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From page 11, I would like to move on retail properties.
First, we consider that API’s Urban Retail properties are characterized by its stability backed by high fixed-rent rate and long average contract period, as well as its high profitability with a NOI yield of 4.9% mainly supported by the properties in prime location such as Tokyu Plaza Omotesando Harajuku.
Third point at the bottom left shows major examples of tenant replacement with rent increase. A-FLAG SHIBUYA is a commercial facility located in the Shibuya Center Street, and in this property, a top-class domestic apparel company will open their shop with a higher rent by 9% compared to the previous tenant.
We have achieved tenant replacements with rent increase also in A-FLAG AKASAKA and icot Omori, both without making down-time. We will seek continuous internal growth through rent increase at tenant replacement.
At the right, you could see the management situation of Tokyu Plaza Omotesando Harajuku and DECKS Tokyo Beach which we acquired in January this year.
The trend in sales of both properties resulted in positively, with Tokyu Plaza Omotesando Harajuku recording year-on-year sales growth of 99% and DECKS Tokyo Beach 104%, respectively.
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