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2019 ANNUAL REPORT Pavilion REIT Management Sdn

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2019 ANNUAL REPORT Pavilion REIT Management Sdn 2019 ANNUAL REPORT PAVILION REAL ESTATE INVESTMENT TRUST 2019 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 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 33 Investors Relation and Fund Management 35 Portfolio Details What’s Inside Overview Corporate Governance Report and Financial Statements 45 Sustainability Statement 72 Corporate Governance Overview Statement 75 Nominating Committee Report 76 Audit Committee Report 77 Statement of Risk Management and Internal Control 78 Manager’s Report 82 Financial Statements Disclaimer : This annual report, prepared by Pavilion REIT Management Sdn Bhd (“the Manager”) may contain certain forward-looking statements Others and is prepared based on the Manager’s current view of future events that 133 Analysis of Unitholdings may involve certain assumptions, risks and uncertainties. Unitholders and 136 Market Overview investors are advised that past performance does not necessarily signify 158 Glossary its future performance. 159 Notice of Annual General Meeting Enclosed Proxy Form 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 (including mixed- use developments with a retail component) in Malaysia and other countries within the Asia-Pacific region. Vision, Mission and Investment Strategies 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 Strategies maintaining an appropriate capital structure. 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, especially at Pavilion Kuala Lumpur and Elite Pavilion Malls - active management of tenant base in order to optimise tenant mix and maintain high occupancy rates - continued asset enhancement initiatives to increase net lettable area and rental potential - improving operational efficiency and cost effectiveness - commitment to sustainability to have positive impact on brand recognition, reputation and lessen environmental impact PAVILION REIT I 2 I 2019 Annual Report CORPORATE INFORMATION BOARD OF DIRECTORS OF THE MANAGER Chairman and Non-Independent Executive Director Tan Sri Lim Siew Choon Non-Independent Executive Director Puan Sri Tan Kewi Yong Dato’ Lee Tuck Fook Non-Independent Non-Executive Director Ahmed Ali H A Al-Hammadi Ahmad Mohammed F Q Al-Khanji Mohd Abdulrazzaq A A Al-Hashmi Navid Chamdia Ooi Ah Heong Independent Non-Executive Director Dato’ Mohzani bin Abdul Wahab Dato’ Maznah binti Abdul Jalil Dato’ Choo Chuo Siong Syed Mohd Fareed bin Shaikh Alhabshi MANAGER & ITS PRINCIPAL PLACE OF BUSINESS Pavilion REIT Management Sdn Bhd [Company Number: 201101011359 (939490-H)] Level 10, Pavilion Kuala Lumpur 168, Jalan Bukit Bintang 55100 Kuala Lumpur, Malaysia Telephone No.: +603 2118 8888 Facsimile No.: +603 2118 8889 E-mail: [email protected] Website: www.pavilion-reit.com MANAGER’S REGISTERED OFFICE 6-2 Level 6 East Wing Menara Goldstone (Holiday Inn Express) No. 84 Jalan Raja Chulan 50200 Kuala Lumpur, Malaysia Telephone No.: +603 2166 9818 Facsimile No.: +603 2166 6818 AUDIT COMMITTEE Dato’ Mohzani bin Abdul Wahab (Chairman) Dato’ Maznah binti Abdul Jalil Dato’ Choo Chuo Siong Navid Chamdia PAVILION REIT I 3 I 2019 Annual Report Corporate Information (cont’d) NOMINATING COMMITTEE TRUSTEE Dato’ Maznah binti Abdul Jalil (Chairperson) MTrustee Berhad Dato’ Mohzani bin Abdul Wahab [Company Number: 198701004362 (163032-V)] Dato’ Choo Chuo Siong B-2-9 (2nd Floor) Mohd Abdulrazzaq A A Al-Hashmi Pusat Perdagangan Kuchai Ooi Ah Heong No 2 Jalan 1/127 Off Jalan Kuchai Lama 58200 Kuala Lumpur COMPANY SECRETARY OF THE MANAGER Telephone No.: +603 7983 1088 Facsimile No.: +603 7984 9612 Lim Mei Yoong (Licensed Secretary No: LS0002201) 6-2 Level 6 East Wing Menara Goldstone (Holiday Inn Express) PROPERTY MANAGER No. 84 Jalan Raja Chulan 50200 Kuala Lumpur, Malaysia Henry Butcher Malaysia Sdn Bhd [Company Number: 198701001968 (160636-P)] No. 25 Jalan Yap Ah Shak Off Jalan Dang Wangi 50300 Kuala Lumpur, Malaysia AUDITOR KPMG PLT (LLP0010081-LCA & AF-0758) Chartered Accountants Level 10, KPMG Tower 8, First Avenue, Bandar Utama 47800 Petaling Jaya Selangor Darul Ehsan, Malaysia PRINCIPAL BANKERS Affin Bank Berhad Alliance Bank Malaysia Berhad AmBank (M) Berhad