July 31 2013
Earnings Highlights for 2014/3-1Q
Mitsubishi Estate Co., Ltd.
●Earnings for 2014/3-1Q
Million yen（figures under a million are rounded down）
2014/3
1Q
Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Revenue from Operations
Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Operating Income
Income Before Taxes &Special Items
Net Income
EBITDA

2013/3
1Q

Change2014/3 Estimates（Announced 13/5/7）

Change(%)

129,070

107,672

21,39719.9％

509,000

60,477

63,765(3,287)(5.2)％

390,000

15,462

2,62212,840

489.7％

35,000

10,638

9,399

1,239

13.2％

77,000227,832

196,944

30,88715.7％

1,070,000

26,68828,527(1,838)(6.4)％

117,000

2,180

297

1,882

633.7

％

27,000

1,038

629

409

65.0

％

5,000

2,269

1,764

504

28.6％

20,00028,801

27,434

1,366

5.0％

160,000

24,03820,913

3,124

14.9％

122,000

17,105

11,896

5,208

43.8

％

58,00050,15548,012

2,143

4.5％

242,000

Summary【Overview】
There is an increase in income and profit compared with 2013/3-1Q. Major factors for the increase ofincome include the effects of selling off proper ties in the building business and the commercial property
development & investment business. Major factors for the increase of profit include an improved grossmargin in the residential business. Factors affecting the individual segments compared with 2013/3-1Q
are detailed below.
【Building Business】
Selling off large-scale property increased income but there was a decrease of profit as a result of theclosing of buildings. Due to the intention to sell further property and the gradual increase of rental profit
on new buildings, figures are in line with 2014/3 estimates.
(Vacancy rates)
Vacancy rates increase shown in June 2013 compared with March 2013 (Japan (all purpose) 3.98%,Marunouchi (offices) 3.66%) is due mainly to vacant units in new buildings completed in FY2013(from April 2012 to March 2013). The vacancy rates are in line with 2014/3 estimates.
2013/6

2014/3(Estimate)

Japan (all purpose)

8.33%

6.0%

Marunouchi (offices)

6.26%-（ Average rents）
Average rents decrease shown in June 2013 compared with March 2013 (Japan (all purpose)¥23,850/tsubo.month) is due mainly to the effect of suburban properties. However, furtherprogression of leasing new buildings in Marunouchi is planned, which puts average rents in line withestimates.
2013/6
Japan (all purpose)¥23,598/tsubo.month

2014/3(Estimate)¥24,000/tsubo.month【 Residential Business】
The reduction in the number of condominium units to be sold compared with 2013/3-1Q resulted in adecline in revenue from operations. A major factor in the increase of profits is the effect of an improved
gross margin (condominium sales).
【 Commercial Property Development & Investment】
A major factor for the increase in income includes the effect of selling off properties to recover costs.
Profits are stable compared with 2013/3-1Q.
【 International Business】
The increase in income and profit is partially due to a favorable exchange rate. Income and profit fromselling off large-scale properties will be earned in 2014/3-2Q which is in line with estimates.
●Earnings Estimates for FY2014
There is no change in the earnings estimates announced May 7 2013.

Disclaimer
This data contains predictions and aims which relate to our future economic performance and projectionsof revenue and other financial items. These predictions are inherently subject to risks and uncertainties,
due to unforeseeable events or external factors. Future events and act ual results, financial and otherwise,
may differ materially.

The summary of financial statements and fact book can be found on the homepage.
◇Summary of financial statements(http://www.mec.co.jp/e/investor/irlibrary/tanshin/index.html )◇Fact book(http://www.mec.co.jp/e/investor/irlibrary/fact/index.html )