Investor Presentation August 2020
https://www.mitsuifudosan.co.jp/english/ Contents １．MITSUI FUDOSAN GROUP Management Strategy 1-1 About Mitsui Fudosan Group P4 1-2 Highlights P5 1-3 Mitsui Fudosan Group Long-term Vision【VISION2025】 P7 1-4 Capital Policy P10 1-5 Strong Financial Basis P12 1-6 Growth Drivers P13 1-7 Portfolio Strategies P15 1-8 Promoting ESG Management (Recent Initiatives) P19 1-9 Corporate Governance P20
２．Core Businesses：Overview & Strengths 2-1 Leasing Business
３．Financial Statements and investment data, etc. 3-1 Summary of Results for the Three Months Ended June 30, 2020 P45 3-2 Forecasts for the Year to March 2021 (FY 2020) P48 3-3 Summary of Results for the Year Ended March 31, 2020 P51 3-4 Operating Income by Segment P54 3-5 Investment and Financial Data P55 3-6 Shareholder Composition P57
４．Appendices(Market Trends) 4-1 Market Trends/Leasing Business/Office Buildings P59 4-2 Market Trends/Leasing Business/Retail Facilities P61 4-3 Market Trends/Property Sales Business/To Individuals P63 4-4 Market Trends/Property Sales Business/To Investors P64 4-5 International Visitors to Japan P65 Disclaimer P66
MITSUI FUDOSAN CO.,LTD 2 1．MITSUI FUDOSAN GROUP Management Strategy Mitsui Fudosan Group 1-1．About Mitsui Fudosan Group Management Strategy
②ワークテーブル：円グラフ Aspirations for the Mitsui Fudosan Group Revenue Structure Revenue from Operations (For the Year ended March 31, 2020) Leasing Property Sales 1,905.6 billions of yen Management Other
Other 17% ①ワークテーブル：連結営業収益 連結営業収益 Leasing 33%
③ワークテーブル：賃貸事業 Offce Buildings Management 商業施設 22%
④ワークテーブル：分業事業 Property Sales 28% 分業事業
⑤ワークテーブル：マネジメント事業 Three Core Businesses and Breakdown of each Revenue マネジメント事業 As of March 2020 Leasing Business Property Sales Business Management Business
5% ⑥ワークテーブル：賃貸事業、分業事業、マネジメント事業
As of March 2020 25% 38% 49% 51% 57% Offce Buildings 75% Retail Facilities Others
Property Sagel to Individuals Offce Buildings Retail Facilities Property Management (Domestic) Others Property Sales to Investors and Brokerage, Asset management, etc. Individuals (Overseas),etc. ①ピボット参照：連結営業収益
MITSUI FUDOSAN CO.,LTD 4 Mitsui Fudosan Group 1-2．Highlights Management Strategy
Performance Long-Term Vision ①ワークテーブル：業務ハイライト（グラフ） （Billions of yen） VISION 2025 Leasing Management Property Sales Others(*1) 315.0 Leasing Profit Attributable to owners of parent(*2) Property Sales 285.0 Management Others(*1) 123.7 255.0 98.0 83.0 225.0 65.2 183.9 195.0 44.5 168.6 45.4 27.0 155.8 55.6 165.0 55.1 23.0 53.8 48.7 52.4 131.8 135.0 15.7 49.9 49.3 117.7 16.1 41.5 34.3 100.1 105.0 32.1 76.8 ②ワークテーブル：業務ハイライト（表） 75.0 59.4 138.3 141.9 145.8 49.9 50.1 124.1 135.7 104.3 109.2 107.8 45.0 88.9 95.6 営業利益 親会社株主に帰属する当期純利益 15.0 減価償却費 (20.8) 配当金/株 (15.0) (17.1) (17.1) (19.7) (13.6) (16.6) (18.6) (22.2) (33.0) (44.6) 自己株式取得 総還元性向 (45.0) ROA ROE 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 Operating income (Billions of Yen) 120 126.0 148.1 172.5 186.0 202.4 232.6 245.9 262.1 280.6 Profit Attributable to Owners of 49.9 50.1 59.4 76.8 100.1 117.7 131.8 155.8 168.6 183.9 parent (Billions of Yen) Depreciation (Billions of Yen) 52.9 53.2 59.0 56.0 61.2 67.4 71.3 70.1 79.0 91.4
Cash dividends per share (Yen) 22 22 22 22 25 30 34 40 44 44 ①業務ハイライト（グラフ：過去7期） Total amount of treasury stock acquired (Billions of Yen) ------15.0 16.0 25.0 Total shareholder return ratio (%) (*3) 38.7 38.5 32.5 25.1 24.1 25.2 25.5 35.0 35.1 36.9 営業利益-賃貸 ROA（％） 3.4 3.6 3.7 4.1 4.1 4.1 4.6 4.6 4.4 4.2 営業利益-分譲 ROE（％） 4.9 4.8 5.3 6.3 6.4 6.2 6.8 7.4 7.4 7.7 営業利益-マネジメント *1 Others include Mitsui Home, other segments and nonconsolidated general & administrative expenses. 営業利益-その他 *2 Prior to FY2015 : Net Income 営業利益-消去他 *3 Total shareholder return ratio= (Total dividends + Total amount of treasury stock acquired)/Profit Attributable to owners of parent ・ ROA: (Operating income + Non-operating income) /Average total assets over period ・ ROE: Profit Attributable to owners of parent /Average shareholders‘ equity over period 親会社株主に帰属する当期純利益 MITSUI FUDOSAN CO.,LTD 5 Mitsui Fudosan Group 1-2．Highlights Management Strategy
BS Highlights Trend of D/E ratio, etc.
(Billions of yen) Interest-bearing debt(Left) (time) Shareholders' equity(Left) BS as of March 31, 2020 (Billions of yen) 4,000.0 3,800.0 2.0 1.80 Debt/Equity ratio(Right) 1.71 3,481.1 1.62 1.8 Real property for sale 3,500.0 1.60 1.6 (including advances 1,907.8 2,906.6 3,000.0 1.45 paid for purchases) 2,604.6 1.4 Interest-bearing 3,481.1 2,226.2 1.24 2,408.6 2,500.0 2,287.4 1.2 2,120.2 2,040.0 1,976.1 2,342.5 1,922.3 2,204.8 2,000.0 1,984.6 1.0 1,740.0 1,743.4 1,871.9 1.18 Tangible and Intangible 1.16 1.15 0.8 3,753.1 1,500.0 1,274.3 1.06 fixed assets 1,181.1 1,019.9 1,078.1 0.6 (Rental properties) 3,171.1 Other 1,427.7 1,000.0 0.4 500.0 0.2
Net Assets 2,486.5 0.0 0.0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 (E) Other 1,734.3 (Shareholders' equity) 2,408.6 Market Value of Rental Properties Assets 7,395.3 Debt and Equity 7,395.3 (Billions of yen) Book Value Unrealized Gain(Market Value-Book Value) 6,089.5 5,773.6 6,000.0 5,436.1 Rental Properties 4,828.4 (Billions of yen) 5,000.0 4,560.5 2,918.4 4,054.3 2,749.6 At March 31. At March 31. 2,475.4 Change 4,000.0 3,472.6 2020 2019 3,168.0 1,912.1 2,183.3 2,827.6 2,860.0 1,564.4 Market Value 6,089.5 5,773.6 315.8 3,000.0 920.4 1,215.9 840.7 810.4 Book Value 3,171.1 3,024.0 147.1 2,000.0 2,960.7 3,024.0 3,171.1 2,489.9 2,648.3 2,645.0 Unrealized 1,000.0 1,986.8 2,049.6 2,247.5 2,256.7 2,918.4 2,749.6 168.7 Gain 0.0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20
MITSUI FUDOSAN CO.,LTD 6 Mitsui Fudosan Group 1-3．Mitsui Fudosan Group Long-term Vision【VISION2025】 Management Strategy ⋆Announced in May 2018 VISION2025
▶ Successfully establish a ▶ Harness technology to innovate sustainable society through the the real estate business ▶ Evolve into a global company creation of neighborhoods
Basic Strategies
Achieve Society 5.0 Establish a sustainable society Pursue common social value Contribute to the SDGs Drive sustainable profit growth
Main Initiatives
Drive evolution Innovate business models Dramatically grow in the creation of neighborhoods by harnessing real estate tech the overseas business
Infrastructure to support initiatives
Human resource strategies Organization, systems and governance Asset and financial strategy
MITSUI FUDOSAN CO.,LTD 7 Mitsui Fudosan Group 1-3．Mitsui Fudosan Group Long-Term Vision 【VISION2025】 Management Strategy *Announced in May 2018 OUTLOOK ①ワークテーブル：将来見通し
連結営業利益 うち、海外事業利益 Reference ROA Around 2025 （FY2019 Actual）
Consolidated Operating Income Around ¥350 billion ¥280.6 billion
Of which: Overseas Income Around 30% 9.6% ①ピボット参照：将来見通し
ROA Around 5% 4.2% 営業利益
*Overseas income＝Overseas OP+ Pro forma operating income of overseas affiliates ・Calculated by multiplying the operating income or the amount equivalent to operating income of each overseas equity-method affiliated company by the Company’s equity interest Note: The amount equivalent to operating income is the amount of profit calculated on a simplified basis after taking into consideration the tax burden. ・Gain on sale of shares of overseas equity-method affiliated companies(Limited to overseas equity-method affiliated companies whose principal business is the sale of real estate) *ROA：(Operating income + Non-operating income) /Average total assets over period
MITSUI FUDOSAN CO.,LTD 8 Mitsui Fudosan Group 1-3．Mitsui Fudosan Group Long-term Vision【VISION2025】 Management Strategy ⋆Announced in May 2018 Guidelines of return to shareholders ワークシート：配当総額・自己株式取得額・総還元性向の推移 Total Dividend Share Buyback ▶Mitsui Fudosan reinvests earnings to increase shareholder value over the medium to long term and returns profits to shareholders based on comprehensive consideration of such factors as the business environment and its performance and finances. ▶In terms of returns to shareholders, in addition to paying stable dividends, We will conduct a flexible share repurchasing* to improve capital efficiency. ▶Mitsui Fudosan has identified a total shareholder return ratio of around 35% of profit attributable to owners of parent.
Trends in Total Dividend Amount, Share *In principle, the acquired treasury stock will be cancelled. Repurchase Amount and Total Return Ratio
(Millions of Yen) 70,000 40% Cancellation of treasury stock 36.9% 35.1% ⚫ Cancel treasury stocks acquired between March 19th and 60,000 35.0% July 27th, 2020. 25,000 35% 50,000 16,000 (14,105,500 shares, 15,000 total acquisition price: approx. ¥25.0 billion) 40,000 30% 25.2% 25.5% ⚫ Date of cancellation: August 31, 2020 (plan) 30,000 24.7% 43,218 42,837 25% Ratio to the total number of shares outstanding before 39,527 ⚫ 20,000 29,643 33,596 the cancellation: 1.44% 24,704 10,000 20% 3/’15 3/’16 3/’17 3/’18 3/’19 3/’20
Total Dividend Share Buyback Total Shareholder Return MITSUI FUDOSAN CO.,LTD 9 Mitsui Fudosan Group 1-4．Capital Policy Management Strategy Financial Soundness Approach to Profit Distribution Balancing Shareholder Returns And Growth Investment
Shareholder Growth Returns Investment Continuity
Total Shareholder return ratio Abundant Approx. 35% Investment pipeline
MITSUI FUDOSAN CO.,LTD 10 Mitsui Fudosan Group 1-4．Capital Policy Management Strategy ▶Undertaking the stable payment of dividends ワークシート：ROEの推移 Basic Capital Policy while flexibly repurchasing own shares： 3/’11 Total shareholder return ratio 3/’12 3/’13 =Around 35% of profit attributable to owners of parent. 3/’14 3/’15 3/’16 Shareholder Return 3/’17 3/’18 Enhancements 3/’19 3/’20 Continuously Enhance Corporate Value, Increase Shareholder Value
3/’11 3/’12 3/’13 3/’14 3/’15 3/’16 3/’17 3/’18 3/’19 3/’20 7.7% 7.4%
6.8% 7.4% 6.4%
6.3% 6.2% 5.3% 4.9% 【ROE Trends】 4.8% Investment Financial for Growth Soundness
▶Reinvestment of profits in good investment opportunities: ▶Management of financial leverage : ▶Building of quality-based asset portfolio: Ensuring of appropriate D/E ratio level ROA ≈ 5% level around 2025 (Time) 5.0% 4.6% 2.0 1.62 1.60 4.5% 4.2% 4.1% 4.1% 4.6% 1.16 1.45 4.4% 1.80 1.18 4.0% *Guideline for Investment Criteria 1.71 3.6% 4.1% Central Tokyo prime office buildings ≈5%, 1.0 1.24 1.06 1.15 3.5% 3.7% Retail Facilities ≈8% (land holding) 【ROA Trends】 3.4% Retail Facilities ≈12% (lease-land type) 【D/E ratio Trends】 3.0% 0.0 3/’11 3/’12 3/’13 3/’14 3/’15 3/’16 3/’17 3/’18 3/’19 3/’20 3/’11 3/’12 3/’13 3/’14 3/’15 3/’16 3/’17 3/’18 3/’19 3/’20
MITSUI FUDOSAN CO.,LTD 11 Mitsui Fudosan Group 1-5. Strong Financial Basis Management Strategy
Financial Strategy Trend of D/E ratio, etc.
