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Sunway Reit's Trophy Asset SUNWAY REIT ANNUAL REPORT 2011 TABLE OF CONTENTS UNIQUE IDENTITY TOUCHING LIVES Snap Shot View 2 Marketplace 136 Vision & Mission, Values Workplace 137 and Growth Strategies 4 Environment 139 Corporate Profile 6 Community 140 Corporate Information 7 Message from the Chairman 8 CHECKS & BALANCES Salient Features 11 Key Milestones 12 Corporate Governance Statement 144 Financial Highlights 13 Audit Committee Report 152 Trading Performance 14 Statement on Internal Control 156 Value Added Statement 16 Corporate Code of Conduct 158 Awards & Accolades 17 Additional Information 159 INSPIRING LEADERSHIP FINANCIAL INSIGHT & COMMITMENT Financial Statements 162 Trust Structure 20 Financial Calendar 215 Organisation Structure 21 Analysis of Unitholdings 216 Board of Directors 22 Glossary 219 Management Team 27 DRIVING SUSTAINABLE GROWTH Message from the CEO 32 Financial Review 35 Operations Review 38 Capital & Risk Management 42 Investor & Media Relations 44 Market Report 50 Portfolio at a Glance 76 SNAP SHOT VIEW 10% 66% 24% Property Value RM4.379 Portfolio By billion Property Value Retail Hotel Office No. of Assets Market Capitalisation 11 RM2.982 billion Gross Floor Area 10,621,086 sq. ft. 2 SUNWAY REIT ANNUAL REPORT 2011 Annualised DPU Dividend Yield Total Return % % 6.7 sen 6.0 29.3 RM4.379 10% billion 73% 17% Gross Revenue RM327 Gross Revenue million FP 2011 Retail Hotel Office 10% 68% 22% Net Property Income RM244 Net Property million Income FP 2011 Retail Hotel Office 3 VISION GROWTH STRATEGIES To be the leading REIT in Malaysia in terms Sunway REIT will seek to leverage on of asset value and in providing maximum total the economic market conditions and grow return to unitholders. its investment portfolio based on the following strategies: 1. Acquisition growth strategy by acquiring strategic real estate assets that are yield- MISSION accretive and have the potential to contribute to long-term growth in distributions per unit To deliver sustainable distributions and and/or net asset value per unit. growth in total return to unitholders over the long-term via active asset management, yield- 2. Organic growth strategy by leveraging on accretive acquisitions and optimal capital and the integrated nature of Bandar Sunway, risk management. active management of assets including optimising tenancy mix, proactive leasing initiatives and asset enhancement initiatives to increase net lettable area and rental rates VALUES as well as improve cost efficiency. 3. Capital and risk management strategy T rust by ensuring professionalism and through optimising capital structure and adherence to ethical values at all times. cost of capital, diversifying sources of debt funding and managing interest rate I nnovation by introducing fresh ideas to risk through hedging strategies as well as improve performance. refinancing risk. E ntrepreneurship by constantly seeking opportunities for growth. R esilience by persevering especially during challenging times. 4 SUNWAY REIT ANNUAL REPORT 2011 JUST AS BIRDS ARE CREATED WITH A SET OF BEAUTIFUL WINGS TO SOAR HIGH, SUNWAY REIT CONTINUES TO TAKE ON INNOVATIVE ENDEAVOURS THAT WILL BRING US TO GREATER HEIGHTS 5 CORPORATE PROFILE UNIQUE IDENTITY Sunway REIT was listed on the Sunway REIT is a retail-focused In December 2010, Sunway Main Board of Bursa Malaysia REIT sponsored by Sunway City REIT was officially incorporated Securities Berhad on 8 July 2010. Berhad ("SunCity"), one of the as the only REIT in the FTSE- Sunway REIT is currently the leading integrated real estate Bursa Malaysia Mid 70 Index. developers in Malaysia with 28 largest REIT in Malaysia with a Sunway REIT’s key investment market capitalisation of RM2.982 years of proven track record. Sunway REIT is managed by objective is to provide billion and property value of Sunway REIT Management Sdn unitholders with exposure to a RM4.379 billion as at 30 June 2011. Bhd, a wholly-owned subsidiary diverse portfolio of authorised of SunCity. investments that will provide stable cash distributions with the Sunway REIT was established potential for sustainable growth with an initial portfolio of 8 in net asset value per unit. assets and has now grown to 11 assets comprising retail assets, hotels and offices spanning across 4 high growth locations in Bandar Sunway, Kuala Lumpur, Penang and Ipoh. 6 SUNWAY REIT ANNUAL REPORT 2011 CORPORATE INFORMATION MANAGER COMPANY SECRETARIES OF THE MANAGER Sunway REIT Management Sdn Bhd (Company No. 806330-X) Tan Kim Aun (MAICSA 7002988) Lee Suan Choo (MAICSA 7017562) MANAGER’S PRINCIPAL PLACE OF BUSINESS Level 4, Menara Sunway TRUSTEE Jalan Lagoon Timur OSK Trustees Berhad (Company No. 573019-U) Bandar Sunway 6th Floor, Plaza OSK 46150 Petaling Jaya Jalan Ampang Selangor Darul Ehsan 50450 Kuala Lumpur Tel No : (603) 5639 8888 Tel No: (603) 9207 7777 Fax No: (603) 5639 8001 Website: www.osktrustees.com Email: [email protected] MANAGER’S REGISTERED OFFICE Level 16, Menara Sunway PROPERTY MANAGER Jalan Lagoon Timur DTZ Nawawi Tie Leung Property Consultants Sdn