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I would like to mention here our continuous growth strategy.
Action 1 of our growth strategy towards early achievement of stabilized DPU of ￥10,000 has been completed by asset replacement implemented in FP17 ended May 2020. For the FP18 ending November 2020 and onwards, we will continue to work on Action 2 and two other action plans in order to bottom up stabilized DPU and return to growth path in an effort to support tenants in emergency as our social responsibility.
COVID-19 crisis may possibly become an obstacle to our negotiation on rental increase in short term, though we consider internal growth in office will keep serving as a main driver of growth strategy and we will strive to build up achievements at tenant replacement without persisting on keeping existing tenants with negotiated lease condition.
As for tenant replacement in retail properties, we will proceed replacement as rental demand from potential tenants who appreciate locational advantage of our properties is confirmed.
Even under such circumstances, there is a certain number of candidates who have intention to be a tenant, which supports the fact that our urban retail properties have such attractiveness. We will remain flexible to the change of environment surrounding our properties such as postponement of Tokyo Olympic & Paralympic Games, and work to seize opportunities to achieve further internal growth.
As to strategy for external growth, we will continuously pursue asset replacement opportunity serving DPU growth.
Please proceed to the slide 14.
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