■November 10, 2022

MITSUBISHI ESTATE CO., LTD.

FACT BOOK FY2023-2Q(The Fiscal Year Ending on March 31, 2023)

Inquiries: MITSUBISHI ESTATE CO., LTD.
Investor Relations Office
TEL: +81-3-3287-5200
FAX: +81-3-3212-3757
https://www.mec.co.jp/e/investor/index.html

Page

Ⅰ. Performance Comparisons (Consolidated)

Ⅱ. Investment Data
Ⅲ. Business Data

Ⅳ. Historical Performance Data (Consolidated)

1. Income Statement Results for FY2023-2Q and FY2022-2Q

3

2. Current Income Statement Forecasts for FY2023 and Results for FY2022

4

3. Balance Sheet Results

5

4. Cash Flow Statements

6

1. Investment Data7

2. Assets Breakdown and Special Purpose Vehicles Data8

1. Commercial Property Business Operating Revenue Breakdown (Consolidated)

9

2. Office Building Data (Consolidated)

9

3. Office Building Data (Unconsolidated)

9

4. Marunouchi Area Building Data (Unconsolidated)

9

5. Domestic Condominium Business Data10

1. Major Performance Items

11

2. Segment Information (Consolidated)

12

Ⅴ. Mitsubishi Estate Group Companies' Data

13〜15

Disclaimer
・This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance,
our plans and objectives for future operations and projections of revenue and other financial items.
These predictions are inherently subject to risks and uncertainties, due to unforeseeable events or external factors.
Future events and actual results, financial and otherwise, may differ materially from the events and results expressed
here.
・Please refer to ASSET BOOK for principal projects.

2

Ⅰ. Performance Comparisons (Consolidated)
1. Income Statement Results for FY2023-2Q and FY2022-2Q
Millions of yen (rounded down)【Overview】
There is an increase in profits YoY. The operating profit, ordinary
profit, and profit attributable to owners of parent YoY mark record
highs. Main factors include the followings: an increase in capitalgains; a recovery of retail properties and hotels; an increase in fee
income in Investment Management Business.
【Commercial Property Business】
A decrease in capital gains led to an overall decrease in revenue andprofits YoY.
Capital gains decreased due to the absence of the sale of a large officebuilding recorded in FY2022-2Q.
Despite an improvement in income gains along with a recovery of
demand in retail properties and hotels followed by the relaxing ofrestrictions, factors, such as impact of a decrease in rental revenue
from buildings to be closed led to a decreasd in profits.
＜Office Buildings＞
In regards to new buildings, there is an increase in rental revenue andprofits as a result of contribution of Tokiwabashi Tower. In existingbuildings, factors, such as impact of a decrease in rental profits as aresult of a decrease in rental revenue from buildings to be closed, led
to an overall decrease in rental revenue and profits YoY.
＜Retail Properties (e.g. outlet malls)＞
There is an increase in revenue and profits YoY with the relaxing ofrestrictions. The performance is in steady progress toward achieving
our full-year forecasts.

FY2023-2Q
Results【Residential Business】
There is a decrease in revenue and profits YoY. However, over 90% ofsales forecast in domestic condominiums has already been underagreement and progressing well.
【International Business】
There is a significant increase in revenue and profits YoY.
A substantial increase in capital gains from sales of Central St. Giles,
an office building in London, as well as logistic facilities in U.S. is themain factors led to this overall increase.
【Investment Management Business】
There is an increase in revenue and profits YoY. Main factors led to an
overall increase are: a record of incentive fee from rising market valueof managed assets in U.S. funds and an increase in fees as AUM grew.
However, the said incentive fee is expected to be distributed to
employees in management companies, therefore, contribution of profit
attributable to owners of parent is limited.

ChangeMillions of yen (rounded down)■Breakdown of Extraordinary income

Commercial Property Business

333,109371,445(38,336)

Gain on sale of non-current assets

Residential Business

120,633

135,293(14,659)

Gain on sale of investment securities

International Business

94,03344,03849,995Gain on sale of shares of subsidiaries and associates

Investment Management Business

29,48012,544

16,935

Total

Architectural Design & Engineering Business and Real Estate Services Business

26,19924,029

2,170

4,686

4,655

30

(13,578)(12,983)(595)

594,565

579,023

15,541

Commercial Property Business

77,91997,070(19,151)

Residential Business

3,339

5,665

(2,325)International Business

60,786

18,54842,237

Total

Investment Management Business

14,608

4,097

10,511Other
Eliminations
Operating Revenue

Loss related to retirement of non-current assets

10,796

11,569Loss on valuation of investment securities

2,821

-

2,821

13,617

11,5692,048

Millions of yen (rounded down)＜Reference＞■Capital Gains included in Operating profit

Eliminations or Corporate(13,143)(11,285)(1,857)142,078

111,658

30,420

7,762

7,784

(21)

289

277

11

International Business

Extraordinary loss
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent(6,208)FY2022-2Q
Results(383)

Profit before Income Taxes

-

6,269

6,208

FY2023-2Q
Results■Breakdown of Extraordinary loss

1,388

Extraordinary income--(1,878)(665)

Non-operating expenses

6,269(1,817)(1,771)

Ordinary Profit

Change

1,878

(382)

Non-operating income

FY2022-2Q
Results

8,087(1,048)Operating Profit

FY2023-2Q
Results

6,269

Other

Architectural Design & Engineering Business and Real Estate Services Business(Share of profit of entities accounted for using equity method)＜Hotels＞
A recovery of domestic demand led to an increase in revenue YoY.
The performance is in steady progress toward achieving our full-year
forecasts.