✓ Controlling interest-bearing debt referring to DE Interest-bearing debt(Left) Shareholders' equity(Left) Debt/Equity ratio(Right) (time) ratio as an indicator (Billions of yen) 4,000 3,800 2.0 ✓ Financing based on long-term and fixed interest 1.80 1.71 3,481 1.8 3,500 rates 1.62 1.60 1.6 ✓ Being aware of maintaining the credit rating and 3,000 2,907 financial soundness for investment opportunities 2,605 1.4 2,500 2,408 2,226 2,287 1.2 2,342 2,120 2,040 1.45 1,984 2,204 2,000 1,922 1.24 1.0 1,740 1,743 1,976 1.18 Financial Situation 1,871 1.16 1.15 1.06 0.8 1,500 1,274 1,181 ✓ Issued ¥ 145 billion of corporate bonds 1,019 1,078 0.6 1,000 (March, April 2020) 0.4 500 ✓ Funds necessary for FY2020 have been secured 0.2
(including yen and dollars) 0 0.0 ✓ The unused commitment line is 400 billion yen 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 （E） ✓ Flexible, including direct and indirect finance
Interest-Bearing Debt Ratio of Long-Term Debt Ratio of Fixed-Interest Debt Credit Rating *consolidated At March 2020 Excl. Non-recourse Excl. Non-recourse At March 2020 Non-Recourse - At March 2020 Floating At March 2020 ＊ Short-Term Others, 10.7% 7.6% 14.1% Rating Agencies Long-term Short-term Outlook
Non-Recourse - Moody's A2 ー Stable JPY 6.6% Standard & Poor's A A-1 Stable Corporate - Others, R&I AA- a-1+ Stable 14.0% Long-Term Fixed Corporate - JPY, 92.4% 85.9% JCR AA J-1+ Stable 68.6%
【Interest rate situation】 *At March 2020 Average Duration 6.48 Year consolidated 1.21% Japanese currency 0.62% foreign currency 3.01%
MITSUI FUDOSAN CO.,LTD 12 Mitsui Fudosan Group 1-6．Growth Drivers Management Strategy
Promoting urban development for mixed use Future Growth Drivers
【Office Floor Area of Our Company】 Comparison to FY2018 ▶ About 1.5 times that of 2025
Otemachi One (Completed in February 2020)
50 Hudson Yards, Inc. Nihonbashi 1-Chome Central Building S (to be completed in 2022) District TOYOSU BAYSIDE CROSS (to be completed after FY2023) (scheduled for completion Building N in March and October Building S 2020) Msb Tamachi (Station Tower South) 55 Hudson Yards, Inc. (Completed in 2018) (Completed in 2018) Msb Tamachi (Station Tower North) (Completed in July 2020)
BUNKYO GARDEN Nagoya Mitsui Building Nihonbashi Takashimaya Nihonbashi Muromachi Yaesu 2-chome North District Yaesu 2-Chome Central District GATETOWER North Tokyo Midtown Hibiya Mitsui Building Mitsui Tower (to be completed in FY 2028) (Completed in April 2020) (to be completed (to be completed in August 2022) (Completed in 2018) (Completed in 2018) (Completed in 2019) in January 2021) 2018 2019 2020 2021 Around 2022-2025…
MITSUI FUDOSAN CO.,LTD 13 Mitsui Fudosan Group 1-6．Growth Drivers Management Strategy Leasing Property Sales Dramatic growth in overseas operations Management, etc. Successive openings of rental 55HY/MOP Taichung Port, etc. 50HY/LaLaport Taichung, etc. 合計 Factors behind housing and commercial facilities Housing sales in the United Further increase in leasing and ※海事の髙橋弘樹君よりデータ入手（2019年度は海事への示達数字であり、海事にて開示ベースにセグ割り振り2019年4月12日時点） Property Sales Investors and profit growth Kingdom and Asia, etc. property sales Residential Sales 2017-2019 2020-2022 2023-2025
(Billions of yen) Overseas 100
business 80 Equity Method Profit
Management, etc. Earnings 60 Up/Down on an annual basis growth Property Sales 40 Image Steady growth Leasing 20
- FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (20)
55 Hudson Yards Completion
50 Hudson Yards Completion
North American rental housing Construction completed in succession
MOP Taichung Port Opening
LaLaport Jinqiao and Lianhua Road Opening Main new LaLaport Kuala Lumpur Opening properties LaLaport Taiwan South Port Opening Around MOP Tainan Opening 2019-2022 Investment 70ML LaLaport Taichung Opening considerations
TVC 2023-2025 Housing sales in Southeast Asia, etc. Thailand Leasing Property X (already secured) China Property Sales X ※ MOP=Mitsui Outlet Park MITSUI FUDOSAN CO.,LTD 14 Mitsui Fudosan Group 1-7．Portfolio Strategies Management Strategy Sources that generate Growth of Income Gains Rental Income and Sales Profit ①ワークテーブル
✓ Enjoy stable rent from operating assets 有形・無形固定資産 販売用不動産 ➢ Real estate for rent その他資産
(for holding / rental purpose) その他の有形・無形固定資産 ➢ Real estate for sale (for sale) 賃貸等不動産(有形・無形固定資産) A.Rental Properties 販売用不動産(投資家向け分譲用) 3.171 販売用不動産(個人向け住宅分譲用) (Tangible and Intangible Rent expansion by creation of added value その他資産 43% Fixed Assets) ✓ through development and operation Other tangible and Intangible fixed assets tangible and 【Example of creating added value】 総資産 Intangible ➢ Urban Redevelopment Project fixed assets 8% Total Assets ➢ Large-scale neighborhood development ¥7.395 *上記数値はいずれも2019年3月期決算数値となります。 (such as smart city) trillion 1.189 ➢ Town development of mixed use Others Real Property for Sale 23% 16% Creation of Capital gain ①ピボット参照 10% B.Real Property for Sale ✓ Our Strengths (for Property Sales Real Property for Sale ➢ Search for optimal exits based on extensive (for property sales to Investors) 総計 to individuals) network ➢ Determining the optimal sale timing by identifying the market
資産合計 *All of the above figures are the balance sheet numerical values for the fiscal year ended March 2020. 販売用不動産・前渡計 （Figures are before elimination of unrealized gains and losses, etc. that occur through intra-Group ✓ Strategies that leverage our strengths transactions） 有形無形固定資産計 *Rental Properties refer to assets for lease, such as office buildings and retail facilities among tangible and ➢ Promotion of asset sales and realization of intangible fixed assets (excluding intragroup lease). *Own-use floor area for rental, hotel and resort facilities, and related assets included in other tangible and unrealized gains in consideration of the intangible assets. appropriate BS size through BS control
MITSUI FUDOSAN CO.,LTD 15 Mitsui Fudosan Group 1-7．Portfolio Strategies Management Strategy
Growth of Income gain ①ワークテーブル：円グラフ
A.Rental Properties B.Real Property for Sale Domestic (tangible and Intangible (for property sales Overseas fixed assets) to investors) 【Trends of Operating Income Under Developing Under Under Developing in Rental Segment】 (A+B) Developing (Billions of yen) 14% 29% Overseas 150 9% Book value at the end of 期待NOI利回り Book value at the end of 145 March 2020 うち、国内 March 2020 141 うち、海外 ¥3.171 trillion + ¥1.189 trillion 140 138 Overseas Domestic Domestic 135 77% 17% 54% 130 Operating Asset Operating Asset ②ワークテーブル：賃貸セグメント営業利益の推移 124 Expected NOI yield 7.9% Expected NOI yield 6.4% 3/'11 88 Domestic 7.5% Domestic 6.6% 120 Overseas 11.2% Overseas 5.6%
109 110 107 A + B 104
100 Under 95 Developing Rent growth ①ピボットテーブル：円グラフ
18% through 90 88 総計 development Book value at the end of 稼働資産 Overseas March 2020 and operation 80 11% ¥4.360 trillion 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 Operating Asset *With regard to the expected NOI returns from operating assets, in the case of Expected NOI yield 7.5% Domestic properties that are in steady operation, NOI is deemed as the actual value, for Domestic 7.3% 71% properties that were completed less than one year ago, on the basis of the NOI being assumed for the time of stable operation, in both cases being 稼働資産 Overseas 8.9% calculated by excluding the amounts recorded at the end of the period 稼働資産-国内-オフィス balance sheets. 稼働資産-国内-商業施設 稼働資産-国内-賃貸住宅 MITSUI FUDOSAN CO.,LTD 16 稼働資産-国内-物流施設 Mitsui Fudosan Group 1-7．Portfolio Strategies Management Strategy
Creation of Capital gain (Unrealized gain expansion） 【 Unrealized gain on real estate for rent 】 A. Rental Properties (Billions of yen) 6,089.5 (tangible and Intangible fixed assets) 5,773.6 6,000.0 5,436.1 4,828.4 5,000.0 4,560.5 2,918.4 4,054.3 2,749.6 Under 2,475.4 4,000.0 3,472.6 Developing 1,912.2 2,183.4 14% 1,564.4 3,000.0 1,215.9
Overseas 2,000.0 9% 2,960.7 3,024.0 3,171.1 Book value at the end of 2,489.9 2,648.3 2,645.0 1,000.0 2,256.7 March 2020 ¥3.171trillion 0.0 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 Domestic (Billions of yen) 77% Book Value Market Value Unrealized gain March 31,2020 March 31,2020 Office Building 1,936.9 3,774.0 1,837.1 Operating Asset Domestic Retail Facilities 395.0 1,014.6 619.6 In operation Other 117.6 133.8 16.1 Expected NOI yield 7.9% Office Building 259.7 657.0 397.3 Overseas Domestic 7.5% Retail Facilities 29.1 58.2 29.0 Under Developing Overseas 11.2% Not in (object of evaluation)* 14.4 33.5 19.0 Under Developing operation (out of evaluation)* 418.2 418.2 - 3,171.1 6,089.5 2,918.4 Change 147.1 315.8 168.7 *Domestic Rental Properties to be completed in FY2021
MITSUI FUDOSAN CO.,LTD 17 Mitsui Fudosan Group 1-7．Portfolio Strategies Management Strategy
Creation of Capital gain (Realization of Unrealized gain） 【Change in gains on sales】（A＋B） (Billions of yen) Gains on Sales of Fixed Asset 94.8 Operating Income on Property Sales to Investors A.Rental Properties 90.0 B.Real Property for Sale (tangible and Intangible 80.0 (for property sales to investors) fixed assets) 70.0 63.3 60.0 54.1 50.0 40.0 34.6 Unrealized gain Unrealized gain 30.0 18.7 20.5 ¥2.918 trillion ¥ X trillion 20.0 10.6 6.4 8.3 Realization of 10.0 5.4 unrealized 0.0 Periodic gain through 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 Under Under portfolio review sales 【 Examples of assets sold in the past 】 Developing Developing Timing Use Transfer Project Name Yield*3 14% 29% hotel, retail Celestine Shiba Mitsui Building 4.5% Overseas 3/'14 Book value at the end of office, retail, hotel 25th Street, Kobe former residence area --- 9% March 2020 office Fix→Sale 20 Old Bailey (UK) --- Book value at the end of March 3/'15 2020 ¥1.189 trillion *2 office Sapporo M-SQUARE 5.6% ¥3.171 trillion *1 Oversea 3/'16 office Fix→Sale Yokohama Creation Square --- logistics Nine logistics facility buildings 4.5%~5.4％ s Domestic Domestic 3/'17 office Ueno East Tower 4.0% 17% 54% 77% retail LaLaport Shin-Misato 4.9% logistics MFLP Hino 4.2% office Fix→Sale Osaki Bright Core 3.2% 3/'18 Operating Asset Operating Asset office Fix→Sale Celestine Shiba Mitsui Building 3.7% office Fix→Sale Roppongi T-CUBE 3.3% Expected NOI yield 7.9% Expected NOI yield 6.4% office Fix→Sale 70 Mark Lane (UK) --- logistics Six logistics facility buildings 4.2％~4.9％ Domestic 7.5% Domestic 6.6% office G-BASE Tamachi 3.2% 3/'19 Overseas 11.2% Overseas 5.6% retail IKEBUKURO GLOBE 3.8% retail SAKAE GLOBE 3.6% retail Shinsaibashi MG Building 3.3% office Osaki Bright Core・Brighe Plaza 3.2% *2 Asset breakdown *1 Asset breakdown 3/'20 logistics Three logistics facility buildings 4.3％~4.9％
Domestic Under Domestic Under retail TENJIN216 3.6% Overseas Total Overseas Total Office Retail Other Developing Office Retail Logistics Rental Other Developing Housing Notes : sales of fixed asset : sales of property for sale 61% 12% 4% 9% 14% 100% 24% 9% 13% 7% 1% 17% 29% 100% * 3 Describes the direct reduction yield based on the appraisal value of the property, disclosed at the seller.
