Pavilion Real Estate Investment Trust’s (Pavilion REIT) portfolio which comprises Pavilion Kuala Lumpur Mall, Elite Pavilion Mall, Pavilion Office Tower, Damen Mall and Intermark Mall announced that their first-quarter results for the period ended 31 March 2022’s distributable income increased to RM67.6 million from RM33.5 million (of the same quarter last year). This
represents an increase of 101.4%.
Pavilion REIT’s first-quarter revenue increased 10.0% as compared to the same quarter the preceding year, achieving a gross revenue of RM138.8 million. As compared to the last quarter ended 31 December 2021, Pavilion REIT increased its gross revenue by 11.7% from RM124.3 million. Its net property income also increased 59.7% to RM94.0 million from RM58.8 million the same quarter the preceding year. This represents an increase of 13.7% as compared to the last quarter of 31 December 2021.
The Manager attributes the higher revenue and distributable income mainly to higher revenue rent and income from advertising as more economic sectors and businesses were allowed to re-open. The re-opening of Malaysia’s border to international travelers and further relaxation of standard operating procedures will lead the way to more comprehensive and seamless shopping, dining, and leisure experiences. As Malaysia enters an endemic phase, the Manager is optimistic about a positive outlook for the retail industry and is confident of bringing back more footfall to the malls, with increased shopper engagement, to spur spending and reinforce consumer confidence.
