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Financial Review (Cont'd) SUNWAY REIT ANNUAL REPORT 2014 61 FINANCIAL REVIEW (CONT’D) Sunway Hotel Seberang Jaya which completed a major Total income available for distribution was RM245.0 million refurbishment exercise in May 2013, saw a significant an increase of 6% compared to FY2013 of RM231.1 million. improvement in its performance and recorded revenue and Despite the challenges mentioned above, Sunway REIT had NPI growth of 22.6% and 24.0% respectively. The average succeeded to avoid a decline of 0.80 sen in DPU to deliver occupancy improved to 67.8% in FY2014 compared to 51.6% a marginal growth of 0.7% from 8.30 sen in FY2013 to 8.36 in FY2013. sen. The office segment continued to be a challenge in an ASSET RESILIENCY MITIGATED LOST AND REDUCED INCOME FROM oversupply situation exacerbated by rising operating costs. SUNWAY PUTRA PLACE During the financial year, the office portfolio revenue grew 4.5% due to rental reversion. However, the rental growth was totally eroded by the increase in electricity tariff and assessment hike for Kuala Lumpur properties resulting in DPU (sen) a drop in NPI by 1.4%. Average occupancy rate at Menara Sunway which is located within the Sunway Resort City 8.36 (ACTUAL) and with 72.4% of total NLA occupied by the Sunway Group remained stable at 98.8%. Sunway Tower’s average occupancy rate improved slightly from 83.0% in FY2013 to 84.3% in FY2014. However, Sunway Putra Tower’s average occupancy rate saw a further decline from 78.0% in FY2013 to 74.2% in FY2014. A tenant did not renew during the year 8.30 due to the ongoing refurbishment works at the adjoining Sunway Putra Mall. B Sunway Medical Centre which was acquired in December 2012 contributed a full year rental in FY2014 compared to only half a year in FY2013. In addition, the master lease A rental was subject to an annual increase of 3.5%. With effect from January 2014, electricity tariff increased by approximately 17%. In addition, the assessment for 7.50 properties located in Kuala Lumpur had also increased (POTENTIAL) by approximately 38%. Both these expenses had a 1.6% impact to Sunway REIT’s DPU. In view of the rising YEAR operating costs, Sunway REIT had raised the service and FY2013 FY2014 promotion charges to tenants for both Sunway Pyramid Shopping Mall and Sunway Carnival Shopping Mall with A) Loss of DPU contribution from Sunway Putra Place of 0.80 sen effect from June 2014 to alleviate the situation. B) Mitigated by resilient growth of existing assets and full year contribution from Sunway Medical Centre Profit for FY2014 was RM411.1 million comprising realised profit of RM231.9 million and unrealised profit of RM179.2 million. Realised profit for FY2014 of RM231.9 million represent an increase of 6.0% against FY2013 of RM218.8 million, due to higher NPI and lower trust expenses. Trust expenses was higher in the prior year due to expenses for acquisition of Sunway Medical Centre and related equity fund raising exercise. The unrealised profit for FY2014 was RM179.2 million compared to RM173.5 million in FY2013, comprising mainly fair value gain after accounting for capex incurred. 62 SUNWAY REIT ANNUAL REPORT 2014 FINANCIAL REVIEW (CONT’D) FAIR VALUE OF INVESTMENT PROPERTIES Sunway REIT’s portfolio was revalued to RM5.52 billion as for Sunway Putra Mall, Sunway Putra Hotel and Sunway at 30 June 2014, recording an increase of RM336 million Pyramid Shopping Mall’s OB5 projects. The portfolio yield compared to the value of RM5.18 billion as at 30 June was 5.81% compared to 6.15% for FY2013. The decline in 2013. After accounting for capex incurred during the year the portfolio yield was attributable to loss of income from amounting to RM156.9 million, the fair value gain was Sunway Putra Mall and reduced income contribution from RM179.1 million. The capex incurred for FY2014 was Sunway Putra Hotel as mentioned above. Excluding these significantly higher than FY2013 of RM67.1 million mainly two properties, the portfolio yield would have been 6.56%. FAIR VALUE OF INVESTMENT PROPERTIES Fair Value @ Fair Value @ Change in Property Yield Property Yield Property 30.6.2014 30.6.2013 Value FY2014 FY2013 RM million RM million RM million % % Retail Sunway Pyramid Shopping Mall 2,908 2,700 208 6.55 6.32 Sunway Carnival Shopping Mall 296 290 6 7.65 7.03 SunCity Ipoh Hypermarket 56 55 1 7.70 7.66 Sunway Putra Mall 352 254 98 (1.35) 4.01 Total 3,612 3,299 313 5.89 6.23 Hotel Sunway Resort Hotel & Spa 530 518 12 6.08 5.83 Pyramid Tower Hotel 295 295 - 7.09 7.26 Sunway Hotel Seberang Jaya 75 75 - 5.29 4.27 Sunway Putra Hotel 258 240 18 1.44 4.52 