FY2022-2Q
Results

Change(773)

Millions of yen (rounded off to the nearest billion)

FY2023-2Q
Results

FY2022-2Q
Results

Commercial Property Business

6,000

24,000Residential Business

5,000

5,000

0

47,0007,000

40,000Change(18,000)

19,307

24,811(5,503)

Investment Management Business--

130,534

94,63135,902

Other

-

-

-

6,269

8,087

(1,817)

Eliminations or Corporate

-

-

-

58,00036,00022,00013,617

11,5692,048

123,186

91,14932,036

Total-*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

31,52828,5382,990

91,65762,611

29,045＜Reference＞

15,314

7,323

7,990

■Business profit

76,34255,287

21,055Business profit

Millions of yen (rounded down)

FY2023-2Q
Results

FY2022-2Q
Results

142,368

111,936

Change30,432*Business profit: Operating profit + Share of profit of entities accounted for using equity method

32. Current Income Statement Forecasts for FY2023 and Results for FY2022* There is no change in the FY2023 earnings estimates announced on May 12, 2022.
Millions of yen (rounded down)【Overview】
The highest record for two consecutive years is expected in operating profit
and profit attributable to owners of parent for FY2023. Contributing factors
include a significant increase in overseas capital gains and a recovery of
demand in hotels and retail properties as a result of the easing of restrictions.
Annual dividends per share is expected to be 38 yen, a record high for two
consecutive years. ROE is also expected to keep the 8% level.
【Commercial Property Business】＜Office Buildings＞
Despite an increase in rental profits as a result of full-year operation of
Tokiwabashi Tower, a decrease is expected in rental revenue from existingbuildings being closed for redevelopment and also in revenue for the amountequivalent to restoration costs in existing buildings.
＜Retail Properties＞
An increase in rental revenue and profits is expected as a result of therelaxing of restrictions.
＜Hotels＞
An improvement in overall revenue is expected mainly as a result of arecovery of domestic demand followed by the easing of restrictions.
【Residential Business】
Despite a decrease in revenue and profits due to a decrease in the numberof units sold of domestic condominiums, a significant increase is expected incapital gains from rental apartments.
【International Business】
An increase in profits is expected mainly as a result of a significant increasein capital gains from sales of Central Saint Giles in London and logistic
facilities in U.S.

FY2023
Forecasts

ChangeMillions of yen (rounded down)■Breakdown of Extraordinary income

FY2023
Forecasts

FY2022
Results

ChangeCommercial Property Business

788,000

760,658

27,342Gain on sale of non-current assets

Residential Business

345,000

380,959(35,959)

Gain on sale of investment securities

International Business

205,000

121,234

83,766

Gain on sale of shares of subsidiaries and associates

-

1,843

(1,843)

Investment Management Business

35,00046,702(11,702)

Reversal of provision for environmental measures

-

3,576

(3,576)6,000

20,189(14,189)

Architectural Design & Engineering Business and Real Estate Services Business

62,00057,780

4,220

Other

11,000

10,134866

Eliminations
Operating Revenue
Commercial Property Business(30,000)(27,979)(2,021)

1,416,000

1,349,489

66,511

182,000

189,909(7,909)Total

Residential Business

27,00030,173(3,173)

Loss related to retirement of non-current assets

94,00055,81638,184

Impairment loss

Investment Management Business

13,00026,537(13,537)

Total

4,000

2,802

1,198

Architectural Design & Engineering Business and Real Estate Services Business

6,000

6,781

(781)

-

7,987

(7,987)

Millions of yen (rounded down)■Breakdown of Extraordinary loss

International Business＜Reference＞

FY2023
Forecasts

FY2022
Results

22,000Change16,254

5,746

-

3,866

(3,866)22,00020,120

1,880

Other

(2,000)(1,683)(317)

Eliminations or Corporate(27,000)(24,578)(2,422)

291,000

278,977

12,023

12,00016,319(4,319)Commercial Property Business

35,00042,000(7,000)

400

332

68

Residential Business

22,0005,000

17,00065,000Operating Profit
Non-operating income(Share of profit of entities accounted for using equity method)

Non-operating expenses
Ordinary Profit【Investment Management Business】
While there is an overall decrease in revenue and profits due to an effect of arecord of contingent fee in FY 2022, an increase in profits excluding
contingent fee is expected as AUM steadily grows.

