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This page explains asset mix strategy for retail properties and office properties.
Please let us omit details described on the left side of the page as many of you have already been familiar with those information so please move on to right side.
This graph indicates the ratio of rent change (plotted on the vertical axis) and the average lease period (on the horizontal axis) of our retail and office properties acquired in connection with, from the first to the fifth PO.
Characteristics of retail properties are those longer lease term and high stability.
Although it may take certain time to enjoy upside, we can expect long-term stable cash flow even under a severe market condition, which can explain our listing that we built our portfolio mainly by retail facilities when a market conditions was severe.
On the other hand, characteristics of office properties are those tendency to accept rent increase and high growth. As lease terms are short, especially in the midst of business upturn, rent increase can be realized in short term.
API targets to invest in retail and office properties, and we believe that by mixing stability and growth into our portfolio, a solid revenue base is established.
Please move on to the next page.
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