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Here I would like to explain about the internal growth of "Urban Retail Properties".
The graph on the left shows the stability of our "Urban Retail Properties".
Only 26% of all tenants contracts will expire by the 19th period, and we expect to secure a stable revenue at least for the next four years.
However, in the 20th period, in which contracts will expire for tenants corresponding to a large propotion of the total floor space, including "Tokyu Plaza Akasaka" and "A-FLAG SAPPORO" as major tenants.
Below that, No 2 shows the internal growth that has been achieved through tenant replacements.
In addition to maintaining stability, we are also targeting tenant replacement aimed at achieving rent upside upon termination of lease contracts and, for instance, for a road side store in "Kobe Kyu Kyoryuchi 25 Bankan", we concluded contract with a new tenant with a rent increase of 83%, and with a new main tenant in "Q plaza SHINSAIBASHI" with an increase of 25% .
We have successfully increased rent for tenants corresponding to 90% of all target floor space for replacement with 24.6% increase and a contribution to revenue of ¥64.8 million per period.
The graph 3 in the upper right shows the operational status of "Tokyu Plaza Omotesando Harajuku", our flagship property. Sales of shops other than three major tenants remain strong, contributing to a 103% year-on-year increase in sales during the 11th period.
We aim to maintain the popularity and to boost the competitiveness of this property with the opening of "Serendipity 3", a famous cafe from New York, in August this year, continuing timely renewals of the property.
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