MITSUI FUDOSAN CO.,LTD 18 Mitsui Fudosan Group 1-8．Promoting ESG Management (Recent Initiatives) Management Strategy
Issuance of Green Bonds (Sep.2019) Initiatives to address climate change and reduce environmental impact ✓ Issuance Amount: ¥50.0 billion ✓ Maturity: 5 years Support for TCFD (January 2020) Affiliation with RE100 ✓ Use of proceeds: At Nihonbashi Muromachi Mitsui Tower Refinancing of funds for acquiring reserve floor space Credit Rating : ✓ Evaluations and Achievements AA-(R&I*1) from Outside the Company AA (Japan Credit Rating Agency, Ltd.) ✓ Green Bond Assessment: GA1 *2 (R&I) Inclusion in the ESG Index
*1 Rating and Investment Information, Inc. *2 This is an evaluation of the extent to which funds procured are invested in projects that contribute to the solution of environmental problems. Top rating on a five-point scale.
■ Nihonbashi Muromachi Mitsui Tower
[Transport] Tokyo Metro Ginza/Hanzomon line Mitsukoshi-mae Station directly connected JR Yokosuka Line and Sobu Rapid Line Shin-Nihonbashi Station directly connected [APPLICATIONS] Offices, commerce, parking lots, etc. [Number of stories] 26 floors and 3 basement floor [Site Area] THE INCLUSION OF MITSUI FUDOSAN CO., LTD. IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, 11,480㎡ TRADEMARKS, SERVICE MARKS OR INDEXNAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, [Total Floor Space] ENDORSEMENT OR PROMOTION OF MITSUI FUDOSAN CO., LTD. BY MSCI OR ANY OFITS AFFILIATES. THE MSCI Approx. 168,000㎡ INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS ORSERVICE MARKS OF MSCI OR ITS AFFILIATES.
MITSUI FUDOSAN CO.,LTD 19 Mitsui Fudosan Group 1-9．Corporate Governance Management Strategy
Corporate Governance System Directors: 12 members (4 outside directors, including 1 woman) Auditors : 5 members (3 outside Auditors, including 1 woman)
Composition of Directors' Remuneration ・Composition of Directors' Compensation
Restricted Stock *1 Performance-linked remuneration indicators (Medium to long-term incentives) Linking with business ✓ Taking into account factors such as business results for the fiscal year under performance review, returns to shareholders, progress with the Group's long-term vision, Bonuses to directors *2 (Approx. 45-50%) economic conditions, and the business environment (Short-term incentive) *1 Decided within the total amount and maximum number of shares resolved at the 108th Ordinary General Meeting of Shareholders Other than performance- *2 To be determined within the total amount resolved at the annual general shareholders' meeting Basic remuneration*3 linked (Approx. 50-55%) *3 Determined within the total amount resolved at the 106th Ordinary General Meeting of Shareholders
・Introduction of a Restricted Stock Compensation System (approved at the 108th Ordinary General Meeting of Shareholders held in June 2020)
✓ Purpose of Introduction : Providing incentives for Eligible Directors* to achieve continuous improvement of the Company's corporate value, and to encourage a further sharing of value with the shareholders *Eligible Directors: Directors excluding outside Directors ✓ Maximum amount : Up to ¥600 million/200,000 shares per year ✓ Restriction period : For the duration of the period until the point immediately after the Eligible Director loses his or her position as the Company's managing director. ✓ Other : In addition to the Eligible Directors, the Company also has introduced the system to managing officers and Group officers who do not concurrently serve as managing directors of the Company. Policy on strategic shareholdings ✓ Policy to reduce the share, continuously reviewing the holding status, verifying the significance of holding based on relationships with business partners, and quantitatively verifying holding rationality based on capital costs ✓ We sold 13 brands of stock: 20.3 billion yen in the fiscal year ending March 2020.
MITSUI FUDOSAN CO.,LTD 20 2．Core Businesses :Overview & Strengths 2-1．Leasing Business Core Business
①ワークテーブル：売上高 A well-balanced portfolio between Office Buildings and Retail Facilities Office Retail Other 合計 Revenue Analysis of Leasing Segment Revenue *Office and Retail Facilities
FY ended March 2020; consolidated ②ワークテーブル：賃貸セグメント(オフィス・商業施設)の売上高推移 (Billions of yen)
550.0 Office buildings Office buildings Retail facilities Retail facilities Other 35.3bn 500.0
5% 450.0
360.2 400.0 337.7 307.8 ①ピボット参照：売上高 298.6 350.0 291.6 Retail ビル賃貸 283.4 Office 300.0 284.5 商業施設賃貸 240.4bn 286.9 その他賃貸 303.0 283.6 360.2bn 303.4 38% 250.0 57% 265.5 200.0 ②ピボット参照：賃貸セグメント(オフィス・商業施設)の売上推移 234.2 222.0 216.4 215.7 150.0 ビル賃貸 238.3 240.4 商業施設賃貸 221.2 229.3 100.0 203.3 171.0 148.6 157.8 121.9 131.5 50.0 92.2 107.3 68.2 42.9 50.9 56.9 0.0 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
MITSUI FUDOSAN CO.,LTD 22 2-1-1．Leasing Business/Office Buildings Core Business A portfolio concentrated in central Tokyo and relationships with quality tenants (approx. 3,000 companies)
Office Building Revenue Office Building Lease Contract by by Area Duration ワークシート：オフィス エリア別売上比率
FY ended March 2020; non-consolidated FY ended March 2020; non-consolidated 5 wards of central Tokyo Other metropolitan Tokyo Other regions 7% Other regions ワークシート：オフィス 契約年数分布 Other metropolitan 5.1 years or Up to 2 years 2.1-5.0 years Tokyo 11% longer 24% Up to 2 5.1 years or longer 合計 years 26%
5 wards of central Tokyo 2.1-5.0 years 82% 50% Average contract duration: 4.5 years
Stable Long-Term Relationships with Approximately 3,000 Corporate Tenants
MITSUI FUDOSAN CO.,LTD 23 2-1-1．Leasing Business/Office Buildings Core Business Creating Neighborhoods in Nihonbashi & Yaesu
Nihonbashi Revitalization Plan (Stage 3, 2019) 【Three Key Initiatives】
１. Revitalization of rich waterfront
２. Creation of new industries
３. International events linked to the world
MITSUI FUDOSAN CO.,LTD 24 2-1-1．Leasing Business/Office Buildings Core Business ワークシート：主な新規プロジェクト Using our development capabilities to continuously improve our portfolio
2019
Major New Projects Overseas projects
FY Total Floor Operation Time Project name Share Location 2021 Completed Space 2019 2020 2021 2022 2023 2024 2025~ 2019 Otemachi One - Chiyoda-ku,Tokyo ≈ 357,700 ㎡ 2022～ BUNKYO GARDEN GATETOWER - Bunkyo-ku,Tokyo ≈ 94,700 ㎡ TOYOSU BAYSIDE CROSS * - Koto-ku,Tokyo ≈ 259,000 ㎡ 2020 msb Tamachi (Tamachi Station Tower North) Sublease Minato-ku,Tokyo ≈ 152,800 ㎡ Nagoya Mitsui Building (North) Project 100% Nagoya,Aichi ≈ 29,400 ㎡
2021 Innovation Square PhaseⅡ - Boston ≈ 28,400 ㎡ 50 Hudson Yards Project 90% New York ≈ 264,000 ㎡ 2022 Yaesu 2nd District North Project TBD Chuo-ku,Tokyo ≈ 289,700 ㎡ 2022～ RMZ Ecoworld 30 50% India,Bangalore ≈ 462,400 ㎡ Brannan Square - San Francisco ≈ 112,000 ㎡ Yaesu 2nd District Central Project TBD Chuo-ku,Tokyo ≈ 418,000 ㎡ 2023 Nihonbashi Muromachi 1st District Project TBD Chuo-ku,Tokyo ー or later Nihonbashi 1st District 1-2 Project TBD Chuo-ku,Tokyo ー Nihonbashi 1st District Central Project TBD Chuo-ku,Tokyo ー
＊TOYOSU BAYSIDE CROSS TOWER : 2019 / Tower B : 2020 Each FY completed, total floor space may change in the future. Some project names are tentative.
MITSUI FUDOSAN CO.,LTD 25 2-1-2．Leasing Business/Retail Facilities Core Business ワークシート：オフィス エリア別売上比率
Diverse types of facilities and a stable revenue structure RSC（ららぽーと） MOP Relationships with approx. 2,400 tenant companies LSP（ﾗﾗｶﾞｰﾃﾞﾝ） 都心型（アーバン・ミッドタウン） Others
Retail Facility Revenue by Category Ratio of Fixed & Sales-Linked Rent by Category ワークシート：固定賃料と変動賃料比率 FY ended March 2020; non-consolidated FY ended March 2020; non-consolidated LaLaport 100% Outlet 9% 18% 19% Others 80% 32% All Facilities
60% 91% 40% 82% 81% Others 68% 4% 20%
10% 0% LaLaport Outlet Others All Facilities 5% Fixed rent Sales-linked rent Sales at Mitsui Fudosan Retail Facilities 55% 26% (Billions of yen) 80
60
40
20 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016 3/2017 3/2018 3/2019 3/2020
LaLaPort TOKYO BAY LaLaPort TOYOSU LaLaPort YOKOHAMA
MITSUI FUDOSAN CO.,LTD 26 2-1-2．Leasing Business/Retail Facilities Core Business ワークシート：主な新規プロジェクト
Expand profit by new development and large-scale renewal projects Major New Projects Overseas projects
FY Operation Time Project Name Location Store Floor Space Opened (Total Floor Space) 2019 2020 2021 2022 2023 2024 2025~
Yomiuri Namiki-dori St. Building Sublease Chuo-ku,Tokyo (≈ 14,200 ㎡) 2019 LaLaport NUMAZU Numazu,Shizuoka ≈ 64,000 ㎡ SHANJING OUTLET PLAZA・NINGBO(Phase3) Ningbo,China ≈ 10,300 ㎡ MITSUI OUTLET PARK YOKOHAMA BAYSIDE Reconstruction Plan Yokohama,Kanagawa (≈ 53,000 ㎡)
Urban Dock LaLaport TOYOSU 3 (in TOYOSU BAYSIDE CROSS TOWER) Koto-ku,Tokyo ≈ 7,000 ㎡ 2020 RAYARD MIYASHITA PARK Shibuya-ku,Tokyo (≈ 23,900 ㎡) LaLaport AICHI TOGO Aichi-gun,Aichi ≈ 63,900 ㎡ Hisaya-odori Park Nagoya,Aichi (≈ 8,100 ㎡) 2023 Fukuoka Seikaichiba Project Fukuoka,Fukuoka TBD 2024 LaLaport SHANGHAI JINQIAO Sublease PudongJinqiao,Shanghai ≈ 60,000 ㎡ 2025 2021 Lianhua Road Station Building Retail Facilities Sublease Selangor,Malaysia ≈ 16,500 ㎡ MITSUI OUTLET PARK KLIA SEPANG(Phase3) KualaLumpur,Malaysia ≈ 10,200 ㎡ LaLaport Kuala Lumpur KualaLumpur,Malaysia ≈ 82,600 ㎡ Osaka Sakai Project Sakai,Osaka TBD Osaka Kadoma Project Kadoma,Osaka TBD 2022 LaLaport TAICHUNG Taichung City,Taiwan ≈ 68,000 ㎡
LaLaport NANGANG Sublease Taipei City,Taiwan ≈ 70,000 ㎡ MITSUI OUTLET PARK TAINAN (Phase1) Tainan City,Taiwan ≈ 33,000 ㎡ 2023 HARUMI FLAG District 7 Project Chuo-ku,Tokyo TBD 2024 MITSUI OUTLET PARK LINKOU(Phase2) New Taipei City,Taiwan ≈ 27,400 ㎡ Large-Scale Renewal Projects
No.of Stores Renewed Execution Period Facility name Location /Total No. of Stores
March-April 2019 LaLaport YOKOHAMA Yokohama,Kanagawa ≈ 53/270 March 2019- LaLaport TOKYO-BAY Funabashi,Chiba ≈ 51/440 March 2019- LaLaport KASHIWANOHA Kashiwa,Chiba ≈ 29/180 January-March 2020 Urban Dock LaLaport TOYOSU 1・2 Koto-ku, Tokyo ≈ 66/180 January-March 2020 LaLaport IZUMI Izumi,Osaka ≈ 39/210 Each FY opened and store floor space may change in the future. Some project names are tentative.
