1
211
AL-SALAM REIT ANNUAL REPORT 2022
ALSREIT 2022
1
Corporate Overview
4
2022 Highlights
5
Objective, Policy & Strategies
6
Corporate Profile
8
Corporate Information
10
Letter to Stakeholders
13
Salient Features
16
5-Year Financial Performance
17
Trading Performance
18
Analysis of Unitholdings
19
The Driving Force
21
Trust Structure
22
Organisation Structure
23
The Board of Directors
24
The Shariah Committee
35
The Management Team
38
Strategic Performance
43
Management Discussion and Analysis
44
Financial Review
44
Overview of Properties
48
Capital Management
58
Key Risk Factors
59
Market Report Summary
61
Portfolio Summary and Details
65
Marketing Activities
79
Sustainability Statement
85
About this Statement
86
Approach to Sustainable Development
90
Stakeholder Engagement
93
Material Sustainability Matters
94
Strong Corporate Governance
98
Sustainable Trust Fund
100
Strong Social Relationship
101
Environmental Stewardship
106
Conclusion
110
GRI Content Index
111
Corporate Governance
113
Corporate Governance Statement
114
Board Audit and Risk Committee Report
120
Board Investment Committee Report
126
Board Nomination and Remuneration Committee Report
129
Statement on Risk Management and Internal Control
134
Additional Compliance Information
143
Shariah Adviser’s Report
146
Trustee’s Report
147
Financial Reports
149
Manager’s Report
150
Statement by Directors of the Manager
156
Statutory Declaration
156
Independent Auditors’ Report
157
Statements of Comprehensive Income
161
Statements of Financial Position
163
Statements of Changes in Net Asset Value
165
Statements of Cash Flows
166
Notes to the Financial Statements
167
Corporate information
167
Significant accounting policies
168
Significant accounting judgements and estimates
180
Gross rental income
181
Other income
182
Investment income
182
Tax (expense)/credit
182
Earnings per unit
183
Income distribution
184
Investment properties
185
Equipment
190
Investment in a subsidiary
190
Trade receivables, other receivables and prepaid expenses
191
Cash and cash equivalents
193
Deferred tax liability
194
Other payables and accrued expenses
195
Islamic financing
196
Unitholders’ capital
199
Management Expense Ratio (‘MER’)
200
Significant related party transactions
200
Fair values of financial instruments
201
Financial risk management objectives and policies
202
Segment reporting
204
Capital management
209
Commitments
209
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