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From now, I would like to explain about our internal growth.
Firstly, let me mention the trend of rent revisions among Tokyo Office Properties.
The chart on the left shows the historical performance of rent revisions as of January 17, 2017. The floor area that the rent of which was upwardly-revised during the 10th period was 1,987 tsubo, equivalent to approximately 67% of the area subject to lease renewal. The trend of upward rent revision has continued as seen in the increase rate of 10.7%. This trend continues in the 11th period and onwards. In the 11th period, the floor area of upward rent revision reached to 1,629 tsubo, which accounts for half of the area subject to lease renewal.
The table at the bottom left shows the rent gap between the overall Tokyo Office Properties and those located within Greater Shibuya Area.
The rent gap among Tokyo Office Properties as of the end of the 10th period was -5%, shrunk by 1 point from -6% at the end of the previous period, owing to the steady progress in upward rent revision. However, as seen in the current vacancy rate of 0.7% at Shibuya /Ebisu area, the moderate upward trend in rent seems to continue.
Secondly, I would like to explain our second upward rent revision. The chart on the right shows that we succeeded in second renewal of contracts with upwardly-revised rent with 10 tenants, with which we had already renewed lease contracts with upward rent revision at some point from the 4th period to the 8th period. The average aggregate rent increase rate is 16.3%. 94% of the second upward revision was related to properties located in Greater Shibuya Area, which clearly indicates the strong fundamentals in this area.
We will continue to try upward rent revision in collaboration with the sponsor group, while emphasizing relationships with tenants.
Please turn to the next page.
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