FY2022
Results

Extraordinary income
Extraordinary loss
Profit before Income Taxes
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent■Capital Gains included in Operating profit

Millions of yen (rounded off to the nearest billion)

FY2023
Forecasts

FY2022
Results

Change32,00041,586(9,586)

International Business

271,000

253,710

17,290Investment Management Business-

29,000-36,000-6,000

20,189(14,189)

Other

-

-

-

22,00020,1201,880

Eliminations or Corporate

255,000

253,779

1,221

Total

*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

76,00070,8895,111

179,000

182,889(3,889)14,00027,718(13,718)＜Reference＞

165,000

155,171

9,829■Business profit
Business profit

122,000--

76,00046,000Millions of yen (rounded down)

FY2023
Forecasts

FY2022
Results

291,400

279,310

Change12,090*Business profit: Operating profit + Share of profit of entities accounted for using equity method

43. Balance Sheet Results
Millions of yen (rounded down)

At Sep 30, 2022 At Mar 31, 2022
AssetsI. Current assets
1. Cash and deposits
2. Trade notes accounts receivable, and contract assets
3. Securities
4. Real estate for sale
5. Real estate for sale in process
6. Real estate for development
7. Costs on construction contracts in progress
8. Other inventories
9. Equity investments
10. Other current assets
11. Allowance for doubtful accounts
Total current assets
II. Non-current assets
1. Property, plant and equipment(1) Buildings and structures(2) Machinery, equipment and vehicles(3) Land(4) Land in trust(5) Construction in progress(6) Other property, plant and equipment
Total property, plant and equipment
2. Intangible assets(1) Leasehold interests in land
(2) Other intangible assets
Total intangible assets
3. Investments and other assets(1) Investment securities(2) Long-term loans receivable(3) Leasehold and guarantee deposits(4) Retirement benefit asset(5) Deferred tax assets(6) Other investments(7) Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

Millions of yen (rounded down)

Change275,478
49,063
4,979
44,214
456,715
719
6,399
1,679
705,455
84,204(480)
1,628,428

233,11760,645
4,280
41,239299,532
724
4,316
1,575
624,521
87,260(422)
1,356,789

42,361(11,581)
699
2,974
157,183
(5)
2,082
104
80,933(3,056)(57)
271,638

1,242,611
29,8662,372,832
582,514221,324
18,695
4,467,844

1,230,513
31,2082,310,551
585,470
169,700
18,545
4,345,989

12,097(1,341)
62,281(2,956)
51,624150
121,855

82,86325,312
108,175

82,541
25,550108,092

321
(238)
82

287,316
2,534
138,450
49,47526,600195,690(568)
699,498
5,275,518
6,903,947

299,6172,324
140,230
45,99825,887
169,535(548)
683,045
5,137,127
6,493,917(12,300)
209(1,780)3,476
713
26,154(19)
16,453
138,391
410,030

At Sep 30, 2022 At Mar 31, 2022
Liabilities
I. Current liabilities
1. Trade notes and accounts payable
2. Short-term borrowings
3. Current portion of long-term borrowings
4. Commercial papers
5. Current portion of bonds payable
6. Income taxes payable
7. Other current liabilities
Total current liabilities
II. Non-current liabilities
1. Bonds payable
2. Long-term borrowings
3. Leasehold and guarantee deposits received
4. Deferred tax liabilities
5. Deferred tax liabilities for land revaluation
6. Retirement benefit liability
7. Provision for retirement benefits for directors (and other officers)

8. Provision for environmental measures
9. Negative goodwill
10. Other long-term liabilities
Total non-current liabilities
Total liabilities
Net assets
I. Shareholders' Equity
1. Share capital
2. Capital surplus
3. Retained earnings
4. Treasury shares
Total shareholders' equity
II. Accumulated other comprehensive income
1. Valuation difference on available-for-sale securities
2. Deferred gains or losses on hedges
3. Revaluation reserve for land
4. Foreign currency translation adjustment
5. Remeasurements of defined benefit plans
Total accumulated other comprehensive income
III. Stock acquisition rights
IV. Non-controlling interests
Total net assets
Total liabilities and net assets

Change44,662
166,940
234,663
200,000
40,00021,356
216,740
924,362

60,516
182,052
79,92890,00029,445
189,099
631,043(15,854)(15,111)
154,734
200,000(50,000)(8,088)27,640293,319

827,418
1,516,073
445,393
276,130
264,082
28,124466
885
86,332
131,8073,576,714
4,501,077

786,335
1,598,562
451,749
274,176
264,082
27,402464
888
85,526137,252
3,626,441
4,257,484

41,083(82,488)(6,356)
1,953
721
1
(3)
806
(5,445)(49,726)
243,592

142,414
159,714
1,213,142(131,927)
1,383,344

142,414
159,749
1,165,344(132,483)
1,335,024(35)
47,798556
48,319127,6132,420
526,417
104,163
7,097
767,712
193
251,620
2,402,869
6,903,947

130,841103
526,4172,162
8,675
668,200
201
233,005
2,236,432
6,493,917(3,228)2,317
102,001(1,577)
99,511(8)
18,614
166,437
410,030-

54. Cash Flow Statements
Millions of yen (rounded down)①FY2022-2Q Results②FY2023-2Q Results

Change（②-①）③FY2022 Results④FY2023 (Forecasts)

Change（④-③）

Profit before income taxes

91,149123,186

32,036

253,779

255,000

1,221

Adjustment for extraordinary income or loss

6,753

4,384

(2,368)

7,349

16,0008,651

Depreciation

44,96546,084

1,119

91,581

94,0002,419

Decrease (increase) in inventories

31,924(133,010)(164,934)

116,993

102,000(14,993)

Decrease (increase) in equity investments(7,649)24,92832,578(30,267)(66,000)(35,733)

Other(73,050)(18,292)

54,758(107,139)

