Pavilion REIT (PAVREIT) is a retail-centric property investment trust which owns three shopping malls and one office tower. Of its properties, Pavilion Kuala Lumpur Mall, Intermark Mall, and Pavilion Tower are located in Kuala Lumpur, while Da Men Mall is located in Selangor. The portfolio has a total net lettable area of 1.97 million square feet. PAVREIT first listed on Bursa Malaysia in December 2011.
This is my second year attending PAVREIT’s AGM and here are my key takeaways from the meeting and CEO Philip Ho Yew Hong’s opening presentation:
- Gross revenue increased 11.1% year-on-year from RM414 million to RM460 million. The increase was due to revenue recognition from the acquisitions of Da Men Mall and Intermark Mall. Da Men Mall contributed 7% of gross revenue (RM32 million) while Intermark Mall contributed 3.5% of gross revenue (RM16.1 million).
- Property operating expenses increased 18.4% year-on-year from …