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Keeping Promises

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Keeping Promises KEEPING PROMISES Annual Report 2012 Malaysia’s 1st Islamic Office/Industrial REIT “Axis-REIT is the first Islamic Office / Industrial REIT listed globally. It has grown from a portfolio of 5 assets to 31 assets in 7 years, increasing its Asset Under Management (AUM) from RM300 million to RM1.59 billion. It is one of the six Malaysian REITs with market capitalisation greater than RM1 billion. 01 Our Mission and Vision 80 CBRE Property Market Overview 2012 02 Salient Features of Axis-REIT 89 Corporate Social Responsibility 03 Axis-REIT Structure 92 Details of The Income Distribution 04 Financial Highlights Reinvestment Plan 06 Board of Directors 96 Corporate Governance 105 Audit Committee Report TENTS 08 Directors' Profile 12 Letter from the Chairman 109 Statement on Risk Management and Internal Control 16 Manager’s Report 111 Statement on Directors’ Responsibility 61 The Axis-REIT Team 112 Financial Statements CON 68 The Facilities Management Team 155 Unitholders’ Statistics 70 The Real Estate Team 157 Frequently Asked Questions (FAQs) 71 Shariah Adviser’s Report 161 Glossary 72 The Investment Property Portfolio 162 Corporate Directory 76 Portfolio Details This annual report for the year ended 31 December 2012 has been prepared by Axis REIT Managers Bhd (649450-W) as the Manager of Axis- REIT. Whilst every care has been taken in relation to the accuracy, no warranty is given or implied. The information provided is not investment advice and recipients should consider obtaining independent advice before making any decision that relies on this information. All currencies are expressed in Ringgit Malaysia unless otherwise stated. This Annual Report is dated in February 2013. aboutabout AXIS-REITAXIS-REIT MISSION To provide consistent distributions to Unitholders through growing the property portfolio, displaying the highest level of corporate governance, excellent capital and risk management, and preserving capital values. VISION To successfully benchmark Axis-REIT against the world’s most successful REITs in terms of total return to Unitholders and be the REIT of choice for Shariah and non-Shariah Investors. Axis-REIT was the first Real Estate Investment Trust (“REIT”) These properties primarily house multinational and local to list on Bursa Malaysia Securities Berhad on 3 August 2005. companies which have been tenants of the Axis Group for The listing was undertaken under the revised Securities many years. They are involved in the logistics, imaging, Commission’s (“SC”) Guidelines on REITs. medical, home appliances, automotive, pharmaceutical, insurance, wellness, electronics, information technology, On 11 December 2008 Axis-REIT was reclassified as an Islamic retail warehousing, fast moving consumer goods, REIT. telecommunications and fitness industries. Having started with a modest portfolio of 5 properties the Axis REIT Managers Berhad is the Manager of Axis-REIT. Fund now boasts 31 properties, leading the industry in terms of its portfolio growth. Over the last two years, it has disposed The Manager is committed to deliver long-term sustainable of 2 of its properties, enabling it to return the capital gains to distributions and capital stability through its six principles of Unitholders. management: Axis-REIT owns a diversified portfolio of properties in the Klang • Prudent capital and risk management Valley, Johor, Penang, Negeri Sembilan and Kedah comprising: • Yield accretive asset purchases • Excellent investor relations • Commercial Offices • Maintaining the highest levels of corporate governance • Office/Industrial Buildings • Proactive asset and tenant management • Warehouse/Logistics Centres • Development of human capital • Light Industrial Buildings • Warehouse Retail Facilities AXIS-REIT ANNUAL REPORT 2012 1 Salient Features OF AXIS-REIT Fund category Real Estate Investment Trust Fund type Income and Growth Mission of the Fund To provide consistent distributions to Unitholders through growing the property portfolio, displaying the highest level of corporate governance, excellent capital and risk management, and preserving capital values. Vision of the Fund To successfully benchmark Axis-REIT against the world’s most successful REITs in terms of total return to Unitholders and be the REIT of choice for Shariah and non-Shariah Investors. Approved Fund size 456,517,221 Units Market capitalisation RM1,428,899,000 Assets under management RM1,589,408,000 Authorized investments At least 50% of the Fund’s total asset value must be invested in real estate and/or single purpose companies at all times. Initial Public Offering retail price RM1.25 per Unit FYE 31 December Distribution policy Quarterly income distribution. 