FY 2020 – 3Q
(For the Year Ending March 31, 2020)

IR Presentation

Contents

MITSUBISHI ESTATE CO., LTD.

Summary of Financial Statements for FY 2020 - 3Q

2

Strengthening Capital Policy / Corporate Governance9

Financial Supplemental Data

16

Prospects of Mid-Term Management Plan

21

Detailed Business Units' Review

26

Office Building Business

29

Lifestyle Property Business45

Residential Business

50

International Business

57

Other business

62

Investment / Financial Data etc.

641Summary of Financial Statements for
FY 2020 - 3Q

MITSUBISHI ESTATE CO., LTD.

2

Financial Highlights

1. Summary of Financial Statements<FY2020-3Q Financial Results>• Income and profit both decreased (y-y).
• Mainly due to changes in the timing of capital gains and delivery of domestic condominiums.
• Rental profits increased from new buildings (e.g. Marunouchi Nijubashi Building), the Outlet Mall Business, and rent
increase in existing buildings, etc.

<FY2020 Estimates>• All business lines are progressing steadily.
• There is no change to the FY2020 earnings estimates announced on May 14, 2019.

<Topics>
Current Quarter (October to December 2019)• Sold and delivered "8 Finsbury Circus" in London, UK (July 2019: 3Q, UK)(After January 2020）•

Announced Mitsubishi Estate Group “Long-term Management Plan 2030” (January 2020)( https://www.mec.co.jp/e/investor/plan/pdf/plan200124_e.pdf )•Completed a large-scale mixed-use redevelopment "CO･MO･RE YOTSUYA" (January 2020)•"GOTEMBA PREMIUM OUTLETS® (Phase4 expansion)" is scheduled open. (April 2020)

MITSUBISHI ESTATE CO., LTD.

3

Financial Highlights

2. Income Statement Results for FY2020-3Q
Profit decreased (y-y) due to changes in the timing of delivery of domestic condominiums.
Millions of yen (rounded down)

Revenue from Operations
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management Business
Other*
Elimination
Operating Income
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management Business
Other*
Eliminations or corporate
Non-Operating Revenue
Non-Operating Expense
Income before Taxes and Special
Items
Extraordinary Income
Extraordinary Loss
Profit Attributable to Owners of Parent

EBITDA
Interest-bearing debt

FY20203Q
827,231374,220
89,526217,30982,84014,07072,404△ 23,143
149,515
105,335
24,857
3,641
31,821
2,349△ 1,629△ 16,859
11,506
26,794FY20193Q
874,357
403,525
79,048279,660
47,104
17,68970,204△ 22,878
162,939
113,478
23,591
20,358
16,2014,276
1,585△ 16,550
10,37024,661△ 47,126△ 29,305
10,478△ 62,350
35,736△ 3,619
2,198△ 264△ 13,424△ 8,142
1,265△ 16,716
15,620△ 1,926△ 3,215
△ 309
1,136
2,132

134,227

148,648△ 14,421

86,646

5,978
2,764
96,726△ 5,978△ 2,764△ 10,079

ChangeOfficeBuilding△ 8,142

Lifestyle
Property
1,265

Decrease incapital gains

162,939

FY20193Q
29,00011,000
2,000
9,000
6,000
1,000
-

Change2,000△ 8,000
1,000△ 5,000
15,000△ 1,000-

OthersResidential△ 16,716 International △ 5,450
15,620

Increase in capital gains

149,515

Decrease in domestic condominium profits
and rental apartments capital gains
Increase in capital gains

Change△ 9,564
94,377

Millions of yen (rounded off
to the nearest billion)

Major Factors for Changes in
Operating Income by BusinessMillions of yen (rounded down)

FY2020FY20193Q
3Q
222,042
231,606
2,600,005 2,505,628*Hotel・Airport Business, Architectural Design & Engineering, Real Estate Services, OtherMITSUBISHI ESTATE CO., LTD.

Capital Gains included in Operating Income
FY20203Q
Total
31,000
Office Building Business
3,000
Lifestyle Property Business
3,000
Residential Business
4,000International Business
21,000Investment Management Business
Hotel & Airport Business
Other
Eliminations or corporate-

Decrease in capital gains
FY2019-3Q

OfficeBuilding

Lifestyle
Property

Residential International

Others

FY2020-3Q

4

Financial Highlights

3. Income Statement Estimates for FY2020* There is no change to the FY2020 earnings estimates announced on May 14, 2019.

Increase in building rental profits and capital gains contributes to achieve historic high profit.
Millions of yen (rounded down)

Revenue from Operations
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management Business
Other*
Elimination
Operating Income
Office Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management Business
Other*
Eliminations or corporate
Non-Operating Revenue
Non-Operating Expense
Income before Taxes and Special
Items
Extraordinary Income
Extraordinary Loss
Profit Attributable to Owners of Parent

EBITDA
Interest-bearing debt

FY2020FY2019Estimates
Results
1,360,000 1,263,283
590,000
529,695
120,000
106,182
402,000
420,405
137,000
81,84418,00049,588
119,000
110,534△ 26,000 △ 34,969
230,000
229,178
153,000
147,691
35,00032,56020,00030,42837,00026,927
2,000
9,231
6,000
6,799
△ 23,000 △ 24,459
9,000
12,391
32,00034,983

Change96,71760,305
13,818△ 18,405
55,156△ 31,588
8,466
8,969
822
5,309
2,440
△ 10,428
10,073△ 7,231△ 799
1,459△ 3,391△ 2,983

207,000

206,587413

10,0003,000
137,000

8,170
3,818
134,608

1,830
△ 818
2,392

OfficeBuilding
5,309

Lifestyle
Property
2,440

FY2019Results
48,00012,0004,000
11,00014,000
5,000
2,000
-

Change
3,000
3,000

0

OthersResidential△
6,571△ 10,428 International
10,073

Increase in rental profits,
capital gains

229,178

230,000

Decrease in condominium profits
Increase in rental profits, capital gains

Change3,359
230,403

Millions of yen (rounded off
to the nearest billion)

Major Factors for Changes in
Operating Income by BusinessMillions of yen (rounded down)

FY2020FY2019Estimates
Results
324,000
320,6412,550,000 2,319,597*Hotel・Airport Business, Architectural Design & Engineering, Real Estate Services, OtherMITSUBISHI ESTATE CO., LTD.

Capital Gains included in Operating Income
FY2020Estimates
Total
51,000
Office Building Business
15,000Lifestyle Property BusinessResidential Business
International Business
Investment Management Business
36,000Hotel & Airport Business
Other
Eliminations or corporate

Decrease in capital gains
FY2019ResultOfficeBuilding

Lifestyle
Property

Residential International

Others

FY2020Estimates

5

Financial Highlights

4. Balance Sheet
Millions of yen (rounded down)

Current assets
Cash
Notes and accounts receivable-trade
Property for sale
Property for sale in progress
Property for development
Equity investments
Other
Fixed assets
Tangible assets
Intangible assets

Investment securities
Other

Total assets

At December
31, 2019
1,209,335
206,376
47,575
119,361
298,979983
436,496
99,561
4,786,481
4,121,429
93,943
270,883

At March 31,
2019
1,072,869
176,81462,603
84,104
268,152996
387,385
92,8114,701,323
4,088,084
95,128258,527

300,221
5,995,817

259,5815,774,193

Millions of yen (rounded down)

Change134,466
29,561△ 15,027
35,25630,826△ 12
49,111
6,749
85,15733,345△ 1,184
12,356
40,639221,623

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Current portion of long-term debt
Commercial Papers
Bonds due within one year
Other
Long-term liabilities
Bonds
Long-term debt
Other
Net assets
Shareholders’ equity

Other accumulated comprehensive income

Stock acquisition rights
Non-controlling interests
Total liabilities and net assets

Total Assets(as of December, 2019)
International
Business
810,312Residential
Business
675,401

Lease obligations
1,792

Lifestyle
Property
536,691

MITSUBISHI ESTATE CO., LTD.

Building
Business
3,590,565(as of September, 2019)

252,924
126,520△ 14,225
57,919△ 44,199
200,000△ 38,450△ 34,523
126,403
56,66751,282
18,454△ 31,300△ 25,314△ 17,401△ 13
11,428
221,623

2,589,350

2,589,350
Loans
1,611,424(as of September, 2019)
Short-term
9.6%

Floating
27.9%

Bonds
857,134
5,995,817

ChangeConsolidated interest-bearing debt Consolidated interest-bearing debt Consolidated interest-bearing debt
(as of September, 2019)
Fixed / Floating rate ratio
Long-term / Short-term ratio
Commercial Papers
119,000

Other
382,843At December At March 31,
31, 2019
2019
4,070,012
3,817,088
815,463
688,942
43,742
57,967144,075
86,156
186,865
231,065
200,000
36,55075,000204,229
238,753
3,254,549
3,128,145
790,584
733,916
1,240,148
1,188,866
1,223,813
1,205,357
1,925,804
1,957,105
1,132,509
1,157,824
595,417612,819288
302
197,588
186,159
5,995,817
5,774,193

Fixed
72.1%

2,589,350

Long-term
90.4%

6

Financial Highlights

5. FY2020 Consolidated Cash FlowMillions of yen (rounded down)①FY2018
Results②FY2019
Results

Change（②－①）

293,338

345,954

52,616

Depreciation and amortization

77,54580,336

2,791

84,0003,664

62,737

Change in Inventories

86,614132,337

45,723120,000△ 12,337

31,402△ 53,837△ 9,124

44,713△ 164,000△ 154,876△ 44,128△ 286,841 △ 271,083

15,758△ 351,000△ 79,917△ 241,345

Cash flows fromoperating activities

Change in Equity Investment

Cash flows frominvesting activities
Proceeds from sales ofinvestment securities③FY2020
Estimates

Change（③－②）

FY2020-3Q
Results

217,000 △ 128,954

97,006

5,277

13,871

8,594

10,000△ 3,871

3,257△ 289,570△ 285,089

4,481△ 309,000△ 23,911△ 221,279

Cash flow fromfinancing activities

37,203 △ 192,473 △ 229,676

107,000

299,473

177,862

Cash and cash equivalents
at end of year

286,859

152,000△ 27,308

210,368△ 134,000 △ 208,871△ 144,339

Capital Investment

Free cash flow

MITSUBISHI ESTATE CO., LTD.

