|
|
 |
|
|
|
|
|
Page 3 shows the highlights for the period ended May 2018 and onwards.
The first point relates to external growth. The number of properties at the end of period ended May 2018 is 42, and AUM is ¥431.5 billion. Following the 5th PO conducted in December last year, LTV has been lowered, and acquisition capacity grew to ¥47.2 billion, which secures us a sufficient capacity for further flexible acquisition of property.
The second point is internal growth. For Tokyo Office properties, we have achieved rent increase for 11 consecutive periods since November 2013, and at the period ended May 2018, among tenants reaching contract renewal, rents were upwardly revised in 4,977tsubo, representing 7.3% in average.
For Urban Retail properties, tenant replacements with large rent increase are in trend, and the increased amount with tenant replacements and contract renewals at the period ended May 2018 and onwards has reached ¥72 million per full six months period.
The third point is financial strategies.
Following the previous period, we achieved both lowering the average interest rate of borrowings as well as extending the average remained period to maturity. Compared to the end of November 2017, as of July 13, 2018 (date of the financial result presentation), the average interest rate lowered by 0.02pt from 0.65% to 0.63%, and the average remained period to maturity extended by 0.5 year from 4.4 years to 4.9 years. Also, we diversified fund raising methods such as issuance of 20-year and 4.5-year investment corporation bonds in February, and refinancing with including 2 new lenders in March.
As a result of our efforts focusing on the above three points, distributions per unit for the period ended May 2018 reached ¥9,462, increasing 1.2% or ¥116 from those of the previous period, and ¥62 from the forecast. Furthermore, NAV per unit was ¥426,311, up by 2.2% from the previous period.
|
|
|
