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I would like to move on to the financial strategy.
The table No 1 at the top shows LTV, outstanding interest-bearing debt, ratio of long-term borrowings and ratio of fixed-rate borrowings. LTV was lowered from 47.7% at the end of the previous period to 46.0% at the end of the 11th period. Financial capabilities to acquire properties are considered at ¥33.3 billion at the LTV level of 50%.
The status of investment corporation bonds issued is shown at the bottom left No 2.
When we repaid a part of our debt in February this year, we issued 3, 10 and 15-year investment corporation bonds of ¥ 6 billion in total at 0.216% interest rate. Especially 3-year investment corporation bond’s interest rate was 0.001%, which was the lowest interest rate level.
The table at the bottom center No 3 shows lender formation. At the end of the 11th period, the number of lenders is 17. When we made additional borrowings in March through acquiring "A-PLACE Shinagawa Higashi", we borrowed from 5 new banks and were able to diversify our lender formation.
As you see at the bottom right No 4, our long-term issuer rating of JCR is AA and the outlook is stable.
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