◎Financial Highlights and Forecasts
・Operating revenues recorded 15.1 billion yen (+12 million yen vs 30th period) with net profit of 6.86 billion yen (+710 million yen) in the 31th period.

◎Financial Highlights and Forecasts
・Operating revenues recorded 15.1 billion yen (+12 million yen vs 30th period) with net profit of 6.86 billion yen (+710 million yen) in the 31th period.
Distribution per unit (DPU) hit the historical high of 7,213 yen (+165 yen)
・Internal growth progressed in line with forecasts.
・In external growth, the sponsor pipeline was leveraged to acquire a high-grade building in central Tokyo and to reshuffle the asset portfolio.
・Public offering was conducted in January 2017, which resulted in stable and sustainable DPU growth.
・Revenues increased due to continuing rental income growth and generation of non-operating income.
・Forecasts for operating revenues and net profit in the 32nd period are 15.07billion yen and 6.66 billion yen respectively. DPU is forecasted to be 7,220 yen (+7 yen vs 31st period).
・Upon full revenue contribution by the newly acquired property, rental income is expected to continue to increase.
・Forecast for operating revenues in the 33rd period is 14.97 billion yen.
・Even though decrease in rental income and increase in property and city planning taxes are anticipated, DPU level is forecasted to be at the same level as in the 32nd period due to generation of non-operating revenues.
・Further DPU growth will be attained by executing initiatives for the mid-term target.

◎Growth Strategy and Investment Update
▽Internal Growth Strategy
・Strong office demand led occupancy rate to remain high.
・Percentage of positive rent revisions upon lease renewal and tenant turnover remained high, resulting in continuous rent increase from office assets.
・Average rent continued to rise by strategic implementation of target rents.
・In-place rents below targets will be the focus for positive revisions.
・Exposure to offices and large tenants in high rent brackets is low in the portfolio. Therefore, impact on the portfolio by massive supply of large buildings in central Tokyo is limited.
・Retail properties are exposed in prime locations and near train stations, which present strong growth opportunities.
▽External Growth Strategy
・Pipeline such as first rights by the sponsor and asset reshuffle opportunities will be leveraged.
・Development projects by the main sponsor
▽Financial Strategy
・Leveling-off of long-term maturity schedule and debt cost reduction