MITSUI FUDOSAN CO.,LTD 27 2-1-3．Leasing Business/Logistics Facilities Core Business
Flexibly combine leasing business with trading Opened MFLP ICT LABO 2.0, a logistics ICT ワークシート：主な新規プロジェクト and management businesses experience showroom at MFLP Funabashi & GATE
・"Industry's first" no human hands required "Full Automation ◼ 40 development and operation facilities,* Logistics Model" experience showroom ・The permanent exhibition in Japan is the first time to exhibit ◼ about3.6 millions ㎡ of total floor space, about 30 types of latest logistics ICT-related equipment, including transport robots ◼ over¥570 billion of cumulative investment ・Strengthen solution proposals that utilize ICT to address (As of Jun. 30, 2020) issues including labor shortages 【 Domestic Development and operation facilities 】
＜"MFLP ICT LABO 2.0" Outline＞
*In Japan, there are 35 properties mentioned above, and 3 other facilities for use, Total of 40 facilities, including two in Thailand, are our development and management facilities.
MITSUI FUDOSAN CO.,LTD 28 2-1-3．Leasing Business/Logistics Facilities Core Business
Flexibly combine leasing business with trading and management businesses ワークシート：主な新規プロジェクト
Major New Projects Overseas projects
Total Floor Operation Time FY Project Name Location Completed Space 2019 2020 2021 2022 2023 2024 2025~ MFIP Haneda Ota-ku,Tokyo ≈ 81,000 ㎡ MFLP Hiroshima Ⅰ Hiroshima,Hiroshima ≈ 71,900 ㎡ MFLP Kawasaki Ⅰ* Kawasaki,Kanagawa ≈ 47,600 ㎡ 2019 MFLP Funabashi Ⅱ Funabashi,Chiba ≈ 224,800 ㎡ MFLP Kawaguchi Ⅰ Kawaguchi,Saitama ≈ 54,800 ㎡ MFLP Hiratsuka Ⅱ Hiratsuka,Kanagawa ≈ 50,000 ㎡ MFLP Yokohama Kohoku Yokohama,Kanagawa ≈ 50,600 ㎡ MFLP Tachikawa Tachihi Tachikawa,Tokyo ≈ 67,000 ㎡ MFLP Osaka Ⅰ Osaka,Osaka ≈ 48,300 ㎡ 2020 MFLP Yachiyo Katsutadai Yachiyo,Chiba ≈ 75,800 ㎡ MFLP Tosu Tosu,Saga ≈ 35,300 ㎡ MFLP Tokorozawa Iruma-gun,Saitama ≈ 21,300 ㎡ MFLP Funabashi Ⅲ Funabashi,Chiba ≈ 268,400 ㎡ 2021 MFLP Osaka Katano Hirakata,Osaka ≈ 72,000 ㎡ Ichikawa Shiohama Logistics Facility Ichikawa,Chiba Development Project ≈ 183,800 ㎡ MFLP Ebina Ebina,Kanagawa ≈ 124,400 ㎡ 2022 Sub Tokyo Rail Gate EAST Shinagawa-ku,Tokyo lease ≈ 175,000 ㎡ Bangpakong, Thai Bangpakong Project 2021 Chachoengsao ≈ 160,000 ㎡ ～ Thai Wangnoi Project Wangnoi,Ayutthaya ≈ 90,000 ㎡ ＊ B : 2019 /9 A : 2020/1 Some project names are tentative. FY completed and total floor space may change in the future.
MITSUI FUDOSAN CO.,LTD 29 2-1-4．Leasing Business/Expand Our Leasing Business Core Business
Multi-Site Share Offices for Corporate Clients Fashion EC Mall creates New Concept in WORKSTYLING Collaboration with Retail Properties Mitsui Shopping Park &mall ・Exclusively for Corporate Clients. ・Supports sales increases by utilizing store inventory. ・High Security, High User Experience. ・Located in High-grade Mitsui’s Buildings. ・Can be used by store staff to improve their motivation. ・Increases customer numbers at real stores through the internet.
Over 12 million Mitsui Shopping Park point card members (as of March 31, 2020)
Nationwide 55 locations (as of Jun. 31, 2020)
MITSUI FUDOSAN CO.,LTD 30 2-1-4．Leasing Business/Expand Our Leasing Business Core Business ワークシート：主な新規プロジェクト Senior Residence Business 2019 ・Utilizing development and operational know-how acquired in the housing, hotel, and commercial 2021 未定 facility businesses, the Group will provide quality products and services to senior citizens. ・High-grade hospitality services to residents by Mitsui Fudosan Residential Wellness. ・The Group plans to accelerate development in major cities, mainly in Tokyo and three neighboring prefectures. Major Projects FY Project Name Location units Opened 2019 PARK WELLSTATE Hamadayama Suginami-ku, Tokyo ≈ 70 Land Acquisition・ 2021 PARK WELLSTATE Kamogawa Kamogawa, Chiba ≈ 470 Development TBD PARK WELLSTATE Nishiazabu Minato-ku, Tokyo TBD
Each FY Opened, The number of units may change in the future. Some project names are tentative.
Leasing Contract
Operation
(Mitsui Fudosan Residential Wellness)
Leasing Contract
PARK WELLSTATE Hamadayama PARK WELLSTATE Kamogawa
MITSUI FUDOSAN CO.,LTD 31 2-1-5．Leasing Business Development Example Core Business ワークシート：主な開発プロジェクトの開発期間 Urban Area Reconstruction Standard-Type Redevelopment Project of Owned Assets Development
【Overview of Urban Area Redevelopment】
Acquire Floor acquired by the Company Acquire new business opportunities (reserved floor) Integrally reconstruct new business opportunities by creating multiple assets through arm’s length neighborhoods held by the Group transactions, bidding, etc. as an asset owner
Note: A, B, C, D = Land owners, building owners, etc.
【Development periods of main development projects（Reference example）】
Project Schedule project Area Type Project Name Location 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 periods
TOKYO MIDTOWN HIBIYA Chiyoda-ku,Tokyo ★Consider integrally reconstructing two buildings that have aged 13.0
Nihonbashi Takashimaya Chuo-ku,Tokyo ★Initiate study groups with other landowners 13.0 Mixed Mitsui Building
use msb Tamachi Minato-ku,Tokyo ★Take part in bidding 10.0 Tamachi station tower S
Nihonbashi Muromachi Japan Chuo-ku,Tokyo ★Establishment of preparation union 7.0 Mitsui Building
LaLaport NAGOYA Nagoya,Aichi ★Take part in bidding 6.0 minato AQULS Retail ★Initiate study groups with LaLaport NUMAZU Numazu, Shizuoka 3.5 other landowners
Logistics MFLP Funabashi Ⅰ Funabashi, Chiba 2.0
From bidding to operator determination Office 55 Hudson Yards New York ★Enter into いnvestment agreement 4.0 Consultations with landowners, business reviews, etc. Overseas Promotion of design and planning Retail MOP TAICHIUNG PORT Taichung City,Taiwan ★Take part in bidding 3.0 Construction work period (including dismantling period)
* The project period starts from when commercialization as a company is adjudged to have been made. In the case of redevelopment projects, the project period also includes the time needed to draw up an agreement (consultations by study groups, etc.) with landowners intending to bring the redevelopment to fruition. MITSUI FUDOSAN CO.,LTD 32 2-2．Property Sales Business Core Business
Property sales to individuals ①ワークテーブル：分譲セグメント 営業利益推移 : Development and sale of condominiums and detached housing to individuals Property sales to indivisuals(Domestic) Property sales to investors : Development and sale of income generating properties to institutional investors 住宅分譲 Property sales to Individuals 投資家向け分譲 Booked in FY ended March 2020 Property Sales Segment: Operating Income
(Billions of yen)
140 Property sales to investors and indivisuals(Overseas), etc. ①ピボット参照：分譲セグメント 営業利益推移
Property sales to indivisuals(Domestic) 120 住宅合計 投資家向け分譲等合計
100 Park Tower Harumi THE TOWER YOKOHAMA KITANAKA 国内住宅分譲-営業利益 80 投資家向け・海外住宅分譲等-営業利益 94.1 Property sales to Investors 70.0 Booked in FY ended March 2020 60 71.4 51.8 34.6 40 18.7 20.5 4.3 20 7.7 30.6 31.1 29.6 33.0 6.4 5.4 22.7 26.7 23.9 26.6 15.3 9.7 10.2 0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 Osaki Bright Core MFLP sakai (E)
MITSUI FUDOSAN CO.,LTD 33 2-2-1．Property Sales Business/Property Sales to Individuals Core Business
Robust Trend of Housing Market
ワークテーブル：住宅分譲・マンション計上戸数、完成在庫、平均販売価格の推移
Property sales to Individuals – Condominium – Trend of OP (Left) Sales and Operating Profit Margin Units booked , Inventories , and Average Sales Price OP margin (Right) Unit booked (Left)
Unit booked (Left) Year-end inventories (Left)
(Billions of yen) OP (Left) OP margin (Right) （％） (Units) Average sales price (Right) (Millions of yen) 7,000 100 50 11.3 12 6,557 11.0 45 6,000 90 ①ピボット参照：住宅分譲 営業利益・営業利益率の推移 9.7 9.3 10.6 10 5,455 40 9.0 5,200 4,956 8.1 4,858 営業利益（千円） 5,000 80 営業利益率 35 33.0 4,512 4,391 74 30.6 31.1 8 29.6 77 ③ピボット参照：業績予想 30 6.6 3,707 3,800 26.7 26.6 4,000 70 3,283 5.4 23.9 3,194 営業利益（千円） 25 22.7 6 67 58 営業利益率 3,000 60 20 4.0 53 51 15.3 4 49 3.1 47 48 15 2,000 45 50 10.2 ②ピボット参照：マンション計上戸数、完成在庫、平均販売価格の推移 10 9.7 2 1,000 638 40 5 380 計上戸数 223 321 170 83 88 108 141 128 期末完成在庫戸数 平均販売価格 0 0 0 30 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 ③ピボット参照：業績予想 (E) (E)
計上戸数 期末完成在庫戸数 平均販売価格 MITSUI FUDOSAN CO.,LTD 34 Core Business 2-2-1．Property Sales Business/Property Sales to Individuals ワークシート：ブランド別売上割合 ↓並び順注意 PCO/PM An abundant land bank focusing mainly on redevelopment PC/PT PHO/PLX 合計 Sales by Brand & Region Land Bank (Condominiums)
*Based on Mitsui Fudosan Residential results (As of March 31, 2020) ワークシート：地域別売上割合 (FY ended March 2020) Approximately 28,000 units ◆Sales by Brand ( incl. redevelopment project in the planning phase) Metropolitan Tokyo Kansai&Chubu Other regions Middle-grade High-grade condominiums condominiums Major Large-Scale Projects / Higher-end Projects 合計 21% FY to be Total No. of Project Name Location 28% Reported Units Sold *
Park Court NOGIZAKA The Tower Minato-ku,Tokyo ≈ 40 2019 Park Tower Harumi Chuo-ku,Tokyo ≈ 1,100 Park Court Hamarikyu The Tower Minato-ku,Tokyo ≈ 360 Park City Musashi-Koyama The Tower Shinagawa-ku,Tokyo ≈ 500 51% The Tower Yokohama Kitanaka Yokohama,Kanagawa ≈ 1,100 MID TOWER GRAND Chuo-ku,Tokyo ≈ 390 2020 Large-scale THE COURT Jingu-Gaien Shibuya-ku,Tokyo ≈ 180 developments Kosugi 3rd Avenue The Residence Kawasaki,Kanagawa ≈ 460 ◆Sales by Region Park Court SHIBUYA The Tower Shibuya-ku,Tokyo ≈ 350 Park Court BUNKYO KOISHIKAWA The Tower Bunkyo-ku,Tokyo ≈ 400 2021 Other regions Park Court Toranomon Minato-ku,Tokyo ≈ 120 10% SHIROKANE THE SKY Minato-ku,Tokyo ≈ 770 Kansai&Chubu Chiyoda-ku Yonbancho Project Chiyoda-ku,Tokyo ≈ 150 Shibuya-ku Sendagaya 4-chome Project Shibuya-ku,Tokyo ≈ 400 2% HARUMI FLAG Chuo-ku,Tokyo ≈ 4,150 2022 Park Tower KACHIDOKI Chuo-ku,Tokyo ≈ 2,250 or later Minato-ku Mita 1-chome Project Minato-ku,Tokyo TBD 5-chome Nishishinjuku Central South District Project Shinjuku-ku,Tokyo ≈ 450 Omiya Nishiguchi 3-B District Project Saitama,Saitama ≈ 400 Metropolitan Tokyo Koiwa Station Kitaguchi District Project Edogawa-ku,Tokyo ≈ 510 88% FY to be reported and total number of units sold may change in the future. Some project names are tentative. ※ The total number of units is before taking into account the Company's share.
