FACT BOOK FY2022-2Q

469999Disclaimer
This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance, our plans andobjectives 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.

FY2022-2QResults

FY2021-2Q
Results

FY2022-2Q
Results

Total

An increase in capital gains from sales of office buildings and logistic facilities led to an overall
increase in revenue and profits YoY. There is a decrease in income gains of 2.5 billion yen.
However, there is an improvement of 3.2 billion yen after excluding the effect of the adjustment
in FY2021-1Q that 5.7 billion yen, costs during temporary closure of retail properties and hotels,
was carried at extraordinary loss from operating costs.
In regards to office buildings, while there is an increase in rental revenue and profits in newbuildings, rental profits in existing buildings persist at the same level due to a decrease in rental
revenue from buildings to be closed. Retail properties and hotels have been affected by SOE andthe increasing number of COVID-19 cases; however, operational status is improved YoY.

In regards to new buildings, there is an increase in rental revenue and profits mainly as a resultof opening of Tokiwabashi Tower, which was completed in June. In existing buildings, despite
rent hikes of office tenants and an improvement in rental revenue from retail tenants of mixeduse buildings, there is a slight decrease in rental profits as a result of a decrease in rental
revenue from buildings to be closed. Therefore, total rental profits of new and existing buildings
persist at the same level YoY.

Retail properties is affected by a temporary closure of some outlet malls during SOE in 1Q and
the unfavorable weather and the increasing number of COVID-19 cases in 2Q, however, overall
revenue is improved YoY.

Revenue from Operations

579,023

527,3128,087

Change-FY2022-2QResults

FY2021-2Q
Results

11,5699,307

FY2022-2Q
Results

FY2021-2Q
Results

36,00023,000

FY2022-2Q
Results

FY2021-2Q
Results

8,087

Change51,711

Total

Operating Income

FY2021-2Q
Results

111,658

98,072

13,586

Income Before Taxes and Special Items

94,631

91,618

3,012

Income Before Income Taxes and Minority Interests

91,14982,3108,838

Profit62,611

55,486

7,125

Profit Attributable to Owners of Parent

55,28750,939

4,348

2,261

ChangeDespite a continued stagnant occupancy rate due to SOE, overall revenue is improved YoY.

Total
There is a decrease in revenue and operating income YoY. Main factors include a decrease inboth the number of units sold of domestic condominiums and the number of rental apartmentbuildings. Sales status of domestic condominiums continues to be strong and 97% of expectedcondominium sales for FY2022 has already been contracted. Profit margin is also improved.

There is an increase in revenue and operating income YoY. An increase in capital gains fromsales of logistic facilities is the main factor led to an overall increase.

13,000ChangeFY2022Estimates

FY2021Results

Change1,326,000

1,207,594

118,406

Operating Income

245,000

224,394

20,606

Income Before Taxes and Special Items

220,000

210,965

9,035

Income Before Income Taxes and Minority Interests

218,000

201,265

16,735

Profit153,000

147,069

5,931

Profit Attributable to Owners of Parent

142,000

135,655

6,345

FY2022Estimates

FY2021Results

ChangeFY2022Estimates

FY2021Results

ChangeFY2022Estimates

FY2021Results

ChangeFY2022Estimates

FY2021Results

ChangeDespite a reduction in rental profit as a result of a decrease in rental income fromexisting buildings being closed for redevelopment, an overall increase in income andprofits is expected as a result of completion and a full-year operation of newbuildings as well as an increase in capital gains.

An increase in rental revenue and profits is expected as a result of less impact of
COVID-19.

Revenue from Operations

A decrease in deficit is expected as a result of less impact of COVID-19.

Both revenue and profits are expected to be stable as previous year as a result offavorable performance in domestic condominiums.

While there is a decrease due to an effect of revenue related to open-ended Europe
hybrid model investment fund recorded in FY2021, an increase in profits is expected
as a result of an increase in capital gains.

