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Annual Report 2012 PAVILION REAL ESTATE INVESTMENT TRUST • ANNUAL REPORT 2012 Pavilion REIT Management Sdn. Bhd. (Company Number : 939490-H) Level 10, Pavilion Kuala Lumpur, 168, Jalan Bukit Bintang, 55100 Kuala Lumpur T : +603 2118 8888 F : +603 2118 8889 E : [email protected] W : www.pavilion-reit.com Annual Report 2012 VISION, MISSION AND INVESTMENT STRATEGIES Pavilion REIT was established on 13 October 2011 and listed on Main Market of Bursa Malaysia Securities Berhad on 7 December 2011 with the principal investment policy of investing, directly and indirectly, in a diversified portfolio of income producing real estate used solely or predominantly for retail purposes (including mixed-use developments with a retail component) in Malaysia and other countries within the Asia-Pacific region as well as real estate related assets. VISION To be the leading and most sought after REIT in Malaysia. MISSION To provide unitholders with regular and stable distributions as well as to achieve long term growth in net asset value per unit, while maintaining an appropriate capital structure. STRATEGIES The Manager intends to achieve the vision and mission of Pavilion REIT through the following strategies: (a) Actively pursuing acquisition opportunities in accordance with the authorised investments of Pavilion REIT – acquire yield accretive income-producing properties – explore repositioning opportunities (b) Pursuing an efficient capital management strategy – diversify sources of debt funding – maintaining a reasonable level of debt service capability – securing favourable terms of funding – managing financial obligations – managing the exposures arising from adverse market interest rates through appropriate hedging strategies – actively managing the range of maturities to reduce refinancing risk and optimise the cost of capital (c) Proactively managing the properties and implementing asset enhancement strategies – maximise quality shopper traffic at Pavilion Kuala Lumpur Mall – active management of tenant base in order to increase rental rates and maintain high occupancy rates – continued asset enhancement initiatives to increase net lettable area and rental potential – improving cost efficiency Table of Contents Table 01 Overview 02 Business 03 Corporate 02 _ Corporate Review Governance Information 18 _ Manager’s Report Report and 03 _ Highlights 19 _ Financial Highlights Financial 04 _ Message from the 23 _ Portfolio Details Chairman Statements 26 _ Asset Enhancement 06 _ Message from the 31 _ Corporate Initiative Governance CEO 27 _ Highlights of the Statement 08 _ Board of Directors Year 35 _ Audit Committee 13 _ Management Team 28 _ Corporate Social Report 16 _ Salient Features of Responsibility 38 _ Internal Control Statement Pavilion REIT 29 _ Investors Relation 17 _ Pavilion REIT and Fund 39 _ Additional Structure Performance Information 42 _ Financial Statements 85 _ Analysis of Unitholdings 88 _ Market Overview 92 _ Glossary Disclaimer: This annual report, prepared by Pavilion REIT Management Sdn Bhd (“the Manager”) may contain certain forward-looking statements and is prepared based on the Manager’s current view of future events that may involve certain assumptions, risks and uncertainties. Unitholders and investors are advised that past performance does not necessarily signify its future performance. 2 Overview __ Corporate Information Corporate Information BOARD OF DIRECTOR OF THE MANAGER TRUSTEE MANAGER Pavilion REIT Management Sdn Bhd AmTrustee Berhad Chairman and Non-Independent (Company Number: 939490-H) (Company Number: 163032-V) Executive Director Level 22, Bangunan AmBank Group Datuk Lim Siew Choon 55, Jalan Raja Chulan MANAGER’S PRINCIPAL PLACE OF 50200 Kuala Lumpur, Malaysia Non-Independent Executive BUSINESS Director Telephone No.: +603 2036 2633 Level 10, Pavilion Kuala Lumpur Datin Tan Kewi Yong Facsimile No.: +603 2032 1914 168, Jalan Bukit Bintang Dato’ Lee Tuck Fook 55100 Kuala Lumpur, Malaysia PROPERTY MANAGER Non-Independent Non-Executive Telephone No.: +603 2118 8888 Director Facsimile No.: +603 2118 8889 Henry Butcher Malaysia Sdn Bhd Omer Abdulaziz H A Al-Marwani E-mail: [email protected] (Company Number: 160636-P) Mohd Nasser A M Al-Humaidi Website: www.pavilion-reit.com No. 25 Jalan Yap Ah Shak Saif Mohd A M Al-Madfaa Off Jalan Dang Wangi Overview Navid Chamdia 50300 Kuala Lumpur, Malaysia MANAGER’S REGISTERED OFFICE Ooi Ah Heong 6-2 Level 6 East Wing Independent Non-Executive AUDITOR Menara ING Director No. 84 Jalan Raja Chulan KPMG (Firm No. AF 0758) Dato’ Mohzani bin Abdul Wahab 50200 Kuala Lumpur, Malaysia Chartered Accountants Dato’ Maznah binti Abdul Jalil Level 10, KPMG Tower Dato’ Choo Chuo Siong Telephone No.: +603 2166 9818 8, First Avenue, Bandar Utama Syed Mohd Fareed bin Shaikh Alhabshi Facsimile No.: +603 2166 6818 47800 Petaling Jaya Selangor Darul Ehsan, Malaysia AUDIT COMMITTEE PRINCIPAL BANKERS Dato’ Mohzani bin Abdul Wahab (Chairman) Affin