MITSUI FUDOSAN CO.,LTD 35 2-2-2．Property Sales Business/Property Sales to Investors Core Business
Multiple exit strategies and a model for cooperation with investors ①ワークテーブル：【当社グループ運用J-REIT】/【当社グループ組織・運用プライベートファンド】 会社名 Property sales to Investors and Individuals(Overseas) Operating Income 三井不動産投資顧問 Sales Management (Billions of yen) to a diverse array of contracts 100 investors after sales 94.1
J-REITs managed by the Mitsui Fudosan Group 90
AUM: ¥1,135.5bn (71properties) 80 71.4 ②ワークテーブル：【投資家向け分譲・海外住宅分譲 営業利益推移】 70.0 70 AUM: ¥312.1bn (127properties) 営業利益
60 AUM: ¥339.0bn (37properties) 51.8
50 AUM: ¥202.7bn (18properties)
40 ①ピボット参照：【当社グループ運用J-REIT】/【当社グループ組織・運用プライベートファンド】 Private funds structured and managed by the 34.6 Mitsui Fudosan Group 2020503 30 会社名 Mitsui Fudosan Investment Advisors, Inc. AUM: ¥1,435.3bn (Structures and manages private funds) 20.5 18.7 20 AUM: ¥332.8bn (50properties) 三井不動産投資顧問 Mitsui Fudosan Private REIT, Inc. 10 6.4 7.7 Institutional investors, 5.4 4.3 corporations, etc.
※ Total asset scale (on an acquisition price basis) and the number of properties held as 0 ②ピボット参照：【投資家向け分譲・海外住宅分譲 営業利益推移】 of the end of March 2020 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 (E) 営業利益
MITSUI FUDOSAN CO.,LTD 36 2-3．Management Business Core Business
Property Management Management and other consignment business relating to office building, retail facility, housing, and Car Park Leasing operations ①ワークテーブル：マネジメントセグメント営業利益推移 Brokerage, Asset management, etc. Brokerage: Brokerage service for individuals (Mitsui Rehouse), etc. Property Management Asset management: Asset management services through four REITs and private funds
Management Business Operating Income Assets under Management (As of March 31, 2020) ②ワークテーブル：預かり資産残高・比率 (Billions of yen) Brokerage, Asset Management, etc. (Trillions of yen) 3.92 3.98 4.00 3.73 60 Property Management 3.61 預かり資産 3.42 3.47 3.50 3.32 3.19 2.93 50 3.00 2.80
2.50 ③ワークテーブル：円グラフ 21.2 23.2 22.8 40 22.4 22.1 20.8 19.8 2.00 Private Funds Originators 15.1 1.50 MFLP投資法人 30 10.5 フロンティア不動産投資法人 10.2 1.00 日本アコモデーションファンド 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 50.0 日本ビルファンド 20 32.5 31.9 32.7 29.9 28.9 26.4 27.8 28.5 23.7 Private Funds 10 21.9 28% 28%
①ピボット参照：マネジメントセグメント営業利益推移 0 8% Originators 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 8% ﾌﾟﾛﾊﾟﾃｨﾏﾈｼﾞﾒﾝﾄ *Figures for FY2018 and earlier exclude operating income from (E) 23% 5% 仲介・ｱｾｯﾄﾏﾈｼﾞﾒﾝﾄ等 leasing management of the old segment “Mitsui Home” In the FY2019, calculating based on the value after recombination
MITSUI FUDOSAN CO.,LTD 37 営業利益-マネジメント 2-3．Management Business Core Business Property Management /Stable earnings growth on the back of an increase in consigned properties Brokerage, Asset management, etc. /No. 1 Transaction Volume＆Stable earnings growth due mainly to an increase in AUM Property Management (Sales condominiums) Car Park Leasing Track Record Track Record
Mitsui Fudosan Realty Mitsui Fudosan Residential Service Group (units) (units) 268,771 280,000 275,627 245,511 250,000 226,125 257,902 258,689 260,000 255,713 210,549 251,874 244,494 200,000 191,450 238,027 240,000 166,752 228,549 154,643 143,450 221,910 150,000 217,222 133,039 220,000 124,379
100,000 200,000 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20
Property Management (Sales condominiums) Brokerage Market FY ended March 2020 Track Record Mitsui Fudosan Residential Lease
Transaction (units) Fee/Revenue Transactions Number Volume 69,073 (Billions of yen) (Units) of stores 70,000 66,741 (Billions of yen) 63,777 61,392 Mitsui Fudosan Realty 58,293 1 85 42,818 1,783.2 282 60,000 55,684 Co., Ltd. 51,939 Sumitomo Real Estate 49,720 2 67 37,715 1,287.5 276 47,341 50,000 45,635 Sales Co., Ltd. 3 Tokyu Livable, Inc. 62 26,437 1,315.9 190 40,000 Nomura Real Estate 4 35 9,515 872.3 92 Group 30,000 Sumitomo Mitsui Trust 5 20 7,684 472.4 72 Realty Co., Ltd. 20,000 Source：Real Estate Economic Institute (As of May 29, 2020) 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20
MITSUI FUDOSAN CO.,LTD 38 Core Business 2-4．Other Business/Hotel and Resort Business ワークシート：稼働率とADR(平均客室単価)の推移
Average Occupancy Rate (Left) Average Daily Rate (Right)
ワークシート：外国人宿泊客比率
Average Tokyo Osaka, Kyoto Other Area
Total 39 hotels 9,730 rooms
(Including Domestic and Overseas As of Jun. 30, 2020)
Occupancy Rate/Average Daily Rate Ratio of Foreign guests
(%) (Yen) (%) 100 17,000 70.0 FY2013 FY2014 90 16,000 60.0 FY2015
80 15,000 50.0 FY2016 FY2017 14,000 70 40.0 FY2018 FY2019 60 13,000 30.0
50 12,000 20.0
40 Average Occupancy Rate (Left) 11,000 10.0 Average Daily Rate (Right) 30 10,000 0.0 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Average Tokyo Osaka, Kyoto Other Area MITSUI FUDOSAN CO.,LTD 39 2-4．Other Business/Hotel and Resort Business Core Business ワークシート：主な新規プロジェクト
Expanding various hotels in Japan and overseas with the aim of providing facilities and services that meet the diversifying needs of guests
Major New Projects Overseas project
FY No.of Operation Time Project Name Location Opened Rooms 2019 2020 2021 2022 2023 2024 2025~ Mitsui Garden Hotel Fukuoka Gion Fukuoka, Fukuoka ≈ 300 Halekulani Okinawa Kunigami-gun, Okinawa ≈ 360 Mitsui Garden Hotel Kyoto Station Front Kyoto, Kyoto ≈ 140 2019 Mitsui Garden Hotel Ginza-gochome Chuo-ku, Tokyo ≈ 340 Mitsui Garden Hotel Jingugaien Tokyo Premier Shinjuku-ku, Tokyo ≈ 360 Mitsui Garden Hotel Roppongi Premier Minato-ku,Tokyo ≈ 260 Mitsui Garden Hotel Sapporo West Sapporo, Hokkaido ≈ 170
Mitsui Garden Hotel Fukuoka Nakasu Sublease Fukuoka, Fukuoka ≈ 260 Mitsui Garden Hotel Kyoto Shijo* Chiyoda-ku, Tokyo ≈ 350 sequence MIYASHITA PARK Shibuya-ku, Tokyo ≈ 240 sequence KYOTO GOJO Kyoto, Kyoto ≈ 210 Mitsui Garden Hotel Toyosu BAYSIDE CROSS Koto-Ku, Tokyo ≈ 230 2020 Four Seasons Hotel Tokyo Otemachi(Otemachi One) Chiyoda-ku, Tokyo ≈ 190
MGH Mitsui Garden Hotel Taipei Zhongxiao Sublease Taipei City, Taiwan ≈ 300
Mitsui Garden Hotel Kyoto Kawaramachi Jokyoji Sublease Kyoto, Kyoto ≈ 170 HOTEL THE MITSUI KYOTO Kyoto, Kyoto ≈ 160
sequence SUIDOBASHI Sublease Chiyoda-ku, Tokyo ≈ 120
Zhongshan Zhongxiao Hotel Project Sublease Taipei City, Taiwan ≈ 350 2021 The Bvlgari Hotel Tokyo(Yaesu 2nd District North Project) Chuo-ku, Tokyo ≈ 100 or later Dunhua North Road Bridge Project Sublease Taipei City, Taiwan ≈ 180 Hakone Project Ashigarashimo-gun，Kanagawa TBD *The extension building has approximately 70 rooms of 350, will open in July 2020. FY to be opened and number of rooms may change in the future. Some project names are tentative.
MITSUI FUDOSAN CO.,LTD 40 2-5．Apx. Global Business Core Business North America and Europe /Continuously secure excellent business opportunities to build a stable earnings base ①ワークテーブル：海外利益の推移 China and Asia /Aggressively capture rapidly growing demand for quality housing and expanding consumption Leasing Business Development Area Income from overseas Property Sales
(Billions of yen) FY2016 FY2017 FY2018 FY2019 合計 60.0 55.4(19.8%) 合計％
18.2 40.0 ②ワークテーブル：海外資産の国別内訳 1.5 27.5(9.6%) US 19.8(8.3%) 18.2(7.2%) 18.9 7.4 Europe 20.0 1.2 China & Asia 6.4 6.8 1.0 2.3 2.0 16.6 19.3 Overseas 10.0 11.6 Domestic 0.0 -2.3 -0.4 Pro forma Operating Income of Overseas Affiliates Management, Other, etc. 総資産 -20.0 Property Sales Leasing
Breakdown of Oversea Assets by Country ①ピボット参照：海外利益の推移
賃貸-営業利益 China & Asia 分譲-営業利益 17% Overseas Europe 18.4% 海外事業利益比率 11% 2Television Center US ②ピボット参照：海外資産の国別内訳 72%
Domestic 米国 81.6% 欧州 中国・アジア その他地域1 55 Hudson Yards 50 Hudson Yards Project その他地域2 Total Assets ¥7,395.3bn (As of March 31, 2020) LaLaport Shanghai Jinqiao MITSUI FUDOSAN CO.,LTD 41 Core Business 2-5．Apx. Global Business（Europe and America） ワークシート：主な新規プロジェクト
Major New Projects＜Office ・ Rental Housing＞ 2019 Total Floor Space Operation Time 2020 Expected Location Type Project Name Completion or Units* 2019 2020 2021 2022 2023 2024 2025~
2019 San Francisco Rental Housing The Landing(former 22 Texas) ≈ 260
2020 Arlington Rental Housing J-SOL(former 4000 North Fairfax Drive) ≈ 320 Los Angeles 5750 Hollywood Boulevard ≈ 160 Washington,D.C. The Silva(1630 Colombia Road) ≈ 170 2021～ Rental Denver Denargo Market III ≈ 330 2021 Housing San Francisco 830 Eddy Street ≈ 130 Maryland Maizon Bethesda ≈ 220 2022～ 2023 Boston Office Innovation Square PhaseⅡ ≈ 28,400 ㎡ 2023～ 2021～ Seattle Rental Housing Yesler Terrace ≈ 550 New York Office 50 Hudson Yards Project ≈ 264,000 ㎡ 2022 Boston 290 Revolution Drive ≈ 320 Rental Housing Washington,D.C. Museum Place ≈ 480
2022～ Walnut Creek Rental Housing Walnut Creek Transit Village ≈ 590 2020 2023 San Francisco Rental Housing 8th Figueroa ≈ 430 2021 2023～ San Francisco Office Brannan Square ≈ 112,000 ㎡ TBD
Major New Projects＜Condominiums＞
Expected Units* Completion Location Type Project Name
2020 Alexandria Robinson Landing ≈ 90 2021 New York Condo 200 Amsterdam Avenue Project ≈ 110 TBD London Television Centre Redevelopment Project(Phase2) ≈ 500
Each expected completion, rentable floor space and total number of units may change in the future. Some project names are tentative. *The total number of units is before taking into account the Company's share.