42,000149,139

Income taxes refund (paid)(32,156)(35,288)(3,132)(52,206)(73,000)(20,794)

61,935

11,993(49,942)280,090370,000

89,9106,119

845(5,273)

9,562

2,000

(7,562)

5

7,561

7,555

14,5709,000(5,570)(170,903)(146,612)

24,290(329,115)(459,000)(129,885)

Net cash provided by (used in) operating activities
Proceeds from sale and redemption of investment securities
Proceeds from sales of property and equipment and beneficial
interests in trust of property and equipment
Capital investment
Other(9,687)(6,669)3,017(8,795)(32,000)(23,205)(174,465)(144,875)

29,589(313,778)(480,000)(166,222)

Newly acquired funds

210,301

142,127(68,173)

390,678

399,000

8,322

Repayment(109,646)(107,308)

2,338(183,951)(235,000)(51,049)

Cash dividends paid

(31,170)(35,404)(4,234)(58,249)(64,000)(5,751)

Repurchase and disposal of own shares(11,154)(9)

11,145(29,861)

029,861

Other

101,104

165,291

64,186(27,641)(85,000)(57,359)

159,435

164,697

5,262

90,97315,000(75,973)224,084

277,126

53,041

234,244

140,000(94,244)(112,529)(132,882)(20,353)(33,687)(110,000)(76,313)

Net cash provided by (used in) investing activities

Net cash provided by (used in) financing activities
Cash and cash equivalents at end of period
Free cash flow

6

Ⅱ. Investment Data
1. Investment Data
Capital investment*

Millions of yen (rounded down)

FY2023-2Q

Equity investment

FY2023 (Forecasts)

Millions of yen (rounded down)

FY2023-2Q

FY2023 (Forecasts)

Total

146,612

Total

459,000

Total

41,029Total

140,000

Mitsubishi Estate

58,986

Mitsubishi Estate

154,000

Mitsubishi Estate

10,688Mitsubishi Estate

59,000(Breakdown)(Breakdown)(Breakdown)

Office Building

Office Building

Logistics Facility

New/Redevelopment buildings(Marunouchi redevelopment etc.)

Logistics Facility

42,00071,000

Office Building

12,00023,000International

3,000

Hotel

24,000

Other(Domestic)

2,000

Logistics Facility

21,000Other

56,00028,905

New/Redevelopment buildings(Marunouchi redevelopment etc.)

Refurbishment cost etc.

14,736

Refurbishment cost etc.

Hotel

10,199Retail Property

3,903

Retail Property

12,000Other

235,000

Other

87,626(Breakdown)(Breakdown)(Breakdown)

Other

10,10530,341(Breakdown)(Breakdown)

Mitsubishi Estate Residence

24,494

Mitsubishi Estate Residence

70,000Asia, Oceania

17,790US

35,000Consolidated SPC(Domestic)

21,194

Mitsubishi Estate Europe

58,000US

12,550Asia, Oceania

16,000Mitsubishi Estate Europe

18,096

MEC Group International

38,000Europe

3,000

MEC Group International

14,578

Consolidated SPC(Domestic)

16,000Sunshine City

2,013

Mitsubishi Estate・Simon

14,000Mitsubishi Estate・Simon

1,861

Consolidated SPC(International)

9,000Royal Park Hotels & Resorts

1,389

Sunshine City

6,000

Yokohama Sky Building

3,000

Marunouchi Heat Supply

2,000Royal Park Hotels & Resorts

2,000

Strategic investment

70,000Strategic investment

25,000* Major inter-group transactions are eliminated.

7

2. Assets Breakdown and Special Purpose Vehicles Data
Assets Breakdown (Consolidated)

Special Purpose Vehicles Data
Millions of yen (rounded down)
At Sep 30, 2022

At Mar 31, 2022

Millions of yen (rounded down)

ChangeInventories

At Sep 30, 2022

At Mar 31, 2022

ChangeEquity investments by Mitsubishi Estate

Condominium (domestic)

374,967

240,992

133,975

Domestic Office Building

59,10859,01791

International

17,592

9,617

7,975

Domestic(other)

85,181

73,638

11,54369,300US-

Europe

2,121

Asia

15,471

Other
Total inventories

170
9,447

(170)

International

561,165

491,8652,121

US

322,045

248,518

73,527

6,024

Europe43,391

59,713(16,322)

Asia

195,727

183,633

12,094705,455624,52180,933

117,169

96,77920,390509,728

347,388

162,340

59,10859,017

91

Total equity investments by Mitsubishi Estate

Equity investments
Domestic Office Building＜Reference＞

Domestic (other)

85,181

73,638

11,543

International

561,165

491,865

69,300

Domestic Office Building

US322,045

248,518

73,527

Domestic(other)

Millions of yen (rounded off to the nearest billion)

Equity investments by other companies
110,000

110,000

0

2,000

0

2,000

Europe43,391

59,713(16,322)

International

1,302,000

1,071,000

231,000

Asia

195,727

183,633

12,094

US

814,000

588,000

226,000

705,455624,52180,933

Europe34,00051,000(17,000)

Asia

454,000

432,000

22,0001,414,000

1,181,000

233,000
0

Total equity investments
Property, plant and equipment
Office Building

3,120,746

3,112,604

8,142

Total equity investments by other companies

Outlet Mall

139,948

134,724

5,224

Logistics Facility

103,530

94,051

9,479

Domestic Office Building

77,00077,000Retail Property (Except Outlet Mall)

