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Next I will explain internal growth trends since the period ended November 2017.
This waterfall chart shows a breakdown of rent and common service fees from the period ended November 2017 to the period ending November 2019 by category of office, retail properties and A-PLACE Shinbashi Ekimae which had large negative impact.
In the period ending November 2019, compared to the period ended November 2017, rent revenue significantly decreased due to tenant replacement in A-PLACE Shinbashi Ekimae by ¥230 million, though the decrease will be offset by increase achieved in tenant replacement and rent renewals in existing office and retails properties which resulted in ¥129 million rent increase.
As previously explained, strong continual internal growth is expected since larger contract renewals in retail properties are already completed and office market is firm.
As for now, potential large tenant departure risk such as the case for A-PLACE Shinbashi Ekimae is not expected and we will continue growth in DPU by steadily achieving internal growth.
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