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Sungei Wang Plaza1 in Kuala Annual 20 Report 11 CapitaMalls Malaysia Trust CORPORATE 1 PROFILE CapitaMalls Malaysia Trust (CMMT), which listed on Lumpur, The Mines in Selangor and East Coast Mall the Main Market of Bursa Malaysia Securities Berhad in Kuantan, Pahang. As at 31 December 2011, the net (Bursa Securities) on 16 July 2010, is Malaysia’s largest lettable area of the portfolio was over 2.4 million square pure-play shopping mall real estate investment trust feet (sq ft). (REIT) by market capitalisation and property value. As at 31 December 2011, CMMT has a market capitalisation CMMT is managed by CapitaMalls Malaysia REIT of over RM2.5 billion and its portfolio is independently Management Sdn. Bhd. (the Manager) – a joint venture valued at approximately RM2.8 billion. between CapitaMalls Asia Limited (CMA), one of the largest listed shopping mall developers, owners and CMMT invests, on a long-term basis, in income- managers in Asia by total property value of assets producing real estate which is primarily used for retail and geographic reach, and Malaysian Industrial purposes and primarily located in Malaysia. Its shopping Development Finance Berhad (MIDF). AmTrustee mall portfolio comprises Gurney Plaza in Penang, a Berhad (the Trustee) is the trustee for CMMT. significant interest in Sungei Wang Plaza1 in Kuala 1 CMMT’s interest in Sungei Wang Plaza comprises (i) 205 strata parcels within the mall which represents approximately 61.9% of the aggregate retail floor area of Sungei Wang Plaza and (ii) 100.0% of the car park bays in Sungei Wang Plaza. CONTENTS 01 Corporate Profile 52 Investor and Media Relations 04 Letter to Unitholders 54 Corporate Social Responsibility 10 Financial Highlights 60 Financial Review 12 Salient Features of CMMT 64 Operations Review 13 Key Milestones in 2011 68 Marketing and Promotions 14 Investment Objectives and Strategies 72 Tenants Speak 15 Independent Retail Market Overview 74 Shoppers Speak 24 Trust Structure 76 Portfolio at a Glance 25 Organisation Structure 82 Gurney Plaza 26 Board of Directors 84 Sungei Wang Plaza 32 Trust Management Team 86 The Mines 34 Corporate Governance 88 East Coast Mall 46 Statement on Internal Control 92 Financial Statements 48 Risk and Capital Management 128 Statistics of Unitholders 50 Human Capital 132 Corporate Information Annual 20 Report 11 CapitaMalls Malaysia Trust 2 LEADING THE WAY • ENHANCING VALUE THROUGH PROACTIVE ASSET MANAGEMENT AND ASSET ENHANCEMENT INITIATIVES; • ACTIVELY PURSUING ACQUISITION OPPORTUNITIES; • LEVERAGING ON CAPITAMALLS ASIA’S EXTENSIVE NETWORK ACROSS 97 SHOPPING MALLS IN 51 CITIES IN FIVE COUNTRIES; AND • OPTIMISING CAPITAL MANAGEMENT. Annual 20 Report 11 CapitaMalls Malaysia Trust 3 Annual 20 Report 11 CapitaMalls Malaysia Trust 4 LETTER TO UNITHOLDERS Focus, balance and scale: these are what define CMMT. With a portfolio focused exclusively on shopping malls in Malaysia, CMMT is the largest ‘pure-play’ shopping mall REIT in Malaysia. With shopping malls located in Kuala Lumpur, Selangor, Penang and Kuantan and 1,306 leases, CMMT’s portfolio is balanced to provide both income and geographical diversification to unitholders. With a total market capitalisation of over RM2.5 billion, total assets of RM2.9 billion and a free float1 of approximately 64%, CMMT has sufficient scale to provide its investors with liquid investment exposure to Malaysia’s resilient Against a challenging retail sector. CMMT also benefits from the scale which its sponsor global economic CapitaMalls Asia (CMA) brings in terms of access to its extensive environment, CMMT’s unit tenant network comprising more than 10,000 leases as well as its proven integrated retail and capital management platform. CMA is price continued to perform Asia’s leading shopping mall developer, owner and manager with 97 strongly, increasing 28.6% malls in 51 cities in Singapore, China, Malaysia, Japan and India. during 2011. Combined In 2011, CMMT completed two acquisitions, namely, the extension block with distributions above our to Gurney Plaza (Gurney Plaza Extension) in Penang and East Coast Mall in Kuantan, Pahang, in March and November respectively. During forecast, total returns to the financial year 2011 (FY2011), the total net lettable area (NLA) of unitholders were 35.6% for CMMT’s portfolio increased from 1.88 million square feet to over 2.4 the financial year ended 31 million square feet. As at 31 December 2011, CMMT’s portfolio was valued at RM2.8 billion, an increase close to 30% from RM2.1 billion in December 2011. 