139,383

147,400(8,017)

Domestic(other)

4,000

4,000

0

Rental Apartment

148,271

139,830

8,441International

1,252,000

983,000

269,000
219,000

Interest bearing debt borrowed by SPVInternational

563,176484,992

78,184

US674,000

455,000

US

255,696

217,318

38,378Europe10,000

9,000

1,000

Europe201,180

174,082

27,098Asia

568,000

519,000

49,0001,333,000

1,064,000

269,000

Asia
Other
Total property, plant and equipment

106,299

93,591

12,708

252,790

232,388

20,402

4,467,844

4,345,989

121,855

Total interest bearing debt borrowed by SPV* Domestic Same-Boat investment in Investment Management Business, etc. is not listed in the above reference.

8

Ⅲ. Business Data
1. Commercial Property Business Operating Revenue Breakdown (Consolidated)*1

Millions of yen (rounded down)

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

FY2023 (Forecasts)

Marunouchi Area Office Building

243,681248,249

126,459

256,967

125,848

252,000

Tokyo Area Office Building (Outside of Marunouchi)

128,927

140,51474,497

149,361

73,823144,000

Office Building (Outside of Tokyo)

64,54859,45729,99960,45030,96561,000Outlet Mall

46,38640,027

19,97844,16422,70451,000

Other*2

40,91936,175

17,89435,242

18,16637,000

Leasing

524,464

524,423

268,828

546,186

271,508

545,000

Sales of assets

Total leasing

91,03052,87863,233

126,878

8,386

124,000

Other*3

108,217

95,13939,38387,59353,214

119,000

Total

723,712672,441

371,445

760,658

333,109788,000*1 Including revenue from other segments*2 Including independent shopping center, logistics facility, etc.
*3 Including property management, hotel, dividend from unconsolidated SPV (including capital gain through SPV), etc.

2. Office Building Data (Consolidated)(Thousands of square meters)

At Mar 31, 2020

At Mar 31, 2021

At Sep 30, 2021

At Mar 31, 2022

At Sep 30, 2022

4,120

4,147

4,186

4,151

4,031

Owned by MEC

2,592

2,543

2,567

2,559

2,518

Subleases

1,528

1,604

1,619

1,592

1,512

Contracted area

3. Office Building Data (Unconsolidated)(Thousands of square meters ; yen/tsubo.month)

At Mar 31, 2020

At Mar 31, 2021

At Sep 30, 2021

At Mar 31, 2022

At Sep 30, 2022

At Mar 31, 2023
(Forecasts)

Owned by MEC

3,736

3,732

3,792

3,765

3,754

3,642

Subleases

2,133

2,259

2,278

2,275

2,185

2,271

Total

5,869

5,991

6,070

6,040

5,939

5,913

(2) Leasable area

3,726

3,807

3,862

3,834

3,763

3,705

(3) Vacancy rate (All uses in Japan*1 )1.07 ％

2.35 ％

3.18 ％

3.29 ％

4.50 ％(1) Total operating floor space(4) Average rent*2 (All uses in Japan)*1 Including retail area etc. in office building*2 The average rent is per 3.3 square meters per month.

27,177

27,79328,282At Mar 31, 2020

At Mar 31, 2021

At Sep 30, 2021

At Mar 31, 2022

Operating floor space

2,915

2,952

3,039

3,026

3,032

Leasable area

1,751

1,773

1,822

1,820

1,796

Office vacancy rate

0.69 ％

2.50 ％

3.27 ％

3.33 ％

4.42 ％

4. Marunouchi Area Building Data (Unconsolidated)

Building lease revenue

28,22828,585

3.5 ％29,000(Thousands of square meters; millions of yen(rounded down))

243,457

247,558

126,576

256,707

At Sep 30, 2022

125,446

9

5. Domestic Condominium Business Data
FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

FY2023 (Forecasts)

206,684

207,004

53,624

216,231

33,319115,000

Condominiums sold (units)

3,214

3,476

742

3,046

338

1,600

Gross margin*2*3

19.3 ％

20.1 ％

23.0 ％

22.5 ％

26.0 ％

23.1 ％

Condominiums sold (Millions of yen)*1*3

Inventory (units)
New supply of condominiums (units)
Condominium contract balance (Millions of yen)
The fiscal year share*2 (Millions of yen)
The following fiscal year share (Millions of yen)

373

213

111

62

19

-

2,924

2,350

878

2,131

1,018

1,900

162,141

140,455

222,412

100,026

192,209---

196,592-

106,226-

130,195

139,475

24,60570,21081,454-

1,215

29,816

4,529-

The post following fiscal year share (Millions of yen)
31,946980*1 Sales = Sales of new condominiums + supplementary revenue relating to condominiums*2 Gross profit = Sales - COGS (land acquisition and development costs, building construction costs, etc.)*2 Gross profit margin = Gross profit ÷ Sales*3 From FY2022, the definition of sales has been changed (supplementary revenue relating to condominiums is added), and the changed figures are shown,including the results of previous years.