MITSUI FUDOSAN CO.,LTD 42 Core Business 2-5．Apx. Global Business（Asia） ワークシート：主な新規プロジェクト
Major New Projects＜Office・Retail・Hotel・Logistics＞ 2019 Expected Floor or Store Operation Time Location Type Project Name 2020 opening Space/rooms 2019 2020 2021 2022 2023 2024 2025~ 2020~ 2019 China Ningbo Retail SHANJING OUTLET PLAZA・NINGBO(Phase3) store ≈ 10,300 ㎡
2020 Taiwan Taipei City Hotel MGH Mitsui Garden Hotel Taipei Zhongxiao Sublease ≈ 300 2020~ Thailand Bangkok SA Life Skumbit ect. ≈ 1,400
China Shanghai City Retail LaLaport Shanghai Jinqiao Sublease store ≈ 60,000 ㎡
China Shanghai City Lianhua Road Station Building Retail Facilities Sublease store ≈ 16,500 ㎡ 2021 Malaysia Selangor Retail MITSUI OUTLET PARK KLIA SEPANG(Phase3) store ≈ 10,200 ㎡ Malaysia Kuala Lumpur LaLaport Kuala Lumpur store ≈ 82,600 ㎡ Thailand Pattaya SA Somerset Blue Coast ≈ 320 Bangpakong Project gross ≈ 160,000 ㎡ 2021～ Thailand Bangkok Logistics Wangnoi Project gross ≈ 90,000 ㎡ 2022～ Taiwan Taipei City Hotel Zhongshan Zhongxiao Hotel Project Sublease ≈ 350 2023 Taiwan Taichung City Retail LaLaport TAICHUNG store ≈ 68,000 ㎡ 2022 Taiwan Tainan City LaLaport Nangang Sublease store ≈ 70,000 ㎡ Retail 2025 Taiwan Tainan City MITSUI OUTLET PARK TAINAN(Phase1) store ≈ 33,000 ㎡ 2022～ India Bangalore Office RMZ Ecoworld 30 gross ≈ 426,400 ㎡
2023 Malaysia Kuala Lumpur Rental Housing BBCC Project ≈ 260
Taiwan Taipei City Hotel Dunhua North Road Hotel Project Sublease ≈ 180 2024 Taiwan New Taipei City Retail MITSUI OUTLET PARK LINKOU(Phase2) store ≈ 27,700 ㎡ 2025 Taiwan Tainan City Retail MITSUI OUTLET PARK TAINAN(Phase2) store ≈ 12,000 ㎡
Major New Projects＜Condominiums＞
Expected Expected Location Type Project Name Units Location Type Project Name Units opening opening
2019 Thailand Bangkok Elio Del Moss etc. ≈ 3,300 China Nantong City Nantong Hong Jiang Lu Project ≈ 1,300 China Suzhou City Ming Yue Lan Ting ≈ 940 2022 Singapore Piamont Grand ≈ 820 2020 Singapore Forest Woods ≈ 510 Thailand Bangkok Ideo Charan70 etc. ≈ 3,900 Thailand Bangkok Elio Del Nest etc. ≈ 5,500 Malaysia Kuala Lumpur Condo Conlay Place ≈ 490 Condo Taiwan New Taipei City Sanchong Zhongxing Bridge Project ≈ 130 2023 Singapore One North Gateway ≈ 160 2021 Thailand Bangkok Ideo Rama 9 ≈ 1,200 China Jiaxing City Poyuewan ≈ 1,200 Singapore The Jovell ≈ 420 * Indonesia Tangerang Citra Raya ≈ 2,300 2021～ Philippines Quezon City The Arton ≈ 1,600 ＊ Development in some stages Each expected completion or opening, store floor space, and total number of units may change in the future. Some project names are tentative. The total number of units is before taking into account the Company's share.
MITSUI FUDOSAN CO.,LTD 43 3. Financial Statements and investment data, etc. 3-1．Summary of Results for the Three Months Ended June 30, 2020 Financial Statement ②ワークテーブル
Consolidated Income Summary (Overall)
(Billions of yen)
Full-Year Forecast Actual/ FY2020/1Q FY2019/1Q Change (as of May 2020) Forecast
RevenueRevenues from fromoperationsOperations 407.0 427.1 (20.1) 1,850.0 22.0%
Operating incomeIncome 36.8 50.8 (14.0) 200.0 18.4%
Non-operating Income/Expenses (7.1) (1.5) (5.6) (31.0) ― Equity in Net Income of Affiliates (0.3) 2.9 (3.2) - ― Interest Income/Expense (6.8) (6.9) 0.1 (30.0) ―
Other 0.0 2.4 (2.4) (1.0) ― ②ワークテーブル：特別利益・特別損失 Ordinary incomeIncome 29.7 49.3 (19.6) 169.0 17.6% Extraordinary Gains/Losses (5.5) - (5.5) 10.0 ― Extraordinary Gains 6.2 - 6.2 - ― Extraordinary Losses 11.8 - 11.8 - ― Income Taxes 10.5 15.9 (5.3) 58.0 ― Profit 13.6 33.4 (19.7) 121.0 ― Profit/Loss attributable to non-controlling interests (0.1) 0.2 (0.3) 1.0 ― Profit attributable to owners of the parent 13.7 33.1 (19.4) 120.0 11.5%
①ピボット参照
MITSUI FUDOSAN CO.,LTD 45 3-1．Summary of Results for the Three Months Ended June 30, 2020 Financial Statement
Consolidated Segment Revenue & Operating Income
Consolidated Segment Revenue & Operating Income Supplemental Data
【Vacancy Rate】 (Billions of yen) 20/6 20/3 19/3 18/3 17/3 16/3 Full-Year Forecast Office Buildings & Retail Facilities *1 2.1% 2.3% 1.8% 2.4% 3.1% 2.2% FY2020/1Q FY2019/1Q Change (as of May 2020) Tokyo Metropolitan Area Office Buildings *2 2.1% 1.9% 1.7% 2.2% 3.4% 2.6%
Revenues from Operations 407.0 427.1 (20.1) 1,850.0 【Property Sales】 (Millions of yen) FY2020/1Q FY2019/1Q Change 600.0 Leasing 134.5 155.0 (20.4) Revenue 127,705 61,650 66,054 Property Sales 136.5 107.5 29.0 540.0 Property Sales to Operating Income 24,943 5,612 19,330 Individuals Units booked 1,449 657 792 Management 90.2 100.1 (9.8) 410.0 (Domestic) -Condominiums 1,398 523 875 Other 45.6 64.4 (18.8) 300.0 -Detached Housing 51 134 (83) Property Sales to Investors& Revenue 8,881 45,926 (37,044) Operating Income 36.8 50.8 (14.0) 200.0 Individuals (Overseas), etc. Operating Income 588 6,267 (5,679)
Leasing 28.6 39.7 (11.0) 113.0 【Management】 (Millions of yen) Property Sales 25.5 11.8 13.6 103.0 FY2020/1Q FY2019/1Q Change Management 4.6 12.3 (7.7) 50.0 Revenue 70,311 76,249 △ 5,938 Property Operating Income 1,379 7,787 △ 6,408 Other (10.1) (2.2) (7.8) (13.0) Car park leasing/ Management 273,515 251,562 21,953 Eliminations Total managed units (11.8) (10.8) (0.9) (53.0) Revenue 19,937 23,861 △ 3,924 or corporate Brokerage, Asset Operating Income 3,268 4,601 △ 1,332 Management Brokerage Units 8,120 10,310 △ 2,190
*1 Consolidated (Reference)Overseas Business (Millions of yen) *2 Non-Consolidated FY2020/1Q FY2019/1Q Change Revenue 17,016 16,054 961 Leasing Operating Income 4,922 5,359 (437) Revenue 3,724 12,782 (9,058) Property sales Operating Income (33) (356) 323 Management, Other, Revenue 3,283 3,240 43 *1 Calculated by multiplying the operating income or the amount equivalent to operating income of each overseas equity-method affiliated company by the Company’s equity interest（Note） etc. Operating Income 11 93 (82) （Note）The amount equivalent to operating income is the amount of profit calculated on a simplified Pro forma Operating Income of Overseas Affiliates *1 1,586 2,870 (1,283) basis after taking into consideration the tax burden Overseas Income Total 6,486 7,967 (1,481) *2 Total overseas income / (Operating income + Pro forma operating income of overseas Ratio of Overseas Income *2 16.9% 14.8% 2.1pt affiliates)×100
MITSUI FUDOSAN CO.,LTD 46 3-1．Summary of Results for the Three Months Ended June 30, 2020 Financial Statement
Consolidated Balance Sheet Summary ①ワークテーブル
(Billions of yen) 流動資産 貯金・預金 FY2020/1Q FY2019/4Q Change FY2020/1Q FY2019/4Q Change 有価証券 販売用不動産・前渡金 営業出資金 Current Assets 2,512.0 2,393.5 118.4 Current Liabilities 1,164.2 1,039.7 124.4 その他 Cash & Time Deposits 253.2 183.4 69.8 Accounts Payable - Trade 85.0 147.0 (62.0) 固定資産 有形・無形固定資産 Marketable Securities 0.1 0.2 (0.1) Short-Term Debt* 460.6 164.4 296.2 投資有価証券 Real Property for Sale (including Advances Paid for Purchases) 1,947.0 1,907.8 39.2 Commercial Paper* 173.0 173.0 - 差入敷金・保証金 その他 Equity Investments in Properties 7.3 6.6 0.6 Short-Term Bonds Payable* 27.6 102.5 (74.9) for Sale 資産計 Other Other 304.2 295.4 8.8 417.9 452.7 (34.8) Long-Term Liabilities 流動負債 Fixed Assets 5,141.7 5,001.7 140.0 3,991.3 3,869.0 122.2 支払い手形及び買掛 Corporate Bonds 短期借入金 Tangible & Intangible Fixed Assets 785.8 694.5 91.3 3,797.8 3,753.1 44.7 ｺﾏｰｼｬﾙﾍﾟｰﾊﾟｰ Long-Term Debt* 2,359.7 2,346.6 13.1 Investment Securities 956.6 888.0 68.5 短期償還社債（※） Deposits from Tenants 436.9 436.5 0.3 Lease Deposits 145.4 145.4 0.0 その他 Other 408.6 391.3 17.3 固定負債 Other 241.7 215.1 26.6 社債（※） Interest-Bearing Debt* 3,806.9 3,481.1 325.8 長期借入金（※） 預り敷金・保証金 Total Net Assets 2,498.2 2,486.5 11.7 その他 Common Stock 339.7 339.7 有利子負債（※） - 純資産 Capital Surplus 372.1 372.1 (0.0) 資本金 Retained Earnings 1,062.6 1,070.2 (7.5) 資本剰余金 利益剰余金 Other 723.6 704.3 19.3 その他 Total Liabilities & 負債・純資産計 Total assets 7,653.8 7,395.3 258.4 Net Assets 7,653.8 7,395.3 258.4 Ｄ/Ｅレシオ（倍） *Interest-Bearing Debt: short-term debt + commercial paper + short-term 自己資本比率 bonds payable + corporate bonds + long-term debt
FY2020/1Q FY2019/4Q Change D/E Ratio (Times) 1.57 1.45 0.13 Equity Ratio (%) 31.6% 32.6% (1.0pt)
MITSUI FUDOSAN CO.,LTD 47 ②ピボット参照 3-2．Forecasts for the Year to March 2021 (FY2020) Financial Statement
✓ The outbreak of COVID-19 is having a widespread impact on economic conditions both in Japan and overseas.
✓ In accordance with requests by the government and local administrative authorities, and from the perspective of actively working to stop the spread of COVID-19 as a corporation, the Company has temporarily closed its retail facilities and hotels, and has provided various support such as reduction of rent for some of its tenants. The Company’s business results may still be severely affected depending on conditions when COVID-19 should end and governmental response policies.