Bhd Bandar Sunway Suite 32.03, Level 32, Menara Citibank 46150 Petaling Jaya 165 Jalan Ampang Selangor Darul Ehsan 50450 Kuala Lumpur Tel No : (603) 5639 8889 Fax No: (603) 5639 9507 PRINCIPAL BANKERS CIMB Bank Berhad BOARD OF DIRECTORS OF THE MANAGER HSBC Bank Malaysia Berhad OCBC Bank (Malaysia) Berhad Chairman, Non-Independent Non-Executive Director Public Bank Berhad Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling, AO RHB Bank Berhad Chief Executive Officer, Non-Independent Executive AUDITORS Director Messrs Ernst & Young (AF:0039) Dato’ Jeffrey Ng Tiong Lip Level 23A, Menara Milenium Jalan Damanlela Non-Independent Non-Executive Directors Pusat Bandar Damansara Dato’ Ngeow Voon Yean 50490 Kuala Lumpur Sarena Cheah Yean Tih Tel No : (603) 7495 8000 Fax No: (603) 2095 5332 Independent Non-Executive Directors Tan Sri Dato’ Ahmad Bin Mohd Don REGISTRAR Willy Shee Ping Yah @ Shee Ping Yan Sunway Management Sdn Bhd (Company No. 50661-X) Elvin A/L Berty Luke Fernandez Level 16, Menara Sunway Jalan Lagoon Timur AUDIT COMMITTEE Bandar Sunway Tan Sri Dato’ Ahmad Bin Mohd Don (Chairman) 46150 Petaling Jaya Willy Shee Ping Yah @ Shee Ping Yan Selangor Darul Ehsan Elvin A/L Berty Luke Fernandez Tel No : (603) 5639 8889 Fax No: (603) 5639 9507 INVESTMENT APPRAISAL WORKING GROUP Dato’ Jeffrey Ng Tiong Lip (Chairman) STOCK EXCHANGE LISTING Dato’ Ngeow Voon Yean Main Market of Bursa Malaysia Securities Berhad Sarena Cheah Yean Tih Stock Name: SUNREIT Cheah Wing Choong Stock Code: 5176 Wai Sow Fun WEBSITE ADDRESS RISK MANAGEMENT WORKING GROUP www.sunwayreit.com Dato’ Jeffrey Ng Tiong Lip (Chairman) Dato’ Ngeow Voon Yean INVESTOR RELATIONS Sarena Cheah Yean Tih Tel No: (603) 5639 8864 Wai Sow Fun E-mail: [email protected] 7 MESSAGE FROM THE CHAIRMAN UNIQUE IDENTITY “ The continuous pursuit of the best industry standards will contribute in attracting global investors who seek guidance from these international benchmarks for their investment decisions.” “ The success of our IPO was due to the right combination of various factors.” Dear stakeholders, The listing of the Sunway Real Estate I am heartened to share that this Sunway REIT’s IPO was certainly Investment Trust (Sunway REIT) on achievement had generated a much a success despite being launched the Main Market of Bursa Malaysia welcomed renewed interest in the during a period of volatile market Securities Berhad on 8th July 2010 M-REIT market from both local and sentiments, garnering a total with eight of Sunway City Berhad’s foreign investors. We are further demand of RM2.02 billion (with 50% (SunCity or Sponsor) prime assets galvanized by the encouraging from foreign investors) and was worth RM 3.73 billion marked a response from the market whose 1.3 times oversubscribed. historically significant occasion for conviction in us is evidenced by the the Sunway City Group of companies. strong support from our institutional Total IPO funds raised was investors and we will continue to approximately RM1.487 billion from History Making capitalize on the upswing momentum offered units and RM78.4 million from Prior to the listing of Sunway REIT, gained from our good start. over-allotment of Sponsor’s units, the Malaysia Real Estate Investment with foreign investors contributing Trust (M-REIT) market was off Continued support from foreign RM674 million or 43% of total IPO investors’ radar due to the lack of investors is underlined by 24% of funds.The success of our IPO was breadth and depth of the market. foreign investors investing in our due to the right combination of total units issued as at 30 June 2011. various factors such as quality assets The listing of Sunway REIT on the We foresee that the M-REIT market injected into the portfolio, clear Main Market of Bursa Malaysia will garner more interest as local and visibility of future pipeline assets put M-REIT market in the limelight international investors are increasingly from the Sponsor, growth potential and radar screen of international paying greater attention to defensive of the assets, size in terms of total investors. The table below depicts assets as the market is expected to asset value, market capitalisation and Sunway REIT’s dominance in the become more volatile in the near term free float as well as resilient income M-REIT market as at 30 June 2011. due to global uncertainties. with track record. We managed to secure four cornerstone investors As at 30 June 2011 Absolute amount Relative to M-REITs industry (%) namely the Government of Singapore Investment Corporation, Great Total Asset Value 26.5 RM4.453 billion Eastern Life Assurance (Malaysia) Market capitalisation RM2.982 billion 26.0 Berhad, Permodalan National Berhad Average daily trading volume 2.947 million units 46.0 and Employee Provident Fund. since listing on 8 July 2010 Free float RM1.299 billion 26.0 8 SUNWAY REIT ANNUAL REPORT 2011 Sunway REIT IPO listing ceremory We appreciate and are grateful to Manager's fee is payable in Sunway the Year Best IPO - Notable Mention by the regulatory authorities for their REIT units.
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