10

Ⅳ. Historical Performance Data (Consolidated)
1. Major Performance Items

PL

BS

FY2021

FY2022-2Q

FY2022

FY2023-2Q

FY2023 (Forecasts)

Operating revenue

1,302,196

1,207,594

579,023

1,349,489

594,565

1,416,000

Operating profit

240,768

224,394

111,658

278,977

142,078

291,000

Ordinary profit

219,572

210,965

94,631

253,710130,534

271,000

Profit attributable to owners of parent

148,451

135,655

55,287

155,171

76,342

165,000

Total assets

5,858,236

6,072,519

6,327,116

6,493,917

6,903,947

6,800,000

Inventories

329,305

364,834

378,840

347,388509,728

Non-current assets (Property, plant and equipment and Intangible assets)

4,204,019

4,280,988

4,380,562

4,454,081

4,576,019

Interest-bearing debt

2,429,883

2,526,142

2,753,754

2,738,632

2,986,764

2,820,000

Net interest-bearing debt

2,216,874

2,353,835

2,529,669

2,504,387

2,709,637

2,680,000

Average interest rate
Shareholders' equity *1
Cash flow from operating activities(Depreciation)
CF

Indicator

Millions of yen (rounded down)
FY2020Cash flow from investing activities(Capital investment)

0.93 ％

0.78 ％

0.79 ％-

0.79 ％

0.76 ％

1,734,462

1,851,899

1,914,282

2,003,225

2,151,056

2,120,000

341,766

207,41461,935

280,090

11,993370,000

84,941

89,10744,96591,581

46,08494,000(277,440)(297,303)(174,465)(313,778)(144,875)(480,000)(459,000)(331,857)(319,841)(170,903)(329,115)(146,612)

Cash flow from financing activities(28,886)

50,425

159,435

90,973

164,697

15,000Free cash flow

64,326(89,889)(112,529)(33,687)(132,882)(110,000)

Business profit *2

240,998

224,701

111,936

279,310

142,368

291,400

EBITDA *3

336,784

331,821

162,220

381,434 *4

194,350

395,000

ROA*5

4.1 ％

3.8 ％

-％

4.4 ％

-％

ROE*6

8.5 ％

7.6 ％

-％

8.1 ％

-％

EPS(Yen)108.64101.3441.36

116.45

57.71

4.4 ％
8.0 ％
124.75

Net interest-bearing debt ／EBITDA

6.6 times

7.1 times- times

6.6 times- times

6.8 times

After hybrid debt deductions *7

6.1 times

6.6 times- times

6.2 times- times

6.4 times

1.40

1.36

1.44

1.37

1.39

1.18

1.18

1.25

1.19

1.23

1.17

22,10021,623

10,281

20,742

11,29821,000Debt equity ratio *8
After hybrid debt deductions*7
Interest expense
Interest coverage ratio (ICR) *9

11.3 times

Annual dividends per share(Yen)Dividend payout ratio
Other

0.87 ％-

11.2 times

33

31

30.4 ％

30.6 ％

11.3 times
16

13.9 times
36

-％

1.33

13.0 times
19

30.9 ％

14.2 times
38-％

30.5 ％

Current value of Income generating assets

8,270,844

8,361,217-

8,840,420--

Income generating assets unrealized gain

4,222,505

4,250,222-

4,573,290--

Exchange average rate(¥/$）/PL

109.03106.77107.82109.91

123.15120.00Exchange average rate(¥/£）/PL

139.19137.01149.79151.18159.58160.00Exchange current rate(¥/$）/BS

109.56103.50110.58115.02136.68120.00Exchange current rate(¥/£）/BS

143.48139.82

153.16155.24165.71160.00*1 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*2 Business profit = Operating profit + Share of profit of entities accounted for using equity method*3 EBITDA = Operating income + Interest income + Dividend income + Share of profit of entities accounted for using equity method + Depreciation + Amortization of goodwill*4 Depreciation for FY2021 = Total of Depreciation － Depreciation included in Loss on infectious disease (1,976 millions of yen)
*5 ROA = Business profit / Total assets (average）*6 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*7 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.
*8 Debt equity ratio = Interest-bearing debt / Shareholders' equity*9 ICR = (Operating profit + Interest income + Dividend income + Share of profit of entities accounted for using equity method) / Interest expense11

2. Segment Information (Consolidated)

Operatingrevenue

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

Millions of yen (rounded down)
FY2023 (Forecasts)

Commercial Property BusinessResidential Business
International Business

723,712385,538
134,175

672,441
362,755
114,457

371,445
135,293
44,038760,658
380,959
121,234

333,109
120,633
94,033

788,000
345,000
205,000

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
OthersEliminations or Corporate

21,31622,19912,54446,702

29,48035,00057,12856,06424,02957,78026,19962,0008,743(28,418)

9,055(29,378)

4,655(12,983)

10,134(27,979)

4,686(13,578)

11,000(30,000)

1,302,196

1,207,594

579,023

1,349,489

594,565

1,416,000

Commercial Property Business

187,855

180,775

97,070189,909

77,919182,000

Residential Business

24,32024,068

5,665

30,1733,339

27,000International Business

46,15637,932

18,54855,81660,78694,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

4,467

5,966

4,097

26,537

14,60813,0002,407

959(1,771)

2,802

(382)

