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This page introduces trend in DPU and growth strategy.
This page, I will explain DPU growth strategy by focusing on the stabilized DPU excluding effect from disposition of property.
At the financial results presentation meeting of our previous period, I have mentioned that we would achieve stabilized DPU at ¥10,000 level in the mid-to long-term period.
This time, we have simulated the possibility based on the past track record and current situation of each tenant. As a result, we estimate that we are able to reach stabilized DPU at ¥10,000 level in coming two or three years starting from the period ended May 2019, by achieving internal growth in Tokyo Office properties as a main driver. This is our new announcement.
In addition, not only to make early achievement of stabilized DPU of ¥10,000 by realizing further internal growth via tenant replacements and seeking an external growth which accelerate DPU growth, we will also aim to achieve further growth in stabilized DPU by acquiring office properties in which we can expect internal growth.
Regarding property-related taxes incurred at three properties acquired in connections with the PO conducted in December 2018, which will be expensed from the 18th period ending November 2020, as shown in the bottom graph, it will be all covered by three measures.
For the period ending November 2020 onwards, we will increase DPU from the forecast for the period ending May 2020 which is ¥9,700.
Please proceed to the next page.
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