1st to 3rd quarter – at least 95% of the current year-to-date distributable income and 4th quarter – at least 99% of the current year-to-date distributable income Financing limitations Up to 50% of the total assets value of the Fund. Revaluation policy The investment properties shall be revalued at least once every year by registered independent valuers. Minimum initial investment Minimum of 100 Units Quotation Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) Bursa Securities Stock Number AXREIT 5106 2 AXIS-REIT ANNUAL REPORT 2012 Axis-REIT STRUCTURE IBFIM Unitholders (Shariah Adviser) Investment in Axis-REIT Distributions in the Form of Dividends and Other Distributions Manager’s Fees Trustee’s Fees Axis REIT OSK Trustees Bhd Managers Berhad (the Trustee) (the Manager) Management Acts on Behalf of Services Unitholders Ownership of Assets (Vested in Trustee) Ownership of assets Rental Income (Vested in Trustee) Property Management Fees Axis Property Services Shariah Compliant (Property Manager) Real Estate Assets Property Management Services AXIS-REIT ANNUAL REPORT 2012 3 Financial HIGHLIGHTS A Quick Snapshot Total Net Income (RM) 103,116,000 Income Available for Distribution ("Realised") (RM) 84,972,000 Income Distribution* (RM) 84,677,031 Distribution per Unit* ("DPU") (Sen) 18.60 Number of Investment Properties 31 Units in Circulation (Units) 456,517,221 Assets Under Management (RM) 1,589,408,000 Total Financing (RM) 549,285,000 Total Financing to Total Assets 34.56% Total Unitholder's Fund (RM) 989,705,000 Market Capitalization (RM) 1,428,899,000 Net Asset Value per Unit (RM) 2.17 IPO Retail Unit Price 1.25 Unit Price as at 31 December 2012 (RM) 3.13 Number of Unitholders 2,850 Distribution Policy • 1st to 3rd quarter - at least 95% of the current year-to date distributable income and • 4th quarter - at least 99% of the current year-to-date distributable income * Includes the 2012 final income distribution payable on 28 February 2013. Monthly Trading Performance 125% 120% 115% 110% 105% 100% 95% 90% Jul 2012 Jan 2012 Feb Feb 2012 Jun 2012 Oct 2012 Sep 2012 Mar 2012 Aug 2012 Apr 2012 Dec 2012 Nov 2012 May 2012 May KLCI AXREIT The chart has been rebased to start from the beginning of the year. Trading Statistics for 2012 Closing price 31 December 2012 RM3.13 52 Week Hi (19 November 2012) RM3.22 52 Week Lo ( 2 January 2012) RM2.62 Average Monthly Volume 2012 4,435,150 Highest Monthly Volume (December 2012) 9,839,600 Lowest Monthly Volume (November 2012) 857,100 4 AXIS-REIT ANNUAL REPORT 2012 Total Returns (as at 31 December 2012) Distribution Yield * 5.94% Total return for 2012 ** 26.56% Average total return (last 3 years) 27.03% Average total return (last 5 years) 29.65% * Based on closing market price as at 31 December 2012. ** Based on movement in Unit price (opening and closing price for 2012) and distribution yield per Unit for 2012. Distribution Since Listing Unit Price Performance vs NAV per Unit 20 18.60 350 18 17.20 313 15.80 16.00 300 16 15.27 262 13.63 250 14 12.95 237 217 12 Sen 200 193 175 168 175 201 208 10 148 179 150 168 8 148 100 135 DPU (sen) 6 112 4.70 4 50 2 0 2005 2006 2007 2008 2009 2010 2011 2012 0 2005 2006 2007 2008 2009 2010 2011 2012 Unit price NAV No. of Unitholders 3000 17.20 17.20 2850 18 2702 15.80 16.00 16 15.27 13.632500 2420 14 12.95 2109 12 2000 10 1652 8 1500 1216 1166 DPU (sen) 6 1000 941 4 2 500 0 2006 2007 2008 2009 2010 2011 2012 0 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Comparable Returns Axis-REIT Total Return 26.56 Axis-REIT Distribution Yield 5.94 EPF 6.15 10 Year MGS 3.65 3000 2702 2702 12 Month FD Rate 3.15 2420 2500 Savings Rate 1.75 2109 2000 Overnight Policy Rate 3.00 1652 0 5.00 10.00 15.00 20.00 25.00 30.00 1500 1166 % Return 1000 AXIS-REIT ANNUAL REPORT 2012 5 500 0 Axis-REIT Total Return 18.00 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Axis-REIT Distribution Yield 6.56 EPF Dividend Yield 6.00 10-yr MGS 3.65 12 Months FD Rate 3.15 Saving Deposits Rate 1.75 OPR 3.00 0 2 4 6 8 10 12 14 16 18 % Return Board of DIRECTORS 3. 1. 2. 1. YAM Tunku Dato’ Seri Shahabuddin Bin Tunku Besar Burhanuddin Independent Non-Executive Chairman 4. 2. Y Bhg Dato’ Abas Carl Gunnar Bin Abdullah Non-Independent Executive Deputy Chairman 3. Y Bhg Dato’ George Stewart LaBrooy Chief Executive Officer/Executive Director 4. Stephen Tew Peng Hwee Non-Independent Non-Executive Director 6 AXIS-REIT ANNUAL REPORT 2012 5. 8. 7. 5. Y Bhg Dato’ Fateh Iskandar Bin Tan Sri Dato’ Mohamed Mansor Independent Non-Executive Director 6. 6. Alvin Dim Lao Non-Independent Non-Executive Director 7. Mohd Sharif Bin Hj Yusof Independent Non-Executive Director 8. Leong Kit May Chief Financial Officer/Executive Director AXIS-REIT ANNUAL REPORT 2012 7 Directors' PROFILE YAM Tunku Dato’ Seri Shahabuddin Bin Tunku Besar Burhanuddin Independent Non-Executive Chairman YAM Tunku Dato’ Seri Shahabuddin Bin Tunku Besar Burhanuddin, age 77, a Malaysian, was appointed as an Independent Non-Executive Director to the Board of Axis REIT Managers Berhad on 10 August 2007.
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