| |  |
| 
| | 
| |
From page 7, I would like to move on retail properties.
We consider that API’s retail properties are characterized by good balance of stability and profitability. As to stability, we maintained high occupancy rate at 99.9% and fixed-rent rate at 96% as of the end of November 2018. For profitability, we have increased the rent by ¥44 million per full period through rent revision and tenant replacements.
As shown in bottom left 2, we have achieved internal growth mainly through tenant replacement from the periods ended November 2017 to November 2018 where large tenant leases expired.
In tenant replacements in A-FLAG BIJUTSUKAN DORI , by dividing floors where an old tenant occupied entire 2nd and 3rd floors, we have achieved to lease the floors to new tenants with higher rents by 6% without down-time.
For next 2 and half years from the periods ending May 2019 to May 2021, 11% of lease contracts, relatively less areas will expire that we will enjoy stable profit. In the meantime, we will focus on proactive operation towards value up for future rent increase with a view in mid to long term perspective.
Further, in upper right 3 indicates the sales trends in Tokyu Plaza Omotesando Harajuku, our flagship, and DECKS Tokyo Beach. Both properties recorded better results on year-on-year and especially at DECKS Toyko Beach, due to increasing number of inbound tourists, sales growth is increasing to 111% compared to last year.
|
| |
