PAVILION REAL ESTATE INVESTMENT TRUST | 2020 ANNUAL REPORT REAL ESTATE PAVILION Pavilion REIT Management Sdn. Bhd. [201101011359 (939490-H)] Level 10, Pavilion Kuala Lumpur, 168 Jalan Bukit Bintang, 55100 Kuala Lumpur T : +603 2118 8888 F : +603 2118 8889 Email :
[email protected] www.pavilion-reit.com 2020 ANNUAL REPORT What’s Inside Overview 1 Vision, Mission and Investment Strategies 2 Corporate Information 4 Highlights 6 Message from the Chairman 9 Board of Directors 14 Management Team 18 Salient Features of Pavilion REIT 19 Pavilion REIT Structure Business Review 21 Message from the Chief Executive Officer 23 Management Discussion & Analysis 32 Investors Relation and Fund Management 34 Portfolio Details Corporate Governance Report and Financial Statements 44 Sustainability Statement 67 Corporate Governance Overview Statement 70 Nominating Committee Report 71 Audit Committee Report 72 Statement of Risk Management and Internal Control 73 Manager’s Report 77 Financial Statements Others 127 Analysis of Unitholdings 130 Market Overview 154 Glossary 155 Notice of Annual General Meeting 159 Administrative Guide for the 9th AGM 165 Proxy Form 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. What’s Inside Vision, Mission and Investment Strategies The principal investment policy of Pavilion REIT is to invest directly and indirectly, in a diversified portfolio of income producing real estate assets used solely or predominantly for retail purposes Overview (including mixed-use developments with a retail component) in Malaysia and other countries within the Asia-Pacific region.