6,497

179,308 △ 107,551

74,871

68,3747

Financial Highlights

6. Change in ROA・ROE・EPS
7.8%

8.0%
7.3%

7.8%
100.20

96.97

7.0%

100

6.6%
90

86.78
6.0%

5.6%

80
74.00

5.2%
5.0%

70
60.13

4.0%

(Yen)
110

52.85
3.2%

3.6%

4.0%

3.8%

3.9%

3.3%

60

50

3.0%
40

2.0%

FY2015FY2016FY2017EPS(right axis)

MITSUBISHI ESTATE CO., LTD.

FY2018ROA

FY2019FY2020(E)

30

ROE

8

Strengthening Capital Policy /Corporate GovernanceFor details of capital policy and corporate governance in "Long-term Management Plan 2030“,
Please refer to the following link.
https://www.mec.co.jp/e/investor/plan/pdf/plan200124_e.pdf
MITSUBISHI ESTATE CO., LTD.

9Strengthening Capital Policy / Corporate Governance

1. Refinement of Capital Policy ①(Dynamic between Real Estate Market Conditions and Capital Policy)
Flexible capital policy in response to real estate market conditions(Increasing corporate value by controlling Balance Sheet)
Enhancing corporate value by optimal mix of growth investment, asset sales,
shareholders return and financing arrangement in response to real estate market.
Market conditions
favorable for selling
Asset Sales:

Profits:

Shareholder return :Market conditions
favorable for buying
Aiming to maximize mid-to-long term corporate
value by combining stable Cash Flow produced
from long-term development and retaining
projects, with capital recycling business whichtakes advantage of real estate market conditions.

MITSUBISHI ESTATE CO., LTD.

Active acquisition/investment:

Capital gain:

Shareholders return :10Strengthening Capital Policy / Corporate Governance

2. Refinement of Capital Policy ② (Controlling Balance Sheet)
Flexible Capital Policy – Responsive to market conditions(Value creation through BS management)

Asset

Shareholders’ Equity and Liability

Capital recycling business optimized for market
conditions

Maintaining Financial Stability

 In seller's market: expedite asset sales Financial reserves for seizing buyer's market opportunities

 Investment in promising PJs to enhance corporate value

 High credit rating enables long-term and low-cost financing

Long-term development and asset holdings(core focus: Marunouchi redevelopment) In sellers' market, use asset sale proceeds for shareholder
returns and to maintain financial stability

 Steady capital investment in core business enables stable,
cycle-proof rental cashflow
 Timely asset sales judged by expected yields and external
environment

Sale of underperforming properties andstrategic-holding stocks

 Disposal of underperforming assets, including core asset
 Ongoing disposal of strategic-holding stocks

Expansion of Non-asset Business
MITSUBISHI ESTATE CO., LTD.

Capital Efficiency Improvement
 Targets: ROA 5%, ROE 10%, EPS ¥200
 Increase numerator (net income) and decrease denominator(shareholders’ equity) Choose measures to manage shareholders’ equity according
to market conditions

11

Strengthening Capital Policy / Corporate Governance

3. Executing Share buyback in response to Cash Flow during the current
Mid-Term Management Plan Period ① (Cash flow)
Estimated cash flow during the current Mid-Term Management Plan
Period (FY2018～FY2020, Total Accumulation) (as of FY2019-4Q)【Cash in】

【Cash out】

 Accelerating asset sales encouraged by market
conditions favorable for selling The realized profit exceeded the estimates fromwhen the plan was originally developed.

Around ¥990 billion

Around¥600 billion

Around ¥1 trillion

Increase inoperatingcash flows¥150 billion

Around¥390 billion
Estimates when Mid-Term
Management plan was developed

Interest-bearing debt

 Investing in carefully selected projects which help toincrease the corporate value.
 Yielding a return on better-than-expected profit ataround 30% payout ratio Executing share buyback depending upon Cash Flow
condition.

Final Estimates

Operating Cash Flow*

Decrease innet
investment
Around¥120
billion¥900 billion

Enhancingshareholders
return¥130 billion

Around¥780 billion

Suppressionof debt¥140 billion
Estimates when Mid-Term
Management plan was developed※ Cash flows from operating activities excluding Change in Inventories and Change in Equity Investment

MITSUBISHI ESTATE CO., LTD.

Around¥100 billion
Around¥120 billion

Around¥90 billion

Around¥750 billion

Around¥250 billion

Around ¥1 trillion

Around ¥990 billion

Net Investment

Dividend

Final Estimates

Share Buyback
12Strengthening Capital Policy / Corporate Governance

4. Executing Share buyback in response to Cash Flow during the current
Mid-Term Management Plan Period (Rationale)①Motivations for improving Capital Efficiency
 Managing total amount of Shareholders' equity through share buyback
 Intend to improve Capital Efficiency (ROE) and EPS②Cash flow exceeding expectations during the current Mid-Term Management Plan Period
 Realizing estimate-exceeding income gain, thanks to implementation of the tasks to reinforce income
streams so far, together with the favorable real estate market
 Accelerating capital recovery by taking advantage of seller’s market.
 With cost of capital in mind, investing in carefully-selected projects which help to increase the corporatevalue
 Due to the increase of long-term redevelopment projects, project investment will occur next period
The company is now able to both increase shareholders’ return and maintain financial stability

The company decided to execute share buyback worth ¥100 billion in light of the two factors listed
above and the current stock price. Going forward, the company will continuously consider optimalmeasures for shareholders’ return, in response to market conditions and cash flow status.

MITSUBISHI ESTATE CO., LTD.

13

Strengthening Capital Policy / Corporate Governance

5. Status of Share Buyback①Details of BOD resolution held on May 14, 2019(1) Class of Shares to be Repurchased

Common shares(2) Total Number of Shares to be Repurchased

65,000,000 shares (Maximum)(4.68% of outstanding shares (excluding treasury stock))(3) Total Amount of Repurchase Price

100 billion yen (Maximum)(4) Period of Repurchase

From May 15, 2019 to March 31, 2020

(5) Method of Repurchase

Open market purchase on the Tokyo Stock Exchange②The accumulated buyback amount after BOD resolution (as of January 31, 2020)(Billions of Yen)

Period of
Repurchase
Number of
Repurchased Shares
Repurchase Amountto-date(As of Oct. 31,2019)

From May 15, 2019 toJanuary 31, 2020
39,289,100 shares
80,754,097,450 yen

100.0
75.0
50.0
25.0

60

100.0

Maximum

39
80.7（80.7%）

45
30

Jan.31,2020

0

15
0

Buyback Amount

MITSUBISHI ESTATE CO., LTD.

(Millions of shares)65

Number of Shares

14

Strengthening Capital Policy / Corporate Governance

6. Strengthening Governance①Non-Renewal of Countermeasures to Large-Scale Acquisitions•

BOD Decision not to renew a plan for countermeasures to large-scale acquisitions of the shares in the company(takeover defense measures) that will terminate the validated period in June 2019•

To enhance corporate value on a medium- to long-term basis, the company puts effort in communicating stock market
and appropriate measures②Changes to composition of Committees (To be determined at the shareholders’ meeting in late June)•

Nominating Committee, following Remuneration Committee, will only consist of independent external directors•

The Chair of the Audit Committee will be independent outside director (Consequently, all 3 Committee Chairs will be
independent outside directors)③Disposal of strategic-holding stocks•

Sold 28 entities* and total approx. ¥31.5 billion shares
held as strategic-holding stocks (listed shares) in thepast 4 years•

Plans to carry out disposal of ¥10 billion in FY2020•

Routinely consider purpose of holdings and dispose
when purpose is not clear

Change in disposal of strategic-holding stocks(Billions of Yen)
17.9
20
15

12.2

10
5

*Including partial disposal of holding shares

MITSUBISHI ESTATE CO., LTD.

0

10.0

1.4
FY2016FY2017FY2018FY2019FY2020(E)15Financial Supplemental Data

MITSUBISHI ESTATE CO., LTD.

16

Financial Supplemental Data

1. Management Indicator

FY2017(Results)

FY2018(Results)

FY2019(Results)

FY2020(Estimates)(Reference)
Mid-term
Management Plan

Operating income(Growth potential) (Billions of yen)

192.4

213.0

229.1

230.0

220.0

Operating income / Total assets (ROA)(Performance)

3.6%

3.8%

4.0%

3.9%

Around 3.5%

Net interest-bearing debt / EBITDA(Stability) (times)

7.7

7.3

6.7

Around 7.4

Around 8.5

Net interest-bearing debt / EBITDA(after hybrid-debt deduction) (times)

7.1

6.7

6.1

6.9

Around 8

Annual dividends per share (yen)

20

26

30

31

-

27.0%

30.0%

30.9%

30.9%

-

Dividend payout ratio

MITSUBISHI ESTATE CO., LTD.

