned Mori Trust Sogo Reit a long-term senior debt rating of AA,
and the company issued its first unsecured investment corporation bond in February 2011.
◇ Business in China
China has recorded remarkable growth in recent years, and Mori Trust has been examining joint business in thismarket with Ikyu Corporation, in which it holds shares. The two companies agreed to launch an accommodation
reservation site for Chinese users specializing in luxury hotels. They will establish a joint venture in the form of an
SPC registered in the Cayman Islands, tentatively called Mori Trust Ikyu Inc., which will operate the site through awholly owned subsidiary in China, tentatively called Mori Trust Ikyu Co., Ltd. Through a tie-up with the Phoenix
TV Group, a prominent Chinese conglomerate, the launch will be boosted by a link carried on the top page ofleading Chinese news portal site ifeng.com (http://www.ifeng.com), which is operated by the Phoenix TV Group.
Other China-related investments are also being made, including private equity fund and resource sector investments,and funds will continue to be invested in China in various forms as opportunities arise.
◇ Matters Relating to Group Companies
In April 2011 Mori Trust decided to assign its officers to fill two of the five non-independent director positions on
the board of PARCO CO., LTD.

Other Matters◇ Appointment to Nippon Keidanren Executive Director
Mori Trust President and CEO Akira Mori was appointed executive director of Nippon Keidanren on May 27, 2010.

6

<Reference>
Overview of redevelopment projects○ Multipurpose Redevelopment Project◇ SENDAI TRUST CITYSENDAI TRUST TOWER

Address
Site area
Total floor area
Number of floors
Maximum heightPrimary use

Building completion
Hotel
Guest room
Restaurant andbar facilities
Other facilities
Starting date

THE RESIDENCEICHIBANCHO
9-1 Ichibancho 1-chome, Aoba-ku, 9-2 Ichibancho 1-chome, Aoba-ku,
Sendai-shi, Miyagi
Sendai-shi, Miyagi
13,550.52m²
3,099.49m²
125,295.96m²
30,359.96m²
37 stories above ground,
29 stories above ground,2 stories below ground1 story below ground
Approx. 180m
Approx. 100m
Office (6-24F),
Residence
Hotel (1-3F, 25-37F),
Retail (1-5F)
April 2010
June 2010

The Westin Sendai
292 rooms
Symphony (Restaurant),
HORIZON (Lounge & Bar),
Ichimuan (Japanese)
Spa,Wedding chapel, Banquet hall, etc.
August 2010

◇ Projects in the Kyobashi Area

Address
Primary use
Site area
Building area
Total floor area
Maximum height
Number of floors
Start of construction(schedule)
Completion(schedule)

Kyobashi 2-chome Project(tentative name)
1-8 Kyobashi 2-chome, Chuo-ku,
Tokyo
Office, Retail, Hotel
4,403.86m²
2,334.78m²
52,000.00m²
Approx. 109m
21 stories above ground,3 stories below groundAround Fall 2011

Kyobashi 1-chome OM Project(tentative name)19-7 Kyobashi 1-chome, Chuo-ku,
Tokyo
Office, Retail, Parking
1,347.20m²
1,203.90m²
9,770.33m²
Approx. 38m
8 stories above ground,
1 story below ground
August 2011

Around the end of 2013

September 2012

Toranomon 4-chome Project(tentative name)

Former Site of Ministry ofAgriculture, Forestry and
Fisheries Training Center
113-16 Roppongi 1-chome,
Minato-ku, Tokyo
1,782.13m²
From December 2010 toNovember 2011

◇ Projects in the Toranomon/Kamiyacho Area

Address
Site area
Demolition of theexisting structure
Development plan

24-6 Toranomon 4-chome,
Minato-ku, Tokyo
16,271.47m²
From May 2010 to January 2011
To be determined

To be determined

Mori Trust Group: Total floor area leased or managed○Number of rental/managed facilities (as of March 31, 2011)○Rental buildings:

Approx. 1,350,000m² (65 buildings)○Hotel & Resort facilities: 29 hotels (Number of rooms: Approx. 6,800)(Laforet Hotels & Resorts (14); The Westin Sendai; MAMPEI HOTEL; CONRAD TOKYO;RIHGA Royal Hotels, RIHGA associate hotels (Capital & Business tie-up partner: 10 hotels);
Shangri-La Hotel, Tokyo; Hotel Sunroute Plaza Shinjuku)

