Annual Report 2009 1

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Annual Report 2009 1 GLOBAL BEST PRACTICES AND STANDARDS Champion REIT is committed to attaining global best practices and standards. Champion REIT’s interpretation of ‘global best practices and standards’ is based upon six key principles: • Ensuring the Basis for an Efficient Corporate Governance Framework • The Rights of Unitholders and Key Ownership Functions • The Equitable Treatment of Unitholders • The Role of Stakeholders in Corporate Governance • Disclosure and Transparency • The Responsibilities of the Board The REIT Manager has adopted compliance procedures and applies them to ensure the sound management and operation of Champion REIT. The current corporate governance framework emphasizes accountability to all Unitholders, resolution of conflict of interest issues, transparency in reporting, compliance with relevant regulations and sound operating and investing procedures. front cover: Towering Champions oil on canvas TRUST PROFILE Champion Real Estate Investment Trust is a trust formed to own and invest in income-producing office and retail properties and is one of Asia’s 10 largest REITs by market capitalization. The Trust’s focus is on Grade-A commercial properties in prime locations. It currently offers investors direct exposure to 2.85 million sq. ft. of prime office and retail floor area by way of two landmark properties in Hong Kong, Citibank Plaza and Langham Place, one on each side of the Victoria Harbour. TRUST OBJECTIVES Champion REIT’s key objectives are to provide investors with stable and sustainable distributions and to achieve long-term capital growth. This aim of providing attractive total returns will be achieved by, among other things, proactive management of the properties in the Trust’s portfolio and the selective acquisition of properties that enhance existing yields. Annual Report 2009 1 CONTENTS 04 Timeline of Significant Events 05 Financial Highlights 06 Chairman’s Report to Unitholders 08 CEO’s Review MANAGEMENT 12 Board of Directors 16 Senior Management 19 Management Philosophy 21 Financial Review 24 Corporate Social Responsibility PORTFOLIO 28 Properties At-a-glance 30 Citibank Plaza 34 Langham Place REPORTS 39 Valuation Report 59 Trustee’s Report 60 Corporate Governance Report 73 Connected Party Transactions 82 Disclosure of Interests 86 Independent Auditor’s Report FINANCIALS 87 Financial Statements 136 Performance Table opposite page: Collage of Trust inkjet on plastic CORPORATE INFORMATION TIMELINE OF SIGNIFICANT EVENTS the Hexagons that became Cubes block print on vanguard 4 Champion Real Estate Investment Trust FINANCIAL HIGHLIGHTS For the year ended 31 December 2009 FY2009 FY2008 % Change Key Financial Figures HK$’000 HK$’000 Total Revenue 2,035,028 1,613,836 +26.1% Property Operating Expenses (325,806) (279,646) +16.5% Net Property Income 1,709,222 1,334,190 +28.1% Profit (Loss) After Tax 3,744,553 (2,876,500) n/a Total Distributable Income 1,312,318 1,037,283 +26.5% Total Distribution 1,241,947 1,408,2201 -11.8% Gross Value of Portfolio 44,240,800 40,049,000 +10.5% 1 includes HK$371 million from the unwinding of financial engineering FY2009 FY2008 % Change Ratios and Per Unit Figures Distribution per Unit HK$0.2617 HK$0.3182 -17.8% Distribution per Unit (underlying) 2 HK$0.2768 HK$0.2172 +27.4% Net Asset Value per Unit HK$5.67 HK$5.37 +5.6% Gearing ratio 32.2% 36.0% -3.8% 3 Expense Ratio 16.0% 17.3% -1.3% 3 2 adjusted for cashflow from financial engineering in 2008 and using a 100% payout ratio throughout 3 absolute change used for figures stated in percentages Annual Report 2009 5 CHAIRMAN’S REPORT TO UNITHOLDERS looking through the value of the Trust’s property assets citibank plaza now stand at HK$44.24 billion, an increase of HK$4.19 billion from a year ago Distribution per Unit for the year was HK$0.2617…Underlying DPU growth was strong at 27.4% My fellow Unitholders, on behalf of the Board I am pleased addition, a further HK$70 million has been retained by to present Champion REIT’s annual report for the financial reducing the payout ratio from 100% to 94.6% this year. year ended 31 December 2009. These reserves will serve to increase financial flexibility and to facilitate growth through acquisitions in the future. 