17

Financial Supplemental Data

2. Changes in EPS and Dividends
 Approx. 30% payout ratio is expected for FY2019 and FY2020
 EPS approx. 2.2x and dividend per share around 2.6x more in FY2020 compared with FY 2014
(Yen)

100.20

96.97

100

30.9%

30.9%

86.78
80

32%

31%

30%

74.00
30.0%
60.13

60

29%

52.85
46.34

28%

40

27.0%
26.6%

26.5%
20
25.9%
0

12.00

FY2014

16.00

14.00

FY2015FY2016EPS

MITSUBISHI ESTATE CO., LTD.

26.00

30.00

31.00

27%

20.00
26%

FY2017

Dividends per ShareFY2018
Payout ratio (right axis)

FY2019FY2020(Estimates)

25%

18

Financial Supplemental Data

3. Income Generating Assets Unrealized Gain : Current Status ①
Unrealized gain rose approx. ¥480 billion (y-y), supported by declines in cap rates andcash flow improvement
Income Generating Assets Unrealized Gain
(Billions of Yen)
8,000

Book value

Unrealized gain
7,383.4

6,079.0
5,395.6

5,498.9
2,963.5

5,000
4,000

2,096.4

2,180.7

3,422.8

3,241

3,300

3,898.4

2,569.0

2,800

2,643
2,384

2,300

2,178
2,015

1,800

3,299.2

3,318.1

3,509.9

3,828.4

3,960.5

4,042.7

1,300

1,000
0

Adjusted BPS
2,950

3,000
2,000

BPS

(Yen)

6,791.9

7,000
6,000

7,941.1

BPS and Adjusted BPS*

958

FY2014FY2015FY2016FY2017FY2018FY2019800

FY2014

1,148

1,078

1,088

FY2015FY2016FY20171,224

FY20181,276

FY2019＊ BPS including unrealized gain (after tax)

MITSUBISHI ESTATE CO., LTD.

19

Financial Supplemental Data

4. Income Generating Assets Unrealized Gain :Current Status ②

Unrealized Gain Breakdown

Rental Profits(Billions of Yen)
180

International
10%
Domestic(Outside of Marunouchi)
15%

174.8
168.3

170

160.7

160
150

Marunouchi
New Building*46%

Marunouchi
Existing Building
29%

140

131.7

136.2

130
120

116.9

110
100

FY2014FY2015FY2016FY2017FY2018FY2019*Redeveloped properties after the completion of Marunouchi Building

MITSUBISHI ESTATE CO., LTD.

20

Prospects of Mid-Term Management Plan

MITSUBISHI ESTATE CO., LTD.

21

Prospects of Mid-Term Management Plan

1. Progress on Mid-Term Management Plan ①（as of May 14, 2019）

FY2020Target and final estimates of each indicator

Target(17.5.11)

Previous Estimates

Current Estimates(18.5.14)(19.5.14)

Growth Potential

Operating Income¥220 billion¥230 billion¥230 billion

Performance

Operating Income /Total Assets(ROA)

Approx. 3.5%

3.8%

3.9%

Net Debt / EBITDA

8.5 times

Approx. 8 times

7.4 times(Approx. 8 times)(Approx. 7.5 times)(Approx. 6.9 times)

Stability(Hybrid finance reflected)(Billions of Yen)FY2020Operating Income by Segment

Previous
Estimates

Target(17.5.11)(18.5.14)

Current
Estimates(19.5.14)

Changes in Capital Gains, etc.
of Operating Income
Previous
Estimates

Current
Estimates

8

13

15

30

27

36

38

40

51

Target(17.5.11)

Office Building Business

138

150

153

Lifestyle Property Business

37

35

35

Residential Business

20

20

20

International Business

29

32

37

Investment Management Business

6

3

2

Other*

5

7

6

Eliminations or Corporate

△15

△17

△23

Total

220

230

230

(18.5.14)(19.5.14)*Hotel・Airport Business, Architectural Design & Engineering Business, Real Estate Service Business, OtherMITSUBISHI ESTATE CO., LTD.

22

Prospects of Mid-Term Management Plan

2. Progress on Mid-Term Management Plan ②（as of May 14, 2019）

Change in Operating Income(Billions of Yen)
240

229.1

230.0

48.0

51.0

15.2

12.6

213.0
210
39.0
180
150

24.4

Capital Gains
・Accelerate property sales as encouraged in a seller’s market.
・Before tax IRR results of Domestic capital recycling business:
approx. 10％*

Initial Estimate

Final Estimates¥90～100 billion¥138 billion* Average of property sold during current Mid-Term Management Plan (20 properties)

120

Increase in Rental Profits

90
149.6

165.9

166.4

60

(Billions of Yen)
180

30
0

・Rental profits from rental properties increased
approx. 1.5x from 5 years ago (FY2014)

160.7

160
FY2018
Income GainFY2019Profit from Domestic
condominium business*

FY2020(E)Capital Gain

* Excluding capital gain, etc. from operating income of Mitsubishi Estate Residence. Co., Ltd

MITSUBISHI ESTATE CO., LTD.

131.7

140
120
100

168.3

174.8

136.2

116.9

FY2014FY2015FY2016FY2017FY2018FY201923

Prospects of Mid-Term Management Plan

3. Investment-Return in Mid-Term Management Plan（as of May 14, 2019）

Initial Mid-Term Plan estimate(FY2018-FY2020)
Investment(Billions of Yen)

ReturnNet Investment

Office Building Business

500

200

300

Lifestyle Property Business

200

50

150

Residential Business

850

750

100

(Domestic condominium)

(700)

(600)

(100)

International Business

400

150

250

<Group-wide>business model
Innovation Investments

100
1,150

900

Total

2,050

(Domestic condominium)

(700)

(600)

Final Estimates (FY2018～FY2020)(Billions of Yen)

Investment
Total(Domestic condominium)

MITSUBISHI ESTATE CO., LTD.

<100>

Return
2,010

(570)

Net Investment
1,230

(580)

780

(△10)

24

Prospects of Mid-Term Management Plan

4. Progress on investments in Mid-Term Management Plan（as of May 14, 2019）

Carefully selected investing to help increase corporate value
Amount Invested (FY2018,FY2019)
Office Building
Business
Lifestyle
Property
Business

110

300

160

80

Percent ofbudget invested: 95%(¥190 / ¥200 billion)

Residential
Business
Domestic
condominium
International
Business
InvestingBusiness Model 30 30
Innovation
Total

MITSUBISHI ESTATE CO., LTD.

FY2020 Budget(Unit：Billions of Yen)

Percent ofbudget invested: 92%(¥460 / ¥500 billion)

520

290

Percent ofbudget invested: 80%(¥570 / ¥700 billion)

200

370

310

180

Percent ofbudget invested: 93%(¥810 / ¥850 billion)

Percent ofbudget invested: 123%(¥490 / ¥400 billion)

Percent ofbudget invested: 60%(¥60 / ¥100 billion)
1,270

740

Percent ofbudget invested: 98%(¥2,010 / ¥2,050 billion)25

Detailed Business Units' Review

MITSUBISHI ESTATE CO., LTD.

26

Corporate

1. Mitsubishi Estate Group’s Business Segment
Office Building Business
Engages in the development,
leasing, and operation
management of office buildings,
mainly in Marunouchi area andother major Japanese cities.

Investment Management
Business
Providing a wide range ofservices regarding real estate
investment for investors.

MITSUBISHI ESTATE CO., LTD.

Lifestyle Property
Business
Developing shopping centers,
outlet malls, and logistics
facilities nationwide, mainly inthe major metropolitan areas.

Hotel & Airport Business
Undertaking hotel management
nationwide as the Royal Park
Hotels group. Begun private
airport management business.

Residential Business

International Business

Operating residential
condominium business under“The Parkhouse” brand andrental apartments businessunder “The Parkhabio” brand.

Undertaking office building
development and leasing
businesses in the United States
and the United Kingdom, as wellas projects in Asia.

Architectural Design &Engineering Business

Real Estate Services
Business

Mitsubishi Jisho Sekkei Inc.
provides architectural designand engineering services of
construction and civilengineering.

Mitsubishi Real Estate Services
Co., Ltd. offers real estate
brokerage, parking lot
management support, andother services.

27

Corporate

2. Business Scale

Hotel & Airport
Business
Investment
3%
Management
Business
4%

International
Business
6%

Other
Business
5%

Revenue fromOperations

Office Building
Business
41%

Around¥1,263.2
Residential
Business
32%

billionLifestyle Property
Business
8%

Investment
Management
Business
4%

Hotel & Airport
Business
Other
1%
Business
2%

International
Business
11%

Residential
Business
12%

Office Building
Business
Operating Income
58%

Around¥229.1billionLifestyle Property
Business
13%

Hotel & Airport
Business
Other
1%
Business
4%

Investment
Management
Business
1%

International
Business
12%

Total Assets
Residential
Business
12%

AroundOffice Building
Business
62%¥5,774.1

Lifestyle Property
Business
9%billion

FY2019 Results

MITSUBISHI ESTATE CO., LTD.

28

Office Building Business

MITSUBISHI ESTATE CO., LTD.

29

Office Building Business

1. Marunouchi Area Map

MITSUBISHI ESTATE CO., LTD.

