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This page explains the trend of rent revision for each of Tokyo Office properties.
Since the 9th period, we have continuously achieved upward rent revisions in 12 properties out of 14 along with lease renewal or tenant replacement.
Particularly in the greater Shibuya area, over 10% of rent increase is recorded in 4 properties out of 5 subjected to rent revision, and further upward revision can be prospected.
Also in Shinagawa, Shinbashi and Shibuya area, as well as in Gotanda and Osaki area, rent increase has been achieved in almost all properties, which proved success in our portfolio strategy on Tokyo Office properties focusing on location and quality, which leaded our investment mainly to the south area of Yamanote Line.
The second point on the right shows the properties of which rent gap is exceeding negative 10% at the end of the 12th period, allowing us to expect further internal growth.
As for TLC Ebisu Building, rent of all zones subjected to revision were revised upwardly in the 12th period, and for Umeda Gate Tower also, upward rent revision was achieved with total 8 tenants since acquisition of the property in September 2016.
Especially for these 6 properties including above two properties, we aim further rent increase fully leveraging the competitiveness of each asset, actual negative rent gap, etc.
Please turn to the next page.
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