2009 was operationally a challenging year, which saw Distribution per Unit (DPU) for the year was HK$0.2617, the brunt of the impact from the banking and financial comprising HK$0.1304 already paid out as an interim crisis coinciding with concerns of a full-blown H1N1 distribution, and HK$0.1313 to be paid out as the final influenza epidemic. However, we experienced little in the distribution. The headline DPU figure was lower than in way of contract defaults and thus the income momentum 2008, but only because of the reduction in payout ratio, built up from 2008 continued to support revenue for and because of the additional cashflow from financial Champion REIT into 2009. As a reflection of the strong engineering and its unwinding in 2008. Netting out the recovery in transaction prices of commercial properties impact of these distortions, Underlying DPU growth was in 2009, the value of the Trust’s property assets now stand strong at 27.4%. at HK$44.24 billion, an increase of HK$4.19 billion from a year ago. While the Champion REIT’s top line revenue numbers have held up well so far, a lagged impact from the 2009 rental As a reflection of the increase in property prices in Hong downturn is inherent in the nature of multi-year leases and Kong, and the accumulation of cash reserves, Net Asset a decrease in income is expected for the year 2010. Value (NAV) has increased from HK$5.37 to $5.67 per Unit However, we will continue to pursue a prudent strategy while gearing has improved from 36.0% to 32.2%. As part of generating stable and sustainable distributions for our of a strategy to build up cash reserves in 2009, the Trust Unitholders. introduced a Distribution Reinvestment Arrangement which allows Unitholders to opt for new Units in lieu of their LO Ka Shui cash distribution. To date, HK$688 million in deployable Chairman cash reserves has been built up from this arrangement. In 6 Champion Real Estate Investment Trust the Chairman digital photo art Annual Report 2009 7 CEO’S REVIEW langham place mall In 2009, total revenue increased 26.1% to at twilight HK$2.04 billion With the higher revenue and a lower expense ratio, Net Property Income increased by 28.1% to HK$1.71 billion in 2009 In 2009, total revenue increased 26.1% to HK$2.04 billion the end of the year. The occupancy rate at Citibank Plaza as a result of rental gains at Citibank Plaza in the first half weakened to 87.6%, as compared to 97.9% a year earlier, and the full-year accounting of income from Langham mainly as a result of relocation decisions made by some Place. Gross revenue at Citibank Plaza increased by 9.0% cost-sensitive tenants early in 2009, at the height of the to HK$1.31 billion. As the Trust only acquired Langham financial turmoil. Place in June 2008, it would be more appropriate to Passing rental rates (the average rental rate of existing discern the recent relative performance of the properties contracted tenancies) at Citibank Plaza continued to see by comparing the second-half of 2009 to the second- an improvement in the first half of 2009, as the rent rates half of 2008. On that basis, revenue at Citibank Plaza fell achieved on leases rolled over in 2009 were on the by 0.9%, revenue at the Langham Place Office Tower average higher than the passing rents of expired leases increased by 0.2% while revenue at the Langham Place that were signed in 2006. A peak in passing rents was Mall increased by 4.3%. reached in July when negative rental reversions began Operating expenses for 2009 were HK$325.8 million. This to have a greater effect. The progressively lower spot grew at a slower pace than revenue partly because of rental rates in the following months resulted in a passing reduced leasing activity. As a result, the expense ratio rent of HK$90.07 per sq. ft. in December 2009. has improved to 16.0%, from 18.9% last year. With the higher revenue and a lower expense ratio, Net Property Langham Place Office Tower Income increased by 28.1% to HK$1.71 billion in 2009. In contrast to the phenomenon of tenant downsizing in Central, the office rental market on the Kowloon Peninsula Citibank Plaza was more affected by the launch of new space over the As financial institutions downsized in 2009, there was past 18 months. Langham Place’s reputation as a proven intense competition for office tenants in Central. Spot quality development and its attractive subway location rental rates achieved at Citibank Plaza retreated from allowed the Office Tower to maintain its occupancy at a their peak of HK$120 per sq. ft. to near HK$75 per sq. ft. at high level throughout 2009. As of 31st December 2009, 8 Champion Real Estate Investment Trust the CEO digital photo art CEO’S REVIEW the occupancy stood at 98.5%. The office rental rates on April and October 2009 - the first of its kind among the Kowloon Peninsula were however constrained by an shopping centres in Hong Kong, have also generated a overhang of new supply in the Kowloon East districts. The considerable amount of goodwill with the retailers. As a spot rent rates for office space at Langham Place at year- result, the majority of leases that fell due during the year end 2009 ranged from HK$23 to HK$32 per sq.
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