30

Office Building Business

2. Pipeline

Marunouchi Area

GRAND CUBE

Otemachi Park
Building

Total Floor Area: 193,600㎡ Total Floor Area: 151,700㎡
Completion: Apr. 2016
Completion: Jan. 2017

FY2018FY2019Marunouchi 1-3
Project

Tokyo Tokiwabashi Project

Total Floor Area: 174,100㎡ Total Floor Area: 181,000㎡
Completion: Oct. 2018
Completion: Sep. 2020

FY2020

FY2021

Total Floor Area: 686,000㎡(Total buildings)
Building A Completion: Jun. 2021
Building B Completion: FY2028

FY2022

msb Tamachi(musubu Tamachi)

Link Square Shinjuku

CO･MO･RE YOTSUYA

Kita Aoyama 2-chome
Project

Total Floor Area: 138,300㎡*
Partial Completion: May 2018*

Total Floor Area: 44,100㎡
Completion: Aug. 2019

Total Floor Area: 139,700㎡
Completion: Jan. 2020

Total Floor Area: 22,900㎡
Completion: Apr. 2020

FY2028Tokyo(Outside of Marunouchi)

FY2017

Marunouchi Nijubashi
Building*Tower S
MITSUBISHI ESTATE CO., LTD.

31

Office Building Business

3. Earnings Related Data: Total operating floor space (Unconsolidated)
Total (Domestic) / Marunouchi / Marunouchi Redevelopment Buildings(Thousand ㎡)

6,500
6,000

5,444

5,500
5,000
4,500
4,000

3,825 3,907 3,769
3,684 3,696

4,175

4,347

4,660

4,896

5,580 5,670
5,174

5,038

5,385

5,570

5,745

3,500
3,000
2,500
2,000

1,677

1,946 2,024 1,897
1,798

2,195 2,258

1,500
1,000
500
0

256

256

355

03/3

04/3

05/3

489

489

06/3

07/3

743

743

08/3

09/3

Total (Domestic)

2,727 2,784
2,687 2,758 2,755 2,583
2,565 2,565
2,531

1,022 1,022

10/3

11/3

Marunouchi

1,174

12/3

1,383 1,365 1,360 1,345

13/3

14/3

15/3

16/3

1,705 1,705

17/3

18/3

5,876

2,915

1,836

19/3

20/3(E)

Marunouchi Redeveloped Buildings*Excluding floor space in Lifestyle Property Business from 16/3

MITSUBISHI ESTATE CO., LTD.

32

Office Building Business

4. Earnings Related Data: Vacancy Rates / Average Rents (Unconsolidated)
Vacancy Rates (Marunouchi offices / All uses in Japan) /Average Rents (All uses in Japan)(yen / tsubo-month)

28,000Vacancy rate(Marunouchi offices)27,000Vacancy rate(All uses in Japan)

26,000

Average rent(All uses in Japan)

25,00024,00023,00022,00019,00022,817
6.06%

22,213

21,902 21,711 21,733

23,974 23,850 23,861

26,1935.64%

8%23,587

7%

22,602

6%

4.82%

5%

4.36%

3.59%

3.40%

2.77%

17,0002.86%
1.68%2.06%

16,00015,000

2.42%

3.98%
3.58% 3.58%
4.32%
3.66%

2.26%

2.77%

14,00013,000

MITSUBISHI ESTATE CO., LTD.

05/3

2.80%

2.93%

2.22%

1.87%
2.42%

1.82%
0.55%

04/3

4%

2.42%

1.74%

03/3

10%
9%

5.29%

18,00012,00024,42323,56021,00020,00024,86425,23425,842

27,493 27,300
26,664 26,702

06/3

07/3

0.19%
08/3

1.09%
09/3

1.65%

1.37%

10/3

11/3

12/3

13/3

14/3

15/3

16/3

17/3

2.19%
1.56%
1.80%
1.27%

3%
1.76%

1.5%

1.47%

18/3 18/12 19/3 19/12 20/3
(E)

2%
1%
0%

33

Office Building Business

5. Earnings Related Data: Office Building Business Revenue Breakdown(Unconsolidated)(Billions of Yen)FY2019-3Q(Results)

FY2019(Results)

FY2020-3Q(Results)

FY2020(Estimates)

Revenue from Office Building Business(Unconsolidated)

337.8

440.6

308.6

501.0

Changes from Previous Period+ 56.4+ 19.6△ 29.1+ 60.3+ 12.9+ 17.9+ 9.0+ 10.5

+ 5.4

+ 6.2

+ 4.2

+ 3.7

Termination of master lease,closure of building for redevelopment

+ 0.1

+ 0.3

+ 0.2

△ 0.1

Moving in/out of tenants,
Rent revisions at lease renewal

+ 5.2

+ 5.9

+ 4.0

+ 3.8

+ 1.3

+ 3.3

△ 2.0

△ 1.8

+ 36.7△ 7.6△ 40.4+ 48.2Rent revenue from new buildings
Rent revenue from existing buildings

Supplementary Revenue, including common
area charge
Sales of properties, etc.

MITSUBISHI ESTATE CO., LTD.

34

Office Building Business

6. Earnings Related Data: Rent Revenue Transition (Unconsolidated)
Increase / decrease of rent revenue (from the previous year)(Billions of Yen)

30
25

■New buildings■Existing buildings (Moving in/out of tenants, Rent revisions at lease renewal)■Existing Buildings (Termination of master lease, closure of building for redevelopment)

+0.3

20
15

+15.3

10
+13.0

5
0
-5

+4.3
-3.9
-2.5

-10.7

-1.1
-5.9

-5.4

+7.3
+1.9

+27.2

+23.9
+12.5

+6.0
-1.5

+7.3
-1.5

-10.5

-4.0
-2.5

-4.6
-5.6

+9.5

-5.2

+6.6
-3.4

-6.0

-8.3

-0.7

+22.6 +0.7 +17.9+18.5 +13.2

+2.4

+4.9

-7.5

-9.0

-10.5

+9.8

+4.0

+4.7

+0.2
+10.5 +9.0

+5.9

+3.8

+4.0

-0.1

-8.1

-5.0

-15

Total

+8.7
-4.9

-10

-20

+15.3

+14.7

03/3

04/3

05/3

06/3

07/3

08/3

09/3

10/3

11/3

12/3

13/3

14/3

15/3

16/3

17/3

18/3

19/3

20/3(E) 20/33Q

-2.1

-2.7

-1.6

+8.3

-1.3

+19.8

+20.5

+17.4

+2.3

-1.7

-5.1

+19.0

+11.9

+7.6

+18.5

+15.2

+24.1

+14.2

MITSUBISHI ESTATE CO., LTD.

+13.2

35

Office Building Business

7. Earnings Related Data: Rental Revenue / NOI (Unconsolidated)
Rental Revenue(Regional Breakdown / Growth Rate)

100%

40%
12.7%

25.8%

61.5%

13.8%

13.7%

1.7%

24.9%

61.4%

7.1%

25.0%

61.3%

25.8%

60.5%
7.6%

2.4%
6.1%
2.3%

-0.5%

FY2016

13.7%

100%

35%

75.9%

25%

FY2018FY2019

11.6%

10.4%

10.6%

15.3%

18.0%

17.2%

73.2%

71.6%

72.2%

20%
13.4%

15%

9.3%

5%

-0.7%

0%

30%
25%

6.3%

0%

FY2016

10%
5%

4.6%

0%
-5%

FY2017

Marunouchi

Tokyo excluding Marunouchi

Nationwide excluding Tokyo

Growth rate(Total) [right axis]

Nationwide excluding Tokyo

MITSUBISHI ESTATE CO., LTD.

5.3%

-1.1%

Marunouchi

Growth rate(Marunouchi) [right axis]

35%

15%
8.5%

10%

-10%

40%

20%

-5%
FY2017

8.9%
15.2%

30%

7.3%

0%

NOI
(Regional Breakdown / Growth Rate)

FY2018FY2019

Tokyo excluding Marunouchi
Growth rate(Total) [right axis]-10%Growth rate(Marunouchi) [right axis]

36Office Building Business8. Office Building Market Data: New Supply of Large-Scale Office Buildings(23 Wards of Tokyo)(Millions of ㎡)

2.5
2.16
2
1.75

1.72

1.54
1.41

1.5
1.25

1

0.99

1.19 Past average supply 1.17
about 1.05 million ㎡/year(1998～2018)

0.91
0.72

0.5

1.21

0.77

1.09
0.87

0.86 0.85
0.65

0.58

1.32
0.99

0.97
0.69

Average estimate supply
for next 5 years
1.02 million ㎡/year

0.57

0.5

0.36

0
*Estimate※Research subject buildings: Buildings with total office floor area exceeding 10,000㎡
Source: Mori Building
MITSUBISHI ESTATE CO., LTD.

37

Office Building Business9. Office Building Market Data: Average Rents / Vacancy Rates(5 Central Wards of Tokyo)(yen / tsubo-month)

30,00012%
Average Rent

28,00026,0008.75%

20,000

10%
8.56%

7.98%

24,00022,0009.19% 9.04%

Vacancy Rate

22,5748.18%

19,17517,758 17,593

18,0006.70%

21,2955.51%

20,064

6.05%
18,26418,095

17,495

16,716 16,504

16,325

17,195

3.41%

19,69917,9734.34%

6%18,7303.60%

2.72% 2.89%

4%

2.80%

12,00010,000

2%
1.78%

03/3

04/3

05/3

06/3

07/3

08/3

09/3

10/3

11/3

12/3

13/3

14/3

15/3

8%

21,1345.30%

16,00014,00022,206

16/3

17/3

18/3

19/3

1.55%
19/12

0%

Source: Miki Shoji Co., Ltd.
MITSUBISHI ESTATE CO., LTD.