CIMB Bank Berhad Hong Leong Bank Berhad Malayan Banking Berhad Public Bank Berhad REGISTRAR Tricor Investor & Issuing House Services Sdn Bhd [Company Number: 197101000970 (11324-H)] Unit 32-01, Level 32, Tower A Vertical Business Suite, Avenue 3 Bangsar South No 8 Jalan Kerinchi 59200 Kuala Lumpur, Malaysia Telephone No.: +603 2783 9299 Facsimile No.: +603 2783 9222 PAVILION REIT I 4 I 2019 Annual Report HIGHLIGHTS Distributable Income Distribution per Unit (RM’000) (sen) 270,000 9.00 265,000 8.80 260,000 8.60 255,000 8.40 250,000 245,000 8.20 240,000 8.00 248,885 248,784 249,683 266,598 258,278 8.50 235,000 7.80 8.23 8.24 8.24 8.78 FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 Investment Properties Net Asset Value per Unit (RM’000) (RM) 7,000,000 1.32 133,000* 133,000* 6,000,000 133,000* 1.31 133,000* 5,000,000 133,000* 1.30 4,000,000 1.29 3,000,000 1.28 2,000,000 1.27 5,760,000 5,135,000 5,780,000 1.28 1.30 1.30 1.31 1.31 1,000,000 5,096,000 1.26 4,350,000 FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 * office sector Market Capitalisation No of Unitholders (RM’000) 7,000,000 7,000 6,000,000 6,000 5,000,000 5,000 4,000,000 4,000 3,000,000 3,000 2,000,000 2,000 4,836 4,677,655 5,742,798 4,878,451 4,980,196 5,291,497 1,000,000 1,000 5,095 5,242 5,872 6,068 FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 PAVILION REIT I 5 I 2019 Annual Report PAVILION REIT I 6 I 2019 Annual Report MESSAGE FROM THE CHAIRMAN Dear Unitholders, Investment and Asset Performance Pavilion REIT’s gross revenue improved by 5.5% to RM585 million despite a challenging retail market and sluggish economy. The successful integration of Elite Pavilion Mall with Pavilion Kuala Lumpur Mall (“Pavilion Malls”) created a seamless shopping experience and enlarged premium shopping space in the heart of Kuala Lumpur. This has added significant value to the Fund’s portfolio. The Pavilion Malls are undoubtedly Pavilion REIT’s crown jewels as they continued to perform commendably. The Manager will continuously strive to distinguish Pavilion Malls as the premier shopping destinations and concurrently develop other malls managed by us as exciting shopping destinations. This is done via careful planning of tenancy mix and upgrading selected common areas as well as facilities to enhance the shopping experience. It is our honour to be continually bestowed with awards by various esteemed organisations and to consecutively receive the Malaysia Shopping Malls Association (PPKM) awards. In conjunction with the Council of Asian Shopping Centre Conference (CASC) in Kuala Lumpur for 2019, PPKM’s annual award was elevated to include CASC countries. Despite the stiff competition, Pavilion Kuala Lumpur Mall received two (2) more awards with a third award by Going Places, bringing the total award accolade cumulated to forty-seven (47), namely:- • Gold Award, Best Experiential Marketing by CASC – PPKM; • Silver Award, Best Experiential Marketing by CASC – PPKM; • Best Shopping Mall by Going Places Readers’ Choice Awards 2018. The awards are testament to our efforts in seeking excellence. We will endeavour to keep our momentum in pursuing excellence as we strive to attain new and higher honours for our malls. Economic Review In 2019, the global economy experienced a broad-based slowdown and higher risk resulting from unresolved trade tensions, policy uncertainties and weakening business confidence. The continued escalation of trade disputes between the US and China caused uncertainties and dragged down the global growth. Prolonged uncertainties of Brexit and unfavourable financial conditions soften growth resulting in a negative global economic sentiment. As a result, the global economy expanded at a more moderate pace, estimated to be 3.2% in 2019 (2018: 3.7%). The regional economies continue to be confronted by headwinds from the global trade slowdown, which further weighed on external demand. Set against the background of a challenging global environment and moderating economic growth, Malaysia’s GDP expanded at a slower pace of 4.7% in 2018. For 2019, Bank Negara Malaysia projected the Malaysian economy to grow between 4.3% and 4.8%. The retail industry performance continues to be affected by both internal and external market environment.
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