4496

6

Special Purpose Vehicles Data
Millions of yen (rounded down)

At Sep 30, 2021 At Mar 31, 2020

ChangeEquity investments by Mitsubishi Estate

US

Domestic Office Building

56,29456,19995

Domestic(other)

68,07652,723

15,353

International

425,312387,260

38,052

US

203,319

181,046

22,273

Europe60,99557,260

3,735

Asia

160,997

148,952

12,045549,683

496,182

53,500Total equity investments by Mitsubishi Estate

Millions of yen (rounded off to the nearest billion)

Equity investments by other companies
Domestic Office Building
US104,000

104,000

000International

1,021,000

890,000

131,000

US585,000

494,000

91,000

Domestic(other)0Europe

52,00049,000

3,000

Asia

384,000

347,000

37,0001,125,000

994,000

131,000

Domestic Office Building

77,00077,0000

Domestic(other)

4,000

4,000

0International

961,000

839,000

122,000US

410,000

388,000

22,000Total equity investments by other companies

Interest bearing debt borrowed by SPVUSEurope
Asia
Total interest bearing debt borrowed by SPV

6,000

-

6,000

545,000

451,000

94,0001,042,000

920,000

122,000* Domestic Same-Boat investment in Investment Management Business, etc. is not listed in the above reference.

Total fixed assets(property and equipment)

At Mar 31, 2022
(Estimates)

9

BSFY2019

FY2020

FY2021-2Q

FY2021

FY2022-2Q

Millions of yen (rounded down)
FY2022 (Estimates)-

723,712

325,885

672,441

371,445787,000-

385,538

142,741

362,755

135,293373,000-

134,175

34,478114,457

44,03896,000-21,316

10,10622,19912,54423,000-57,12823,19056,06424,02962,000

-

8,743

3,797

9,055

4,655

10,000-(28,418)(12,886)(29,378)(12,983)(25,000)

Revenue fromOperations

1,263,283

Operatingincome1,302,196

527,3121,207,594

579,023

1,326,000-

187,855

92,656

180,775

97,070

194,000-

24,3206,571

24,0685,665

24,000-46,156

12,03337,932

18,54842,000

-

4,467

2,140

5,966

4,097

7,000

-

2,407

(2,521)959(1,771)4,000-(2,018)(957)(1,089)(665)(2,000)-(22,420)(11,851)(24,219)(11,285)(24,000)

240,768

98,072

224,394

111,658

245,000-

188,099

92,852

181,084

97,344

194,300-

24,305

6,574

24,066

5,669

24,000-46,156

12,03337,932

18,54842,000

-

4,467

2,140

5,966

4,097

7,000

-

2,407

(2,521)959(1,771)4,000-(2,018)(957)(1,089)(665)(2,000)229,178

Business Profit*-(22,420)(11,851)(24,219)(11,285)(24,000)

240,998

98,270224,701

111,936

245,300-

70,92734,94771,71336,281

-

-

3,946

2,051

4,120

2,147

-

-

6,646

3,943

8,599

4,081

-

-

1,333

681

1,359

699

-

-

868

449

909

434

-

-

98

64

130

70

-

-

1,119

1,093

2,274

1,249

84,941

43,231

89,10744,965229,442

Depreciation
andamortization

80,336-

Amortization of
goodwill

37

75

37

-

-

386

179

358

179

-

-

66

32

64

32

-

-

1,929

953

2,146

821

-

-

208

188

377

188

-

-

-

-

-

-

-

-

-

-

2,591

1,391

3,022

1,260

-

169,163

81,090193,938

95,078--45,07936,937

72,62935,794--

113,755

13,53947,71345,059

--

328

12

54

601

-

-

948

155

454

112

-

-

411

237

321

96

-

-

2,172

1,995

4,729

(5,840)331,857

133,967

319,841

170,903-

4,135,091

4,168,742

4,167,287

4,240,819--

570,282

601,044673,344686,405--

887,179

898,873

929,869

1,075,222--

71,82970,394

77,586

83,156--55,73750,23756,06752,417--

13,27026,19425,367

26,825--

124,847

179,885

142,995

162,2695,858,236

5,995,372

6,072,519

6,327,116

285,089

Total assets-3,282

Capitalinvestment-90,000

5,774,193* Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates

2,000

394,000

6,300,000