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Now I would like to begin with "Tokyo Office Properties".
The graph 1 on the left shows the trend of rent revisions. During the 11th period, rent was upwardly revised for 2,299 tsubo of floor area, which correspond to 69% of the floor area subject to lease renewal of all properties, with an average increase rate of 7.1%.
This trend is expected to continue in the 12th period and onwards. In the 12th period, the floor area for which rent has been revised upward has already reached 2,573 tsubo, which accounts for half of the target area.
The table below the graph shows the rent gap for "Tokyo Office Properties".
While the negative rent gap for our existing portfolio has shrunk due to upward revisions in rent of existing properties at leasing contract renewal and tenant replacement, the rent gap of "Tokyo Office Properties" at the end of the 11th period was -6%, deepened by 1 pt from -5% at the end of the previous period, due in part to our acquisition of "A-PLACE Shinagawa Higashi", which had a large negative rent gap.
No 2 on the right shows the rent revision status by area. In the Greater Shibuya Area, where there continues to be an important rent gap of -15%, we could accomplish rent revisions with 2 tenants in "A-PLACE Shibuya Konno", and with 3 tenants in "A-PLACE Aoyama" for 18.4% up and 9.8% up respectively.
In areas other than Greater Shibuya Area, the rent has been raised in a larger number of properties than before, and especially in "A-PLACE Shinagawa" and "Luogo Shiodome", we achieved upward rent revision in a bulk lot in area size .
We aim to keep achieving further internal growth by leveraging rent gaps and properties for which rent upside is expected.
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