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Next I would like to introduce Activia Account properties.
As shown in upper left 1, API currently owns 5 Activia Account office properties after the acquisition of EDGE Shinsaibashi in the 6th PO.
All of these properties have high competitiveness and upside potential, and rent gap as of the end of November 2018 stands at negative 17% which is wider than negative 9% of Tokyo Office properties.
Bottom left indicates the trend in rent revision. From the period ended November 2016 when API acquired Umeda Gate Tower, a major office property of Activia Account properties, upward rent revision has been achieved and during the period ended November 2018, rent increased in 648 tsubo with an average increase rate of 4.3%.
Especially for the periods ending May 2019 and November 2019, over 4,000 tsubo will be subject to rent renewal and we will endeavor to achieve internal growth as same as for Tokyo Office properties.
Upper right 2 shows the rent increase at tenant replacement.
From the period ended November 2018, we have increased the rents for all 11 blocs/1,380 tsubo of the area subject to lease termination.
For example, in TLC Ebisu Building, as shown in the middle 3 of the page, by capturing tenant needs for floor expansion, we have achieved significant rent increase without down-time.
Please turn to the next page.
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