7Overview of Hotel & Resort business[New Hotel]■ The Westin Sendai
Address
Guest room
Restaurant andbar facilities
Other facilities
Starting date

Aoba-ku, Sendai-shi, Miyagi(SENDAI TRUST TOWER 1-3F, 25-37F)
292 Rooms
Symphony (Restaurant), HORIZON (Lounge & Bar),
Ichimuan (Japanese)
Spa,Wedding chapel, Banquet hall, etc.
August 2010

■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, Minami-Tsuru-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-cho, Nishi-Muro-gun, Wakayama
Shinagawa-ku, Tokyo
Yodogawa-ku, Osaka-shi, Osaka
Sammu-shi, Chiba

Guest room, etc.
296 Rooms
18 Holes34 Rooms
84 Rooms
104 Rooms
118 Rooms
18 Holes 48 Rooms
197 Rooms
84 Rooms
45 Rooms
272 Rooms
182 Rooms
248 Rooms
332 Rooms
18 Holes■ MAMPEI HOTEL
Address
Guest room
Restaurant
and barfacilities
Other facilities
Starting date

Karuizawa-machi, Kita-Saku-gun, Nagano
109 Rooms
Main dining room, Chinese restaurant Manzanro,
Yugyoan Tankuma Kita-mise restaurant specializing in Kyoto cuisine,and Kappo Yugyoan, Cafe, Bar
Function Rooms, Shop, etc.
1894

■ CONRAD TOKYO
Address
Guest room
Restaurant andand barfacilities
Other facilities
Starting date

Minato-ku, Tokyo(TOKYO SHIODOME BUILDING 1F, 28-37F / ANNEX 1-2F)
290 Rooms
Gordon Ramsay at Conrad Tokyo (French), Cerise by Gordon Ramsay (Brasserie),
China Blue (Chinese), Kazahana (Japanese),
TwentyEight (Bar & Lounge)
Mizuki Spa & Fitness, Indoor pool, Banquet rooms, Wedding Chapel, etc.
July 2005■ RIHGA Royal Hotels, RIHGA associate hotels■RIHGA Royal Hotels, RIHGA assoiate hotels
Name of hotel
Address
RIHGA Royal Hotel Osaka
Kita-ku, Osaka-shi, Osaka
Shinjuku-ku, Tokyo
RIHGA Royal Hotel Tokyo
Shimogyo-ku, Kyoto-shi, Kyoto
RIHGA Royal Hotel Kyoto
Naka-ku, Hiroshima-shi, Hiroshima
RIHGA Royal Hotel Hiroshima
Kokurakita-ku, Kitakyushu-shi, Fukuoka
RIHGA Royal Hotel Kokura
Niihama-shi, Ehime
RIHGA Royal Hotel Niihama
RIHGA Nakanoshima Inn
Nishi-ku, Osaka-shi, Osaka
Sakai-ku, Sakai-shi, Osaka
RIHGA Royal Hotel Sakai
Omachi-shi, Nagano
Kuroyon Royal Hotel
RIHGA Hotel Zest Takamatsu
Takamatsu-shi, Kagawa

Guest room
973 Rooms
126 Rooms
484 Rooms
486 Rooms
295 Rooms
94 Rooms
340 Rooms
241 Rooms
73 Rooms
122 Rooms■ Shangri-La Hotel, Tokyo ※Lease
Address*image Perspective

Guest room
Restaurant andbar facilities
Other facilities
Starting date

Chiyoda-ku, Tokyo(MARUNOUCHI TRUST TOWER MAIN 1F, 27-37F, B1F)
202 Rooms
Italian restaurant Piacere, Japanese restaurant Nadaman,
The Lobby Lounge
CHI, The Spa at Shangri-La, Health club, Indoor swimming pool,
Wedding chapel, Ballroom, Meeting facilities, Horizon Club Lounge
March 20098

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

MT Labo Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
Chair
President
Established
CapitalBusiness sectors

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

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

MORI TRUST BUILDING MANAGEMENT CO., LTD.

MT Labo Capital Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Kenichi Uchimura
April 1, 2002
100 million yen
Building management

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

MORI KANKO TRUST CO., LTD.