4,000

(2,018)(1,089)(665)(1,683)(1,048)(2,000)Total

OperatingprofitBusiness profit*

Depreciation

Eliminations or Corporate(22,420)(24,219)(11,285)(24,578)(13,143)(27,000)

Total

240,768

224,394

111,658

278,977

142,078

291,000

Commercial Property Business

188,099

181,084

97,344

190,211

78,195

182,400

Residential Business

24,30524,066

5,669

30,2043,353

27,000International Business

46,15637,932

18,54855,81660,78694,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

4,467

5,966

4,097

26,537

14,60813,0002,407

959(1,771)

2,802

(382)

4,000

(2,018)(1,089)(665)(1,683)(1,048)(2,000)Eliminations or Corporate(22,420)(24,219)(11,285)(24,578)(13,143)(27,000)

Total

240,998

224,701

111,936

279,310

142,368

291,400

Commercial Property Business

70,92771,71336,281

73,31535,855-Residential Business

3,946

4,120

2,147

4,570

2,392

-

International Business

6,646

8,599

4,081

8,460

4,990

-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

1,333

1,359

699

1,681

914

-

868

909

434

894

482

-

98

130

70

147

65

-

Eliminations or Corporate

1,119

2,274

1,249

2,510

1,384

-

Total

84,941

89,10744,96591,581

46,08494,000Commercial Property BusinessResidential Business
International Business
Amortization of
goodwill

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
OthersEliminations or Corporate
Total

Capitalinvestment

75

37

75

37

-

358

179

358

179

-

66

64

32

67

1

-

1,929

2,146

821

1,665

1,082

-

208

377

188

377

188

-

-

-

-

-

-

-

-

-

-

-

-

-

2,591

3,022

1,260

2,544

1,489

2,100
-

Commercial Property Business

169,163

193,938

95,078167,689

87,727

Residential Business

45,07972,62935,794

51,99825,334-

International Business

113,755

47,71345,059113,323

32,918-Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
OthersEliminations or Corporate

328

54

601

938

18

-

948

454

112

653

156

-

411

321

96

51

156

-

2,172

4,729

(5,840)(5,539)299

459,000

331,857

319,841

170,903329,115

146,6124,135,091

4,167,287

4,240,819

4,273,287

4,298,213-

Residential Business

570,282

673,344686,405

666,928

818,032-

Total
Commercial Property BusinessTotal assets

386

International Business

887,179

929,869

1,075,222

1,130,973

1,347,629-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others71,82977,586

83,156108,984

137,970-

55,73756,06752,41757,75954,551-

13,27025,367

26,82525,352

27,102-Eliminations or Corporate

124,847

142,995

162,269

230,630

220,446-5,858,236

6,072,519

6,327,116

6,493,917

6,903,947

6,800,000

Total*Business profit: Operating profit + Share of profit of entities accounted for using equity method

12

Ⅴ. Mitsubishi Estate Group Companies' Data
Millions of yen (rounded down)
Mitsubishi Estate Co., Ltd.
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Jisho Property Management Co., Ltd.*
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Number of management properties
Management area
Marunouchi Heat Supply Co., Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Sunshine City Corporation
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate・Simon Co., Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Store floor area

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

549,362
117,176542,646
138,571

259,884
59,430567,286
120,792

245,751
43,120131,431
109,251
4,782,507
51,121

158,345
110,616
4,936,321
51,45572,24454,461
5,074,289
26,490128,934
93,612
5,079,089
53,442

62,23347,4685,311,798
26,607

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

100.00 ％80,683
5,960
5,960
4,101
77,633201
184
8,615,266 ㎡

100.00 ％83,247
5,757
5,757
3,978
82,448209
197
8,963,474 ㎡

100.00 ％44,305
2,175
2,157
1,492
89,420105
220
10,078,503 ㎡

100.00 ％95,773
5,570
5,528
3,781
95,086224
218
10,053,028 ㎡

100.00 ％48,087
2,093
2,102
1,432
92,014108
219
9,693,670 ㎡

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

65.59 ％
15,766
2,037
1,982
4,327
39,631
2,732

65.59 ％
15,694
1,771
1,615
995
41,9233,594

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

63.20 ％
26,926
5,213
3,473
2,372
106,0815,686

63.20 ％
24,079
5,194
4,344
2,085
104,830
5,732

63.20 ％
12,035
1,992
1,624
1,154
105,1292,820

63.20 ％
24,809
4,492
3,637
2,544
106,3225,760

63.20 ％
13,553
2,970
2,922
2,022
105,4232,798

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

60.00 ％
46,393
18,963
19,21913,165
110,754
5,197
315,300 ㎡

60.00 ％
40,03014,61914,942
9,477
121,724
6,126
345,500 ㎡

60.00 ％
19,978
7,165
7,427
5,130
118,8313,112
345,500 ㎡

60.00 ％
44,177
16,78917,155
11,870124,609
6,188
345,500 ㎡

60.00 ％
22,717
8,540
8,581
5,914
126,021
2,981
345,600 ㎡

65.59 ％
8,472
1,232
1,117
1,129
41,4381,824

65.59 ％
16,836
1,340
1,204
989
40,541
3,750

65.59 ％
9,955
1,612
1,574
996
40,606
1,767* As of April 1, 2021, Mitsubishi Jisho Retail Management was merged into Mitsubishi Jisho Property Management thus calculated figures after FY2022 includes figures of Mitsubishi Jisho Retail Management.

