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I would like to move on to the financial strategy.
As shown in the top left, JCR upgraded our long-term issuer rating to AA in October 2016, in appreciation for continued stable operation since IPO. We are determined to continue asset management stably and aiming for growth.
The state of refinancing of our borrowings since the 10th period is shown at the top right.
With the refinancing of borrowings of ¥25.9 billion in the 10th period and onwards, the average borrowing period was extended by 3.9 years and the average interest rate was reduced by 0.13pt.
The status of interest-bearing debt is shown at the bottom right. As of the end of the 10th period, the average years remaining to maturity were extended to 4.1 years and the average interest rate decreased 0.10pt to 0.67%, in comparison to 3.5 years and 0.77% as of the end of the 9th period.
Please turn to the next page.
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