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Let's start with the major topics for the fiscal year ended March 31, 2015.
In November, we drew up a new medium- and long-term management plan with fiscal 2020 as the final fiscal year. The name of this plan is Value Frontier 2020: Toward an enterprise group that continues to create value.
With a basic policy of being a corporate group that continues to create value through the expansion of associated assets and the creation of new demand from the customers' perspective, the plan sets a target of attaining operating income of ¥73 billion and a DE ratio of 2.6 in fiscal 2016, which is the final fiscal year of the first three-year period. It also sets an additional target of reaching an operating income of ¥100 billion and a DE ratio range of 2 to 2.5 in fiscal 2020. For the first fiscal year, namely the fiscal year ended March 31, 2015, we managed to make a good start towards these targets.
We sought to expand associated assets, including listed REITs and privately placed REITs, such as those of Activia Properties Inc. and Comforia Residential REIT, Inc. In addition, we proactively replaced predominantly assets in operation to change our asset portfolio.
In regards to large development projects, Tokyu Plaza Shibuya in the Dogenzaka 1-chome Station Front District was closed in March to commence construction of a new facility, with the goal of starting operation in fiscal 2018. Likewise in the Shibuya Nampeidai District, construction will commence this coming summer, with the goal for the start of operation being fiscal 2019. Both of these are part of the Shibuya Redevelopment Projects.
For the Sakuragaoka-guchi District, urban planning was decided in June 2014. We are making steady progress towards the start of operation in fiscal 2020.
As for the Ginza 5-chome Project, construction work and leasing are both making good progress towards the start of operation in March 2016.
We will take a look at financial results for the fiscal year ended March 31, 2015 later on in this presentation.
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