Total 1,158 1,128 30 5.25 5.82 Office Menara Sunway 160 160 - 8.04 7.57 Sunway Tower 180 190 (10) 5.72 6.11 Sunway Putra Tower 93 92 1 5.36 5.25 Total 433 442 (9) 6.50 6.46 Others Sunway Medical Centre 317 315 2 6.10 6.031 Total 317 315 2 6.10 6.031 Total Portfolio 5,520 5,184 336 5.81 6.15 Less : Capital expenditure (157) Fair Value Gain 179 ¹Annualised Property Yield SUNWAY REIT ANNUAL REPORT 2014 63 OPERATIONS REVIEW ORGANIC GROWTH & KEY OPERATION DATA ASSET ENHANCEMENT INITIATIVES AEIs completed in FY2014 On-going major AEIs RM40 million RM524 million Completed AEIs On-going Major AEIs Sunway Pyramid Shopping Mall – Oasis Boulevard 5 (“OB5”) Sunway REIT’s total on-going major AEIs amount to RM524 During the financial year ended 30 June 2014, Sunway REIT million of which RM146 million have been incurred as at 30 completed the AEI at OB5 amounting to approximately June 2014. RM459 million or 88% of RM524 million involve RM40.1 million. The project created an additional net the complete refurbishment of Sunway Putra Place, a 3-in- lettable area of 22,201 sq.ft. whilst 22,096 sq.ft. of existing 1 mixed-use development. Besides improvement to the space was reconfigured. The new and reconfigured space architectural aspect of the 3 properties within Sunway Putra is occupied by H&M, a new international retailer and Place, the refurbishment includes an extensive replacement relocation of Padini Concept Store. The project’s ROI is of the mechanical and electrical services such as chillers, expected to be approximately 12.5%. lifts, building automation system etc. The Manager plans to reposition the entire property post comprehensive refurbishment and to fully capitalise on the synergy between the properties. The Manager is confident of at least doubling its NPI contribution post refurbishment from RM25.9 million achieved in FY2013. Sunway Putra Mall Refurbishment The refurbishment commenced in May 2013 and will take approximately 22 months with target completion in 3QFY2015. The project with an estimated cost of RM307 million involves the creation of approximately an additional 71,000 sq.ft. of NLA bringing total NLA to approximately 578,000 sq.ft.. The project aims to create a new identity for the mall and revive it as an exciting shopping and entertainment destination. Retail layout plan, connectivity, traffic circulation and carpark facility will be improved and the shopping mall will be repositioned as a lifestyle urban-chic mall that caters to the mid and mid-upper clientele with Oasis Boulevard 5 - H&M merchandise mix from the low bridge to the fashion edge spectrum. The refurbishment is approximately 60% complete as at 30 June 2014 and is progressing in accordance with plans. The Asset Manager is in the process of leasing the space and has achieved a take up of more than 65% of total NLA as at 30 June 2014. Sunway Putra Mall will have several reputable mini anchor tenants which include Cold Storage, Sports Direct, Taste Enclave and TGV Cinemas. Oasis Boulevard 5 - Padini Concept Store Artist’s Impression – Sunway Putra Mall’s Atrium 64 SUNWAY REIT ANNUAL REPORT 2014 OPERATIONS REVIEW (CONT’D) Sunway Putra Hotel Refurbishment to the hotels and retail mall. The underground carpark The refurbishment which commenced during the financial linkages offer shoppers additional options of over 1,000 car year is estimated to cost RM123 million and is undertaken park bays at the office towers and hotels during weekend in phases with target completion in mid-2015. The project and peak season when Sunway Pyramid Shopping Mall’s aims to refresh and improve the facilities of the hotel on car park is full. par with 5-star standard to better meet the expectations of more discerning corporate clients. As at 30 June 2014, 245 An annex building comprising 3 floors with total NLA of rooms have been refurbished out of 618 rooms. Public areas approximately 30,000 sq.ft. is being constructed above the that have been completed include the ballroom, meeting/ carpark linkage between The Pinnacle, Sunway and Sunway function rooms and the pre-function areas. Resort Hotel & Spa. This annex building will house 2 floors of restaurants and a ballroom on the 3rd floor. The annex Sunway Putra Tower Refurbishment building which has been fully leased out is expected to The refurbishment of the office tower covers the upgrading commence operations by end 2014. The project is estimated and modernisation of public areas and washrooms. The to cost RM61.5 million with an estimated ROI of 9%. project will be completed by mid-2015 and is estimated to cost RM29 million.
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