✓ Even medical experts are unable to clearly forecast when the spread of COVID-19 will end. Amidst such circumstances, when forecasting business in the next fiscal year, it is difficult to predict the extent to which economic activities will be restricted throughout the entire year. Consequently, it is extremely difficult to calculate earnings forecasts for the next fiscal year with a high degree of accuracy. Despite this difficulty, the Company has decided to make certain assumptions and identify estimates to the extent that is currently possible.
✓ In specific terms, estimates of forecast results are based on the assumption that, due to requests from the government and local administrative authorities, economic activity will operate under strict restrictions during the first quarter. We then anticipate that conditions will gradually return to normal from the second quarter until the end of the year.
✓ Actual results may fluctuate depending on a variety of factors including when COVID-19 should dissipate. Should the need to revise forecasts arise in the future, the Company will disclose details in a timely manner.
MITSUI FUDOSAN CO.,LTD 48 3-2．Forecasts for the Year to March 2021 (FY2020) Financial Statement
Consolidated Statement of Earning Forecasts
売上高 ・Leasing: Overall revenue from operations and operating income are forecast to decrease Consolidated Income Statement (Forecasts ) 賃貸 ¥36.0 billion and ¥32.8 billion, respectively. This is mainly due to the reduction in rent at 分譲 facilities owned by the Company resulting from the temporary closure of retail facilities in (Billions of yen) マネジメント response to requests from the government and local administrative authorities. その他 3/2021 3/2020 (2019Forecast年度) Change 営業利益 (as of May 12, 2020) Actual ・Property Sales: Overall revenue from operations is forecast to increase ¥15.9 billion, while *2019年11月7日 賃貸 分譲 operating income is expected to decrease ¥20.7 billion. In the "Property Sales to Individuals Revenues from Operations 1,850.0 1,905.6 (55.6) マネジメント (Domestic)" category, both revenue and earnings are forecast to increase due to an increase Leasing 600.0 636.0 (36.0) その他 in the number of reported units. However, in the “Property Sales to Investors and Individuals Property Sales 540.0 524.0 15.9 消去他 (Overseas)” category, both revenue and earnings are forecast to decrease in consideration of Management 410.0 421.4 (11.4) 営業外損益 reviewing sales while carefully assessing the impact of COVID-19 on the market. Other 300.0 324.0 (24.0) 純金利負担 その他 Operating Income 200.0 280.6 (80.6) 経常利益 ・Management: Overall revenue from operations and operating income are forecast to decrease Leasing 特別損益 ¥11.4 billion and ¥5.6 billion, respectively. This is due to consideration for the impact of 113.0 145.8 (32.8) Property Sales 103.0 123.7 (20.7) 税前当期純利益 COVID-19 on the brokerage business and the car park leasing business. 法人税他 Management 50.0 55.6 (5.6) 当期純利益 ・Other: Overall revenue from operations and operating income are forecast to decrease ¥24.0 Other (13.0) 2.2 (15.2) 非支配株主に帰属する当期純利益 billion and ¥15.2 billion, respectively. This is largely due to the temporary closure of hotels in Eliminations or Corporate (53.0) (46.9) (6.0) 親株主に帰属する当期純利益 response to requests from the government and local administrative authorities as well as other Non-operating Income/Expenses (31.0) (22.1) (8.8) factors and the decrease in accommodation demand. Interest Income/Expense (30.0) (28.0) (1.9) Other (1.0) 5.9 (6.9) ・As a result, revenue from operations is forecast to amount to ¥1,850 billion, a decrease of ②ワークテーブル：分譲事業 ¥55.6 billion, and operating income is expected to fall to ¥200.0 billion, a decrease of ¥80.6 Ordinary Income 169.0 258.5 (89.5) billion. Extraordinary Gains/Losses 10.0 2.7 7.2 When accounting for the decrease in the equity in net income/loss of affiliated companies in Income before Income Taxes 179.0 261.2 (82.2) 営業収益 non-operating income/expenses, ordinary income is expected to amount to ¥169.0 billion, a Income Taxes 58.0 76.5 (18.5) 中高層 decrease of ¥89.5 billion. Profit 121.0 184.6 (63.6) 戸建 When accounting for extraordinary gains/losses of ¥10.0 billion, the profit attributable to 営業利益 Profit attributable to non- owners of parent is expected to fall to ¥120.0 billion, a decrease of ¥63.9 billion. 営業利益率 controlling interests 1.0 0.7 0.2 中高層 ・The Company is expecting to pay a cash dividend per share for the fiscal year ending March Profit attributable to owners 戸建 31, 2021 of ¥44.00(comprising an interim and period-end dividend of ¥22.00 per share). of the parent 120.0 183.9 (63.9) 営業収益 営業利益
MITSUI FUDOSAN CO.,LTD 49 ②ワークテーブル：財政状態 3-2．Forecasts for the Year to March 2021 (FY2020) Financial Statement
Consolidated Statement of Earning Forecasts（Appendices）
(Billions of yen) 【Financial position】 3/2021 3/2020 Forecast Actual Change
Tangible & Intangible Assets
New Investments 250.0 379.2 △ 129.2
Depreciation 100.0 91.4 8.5
Real Property for Sales (including Advances Paid or Purchases) New Investments 700.0 628.9 71.0
Cost Recovery 380.0 341.8 38.1
Interest-Bearing Debt 3,800.0 3,481.1 318.8
MITSUI FUDOSAN CO.,LTD 50 3-3．Summary of Results for the Year Ended March 31, 2020 Financial Statement ②ワークテーブル
Consolidated Income Summary (Overall)
②ワークテーブル：特別利益・特別損失
①ピボット参照
MITSUI FUDOSAN CO.,LTD 51 3-3．Summary of Results for the Year Ended March 31, 2020 Financial Statement
1Q
Consolidated Segment Revenue & Operating Income 1Q 2Q 3Q 4Q
①ワークテーブル：連結P/L概要(セグメント別)
売上高 賃貸 分譲 マネジメント その他 営業利益 賃貸 分譲 マネジメント その他 消去他
②ワークテーブル：(参考)海外事業
収益 営業利益 収益 営業利益 収益 営業利益
海外事業利益合計 海外事業利益比率 *2
③ワークテーブル：空室率推移 MITSUI FUDOSAN CO.,LTD 52 3-3．Summary of Results for the Year Ended March 31, 2020 Financial Statement
①ワークテーブル
流動資産 貯金・預金 有価証券 販売用不動産・前渡金 営業出資金 その他 固定資産 有形・無形固定資産 投資有価証券 差入敷金・保証金 その他 資産計
流動負債 支払い手形及び買掛 短期借入金 ｺﾏｰｼｬﾙﾍﾟｰﾊﾟｰ 短期償還社債（※） その他 固定負債 社債（※） 長期借入金（※） 預り敷金・保証金 その他 有利子負債（※） 純資産 資本金 資本剰余金 利益剰余金 その他 負債・純資産計
Ｄ/Ｅレシオ（倍） 自己資本比率
MITSUI FUDOSAN CO.,LTD 53 ②ピボット参照 3-3．Operating Income by Segment Financial Statement
Innovation 2017 Financial accounting segments segments
FY2019 actual FY2019 actual (Billions of yen)
Leasing 145.8 Holding Holding 129.7
Sub-leasing
Property Sales 123.7 Trading 123.7
Managementマネジメント 55.6 Management 71.6
Other 22 Other (44.7)
Eliminations (46.9)
Total 280.6 Total 280.6
MITSUI FUDOSAN CO.,LTD 54 3-4．Investment & Financial Data Financial Statement
【Interest-Bearing Debt Breakdown】 ①ワークテーブル
(Billions of yen) 4,000.0 4.00%
10 3.42% 3,500.0 3.50%
3.01% 3.01% 3,000.0 3.00% 2.72% 2.66% 2.57% 2,500.0 2.50% 2.24% 2.25%
2,000.0 2.00% ①ピボット参照
1,500.0 1.38% 1.35% 1.32% 1.35% 1.50% 1.22% 1.21% 1.27% 1.21%
1.29% 1.26% 1,000.0 1.19% 1.00% 1.05% 0.96% 0.83% 500.0 0.72% 0.50% 0.62%
2,120.2 2,040.0 1,976.1 2,226.2 2,287.4 2,604.6 2,906.6 3,481.1 0.0 0.00% 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 Interest-Bearing Debt (Left) Interest Rate (consolidated, Right) Interest Rate (Japanese currency, Right) Interest Rate (foreign currency, Right)
MITSUI FUDOSAN CO.,LTD 55 Financial Statement 3-4．Investment & Financial Data ①ワークテーブル
【Interest-Bearing Debt Breakdown 】 【連結有利子負債】
Interest-Bearing Debt 連結有利子負債 Ratio of Bank Borrowing Ratio of Long-Term Debt Ratio of Fixed-Interest Debt *consolidated 【借入・社債比率】 At March 2020 Excl. Non-recourse Excl. Non-recourse Excl. Non-recourse Non-Recourse - At March 2020 At March 2020 Floating At March 2020 Short-Term 借入・社債比率 Others 10.7% 7.6% 14.1% Non-Recourse - SB, CP 【長期・短期比率】 JPY 6.6% 29.2% 固定変動比率(円貨＋外貨) Corporate - Others Bank 14.0% 【固定・変動比率】 Borrow Corporate - JPY Long-Term ing Fixed 長短比率(円貨＋外貨) 68.6% 70.8% 92.4% 85.9%
Average Duration 6.48 year 返済予定額 【Maturity Profile】 FY2020 (Billions of yen) FY2021 FY2022 600.0 Short-Term Borrowing, CP SB Long-Term Borrowing FY2023 FY2024 FY2025 500.0 FY2026 FY2027 FY2028 400.0 193.0 104.0 FY2029 FY2030~FY2069 219.0 300.0 50.0 49.0 73.0 67.0 62.0 200.0 30.0 102.0 329.0 64.0 286.0 320.0 239.0 226.0 249.0 100.0 193.0 181.0 187.0 118.0 131.0 ①ピボット参照
0.0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030~FY2069
１年内償還普通社債 *Excl. Non-recourse At March 2020 ＣＰ（調達） NR債務計 MITSUI FUDOSAN CO.,LTD 56 普通社債 Financial Statement 3-5．Shareholder Composition ワークシート：株主構成
Shareholder Composition as of March 31 1998 1999 2000 Individuals Financial Institutions Foreign Other companies, etc. 2001 4.2 38.5 47.0 10.3 2002 2003 4.0 37.6 47.9 10.5 2004 4.4 35.1 51.4 9.1 2005 2006 4.6 34.6 50.8 10.0 2007 2008 4.6 33.7 52.3 9.4 2009 5.0 31.9 54.0 9.1 2010 2011 4.7 34.2 50.3 10.7 2012 2013 5.8 35.9 47.9 10.4 2014 6.0 36.5 47.5 10.0 2015 2016 6.1 35.6 48.3 10.0 2017 6.2 34.5 49.4 9.9 2018 2019 6.3 37.0 47.3 9.4 2020 6.3 33.8 50.3 9.6 6.4 36.7 47.8 8.8 7.5 39.1 45.1 8.3 9.3 45.7 37.6 7.5 9.9 47.8 34.4 7.9 10.9 52.9 29.1 7.1 10.7 51.6 28.9 8.9 10.9 49.0 30.2 9.9 13.4 46.7 27.8 12.2 11.5 52.2 25.1 11.3 10.7 51.1 26.3 11.9
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