38

Office Building Business

10. Competitive Edge of Marunouchi: Vacancy Rates
5 Central Wards of Tokyo(Market) vs. Marunouchi(Unconsolidated)
10%
9%

8.75%
8.18%

9.19% 9.04%

8.56%

7.98%

8%
7%

6.70%
6.06%
6.05%

6%
5.51%
5%
4%

4.32%
4.36%

3.66%
3.41%

3%

2.72%

2.77%

1.74%

0%

0.19%

0.55%
03/3

04/3

05/3

06/3

07/3

4.34%

2.42%
2.89%

2%
1%

5.30%

08/3

2.42%
2.26% 2.42%

1.82%

1.09%
09/3

10/3

3.60%

11/3

5 Central Wards of Tokyo(Market)

12/3

13/3

14/3

15/3

2.19%

1.76%

1.65% 1.78% 1.55%

1.37%
16/3

2.80%

17/3

18/3

19/3

19/12

Marunouchi(Unconsolidated)
Source: Miki Shoji Co., Ltd.

MITSUBISHI ESTATE CO., LTD.

39

Office Building Business

11. Competitive Edge of Marunouchi: Area / number of railway lines

Marunouchi

Nihonbashi

ShinagawaShibuya

Toranomon

2,400m
1,500m

Area:

123ha

Area:

76ha

Area:

49ha

Area:

86ha

Area:

58ha

Railway lines:

28 lines

Railway lines:

5 lines

Railway lines:

9 lines

Railway lines:

8 lines

Railway lines:

2 lines©Open Street Map

MITSUBISHI ESTATE CO., LTD.

40

Office Building Business12. Competitive Edge of Marunouchi: Number of headquarters and offices(as of March, 2018)① Fortune Global 500 company headquarters③ Top 100 law firm headquarters and offices

32

MARUNOUCHI

18

3

1

0

0

5

TORANOMON1NIHONBASHISHINAGAWAMARUNOUCHISHINAGAWANIHONBASHISHIBUYATORANOMON

01SHIBUYA② Top 50 company headquarters in terms ofmarket capitalization④ Foreign financial company offices

72

MARUNOUCHI12

MARUNOUCHI3NIHONBASHI

1

1

TORANOMONSHINAGAWA

0SHIBUYANIHONBASHI

11SHIBUYA

3

SHINAGAWA

MITSUBISHI ESTATE CO., LTD.

21

TORANOMON

041

Office Building Business13. Marunouchi Data: Marunouchi Tenant Mix (Unconsolidated)
March 2000

Type of Business

Area ratio

March 2019

Type of Business

Area ratio

1

Manufacturing

42.5%

1

Manufacturing

23.9%

2

Finance22.2%

2

Finance

20.3%

3

Trading

10.4%

3

Professional Firm

17.0%

4

Information

6.3%

4

Trading

9.8%

5Professional Firm

4.4%

5

Information

4.0%

Others

14.2%

Others25.0%

Professional Firm
4.4%

Information
6.3%
Trading
10.4%

Manufacturing
42.5%

Manufacturing
23.9%

Information
4.0%
Trading
9.8%

Finance
22.2%

MITSUBISHI ESTATE CO., LTD.

Others25.0%

Others
14.2%

Finance
20.3%

Professional Firm
17.0%

42

Office Building Business

14. Marunouchi Data: Retail Property in Marunouchi:
Number of Stores / Store Floor Area(Unconsolidated)(Thousand ㎡)

140

Store Floor Area

Shin-Marunouchi
Bldg.

Number of Stores

120

Tokyo Bldg.
“TOKIA”

100
OAZO
Marunouchi Bldg.

80

60

40

Before opening of
Marunouchi
Building

280

430

480

590

740
103

Marunouchi
Park Bldg.

790
110

Marunouchi
Eiraku Bldg.
“iiyo!!”

820
113

OTEMACHIFINANCIAL CITY
GRAND CUBE

850
116

Otemon Tower・
JX Building,Otemachi Park
Building“HOTORIA”

Marunouchi
Nijyubashi Bldg.
“Nijyubashi
Square”

1,000
870

116

890
119

900
800
700
600

87

500

73

400

59

300

40

200

20

0

(Store)100

beforeSep. 2002

MITSUBISHI ESTATE CO., LTD.

Sep. 2002

Sep. 2004

Nov. 2005

Apr. 2007

Sep. 2009

Mar. 2012

May 2016

Feb. 2017

Nov. 2018

043

Office Building Business

15. Marunouchi Data: Approaches for Marunouchi Area Development
Improvement of floor-area-ratio
Improving plot ratio in Marunouchi area by reviewing the use
area

1,000% → 1,300% (June, 2004)※1,200% for limited areas

Transfer of plot ratio:
Exceptional plot ratio district system
Possible to transfer floor area among several areas meeting acertain conditions“Exceptional floor-arearatio district” Area

Relaxation of plot ratio regulation: Special
Urban Renaissance Districts
Possible to be permitted for relaxation of floor-area ratio
regulation depending on levels of contribution to city
regeneration as an exception of urban planning
Example: International business bases (Global Business Hub Tokyo etc.)
Development of fine urban environment (improvement on water quality ofditch around the Imperial Palace etc.)
BCP function(self-reliant of electric power and water supply, etc.)

Change of building uses:
Consolidation of non-office use
Possible to consolidate and allocate mandated non-officeuse floor-areas when running several projects
simultaneously◆Example: Consolidation between offices and hotels

Non-office ─◆Example: Transfer unused floor-area at Tokyo station to other buildings
around the station

Office ─Consolidate non-office uses in
offices into hotels to expand
office areas in office buildings
Offices
MITSUBISHI ESTATE CO., LTD.

Hotels44

Lifestyle Property Business

MITSUBISHI ESTATE CO., LTD.

45

Lifestyle Property Business1. PREMIUM OUTLETS®

Sendai-Izumi

KYOTO JOYO
Kobe-Sanda

Tosu

Rinku
GOTEMBA PREMIUM OUTLETS®

HANAZONO SanoToki

RINKU PREMIUM OUTLETS®
Site Area

Total Floor Area

Ami
Gotemba Shisui

Name

Location

Store Floor Area Number of Stores Schedule

GOTEMBA PREMIUM OUTLETS®

Gotemba, Shizuoka

422,300㎡*

69,200㎡*

61,000㎡*

290*

Open: Jul. 2000, Phase2 expansion: Jul. 2003, Phase3 expansion: Mar. 2008,
Phase4 expansion: land development and Construction begins in Sep. 2016,
Phase4 expansion: Apr. 2020

RINKU PREMIUM OUTLETS®

Izumisano, Osaka

132,200㎡*

63,800㎡*

49,600㎡*

260*

Open: Nov. 2000, Phase2 expansion: Mar. 2002, Phase3 expansion: Dec. 2004,
Phase4 expansion: Jul. 2012, Phase5 expansion: Summer 2020

SANO PREMIUM OUTLETS®

Sano, Tochigi

174,600㎡

39,900㎡

37,300㎡

170

Open: Mar. 2003, Phase2 expansion: Jul. 2004, Phase3 expansion: Mar. 2006,
Phase4 expansion: Jul. 2008

TOSU PREMIUM OUTLETS®

Tosu, Saga

134,200㎡

36,800㎡

31,800㎡

165

Open: Mar. 2004, Phase2 expansion: Dec. 2007, Phase3 expansion: Jul. 2011,
Phase4 expansion: Nov. 2019

TOKI PREMIUM OUTLETS®

Toki, Gifu

284,600㎡

41,300㎡

35,200㎡

180

Open: Mar. 2005, Phase2 expansion: Oct. 2006, Phase3 expansion: Jul. 2010,
Phase4 expansion: Nov. 2014

KOBE-SANDA PREMIUM OUTLETS®

Kobe, Hyogo

316,800㎡

49,600㎡

42,200㎡

210

Open: Jul. 2007, Phase2 expansion: Dec. 2009, Phase3 expansion: Dec. 2012

SENDAI-IZUMI PREMIUM OUTLETS®

Sendai, Miyagi

43,700㎡

20,300㎡

15,300㎡

80

Open: Oct. 2008

AMI PREMIUM OUTLETS®

Inashiki, Ibaraki

211,100㎡

34,800㎡

30,700㎡

150

Open: Jul. 2009, Phase2 expansion in Dec. 2011

SHISUI PREMIUM OUTLETS®

Inba, Chiba

421,000㎡

47,300㎡

41,900㎡

210

Open: Apr. 2013, Phase2 expansion: Apr. 2015,
Phase3 expansion: Construction begins in Oct. 2017,
Phase3 expansion: Sep. 2018

FUKAYA HANAZONO PREMIUM OUTLETS® Project

Fukaya, Saitama

176,800㎡-

25,000㎡

100~120

KYOTO JOYO PREMIUM OUTLETS® Project

Joyo, Kyoto

270,000㎡---

Open: Fall 2022
Open: Spring 2024

*Planned figure after expansion

MITSUBISHI ESTATE CO., LTD.