MTL Fund No.1 Investment Limited Partnership

Location
President
Established

Kitashinagawa, Shinagawa-ku, Tokyo
Kazuyasu Abe
April 3, 2006
(date of foundation since incorporation-type company split)
2 billion yen
Operation of the Laforet Hotels & Resorts

General Partner
Established

Toranomon, Minato-ku, Tokyo
Miwako Date
Yasutaka Yanai
1894
100 million yen
Ownership and operation of the Mampei Hotel

Location
President
Established
CapitalBusiness sectors

CapitalBusiness sectors

MAMPEI HOTEL
Location
Chair
President
Established
CapitalBusiness sectors

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

MT Advanced Technology Co., Ltd.
Akasaka, Minato-ku, Tokyo
Masaki Murata
February 27, 2009
450 million yen
ICT consulting services & ICT solutions offering

MT&Hilton Hotel Co., Ltd.

MT GENEX CORPORATION

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

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

MT GOLF DEVELOPMENT CO., LTD.

Toyo Housing Management, Inc.

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

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

FORETSEINE CO., LTD.

MORI TRUST Asset Management Co., Ltd.

Location
President
Established

Location
President
Established
CapitalBusiness sectors

CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Nobuo Konomi
March 31, 2011
(date of foundation since incorporation-type company split)
100 million yen
Plannning, development and sales of urban residence

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

Toyo Green Building Co., Ltd.

Shiroyama Heating & Cooling Supply Co., Ltd.

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.

AZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

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

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

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

Nihonbashi, Chuo-ku, Tokyo (since April 2011)
Michinobu Mizobe
August 11, 1947
499 million yen
Manufacturing and selling cold drawn special steel shapes

Note: The general meeting of shareholders of Laforet T&S Co., Ltd.
convened on February 1, 2011 resolved to wind up the company,
and liquidation procedures are under way.

(as of March 31, 2011)9

Mori Trust Group: summary of equity-method affiliates

THE ROYAL HOTEL, LIMITED
Location
Established
Business sectors

Nakanoshima, kita-ku, Osaka-shi, Osaka
March 14, 1932
Hotel management centered on lodgment,
banquet and restaurant, and hotel
incidental business

PARCO CO., LTD.
Location
Established
Business sectors

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

MORI TRUST Sogo Reit, Inc.
Location
Established
Business sectors

Akasaka, Minato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate(as of March 31, 2011)10

Consolidated Financial Statements

Consolidated Balance Sheets (as of March 31, 2011 and 2010)
MORI TRUST CO., LTD. and its consolidated subsidiaries
2011
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, net
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
Note: Figures less than one million yen are rounded down.

11(\ millions)2010

40,071
3,233
46,454
16,564
105,560
15,996
2,247
1,099
3,742
(383)
234,586

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

159,8101,882
392,061
1,489
422
1,393
557,060

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

6,225
113
816
7,155

6,225
582
1,218
8,027

9,563

7,075

28,716

69,345

850
647
5,143
1,489
(236)
46,174
610,390844,976

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

2011
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 Provision for loss on disaster11 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
Note: Figures less than one million yen are rounded down.

12(\ millions)
2010

4,955
187,600
85,581
3,420
4,509
662
5,250
826
389
505
289
293,9908,934
237,001
132,653
4,387
6,975
1,613
6,332
2,255
393
327
400,875

203,51953,75563,361
304
9,180
2,695
182
332,999
626,989

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

10,000205,321215,321

10,0006,643
206,285(21,096)
201,832

134
(28)
(65)
40
2,624
217,986
844,976

(433)
(74)
(50)
(558)
3,246
204,519
941,746

Consolidated Statements of Income (For the years ended March 31, 2011 and 2010)

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 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 Equity in losses of affiliates
5 Business restructuring expenses
6 Other
Total extraordinary losses
Income before income taxes
and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Minority interests in income (loss)
Net income
Note: Figures less than one million yen are rounded down.

13

2011
111,962
78,89133,071
12,96020,110(\ millions)2010
133,259
94,032
39,226
14,19825,028

1,818
743
1,248
3,810

293
294
842
2,046
847
4,325

5,619
1,166
6,785
17,135

7,687
427
664
8,779
20,57352,882
12,97473
65,930

856
353
975
2,185

40,690
7,032
6,695
3,069
57,488

253
152
517
327
1,251

25,57721,507

9,492
1,187
10,67914,898156
14,742

11,171
3,044
14,215(1,608)8,899