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ANNUAL REPORT 2015 ANNUAL REPORT of Tomorrow Enhancing the Possibilities Possibilities Enhancing The Otemachi Building, 6-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8133, Japan http://www.mec.co.jp/index_e.html MITSUBISHI ESTATE CO., LTD. ANNUAL REPORT 2015 REPORT ANNUAL LTD. CO., MITSUBISHI ESTATE Enhancing the Possibilities of Tomorrow ANNUAL REPORT 2015 This report is printed using paper that This report has been prepared using contains raw materials certified by the Forest 100% vegetable ink. Every effort is made Stewardship Council (FSC)®. FSC® certification to contain the incidence of volatile ensures that materials have been harvested organic compounds (VOCs) and to from properly managed forests. preserve petroleum resources. Printed in Japan MEC_AR15E_CV_0821.indd 1-2 15/08/25 17:02 Enhancing the Possibilities of Tomorrow Tokyo Station—throughout the history of Japan, the station has played a primary role as an intercity transportation hub. On the west side of the station, encompassing approximately 120 hectares* the Marunouchi area is one of Japan’s leading business centers and comprises the Marunouchi, Otemachi, and Yurakucho. Occupied by a concentration of head offices of financial institutions and of companies listed on the stock exchange, the Marunouchi area lies at the heart of Japan’s economy. The Mitsubishi Estate Group has been continuously developing the Marunouchi area for over 120 years. Past development efforts carried out to suit each generation have resulted in a portfolio of approximately 30 office buildings that Mitsubishi Estate holds in the area. And even today, the Mitsubishi Estate Group continues its redevelopment of the Marunouchi area, pursuing its evolution into “the world’s most interaction-inspiring neighborhood” that will be the source of future value creation. * 120 hectares is approximately 35% of the size of Manhattan’s Central Park (843 acres, or about 341 hectares), 85% of the size of London’s Hyde Park (350 acres, or about 142 hectares), and about 4.3 times the size of the Tuileries Garden, in Paris (28 hectares). MITSUBISHI ESTATE CO., LTD. ANNUAL REPORT 2015 1 In the Marunouchi area, the Mitsubishi Estate Group is fostering office demand of the future by supporting the business growth of its tenant firms. The Group supplies not only core infrastructure, such as office space designed for venture enterprises, but also support services, such as business partner matching services and networking opportunities. The Group is favorably positioned in a business district densely populated by about 4,000 enterprises. The ability to support business growth to this high standard is unique to the Mitsubishi Estate Group. Constant Development of Services Fosters Future Demand The Mitsubishi Estate Group is taking steps to enhance synergies between the Group companies of the Residential Business with a view to future By providing services to its current customers, the Mitsubishi Estate Group gains a deeper understanding of expansion in business scale and to strengthening customer needs. At the same time, the Group proceeds with the development of its businesses to provide cash flow. The goal is to diversify revenue sources solutions to the changes and diversification it perceives in customer needs. The accumulated knowledge and increase the value of properties we develop. from this continuous development process contributes to the Mitsubishi Estate Group’s visionary ability We aim to diversify revenue sources and raise to discover the beginnings of future demand before anyone else and to the innovation that enables an the value of development assets by leveraging expansion of the potential market. the specialist knowledge of each Group company in the condominium, custom-built housing, renovation, management, purchase and sales, leasing, and brokerage areas, and by deepening the cooperation between each company. Utilizing these enhanced synergies, the Residential Business will place even greater emphasis on its interface with customers and provide detailed solutions to their diversifying needs, such as renovating their homes or moving. 2 MITSUBISHI ESTATE CO., LTD. ANNUAL REPORT 2015 3 Consolidating the Foundations That Create the Future Whenever people gather together, such meetings breed opportunities and generate value creation. In urban development, even more than land or capital, people are the essential business resource. Many skills are needed: know-how and expertise in real estate development; technical capabilities; analytical skills to understand the needs of customers, investors, and others or market conditions and to predict future movements; the ability to build partnerships with landowners, local authorities, and tenants; and the vision to perceive the requirements of the times. These inherent but not obvious strengths that each employee possesses combine together to form the backbone of an organization. The source of the dynamism of our development is our interactions with others. Whether we are developing the Marunouchi area, “the world’s most interaction-inspiring neighborhood,” residences that mature along with the neighborhood as a part of the community, office buildings and retail and logistics facilities, or overseas real estate, we create dynamism through those interactions. To that end, we will reinforce the foundations for future value creation by enhancing the power of our organization using management methods that draw out our people’s abilities. 