2010. CMMT malls’ occupancy and shopper traffic remained strong at 98.6% and 50.1 million2 respectively in 2011. COMPELLING TOTAL RETURNS During the year in review, total returns to CMMT’s loyal unitholders were 35.6%. Unitholders benefited from CMMT’s strong unit price performance – the units appreciated from RM1.12 at the beginning of the year to RM1.44 on 30 December 2011, which represented a 28.6% gain. In addition to capital gains, unitholders were rewarded with a distribution per unit (DPU) of 7.87 sen for FY2011. CMMT’s distributable income of RM118.3 million (7.87 sen per unit) for FY2011 was 5.5% higher than the forecasted DPU of 7.46 sen as stated in CMMT’s circular to unitholders dated 23 February 2011. Revenue and operating expenses for FY2011 were RM230.9 million and RM68.5 million respectively, in line with the forecast for the same period. Net property income (NPI) was RM162.4 million, which was 1.6% better compared to the forecast for the same period. Total comprehensive income was RM179.8 million on the back of a fair value gain on investment properties of RM68.9 million (unrealised) and distributable income of RM118.3 million. CMMT’s distribution policy for FY2011, as disclosed in CMMT’s initial public offering prospectus, is to pay out 100.0% of CMMT’s distributable income. As at 31 December 2011, and arising from the two private placement exercises undertaken to finance the two acquisitions, CMMT has hitherto made three distributions to unitholders totalling RM98.2 million (6.73 sen per unit) in relation to the financial year 2011. The next distribution will be for the period from 11 November 2011 to 31 December 2011, of which RM20.1 million, or 1.14 sen per unit, will be paid to eligible unitholders on 8 March 2012. 1 Free float is the proportion of units that are held by investors excluding units held by CMMT’s strategic unitholder, CMA. It is a measure of the liquidity of CMMT. 2 Shopper traffic statistics exclude East Coast Mall. Annual 20 Report 11 CapitaMalls Malaysia Trust LETTER TO UNITHOLDERS 5 Night View of The East Coast Mall’s Façade GROWTH THROUGH ACQUISITIONS In 2011, two acquisitions were completed and both were immediately yield accretive. In November 2010, CMMT entered into a conditional sale and purchase agreement to acquire Gurney Plaza Extension. The acquisition was completed on 28 March 2011. The acquisition cost was RM223.3 million, of which RM69.7 million was satisfied by bank borrowing, and the balance RM153.6 million was sourced through a well received placement of 144,859,000 units in CMMT to new and existing unitholders. Gurney Plaza Extension, which is fully integrated with Gurney Plaza, has a high occupancy rate and a complementary tenant mix. This acquisition significantly strengthens CMMT’s leadership in the retail scene in Penang. In June 2011, CMMT entered into a conditional sale and purchase agreement to acquire East Coast Mall in Kuantan and successfully completed the transaction on 14 November 2011. In conjunction with the acquisition, CMMT raised approximately RM330.0 million from a well supported placement of an additional 261,904,000 units to both new and existing unitholders. East Coast Mall is known as the market leader in Kuantan. It is a modern family lifestyle mall with an established mix of domestic and international retailers and a high occupancy rate of 98.9%. Since opening in 2008, it has become a popular destination for Kuantan residents and attracts a secondary catchment market from nearby towns in the neighbouring state of Terengganu. The acquisition of East Coast Mall thus offers CMMT the opportunity to penetrate the retail sector in Kuantan and provides CMMT’s unitholders with further income and geographical diversification. Annual 20 Report 11 CapitaMalls Malaysia Trust 6 LETTER TO UNITHOLDERS Atrium at Ground Level of Gurney Plaza GROWTH THROUGH ASSET ENHANCEMENT INITIATIVES During the year in review, CMMT invested approximately RM29.8 million in asset enhancement initiatives (AEIs). Gurney Plaza underwent three major asset enhancements in 2011. These included the conversion of certain car park spaces at the 5th and 6th floors to retail units to provide a seamless shopping experience through all levels of the mall, reconfiguration of units in Basement 1 into smaller and higher yielding units, and extension of lease lines for units at the mall’s main entrance. As part of continuous efforts to improve the shopping experience at Gurney Plaza and reinforce its positioning as Penang’s premier lifestyle shopping mall, we have embarked on an interior refurbishment programme starting at the main atrium. These works increased Gurney Plaza’s NLA by approximately 25,000 square feet and are expected to give CMMT incremental annual NPI of approximately RM2.4 million a year. At The Mines, the roof system was upgraded, a new water reticulation system was installed and common floor areas were retiled. At Sungei Wang Plaza, the car park exhaust system was upgraded, a new auto-pay and parking guidance system was installed and renovation works to reposition the 6th floor have commenced. PROACTIVE CAPITAL MANAGEMENT As part of ongoing efforts to strengthen CMMT’s financial position and liquidity, we continued to diversify our sources of funding, actively sourcing longer debt tenures and unencumbering more assets in 2011.
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