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From this page, I would like to touch upon retail properties.
We focus on location for retail properties same as for office properties, and the ratio of all retail properties including Activia Account properties in major metropolitan cities is 100%, and the ratio of properties within a 5-minute walk from the nearest station is 87%.
Next I would like to refer to the "Stabilty".
The fixed-rent of Activia Account urban retail properties accounts for high proportion at 97%.
The average lease contract period is 14.1 years, and the average remaining period to expiration is 8.3 years which is relatively long. Moreover, only 24% of lease contracts will expire from now until the period ending May 2021, which serves as the source of stability in terms of the lease period.
While, we attempt constantly tenant replacements and rent revisions with rent upside. For the three properties shown here, we achieved large increase in rents along with tenant replacements or rent revisions.
Next on the right side, let me explain about the operation status of Tokyu Plaza Omotesando, API’s flagship property.
While, the average sales revenue in the 12th period of the whole complex excluding major three tenants was 97% year-on-year, partly due to the effect of renovation works at some tenant replacements, sales were relatively solid. As for POP-UP zone on the third floor which has been used for organizing events so far, we decided to lease in response to strong demand from tenants. And we anticipate an increase in revenue of ¥10 million per period from the 14th period, due to the commencement of lease by a make-up brand (operated by Japan Laureal), which will be their first store in Japan.
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