4 MITSUBISHI ESTATE CO., LTD. ANNUAL REPORT 2015 5 CONTENTS 8 10 11 34 44 About the Mitsubishi The Current Japanese Financial Highlights Financial Highlights Financial Section Estate Group Real Estate Market by Segment 44 Eleven-Year Summary of Selected Financial Data 46 Financial Review 50 Consolidated Balance Sheets 52 Consolidated Statements of Income 35 52 Consolidated Statements of Comprehensive Income 53 Consolidated Statements of Changes in Net Assets 12 Corporate Governance 55 Consolidated Statements of Cash Flows To Our Stakeholders 56 Notes to Consolidated Financial Statements 36 Message from the Enhancing Corporate Value and Chairman of the Board 79 Independent Auditor’s Report Deepening the Foundations of Growth for a Richer Future 80 Corporate Data 30 37 Outline of Corporate Governance 80 Principal Mitsubishi Estate Group Companies 17 38 Directors and Statutory Auditors 82 Corporate History Summary of Management & 41 Executive Officers 83 Organization Business Review Services Business 84 Corporate Information 18 Office Building Business 1 30 Architectural Design & Engineering Business 20 Office Building Business 2 42 31 Hotel Business 22 Lifestyle Property Business Risk Management Real Estate Services Business / Residential Business 32 24 Business Creation Department 26 International Business 33 Business Development, Investment Management Business Consulting & Solutions 28 Caution Concerning Forward-Looking Statements This annual report contains forward-looking statements concerning Mitsubishi Estate Co., Ltd., and its future strategies and earnings outlook, including forecasts, planning, and decisions based on information available as of this Asset Book CSR Report writing. As with any forecast, plan, or decision, forward-looking statements are http://www.mec.co.jp/e/investor/ http://www.mec.co.jp/e/csr/report/ inherently susceptible to potential risks, uncertainties, and assumptions. The irlibrary/annual/index.html index.html Company’s actual results may vary materially from those expressed or implied in its forward-looking statements. 6 MITSUBISHI ESTATE CO., LTD. ANNUAL REPORT 2015 7 ABOUT THE MITSUBISHI ESTATE GROUP Mitsubishi Estate Co., Ltd., is a leading creator of urban change through the development of real estate including office buildings, residential properties, and commercial properties. As part of our ongoing commitment to achieve sustainable growth, we strive to create Building Business Lifestyle Property Business new value in Japan and overseas under the brand slogan “A Love for People, a Love for the City.” This is Mitsubishi Estate’s core business, Mitsubishi Estate operates the PREMIUM which engages in the development, OUTLETS®, MARK IS, and other retail leasing, and property management of facilities using a comprehensive system office buildings, mainly in Tokyo and where it remains continuously involved other major Japanese cities. We promote with the retail property from the planning urban development that contributes to stage to ongoing operations. Under the increased appeal of cities while maintain- “Logicross” brand, Mitsubishi Estate is ing a balance between management pursuing logistic business opportunities property and property for sale in our nationwide. The Company is also asset portfolio. expanding the variety of its properties. Operating Income Residential Business International Business ¥156,332 million We offer services to meet a variety of Mitsubishi Estate has pursued business needs in the condominium, custom-built overseas since the 1970s by establishing housing, renovation, management, real estate leasing and development Revenue from Operations purchase and sales, leasing, and brokerage businesses in the United States and the areas. As the circulation of existing United Kingdom. In recent years, we have ¥1,110,259 million homes expands and people’s lifestyles also been proactively developing our real grow increasingly diverse, we are estate businesses in rapidly expanding strengthening our remodeling construc- Asian markets and advancing into tion and renovation business to seize continental Europe. Total Assets upon such changes. ¥4,901,526 million Investment Management
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