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Al-`Aqar Healthcare REIT Annual Report 2022

ALAQAR 2022 1
Corporate Overview 4
2022 Highlights 5
Corporate Profile 6
Corporate Information 7
Letter to Stakeholders 8
Salient Features 13
5-Years’ Financial Performance 14
Trading Performance 16
Analysis of Unit Holdings 18
The Driving Force 21
Trust Structure 22
Organisation Structure 23
The Board of Directors 24
The Shariah Committee 35
The Management Team 39
Strategic Performance 43
Management Discussion and Analysis 44
Financial Review 44
Operations Review 49
Capital Review 54
Risk Management 55
Market Report Summary 58
Portfolio Summary and Details 62
Sustainability Statement 75
About This Statement 76
Approach to Sustainable Development 79
Stakeholder Engagement 82
Material Sustainability Matters 83
Robust Corporate Governance 85
Sustainable Trust Fund 88
Strong Social Relationships 89
Environmental Stewardship 93
Closing Statement 95
GRI Content Index 95
Governance Structure 97
Corporate Governance Statement 98
Board Audit and Risk Committee Report 104
Board Investment Committee Report 111
Board Nomination and Remuneration Committee Report 114
Statement on Risk Management and Internal Control 119
Additional Compliance Information 128
Shariah Adviser’s Report 130
Trustee’s Report 131
Financial Reports 132
Manager’s Report 133
Statement by the Directors of the Manager 139
Statutory Declaration 139
Independent Auditor’s Report 140
Statements of Comprehensive Income 144
Statements of Financial Position 146
Statements of Changes in Net Asset Value 148
Statements of Cash Flows 150
Notes to the Financial Statements 152
Corporate information 152
Significant accounting policies 154
Significant accounting judgements and estimates 166
Revenue 167
Property expenses 168
Investment revenue 169
Tax credit 169
Earnings per unit 170
Income distributions 170
Investment properties 172
Investment in subsidiaries 176
Trade receivables, other receivables and prepaid expenses 177
Amount due from subsidiaries 178
Cash and cash equivalents 179
Other payables 180
Deferred tax liabilities 180
Islamic financing 181
Unitholders’ capital 184
Management Expense Ratio (“MER”) 185
Significant related party transactions 186
Operating leases - Group as lessor 186
Financial risk management objectives and policies 186
Segment reporting 191
Capital management 192
Portfolio turnover ratio (“PTR”) 193
Capital commitments 193
Significant events 193

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