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First let me refer to the office properties.
The graph on the left shows the trend of rent revisions of Tokyo Office properties as of December 31, 2017.
In the 12th period, rent was upwardly revised for 4,728 tsubo of floor area, which correspond to 87% of the total floor area subjected to rent revision, and the average increase rate was 4.8%.
Upward trend will be continued for the 13th period, and already new leases with upwardly revised rent have been concluded for approximately 29% of total area, or 2,367 tsubo.
The table below the graph shows the rent gap for the entire Tokyo Office properties and the Tokyo Office properties located in greater Shibuya area.
While the rent gap for our existing portfolio has shrunk due to upward rent revisions steadily achieved, the rent gap of Tokyo Office properties at the end of the 12th period was -6%, remaining at the same level as the end of the previous period, owing to the increased market rent backed by soaring demand for office in the area.
In the greater Shibuya area, where there continues to be increase in market rent backed by low vacancy rate, the rent gap at the end of the 12th period was -16%, deepened by 1pt from the end of the previous period.
We aim to realize further internal growth by leveraging negative rent gaps.
I would like now to move on the repeated upward revisions.
In the 12th period, we achieved repeated upward rent revision for 22 tenants, with an average rate of rent increase of 14%.
And at the bottom right, you can see some examples of upward rent revisions in offices of Activia Account properties.
As a result of our rigorous selection of assets holding high competitiveness, we achieved upward rent revisions not only in Tokyo Office properties, also in several Activia Accounts properties.
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