46

Lifestyle Property Business2. Mitsubishi Estate・Simon Co., Ltd.
Business Activities : Management and operation of PREMIUM OUTLET®
Shareholders : Mitsubishi Estate 60%, Simon Property Group, Inc. 40%
Change in Business Results :FY2016FY2017FY2018Millions of yen (rounded down)

FY2019FY2020(E)Revenue fromOperations

43,946

43,642

45,462

46,65947,691

Operating Income

16,301

17,35918,94019,673

19,433

Income before
Taxes and Special
Items

16,521

17,593

19,211

19,952

19,469Net Income

10,69912,084

13,143

13,572

13,199Total assets

101,802

101,767

109,485

108,913116,256

Shareholders’ equity

34,576

38,642

42,72440,43843,372Average of all facilities
Sales-linked & fixed ratio(Rent revenue basis)◇Changes in store area(㎡)and number of stores
Store area(㎡)Number of Stores(Millions of yen)

FY2016FY2017FY2018FY2019308,500

308,500

308,500

314,600

318,200

1,527

1,529

1,540

1,570

1,590

(Millions of yen)

Revenue from Operations
45,00040,00035,00030,00025,000

MITSUBISHI ESTATE CO., LTD.

Operating Income

Fixed Rent

50%

FY2018(Millions of yen)

19,00014,000100,000

4,000

Sales-Linked
Rent

FY2020(E)120,000

9,000

50%

Total Assets

110,000
90,00080,00070,00047

Lifestyle Property Business

3. Pipeline
Corowa Koshien

MARK IS Fukuoka Momochi

Retail Property

M’s CROSS Omotesando

Number of Stores:2
Open: Sep. 2017

Logistics Facility

FY2018

Number of Stores:63
Open: Apr. 2018

FY2019Number of Stores:163
Open: Nov. 2018

FY2020

FY2021

FY2022LOGIPORT
Osaka Taisho

Logicross
Nagoya Kasadera

LOGIPORT Kawasaki Bay

Saito Moegi
Logistics Facility Project

Total Floor Area: 122,000㎡
Completion: Mar. 2018

Total Floor Area: 80,600㎡
Completion: Jan. 2019

Total Floor Area: 296,800㎡
Completion: May 2019

Total Floor Area: 157,000㎡(2 Blocks)
Block B Completion: FY2021
Block A Completion: FY2022

Logicross Narashino

Osaka Nishi-Yodogawa
Logistics Center

Logicross Yokohama
KohokuTotal Floor Area: 39,100㎡
Completion: Mar. 2018

Total Floor Area: 38,300㎡
Completion: Sep. 2018

Total Floor Area: 16,000㎡ Total Floor Area: 34,700㎡ Total Floor Area: 62,200㎡
Completion: Jun. 2019
Completion: Jul. 2019
Completion: Nov. 2020

MITSUBISHI ESTATE CO., LTD.

Logicross AtsugiⅡ

Logicross Ebina
Project

48

Lifestyle Property Business

4. Logistics Facility BusinessTokyo Ryutsu Center Distribution B Building

Logicross Narashino

Name

Location

Tokyo Ryutsu Center Distribution B Building

Ota, Tokyo

Logicross Nagoya Kasadera
Site Area

Total Floor Area-

171,300㎡

Logicross Yokohama Kohoku
Construction Start Date

Completion Date-

Jun. 2017

Logicross Narashino

Narashino, Chiba

19,300㎡

39,100㎡-

Mar. 2018

Osaka Nishi-Yodogawa Logistics Center

Osaka, Osaka

18,100㎡

38,300㎡

Jul. 2017

Sep. 2018

Logicross Nagoya Kasadera

Nagoya, Aichi

33,200㎡

80,600㎡

Sep. 2017

Jan. 2019

LOGIPORT Kawasaki Bay

Kawasaki, Kanagawa

134,800㎡

296,800㎡

Dec. 2017

May 2019

Logicross Yokohama Kohoku

Atsugi, Kanagawa

8,000㎡

16,000㎡

Jun. 2018

Jun. 2019

Logicross AtsugiⅡ

Atsugi, Kanagawa

17,300㎡

34,700㎡

Aug. 2018

Jul. 2019

Saito Moegi Logistics Facility Project B District

Ibaraki, Osaka

15,800㎡

31,700㎡

FY2020

FY2021

Saito Moegi Logistics Facility Project A District

Ibaraki, Osaka

51,000㎡

125,300㎡

FY2020

FY2022

Logicross Ebina Project

Ebina, Kanagawa

30,100㎡

62,200㎡

Oct. 2019Nov. 2020

Logicross Hasuda Project

Hasuda, Saitama

49,600㎡

79,100㎡

Jan. 2020

Mar. 2021

Logicross Kasukabe Project

Kasukabe, Saitama

19,000㎡

38,000㎡

Mar. 2020

Apr. 2021

Logicross Funabashi Project

Funabashi, Chiba

11,700㎡

23,600㎡

Nov. 2020

Nov. 2021

Logicross Zama Project

Zama, Kanagawa

83,400㎡

183,900㎡

Jan. 2022

Jun. 2023

MITSUBISHI ESTATE CO., LTD.

49

Residential Business

MITSUBISHI ESTATE CO., LTD.

50

Residential Business1. Condominium Business Data

FY2019-2Q(Results)

FY2019(Results)

102,564

238,924

97,057208,000

Condominiums
Sold(units)

1,539

4,007

1,515

3,300

Gross margin

19.7%

17.0%

16.8%

17.2%

371

542

441

-

1,631

3,966

2,463

3,400

Condominiums
Sold(millions of yen)

Inventory(units)New Supply of
Condominiums(units)MITSUBISHI ESTATE CO., LTD.

FY2020-3Q
FY2020(Results) (Estimates)

Land Bank
Breakdown in reporting term(as of September, 2019)

5,300
9,700
3,700

Total: 18,700 units
FY2020 - FY2022
FY2023 - FY2025
FY2026 -51

Residential Business

2. Condominium Business Data②
Quarterly Distribution of Sales by Agreement Date
(Millions of yen)

254,140

260,000
240,000
220,000

215,762200,000

95.8%

180,000

89.3%

160,000

79.4%

140,000
120,000

60.6%

223,266

96.5%

94.8%
88.7%
77.9%

238,924

89.3%

93.0%

80.7%

84.7%

66.1%

63.0%

208,000 (E)
92.5%

73.1%

82.9%

59.2%

68.9%

100,000

50.1%

80,00060,00040,00020,000
0

16/3

17/3

Full-year sales

MITSUBISHI ESTATE CO., LTD.

18/3

End of 3Q

End of 2Q

19/3

End of 1Q

20/3

Beginning of FY

52

Residential Business3. Condominium Market Data
Number of New Supply / Average Prices (the Greater Tokyo Area)(Unit)(Average price / Millions of yen)60

120,000
59.8

100,000

50

80,00040

60,00030

32,00031,23840,00010

20,0000201998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
(E)
Number of new supply

0

Average priceSource: Real Estate Economic Institute Co., Ltd.

MITSUBISHI ESTATE CO., LTD.

53

Residential Business

4. Rental Apartment

Parkhabio Akasaka Tower

The Parkhabio Kiba
MITSUBISHI ESTATE CO., LTD.

Name

Location

Parkhabio Ebisu

Shibuya, Tokyo

Parkhabio Monzen Nakacho

Site Area

Total Units

Completion Date

700㎡

109

Oct. 2013

Koto, Tokyo

900㎡

129

Mar. 2014

Parkhabio Shibaura

Minato, Tokyo

700㎡

84

Dec. 2014

Parkhabio Iidabashi

Chiyoda, Tokyo

500㎡

113

Feb. 2015

Parkhabio Akasaka Tower

Minato, Tokyo

1,100㎡

212

Mar. 2015

Parkhabio Akihabara Est

Taito, Tokyo

400㎡

54

Mar. 2015

The Parkhabio Ueno Okachimachi

Taito, Tokyo

500㎡

72

Aug. 2016

The Parkhabio Shinagawa Togoshi

Shinagawa, Tokyo

300㎡

36

Nov. 2016

The Parkhabio Negishi 3-chome

Taito, Tokyo

500㎡

45

Jul. 2017

The Parkhabio Yokohama Kannai

Yokohama, Kanagawa

500㎡

85

Oct. 2017

The Parkhabio Sangen-jaya Terrace

Setagaya, Tokyo

900㎡

56

Nov. 2017

The Parkhabio Nihonbashi Kodenmacho

Chuo, Tokyo

200㎡

44

Nov. 2017

The Parkhabio Asakusa Komagata

Taito, Tokyo

300㎡

41

Dec. 2017

The Parkhabio Shinjuku

Shinjuku, Tokyo

2,200㎡

219

Feb. 2018

The Parkhabio Nihonbashi Hakozakicho

Chuo, Tokyo

400㎡

50

Feb. 2018

The Parkhabio Waseda

Shinjuku, Tokyo

900㎡

99

Mar. 2018

The Parkhabio Sugamo

Toshima, Tokyo

1,700㎡

188

May 2018

The Parkhabio Ebisu Place

Shibuya, Tokyo

800㎡

71

Sep. 2018

The Parkhabio Nishiyokohama

Yokohama, Kanagawa

400㎡

81

Nov. 2018

The Parkhabio Meguro Fort

Meguro, Tokyo

500㎡

27

Jan. 2019

The Parkhabio Kakinokizaka

Meguro, Tokyo

1,300㎡

49

Jan. 2019

The Parkhabio Kiba

Koto, Tokyo

1,700㎡

223

Feb. 2019

In addition to the listed above, there are approximately 20 projects under development

