Pavilion REIT turned 10 in 2021. It currently owns four retail and one office properties including the well-known Pavilion Kuala Lumpur Mall and Elite Pavilion Mall. The two connected prime assets are located strategically along the Bukit Bintang stretch and contributed to 97.8% of the REIT’s net property income in 2021. CEO Dato’ Philip Ho Yew Hong was satisfied with the REIT’s overall performance during the year as it turned out better than anticipated. Here are 10 things I learned from the 2022 Pavilion REIT AGM. 1. Gross revenue declined 4.2% year-on-year to RM488.6 million in 2021. All of the REIT’s assets registered lower occupancy rates in 2021 except Elite Pavilion Mall as some tenants did not renew their leases. As renovation works were not allowed during certain Movement Control Order periods, some potential tenants put off their expansion plans. Renewals during the year were done at rates similar to the...