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This page shows the highlights for the period ended November 2018 and onwards.
The first point is internal growth. In all the categories of Tokyo Office, Urban Retail and Activia Account properties, we have progressively achieved rent rise through tenant replacement and upward rent revision.
For Tokyo Office properties, we have conducted upward rent revision in 3,262 tsubo in the period ended November 2018 and this uptrend continues in the periods ending May 2019 and November 2019.
For retail properties, we have increased the rent by ¥44 million per full period through internal growth particularly with tenant replacements. For Activia Account properties, rent increase is/has been achieved mainly in the office properties.
The second point relates to external growth. Through the 6th PO conducted in December last year, we acquired three properties which enhance API’s portfolio quality and following the PO, AUM grew to ¥502 billion.
Simultaneously we replaced assets at the PO by disposing A-FLAG AKASAKA and we will record a gain on sale over the two fiscal periods ending May 2019 and November 2019, respectively.
The third point is financial strategies.
From the period ended November 2018 onwards, we have refinanced ¥23.6 billion and newly borrowed ¥35 billion、which allowed us to slightly shorten the average remained period to maturity as well as lower the average interest rate of borrowings.
As a result of our efforts focusing on the above three points, distributions per unit for the period ended November 2018 reached ¥9,584, increasing ¥122 from those of the previous period. Furthermore, NAV per unit was ¥437,302, up by ¥10,991 from the previous period. Through the continual growth in DPU and NAV, we have achieved growth in unitholder’s value.
Please proceed to the next page.
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