54

Residential Business

5. Redevelopment Project・Condominium Reconstruction Project
Redevelopment Project ・ Large-scale Development Project

Condominium Reconstruction Project

Scheduled
Delivery

Scheduled
Delivery

Location

Location

Project Name

Total Units

Project Name

Total Units

FY2020Mitaka, Tokyo

Gracia Tower Mitaka

184

FY2020

Shibuya, Tokyo

The Parkhouse Ebisu

102

FY2021

Shinagawa, Tokyo

Crevia Tower Oimachi THE RESIDENCE

136

FY2021

Shinjuku, Tokyo

The Parkhouse Waseda

115

FY2021

Narashino, Chiba

Tsudanuma The Tower

759

FY2021

Fukuoka, Fukuoka

The Parkhouse Momochi

231

FY2021Adachi, Tokyo

Senju The Tower

180

FY2022

Minato, Tokyo

The Parkhouse Mita Tower

FY2021

Atsugi, Kanagawa

The Parkhouse Hon-Atsugi Tower

160

FY2023 -The Greater Tokyo Area

FY2021

Kawaguchi, Saitama

The Parkhouse Kawaguchi Honcho

162

FY2021

Chiba, Chiba

Makuhari Bay Park Sky Grand Tower

826

FY2021

Kagoshima, Kagoshima

Kagoshima city Chuocho19・20 Redevelopment210

FY2022

Bunkyo, Tokyo

Park Court Bunkyo Koishikawa The Tower

580

FY2023Chuo, Tokyo

HARUMI FLAGThe Greater Tokyo Area

19 Street Area Redevelopment, Togoshi 5chome、Minami-Takasago Area Redevelopment, Urawa
Station Nishiguchi, etc.*1

Total 10,200*2

Outside of the Greater
Tokyo Area

C Street Area Redevelopment, Minatocho 3chome, etc. *1

Total 2,900*2

FY2023 -111
Total 1,300

4,100*1 There are approx. 20 ongoing projects scheduled for delivery in FY 2023 onward*2 Total of several planned projectSenju The Tower

MITSUBISHI ESTATE CO., LTD.

55

Residential Business6. Overseas Residence
Name

Location

Site Area

Total Units

Completion Date

ChangchunApprox. 130,000㎡

574

Dec. 2015

3,452

2019 (Scheduled)

China
Weifeng・Dong Yue

Vanke・Nantong

Life Ladprao Hype

Zhuojin・Wandai(Parc Botanica)

ChengduApprox. 75,000㎡

Weifeng・Dongyu

ChangchunApprox. 179,000㎡ To be determined2020 (Scheduled)

Vanke・Nantong

Nantong

Approx. 98,000㎡

Approx. 1,100

2020 (Scheduled)

HaimenHaimenApprox. 91,000㎡

1,424

2021 (Scheduled)

Vanke・Wuxi

Wuxi

Approx. 81,800㎡

1,556

2020 (Scheduled)

Thailandaspire Sathorn-Thapra

BangkokApprox. 8,500㎡

1,218

Nov. 2016

Life Pinklao

BangkokApprox. 8,000㎡

803

Nov. 2017

Life Asoke

BangkokApprox. 10,700㎡

1,642

Apr. 2018

RHYTHM Ekkamai

BangkokApprox. 3,000㎡

326

Oct. 2018

Life Sukhumvit 62

BangkokApprox. 4,300㎡

438Jan. 2020 (Scheduled)Life one WirelessBangkokApprox. 7,000㎡

1,344

Feb. 2020 (Scheduled)Life Ladprao

BangkokApprox. 11,000㎡

1,615Mar. 2020 (Scheduled)Life Asoke-Rama9

BangkokApprox. 14,000㎡

2,248

Oct. 2020 (Scheduled)Life Ladprao Valley

BangkokApprox. 9,000㎡

1,140Aug. 2021 (Scheduled)Life Asoke Hype

BangkokApprox. 8,100㎡

1,253

Jul. 2021 (Scheduled)

RHYTHM Ekkamai Estate

BangkokApprox. 3,500㎡

303

May 2021 (Scheduled)

Malaysia
Stonor 3

Kuala Lumpur

Approx. 5,900㎡

4002019 (Scheduled)

The Gems

Selangor

Approx. 40,000㎡

676

To be determined

Binh Duong Province

Approx. 7,900㎡

Approx. 560

2021 (Scheduled)VietnamSora gardensⅡ
Australia
Melbourne Quarter

Melbourne

Approx. 4,400㎡

719

2020 (Scheduled)

Mastery

SydneyApprox. 16,900㎡

3742021 (Scheduled)

Mastery
MITSUBISHI ESTATE CO., LTD.

56

International Business

MITSUBISHI ESTATE CO., LTD.

57

International Business1. International Business Overview①Total assets by area
Total Assets of Major Overseas Subsidiaries
Main Location

At June 30, 2019 *1,2,3

Currency Exchange Rate

Rockefeller Group, Inc.

USA

430,761 millions of yen￥ / $(BS)107.79Mitsubishi Estate London Limited.

UK

163,411 millions of yen￥ / ￡(BS)136.57

Mitsubishi Estate Asia Pte. Ltd. *4

Asia

187,863 millions of yen￥ / S$ (BS)79.68

*1 Before consolidation adjustments.
*2 Due to overseas subsidiaries closing
accounts in Dec., figures from
3 months previous are used.
*3 The Total Assets of Major Overseas
Subsidiaries includes those in theInternational Business and the Investment
Management Business.
*4 Including the equity investments directly
made by Mitsubishi Estate.

②Strategy
・We analyze each market, and screen the “suitable place” where we can earn appropriate profits.
・We will continue to expand our international business with strategies of “suitable place, suitable resources” while developing diverse approaches according to
the characteristics of the targeted markets and the necessary management resources.

The United States

EuropeAsia

Strengths andCompetitiveness・Sourcing ability, market accessibility,
development capability based on long termbusiness achievements
・Asset management service by TA Realty

・Sourcing ability based on long-term businessachievements
Utilizing development know-how based on・Development Team composition /domestic business experiencemanagement ability
・Asset management service by Europa Capital

Approach・Hands-on development led by Rockefeller
Group・Hybrid model investment using TA Realty's
resources

・Development focusing on asset manager
model-type development

MITSUBISHI ESTATE CO., LTD.

・Expands mainly on partnership-type realestate development investments

58

International Business2. North America
Name

Location

Main Use

Site Area(㎡) Leasable Area(㎡) Floors* / Units

Completion Date

1271 Avenue of the Americas

New York, NewYork

Office・Retail

8,950

195,000

48/3

Completion in 1959
Renovation
completion in 20191221 Avenue of the Americas

New York, NewYork

Office・Retail10,000244,000

51/5

1972

Flushing Commons(Phase 1)

New York, NewYork

11,000-Rockefeller Group Logistics
Center(5 Bldg.)

Piscataway, New
JerseyLogistics

Boro Tower

Tysons, Virginia

Liv North Valley

Office for sale
Residence

NORTH AMERICA
Rockefeller Group International, Inc.
Mitsubishi Estate New York Inc.

13/1

Retail148

New York

2017

17/1
2019

1,692,000

191,000-

Office・Retail

16,70041,00020/4

Jan. 2019

Phoenix, Arizona

Rental Apartment

100,000

30,000385

Apr. 2019

Liv Goodyear

Goodyear,Arizona

Rental Apartment

67,00027,000326

Dec. 2018

Tri City Industrial Complex

San Bernardino,
California

Logistics

76,00039,500-Sep. 2018

Optimus Logistics Center(2 Bldg.)

Perris, California

Logistics

277,000

134,000-

Sep. 2018

MITSUBISHI ESTATE CO., LTD.

Boro Tower

Optimus Logistics Center

Atlanta

Mitsubishi Estate Group office
and its project locations
Major Project Locations* Floors(above ground / below ground)

Flushing Commons

Washington, D.C.

Los Angeles
Phoenix

Boston1221 Avenue of the Americas

1271 Avenue of the Americas

59

International Business

3. Europe
Name

Location

Main Use

Clive House

London, UK

Office145 Leadenhall Street

London, UK

Office・Retail

1 Victoria Street

London, UK

OfficeSite Area(㎡) Leasable Area(㎡) Floors*

Completion Date

8,000

8/1

1930’sRenovated in
2003

-

1,500

9/1

1950

7,900

31,200

9/3

1960’s

1,800(Tentative Name) 8 Bishopsgate

London, UK

Office・Retail

3,460

53,00051/3

2022

Warwick Court

London, UK

Office・Retail

3,300

18,300

8/2

2003

Central Saint Giles

London, UK

Office・Retail

7,900

38,800

11/2

2010

8 Finsbury Circus

London, UK

Office・Retail

2,200

15,9009/2

2016

245 Hammersmith Road

London, UK

Office・Retail

5,000

24,000

12/1

2019

46 Rue La Boétie

Paris, France

Office

580

2,400

9

1964
Renovated in
2008

Feringastrasse 10-12

Munich, Germany Office

12,00022,0005/2

2003

EUROPE

Mitsubishi Estate London Limited

LondonParis

Munich* Floors(above ground / below ground)

Mitsubishi Estate Group office
and its project locations
Major Project Locations(Tentative Name) 8 Bishopsgate
MITSUBISHI ESTATE CO., LTD.