13

Tokyo Ryutsu Center Inc.
FY2020Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Royal Park Hotels and Resorts Co., Ltd.*
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate Residence Co., Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate Home Co., Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Jisho Community Co., Ltd.
Share of voting rights

FY2021

FY2022-2Q

FY2022

FY2023-2Q

60.03 ％

60.03 ％

60.42 ％

60.42 ％

60.42 ％

10,361
3,238
2,976
2,037
65,166
2,617

9,245
1,997
1,711
1,224
63,777
2,576

3,710
714
701
(1,327)62,373
1,026

7,811
1,770
1,653
(810)
60,117
1,930

4,104
996
902
633
59,751881

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

100.00 ％24,266(992)(1,004)(1,304)
10,3661,220

100.00 ％9,775(7,343)(6,915)67
13,722
1,157

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

100.00 ％269,660
24,72923,184
16,429570,960
2,218

100.00 ％251,093
23,702
22,146
14,750671,2522,488

100.00 ％83,847
7,796
6,893
4,895
685,8391,405

100.00 ％264,647
32,63530,82520,364
645,7222,998

100.00 ％65,060
4,186
3,186
2,261
796,192
1,516

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

100.00 ％35,47454
68(29)
11,232402

100.00 ％28,200318
324
287
13,092400

FY2020

FY202171.47 ％

71.47 ％

100.00 ％6,164(4,324)(3,958)(3,967)
13,493538

100.00 ％12,086
(855)
(856)
(859)
9,124
174
FY2022-2Q
71.47 ％

100.00 ％14,464(6,700)(5,822)302
14,7991,169

100.00 ％33,493
210
213
187
11,016354
FY202271.47 ％

100.00 ％12,852(1,417)(1,136)(1,136)
15,625581

100.00 ％13,965
(698)
(695)
(710)
8,904
185
FY2023-2Q
71.47 ％

Operating revenue
55,51455,66327,14357,342
27,257
Operating profit
3,353
3,629
1,268
3,713
1,366
Ordinary profit
3,427
3,690
1,298
3,790
1,414
Net income
2,222
2,477
846
2,476
928
Total assets
20,851
21,90820,41522,901
21,544
Depreciation
401
394
178
371
167
Number of condominium management units
352,365 units
350,682 units
348,744 units
345,327 units
342,947 units* As of April 1, 2022, Royal Park Hotel's management business was transferred to Royal Park Hotels and Resorts thus calculated figures after FY2023 includes figures of Royal Park Hotel.

14

MEC Group International, Inc.*1
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate Europe Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Estate Asia Pte. Ltd.
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Jisho Design Inc.*2
Share of voting rights
Operating revenue
Operating profit
Ordinary profit
Net income
Total assets
Depreciation
Mitsubishi Real Estate Services Co., Ltd.
Share of voting rights

FY2020

FY2021100.00 ％100.00 ％100.00100.00 ％100.00 ％91,99024,861
22,874
12,654429,135
4,762

89,22230,877
26,353
17,077468,786
5,744

43,29019,134
18,154
9,319
530,371
3,034

127,440
61,692
59,62525,636592,915
6,535

71,69036,25934,894
14,537
737,540
4,053

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

100.00 ％43,672
20,361
19,06016,982
189,9541,834

100.00 ％22,785
4,709
4,342
2,736
192,4191,846

100.00 ％2,329
791(5,750)(3,066)257,377682

100.00 ％4,028
786(6,340)(2,824)
255,840
1,374

100.00 ％41,297
39,69938,39633,543286,943
711

FY2020

FY2021

FY2022-2Q

FY2022

FY2023-2Q

100.00 ％
1,905
381
558
534
38,802130100.00 ％
3,042
1,322
1,809
1,788
38,750128

FY2020

FY2021100.00 ％18,838
2,446
2,394
1,617
25,053312

100.00 ％20,034
3,052
3,073
2,110
27,106329

FY2020

FY2021100.00 ％100.00 ％Operating revenue
27,117
22,662
Operating profit
1,031
202
Ordinary profit
1,367
216
Net income
755
21
Total assets
25,047
23,847
Depreciation
416
362
Amount of transaction
450,048
260,240
Number of brokerage
1,095
932
Number of parking management
55,37956,596*1 Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.
*2 Mitsubishi Jisho Sekkei Inc. changed its English name to Mitsubishi Jisho Design Inc. on April 1, 2022.

FY2022-2Q

100.00 ％
804
(66)
(7)
(147)
40,819100
FY2022-2Q
100.00 ％
7,303
214
271
175
24,248161
FY2022-2Q

FY2022100.00 ％
2,824
200
347
59
43,105299
FY2022100.00 ％19,922
2,816
2,844
1,945
27,273326
FY2022

FY2023-2Q

100.00 ％
1,113
(889)
(753)
(633)
50,097120
FY2023-2Q
100.00 ％
8,031
337
357
224
25,602159
FY2023-2Q

100.00 ％100.00 ％100.00 ％10,532(1,179)(1,168)(831)
22,998167
54,573
470
59,86924,820
1,554
1,672
1,104
24,977348
273,926
1,118
58,418

11,940
(54)
(61)
(73)
24,092
183
99,041
540
59,55315