MITSUI FUDOSAN CO.,LTD 57 4．Appendices(Market Trends) ワークシート：オフィス空室率の推移 Appendix 4-1．Leasing Business Market Trends/Office Buildings 03/3 03/4 Office Vacancy Rate 03/5 Source:Miki Shoji 03/6 (%) 03/7 9.43% Mitsui Fudosan(Tokyo Metro;non-consolidated) 03/8 10.00 (12/6) 8.57% 8.56% 03/9 (03/6,8) Central Tokyo 5 Wards(Source:Miki Shoji) (13/3) 9.00 03/10 03/11 8.00 6.7% 03/12 (14/03) 04/1 7.00 5.8% 5.3% 04/2 (03/9) 6.00 (15/3) 04/3 4.34% 04/4 5.00 (16/3) 3.6% 04/5 (17/3) 2.8% 04/6 4.00 2.49% (18/3) 04/7 (07/11) 3.8% 1.78% 2.1% 3.00 04/8 (13/3) 3.3% 3.2% (19/3) 1.9% (20/6) (14/3) (15/3) 3.4% (20/3) 04/9 2.00 0.9% 2.6% (16/3) (17/3) 2.2% 04/10 (06/6) 1.7% 1.97% 1.00 (18/3) 1.5% 04/11 (19/3) (20/6) 0.9%(07/6) (20/3) 04/12 0.00 05/1 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 05/2 05/3 Office Building Market Trend (Average rent / Vacancy rate) 05/4 Source: Miki Shoji 05/5 - 5 wards of Central Tokyo - 05/6 (Yen/Tsubo) Average rent(Left) Vacancy rate(Right) (%) 05/7 25,000 10 05/8 05/9 9 05/10 20,000 8 05/11 05/12 7 06/1 06/2 15,000 0808:22,901 Yen/Tsubo 6 06/3 5 06/4 06/5 10,000 4 06/6 1312:16,207 Yen/Tsubo 1712:19,173 Yen/Tsubo 3 06/7 1412:16,953 Yen/Tsubo 1812:20,887 Yen/Tsubo 06/8 5,000 2 1512:17,692 Yen/Tsubo 1912:22,206 Yen/Tsubo 06/9 1612:18,540 Yen/Tsubo 2006:22,880 Yen/Tsubo 1 06/10 06/11 0 0 06/12 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/03 12/3 13/3 14/3 15/3 16/03 17/03 18/3 19/3 20/3 20/6 07/1 07/2 MITSUI FUDOSAN CO.,LTD 59 07/3 4-1．Leasing Business Market Trends/Office Buildings Appendix
Trend of Supply Volume of Large-Scale Office Buildings within Tokyo’s 23 Wards ワークシート：オフィスビル新規供給量 Source:Mori Building(as of May 2020) 00 (Million ㎡) Forecast supply volume after ’20 01 Completed Uncompleted (other 20 wards)5 Uncompleted (3 wards of central Tokyo) 250 (Annual average) 02 Past(‘86~’19)0 supply volume 1.03 million m2/year 03 216 (Annual average) (total floor space) 04 05 200 1.03 million m2/year 187 (total floor space) 175 06 07 154 48 143 150 141 08 125 09 121 119 117 35 109 10 97 100 11 91 86 85 77 85 87 77 72 69 12 65 8 58 139 54 54 13 50 12 12 108 14 69 15 42 42 16 0 17 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 18 19 20 Net Absorption Trend(5 wards of Central Tokyo) 21 22 Source: Sanko Estate 23 (Million ㎡) 24 2.0
森ビル / 東京23区の大規模オフィスビル市場動向調査 1.5 http://www.mori.co.jp/company/press/research.html
1.0
0.5
0.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -0.5 （1-6）
-1.0
MITSUI FUDOSAN CO.,LTD 60 4-2．Leasing Business Market Trends/Retail Facilities Appendix ワークシート：業態別の売上高前年対比 2005 Year-on-Year Change in Sales by Category 2006 Source: Japan Department Stores Association, 2007 Japan Council of Shopping Centers, Japan Chain Stores Association 2008 4.0% 2009 2010 2.0% 0.4% 2011 2012 0.0% 2013 -1.4% 2014 -2.0% 2015 -1.8% 2016 -4.0% 2017 2018 -6.0% 2019
-8.0% General shopping centers Department stores Chain stores -10.0%
-12.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Mitsui Fudosan: Year-on-Year Change in Domestic Sales
LaLaport (existing facilities) & Outlet park (existing facilities*Inc.Floor expansion)
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
13.0% 11.0% 9.0% 7.0% 5.0% 3.0% 1.0% -1.0% -3.0% -5.0% -7.0% -9.0% -11.0% -13.0% -15.0% 08/1Q 08/2Q 08/3Q 08/4Q 09/1Q 09/2Q 09/3Q 09/4Q 10/1Q 10/2Q 10/3Q 10/4Q 11/1Q 11/2Q 11/3Q 11/4Q 12/1Q 12/2Q 12/3Q 12/4Q 13/1Q 13/2Q 13/3Q 13/4Q 14/1Q 14/2Q 14/3Q 14/4Q 15/1Q 15/2Q 15/3Q 15/4Q 16/1Q 16/2Q 16/3Q 16/4Q 17/1Q 17/2Q 17/3Q 17/4Q 18/1Q 18/2Q 18/3Q 18/4Q 19/1Q 19/2Q 19/3Q 19/4Q 20/1Q
FY2020/1Q : Around -60% YoY change (Decrease mainly due to the closure of retail facilities (From April to May, 1.5month on avarage) as a result of COVID-19)
MITSUI FUDOSAN CO.,LTD 61 4-2．Leasing Business Market Trends/Retail Facilities Appendix ワークシート：業態別の売上高前年対比 2005 EC Market in Japan(BtoC) 2006 Source: Ministry of Economy 2007 2008 (Billions of yen ) 2009 6.22% 2010 20,000 Sales of EC market(Left) EC ratio(Right) 5.79% 6.50% 5.43% 2011 18,000 5.50% 2012 4.75% 2013 16,000 4.37% 2014 4.50% 14,000 3.85% 2015 3.40% 12,000 3.17% 2016 2.84% 3.50% 2017 10,000 2018 17,985 2.50% 8,000 16,505 15,136 12,797 13,775 6,000 11,166 1.50% 9,513 4,000 7,788 8,459 0.50% 2,000
0 -0.50% 2010 2011 2012 2013 2014 2015 2016 2017 2018
EC Conversion rate for each product in Japan
Source: Graphs created from "Infrastructure development for Others data-driven society in Japan(Market research on e-commerce) in Office supplies, stationery 2018" by Ministry of Economy Food, drink, liquor " Books, video / music software Cars, motorcycles, parts, etc. Household goods, furniture, interior Clothes and miscellaneous goods Cosmetics and pharmaceuticals Cosmetics and pharmaceuticals Cars, motorcycles, parts, etc. Clothes and miscellaneous goods
Household goods, furniture, interior
Books, video / music software
Home appliances, audio-visual equipment, PC peripheral equipment
Office supplies, stationery
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
2015 2016 2017 2018
MITSUI FUDOSAN CO.,LTD 62 4-3．Property Sales Business Market Trends /Property Sales to Individuals Appendix
Metropolitan Tokyo Condominium Market: New Units Launched and Average Price per Unit ワークシート：都圏分譲マンションの新規発売戸数と戸当平均価格 Source: Real Estate Economic Institute 2005 (Thousand of units) (Millions of yen) 2006 100.0 New units launched (Left) Average unit price Tokyo metropolitan (Right) 6,000 (Figures in bracket indicate OY change) 5,980 2007 90.0 84.1 5,908 5,871 2008 (1.9%) (7.6%) (-0.6%) 2009 80.0 74.5 5,490 4,929 5,518 2010 4,775 70.0 4,716 (8.6%) (9.1%) (-0.5%) 2011 61.0 4,535 4,578 4,540 5,000 (2.8%) (4.0%) 5,060 2012 60.0 (-5.0.%) (-2.9%) (-0.8%) 56.5 (2.7%) 2013 50.0 43.7 44.5 2014 44.9 40.4 44.5 45.6 37.1 2015 40.0 4,644 36.4 35.8 35.9 31.2 32.0 2016 (10.6%) 4,000 30.0 4,108 4,200 2017 2018 20.0 (0.1%) 2.2%) 2019 2020 10.0 (E) 0.0 3,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (E)
Metropolitan Tokyo Condominium Market: Initial Month Contract & Unsold Inventory Source: Real Estate Economic Institute
(Thousand of units） (％)
12 Inventories(Left) Initial month contract rate(Right) 100.0
90.0 10 80.0
70.0 8 60.0
6 50.0
40.0 4 30.0
20.0 2 10.0
0 0.0 04/1 04/7 05/1 05/7 06/1 06/7 07/1 07/7 08/1 08/7 09/1 09/7 10/1 10/7 11/1 11/7 12/1 12/7 13/1 13/7 14/1 14/7 15/1 15/7 16/1 16/7 17/1 17/7 18/1 18/7 19/1 19/7 20/1 20/6
MITSUI FUDOSAN CO.,LTD 63 Appendix PW 4-4．Property Sales Business Market Trends /Property Sales to Investors https://www.ares.or.jp/action/reserch/index02.html
Acquisition of Assets by J-REITs ワークシート：J-REITの資産取得価格 Source: The Association for Real Estate Securitization 2007
(Billions Jan.-Dec.2008 Jan.-Dec.2009 Jan.-Dec.2010 Jan.-Dec.2011 Jan.-Dec.2012 Jan.-Dec.2013 Jan.-Dec.2014 Jan.-Dec.2015 Jan.-Dec.2016 Jan.-Dec.2017 Jan.-Dec.2018 Jan.-Dec.2019 20084Q of yen) ≈ ¥1.0T ≈ ¥0.24T ≈ ¥0.52T ≈ ¥0.71T ≈ ¥0.8T ≈ ¥2.28T ≈ ¥1.59T ≈ ¥1.59T ≈ ¥1.76T ≈ ¥1.33T ≈ ¥1.77T ≈ ¥1.42T 20081Q 900 20082Q 20083Q 800 20094Q 1Q 700 2009 20092Q 600 20093Q 4Q 500 2010 20101Q 400 20102Q 20103Q 300 20114Q 200 20111Q 20112Q 100 20113Q 0 20124Q 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2020 2020 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 20121Q 20122Q 20123Q 20134Q Yield Benchmark, Offices in Prime Locations 20131Q Source: Survey by Japan Real Estate Institute 20132Q 3Q 5.0% 2013 20144Q 20141Q 4.0% 20142Q 20143Q 20154Q 3.5% 3.5% 3.5% 3.5% 3.5% 3.0% 3.4% 3.4% 3.4% 3.4% 3.4% 20151Q 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.2% 3.0% 20152Q 2.9% 2.8% 2.8% 2.7% 2.6% 2.6% 20153Q 2.0% 2.5% 2.4% 2.3% 2.2% 2.2% 20164Q 20161Q 1.0% 20162Q 20163Q 20174Q 0.0% 20171Q 06/6 06/12 07/6 07/12 08/6 08/12 09/6 09/12 10/6 10/12 11/6 11/12 12/6 12/12 13/6 13/12 14/6 14/12 15/6 15/12 16/6 16/12 17/6 17/12 18/6 18/12 19/6 19/12 20/6 20172Q 20173Q Offices in prime locations: Office building around five-years old located in Marunouchi, Otemachi, and Nihonbashi area with total and standard floor areas of 20,000 tsubo or more and 500 tsubo or more, respectively. 20184Q Yield benchmark (on an NCF basis): Yield by use and region based on an assessment of capitalization rates by the Japan Real E state Institute.z 20181Q 20182Q MITSUI FUDOSAN CO.,LTD 64 20183Q 4Q Appendix https://www.jnto.go.jp/jpn/statistics/visitor_trends/index.html 4-5．International Visitors to Japan ワークシート：訪日外国人観光客数の暦年推移
Inbound Travel Trend (The number of International Visitors to Japan) Source. Japan National Tourism Organization (Thousand people) 40,000
35,000 31,192 31,882 30,000 28,691
24,040 25,000 19,737 20,000
15,000 13,413 10,364 8,347 8,351 8,611 8,358 10,000 7,334 6,728 6,790 6,219 5,212 6,138 3,947 5,000
0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(1-6)
Consumption Trends of International Visitors to Japan Source. Japan Tourism Agency
Total Travel Expenditure(Left) Shopping Expenditure(Left) Shopping Expenditure per Visitor(Right) (Billions of yen) (Yen) 6,000.0 80,000
4,813.5 70,000 5,000.0 4,416.2 4,518.9 60,000 4,000.0 3,747.6 3,477.1 50,000
3,000.0 40,000
2,027.8 30,000 2,000.0 1,639.8 1,576.3 1,669.0 1,416.7 1,453.9 1,426.1 1,149.0 1,084.6 20,000 813.5 1,000.0 714.6 463.2 355.4 242.5 340.9 10,000 0.0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
MITSUI FUDOSAN CO.,LTD 65 Disclaimer
This presentation contains forward-looking statements including details regarding the Company’s business results forecasts, development plans, and targets. All forward-looking statements are based on judgments derived from the information available to the Company at the time this presentation was issued, and are subject to a variety of risks and uncertainties.
As a result, actual results may differ materially from the Company’s forecasts due to a number of factors including changes in economic conditions, market trends, and shifts in the operating environment.
Although we exercised all due care in the preparation of this presentation, we assume no obligation to update, revise, or correct any of the statements and do not attest to or guarantee their usefulness, suitability for a specific purpose, functionality, or reliability.
Moreover, this presentation is not intended to solicit investment of any kind. Investment decisions should be based solely on the judgments of investors.
MITSUI FUDOSAN CO.,LTD 66