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I would like to move on to the appraisal values at the end of the 11th period.
The figures indicated by boldface in the center are appraisal values at the end of the 11th period which increased by ¥7,120 million from those at the end of the 10th period, mainly due to the internal growth such as decline in cap rates and improvement of property’s earning and expense.
On the flip side, the unrealized gains are stated at the right end as the gap of appraisal values and book value. It increased by ¥9.4 billion from the end of the previous period to ¥63.7 billion in terms of the entire portfolio.
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