Bank Berhad Dato’ Maznah binti Abdul Jalil Alliance Bank Malaysia Berhad Business Review Dato’ Choo Chuo Siong AmBank (M) Berhad Omer Abdulaziz H A Al-Marwani CIMB Bank Berhad Hong Leong Bank Berhad Malayan Banking Berhad COMPANY SECRETARY OF THE MANAGER REGISTRAR Lim Mei Yoong (Licensed Secretary No: LS 02201) Tricor Investor Services Sdn Bhd 6-2 Level 6 East Wing (Company Number: 118401-V) Menara ING Level 17, The Gardens North Tower No. 84 Jalan Raja Chulan Mid Valley City 50200 Kuala Lumpur, Malaysia Lingkaran Syed Putra 59200 Kuala Lumpur, Malaysia Telephone No.: +603 2264 3883 Facsimile No.: +603 2282 1886 Corporate Governance Corporate Pavilion REIT Management Sdn. Bhd. __ Annual Report 2012 Overview __ Highlights 3 Highlights Distributable Income (RM’000) Distribution Per Unit (sen) 13,140 206,553 0.44 6.87 FP 2011 FY 2012 FP 2011 FY 2012 Investment Properties (RM’000) Net Asset Value per Unit (RM) Overview 3,561,000 4,012,000 (12.7%) 0.96 1.10 132,000 128,000 3,433,000 3,880,000 FP 2011 FY 2012 FP 2011 FY 2012 Market Capitalisation (RM’000) Annual Total Return (%) 3,270,000 4,175,719 (27.7%) 29.75 32.46 Business Review FP 2011 FY 2012 FP 2011 FY 2012 Corporate Governance Corporate Pavilion REIT Management Sdn. Bhd. __ Annual Report 2012 4 Overview __ Message from the Chairman Message from the Chairman Economic Overview Compared to the other countries in the the fourth best shopping destination world, 2012 had been a fairly successful by CNN Travel, after New York, London year for Malaysia. Our gross domestic & Tokyo. product is estimated to grow by 5% with low inflation and unemployment Market Review level. The retail industry is targeted to grow at approximately 6% as projected For the year ended 2012, the Fund by the Malaysia Retail Association and has outperformed the FBM KLCI and Retail Group Malaysia. These are the posted a total return of 32.5% with the result of strengths of the private sector closing price of RM1.39. The highest from the continued expansion of mega traded price for the year was RM1.47. projects such as the MRT and second Average total return since our listing in Penang Bridge, strong foreign direct 2011 is 31.2%, with 2011 annual total investments and stable labour market. return of 29.8%. Overview Dea r U nitholders, On behalf of the Board, I am pleased to present Pavilion REIT Annual Report and its Financial Statements for the financial year ended 31 December 2012. With the continuous effort of the The M-REIT market grew substantially government to promote tourism, via local and international investors Malaysia’s tourist arrivals and receipts who looked for stable income Business Review have had a CAGR of 7.2% and 9.9% investments. This resulted in the yield respectively, from 2006 – 2011. for M-REIT softening from 6.7% (2011) Additionally, shopping has also become to 6.0% (2012). For the top retail M-REIT, an increasingly significant portion of the yield have even compressed tourist expenditure, increasing from further to the 5% mark. 21% in 2005 to 32% in 2011. All these efforts have also resulted in a number The successful listing of IGB Real Estate of tourism accolades for Kuala Lumpur Investment Trust onto Bursa Malaysia and Malaysia. Kuala Lumpur was rated Securities Berhad together with the as the second most competitive global growth within M-REIT have increased city in South East Asia by Asia Pacific the M-REIT market capitalization from Globe Shopper’s Index and Malaysia RM16.5 billion (2011) to RM24.5 billion as the ninth most visited country in (2012), a staggering growth of 48%, the world by the United Nations World which makes 2012 the best year on Trade Organisation Tourism Highlights record for M-REITs. 2012. Kuala Lumpur was also voted as Corporate Governance Corporate Pavilion REIT Management Sdn. Bhd. __ Annual Report 2012 Overview __ Message from the Chairman – continued 5 Investment and Asset Performance Review During the year, a new precinct known We have been reviewing and seeking as “Fashion Avenue” was introduced to for assets for acquisition. For the past Pavilion Kuala Lumpur, which saw the year, we have not found a suitable entry of 30 new tenants into the mall. asset for acquisition. This will not deter The Pavilion Kuala Lumpur Mall now us from continuing our search and houses approximately 500 tenants. evaluation and we will continue to look into potential real estate investments In the middle of 2012 construction for the Fund during 2013. works for the MRT at Jalan Bukit Bintang commenced. We are confident that Market Outlook the introduction of the MRT station at the junction of Jalan Sultan Ismail and Globally, the economic outlook remains Jalan Bukit Bintang will in the future challenging. However, the Malaysian listing of KLCC Stapled REIT, which will increase the market capitalization Overview of M-REITs to RM30 billion. This will further boost the appeal for both local and international investors for M-REITs.
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