Central Saint Giles

8 Finsbury Circus

46 Rue La Boétie

Feringastrasse 10-1260International Business

4. Asia / Oceania
Name

Location

Main Use

Site Area(㎡) Leasable Area(㎡) Floors / Units

Completion Date

Residential Development Project
Shanghai City, China
in Shanghai

Residence・Retail85,000-1,400

Logistics Development Project inBeijing City, China
Beijing(5 Bldg.)

Logistics

107,200

-

-

2018

Township Development Projectin Chengdu

Chengdu City, China

Residence・Retail75,000

-

3,400

2019

Mixed Use Development inHangzhouHangzhou, China

Office13,900

-

22

2021

Phase 3 of Singapore-Hangzhou
Science & Technology Park

Hangzhou, China

Office52,500--2020

Taiwan Nangang Development
Project(4 Bldg.)

Taipei City, Taiwan

Office・Hotel ・Retail

67,000-Grand Open in
Dec. 2015

One City Centre

Bangkok, Thailand

Office・Retail

9,700

-

61

2022

Savya Financial CenterNorth Tower

Manila, Philippines

Office・Retail6,000*2

-

14

2021

Yoma Central(4 Bldg.)

Yangon, Myanmar

Office・Residence・
Hotel・Serviced
Apartment・Retail40,000--2021

Riverbank Place

Ho Chi Minh, Vietnam Office200,000*1

Dec. 2017

SuzhouChengdu25

Dec. 2014

6,100

93,400*351

2021

Singapore

Daswin Project

Jakarta, Indonesia

Office16,00041

2021

Melbourne Quarter East Tower

Melbourne, Australia

Residence

4,400

-

719

2020

Circular Quay Tower

Sydney, Australia

Office・Retail

4,600

-

-

2021

75,000Mitsubishi Estate(Shanghai) Ltd.
ShanghaiTaipei

Mitsubishi Estate Taiwan Ltd.

YangonBangkok

9,900

CapitaSpring

HangzhouSingapore

ManilaMitsubishi Estate Vietnam Company Ltd.

Ho Chi Minh City

3,200

Office・Serviced
Apartment・Retail

ASIA･OCEANIA

Mitsubishi Estate Asia Pte. Ltd.

Jakarta

PT. Mitsubishi Estate Indonesia*1 Total Floor Area
*2 Total Site Area
*3 Total Total Floor Area

SydneyMelbourne

Mitsubishi Estate Group office
and its project locations
Mixed Use Development in Hangzhou
MITSUBISHI ESTATE CO., LTD.

Daswin Project

Yoma Central

Circular Quay Tower

Major Project Locations

61

Other business

MITSUBISHI ESTATE CO., LTD.

62

Other business1. Investment Management Business: Global Platform
Globally, we have combined assets under management of approximately JPY 3.1 trillion.

AuM Area Breakdown(Billions of Yen)

Asia & Oceania
40.0Europe350.0

JREA
1,020.0

Carry out marketing and research and establish funds worldwide
Overseas

Provide global opportunities to worldwide investors
Japan Real Estate AssetManagement Co., Ltd.

Group-wide
Synergy

Total:
approximately
JPY 3.1 trillion.

United States
1,000.0

Domestic

MJIA
700.0

Mitsubishi Jisho
Investment Advisors, Inc.
(End of FY2019)

Mitsubishi Estate Group’s network
for investment & development and management & services
MITSUBISHI ESTATE CO., LTD.

63

Investment / Financial Data etc.

For details of ESG initiatives in "Long-term Management Plan 2030“,
Please refer to the following link.
https://www.mec.co.jp/e/investor/plan/pdf/plan200124_e.pdf
MITSUBISHI ESTATE CO., LTD.

64

Investment / Financial Data etc.

1. Capital Investment
Capital Investment / EBITDA

Major Breakdown of Capital Investment(Billions of Yen)

(Billions of Yen)

350.0
300.0

275.3

250.0

51.6

200.0

30.9

2.8

27.6

40.1
12.1

100.0

0.0

2.4

11.8

285.0

7.1

13.0

2.7
93.4

74.7

58.6

6.5

104.9

50.0

289.5

25.1

26.4

150.0

275.3

FY2016

17.2
15.2

22.1
36.0

38.4
6.5

36.9

15.9
126.1

FY2017

16.8
21.3

96.3

FY2018

350.0

309.0
6.5
9.0

21.0

8.0
4.0

79.0
33.0

300.0
250.0

150.0

17.0
25.0

100.0

80.0

FY2019FY2020(E)Office Building(MEC: New/Redevelopment)

Office Building(MEC: Refurbishment)

Office Building(Subsidiaries)

Lifestyle Property

Residential

International

Hotel & Airport

Special Purpose Vehicle

275.3
252.0

275.3

320.6
285.0

324.0
309.0

200.0

42.0

68.4

279.7

302.4
289.5

50.0
0.0

FY2016FY2017FY2018

Capital Investment

FY2019FY2020(E)

EBITDA

Other(including consolidated eliminations)

MITSUBISHI ESTATE CO., LTD.

65

Investment / Financial Data etc.

2. Special Purpose Vehicles: Investment Balance (Unconsolidated / Domestic)
Breakdown: Investment Balance (as of December 31, 2019)(Billions of Yen)

Interest bearing debt
82.9

S.P.V. Total Scale*1*2

Office Building
Business
318.4

Consolidated S.P.V.
132.5

Equity investment byother companies
87.4
Interest bearing debt
82.7

376.8

Equity investment by
Mitsubishi Estate
206.4
Lifestyle Property
Business
58.3

Office Building
Business
209.8

Lifestyle Property
Business
34.4

Equity investment byother companies
87.4

Unconsolidated
S.P.V. Scale
244.3

Equity investment by
Mitsubishi Estate74.0*1 S.P.V. in which our stake is 20% or above*2 Please refer to FACTBOOK for the breakdown by segment

MITSUBISHI ESTATE CO., LTD.

66

Investment / Financial Data etc.

3. Net Interest-bearing debt/EBITDA Ratio(Billions of Yen)

10.0

2,500.0(Times)9.0
2,000.0

7.7

7.5

7.4

7.3
6.7

1,500.0

1,000.0

7.1

7.0

7.0
6.9

6.7
6.1

1,878.6
1,753.6

2,153.6
1,978.6

2,194.8
2,019.8

2,140.2
1,965.2

8.0

2,400.0
2,225.0

6.0
5.0
4.0
3.0
2.0

500.0

1.0
0.0

FY2016FY2017Net Interest-bearing debt
Debt/EBITDA Ratio (right axis)

MITSUBISHI ESTATE CO., LTD.

FY2018FY2019FY2020(E)0.0

Net Interest-bearing debt
*after hybrid debt deductions
Debt/EBITDA Ratio (right axis)*after hybrid debt deductions
67

Investment / Financial Data etc.

4. Interest-Bearing Debt Breakdown(Billions of Yen)

3,000.0

95.0%

95.0%

96.1%

93.7%

2,500.0

6.8

10.2

2,000.0

7.2

53.1%

8.3

1,500.0

1,000.0

35.0

61.8%

61.7%

1,292.9
1,065.4

7.2

9.5
54.0%

1,261.9

1,072.3

28.0
60.1%

64.1%

1,381.2

566.3

0.0

Total

747.2

636.2

701.5

100.0

5.6

69.7%
1,428.5

100%

95.4%

93.6%

90%

4.7

4.5

100.0

73.2%

100.0
76.2%

685.2

1,523.0

1,406.0

653.0

250.0

250.0

250.0

612.7

603.8

558.9

FY2013

FY2014FY2015FY2016FY2017FY2018FY20191,693.0

1,716.8

2,085.4

1,973.0

1,929.3

2,291.0

2,396.9

2,481.6

2,319.5

Subordinated loan

CP

Lease liability

MITSUBISHI ESTATE CO., LTD.

Bank Loan

50%

30%

FY2012

Subordinated bond

70%

40%

FY2011

Straight Bond

80%

60%

1,208.8

250.0

500.0

96.4%

95.1%

93.4%

Fixed ratio

20%
10%
0%

Long-term ratio

68Investment / Financial Data etc.

5. Interest-bearing debt: Procurement Interest rates /Average Duration of Interest-bearing debt (Unconsolidated)(Year)

10

2.5%

9
8
7
6
5
4

1.90%
6.20
1.58%

1.88%
5.91
1.42%

1.88%
1.72%
5.45
1.40%

1.29%

1.27%
1.05%

3

5.55

1.01%

5.58

5.45

1.54%

1.55%

1.05%

1.07%

0.72%

0.70%

1
0

FY2009FY2010FY2011FY2012Average Duration of Interest-bearing debt

MITSUBISHI ESTATE CO., LTD.

FY2013

5.71

1.41%
1.52%

0.96%

0.87%

2

6.18

FY2014

Bonds/Average interest

0.96%

0.62%

0.61%

FY2015FY2016

6.36

1.38%

0.95%

0.66%

FY2017

Bank Loans/Average interest

6.79

1.32%

0.97%
0.75%

FY2018

6.69

2.0%

1.5%
1.24%

0.92%

1.0%

0.71%

FY20190.5%

Total/Average interest

69

Contact Information
Investor Relations Office,Corporate Communications Department
Mitsubishi Estate Co., LTD.
+81-3-3287-5200
https://www.mec.co.jp/<Disclaimer>
Regarding information on the properties of this material, it is based on judgment obtained from information available at thepresentation date of this material.
Please be aware that actual information can result in different results depending on various factors.

MITSUBISHI ESTATE CO., LTD.