|
|
 |
|
|
|
|
|
Let’s move on to highlights for the 11th period and onwards.
The first highlight point is external growth. During the 11th period, we acquired five properties with ¥51.1 billion: two "Tokyo Office Properties" and three "Urban Retail Properties". At the end of the 11th period, our number of properties increased by four from the previous period for a total of 39 properties and our AUM grew to ¥407.9 billion, exceeding our target AUM of ¥400 billion.
The second point is internal growth.
In "Tokyo Office Properties", we succeeded in upward rent revision with approximately 69% of the tenants at lease renewal during the 11th period, backed by the potential of each of the properties in our portfolio. The average increase rate of rent is 7.1%. In "Urban Retail Properties", hotels continued to perform steadily during the 11th period: sales-linked rents at hotels stood at approximately ¥66.4 million, 22% increase from the previous year.
In addition to "Tokyo Office Properties", we accomplished upward rent revisions at lease renewal and tenant replacement also in "Urban Retail Properties" and "Activia Account Properties", which contributed largely to internal growth. I will explain about this in more detail later on.
The third point is financial strategies. We continuously achieved both lowering interest rate and extending years remaining to maturity along with effort to issuance of corporation bonds and expansion of lenders in the 11th period. The average interest rate as of July 12 is 0.65%, down 0.02 pts from 0.67% at the end of the previous period, and the average years remaining to maturity is 4.8 years, extended 0.7 years from 4.1 years at the end of the previous period.
As a result of our efforts focusing on the above three points, distributions per unit for the 11th period reached ¥9,248, steadily exceeding those of previous period and our forecast: an increase of 2.5%, or ¥227, from the previous period and exceeding the forecast by ¥132. Furthermore, NAV per unit was ¥409,154, up by 6.1% from the previous period.
Let me move on by the financial results of the 11th period.
Please go to page 5.
|
|
|
