PAVILION REAL ESTATE INVESTMENT TRUST 2017 ANNUAL REPORT REAL ESTATE PAVILION 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 Email :
[email protected] 2017 ANNUAL www.pavilion-reit.com REPORT PavilionARcov_FINAL.indd 1 22/02/2018 10:56 AM What’s Inside Overview 1 Vision, Mission and Investment Strategies 2 Corporate Information 4 Highlights 6 Message from the Chairman 9 Board of Directors 15 Management Team 19 Salient Features of Pavilion REIT 20 Pavilion REIT Structure Business Review 22 Message from the Chief Executive Officer 24 Management Discussion & Analysis 34 Investors Relation and Fund Management 36 Portfolio Details Corporate Governance Report and Financial Statements 44 Corporate & Sustainability Report 48 Corporate Governance Statement 51 Nominating Committee Report 52 Audit Committee Report 53 Statement of Risk Management and Internal Control 54 Additional Information 56 Financial Statements Others 102 Analysis of Unitholdings 105 Market Overview 123 Glossary 124 Notice of Annual General Meeting Enclosed 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. The principal investment policy of Pavilion REIT Vision, is investing directly and indirectly, in a diversified portfolio of income producing real estate used solely or Mission and predominantly for retail purposes (including mixed-use developments with a retail component) in Malaysia and Investment other countries within the Asia-Pacific region as well as Strategies real estate related assets.