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Al-`Aqar Healthcare REIT Annual Report 2021

ALAQAR AR 2021 1
CORPORATE OVERVIEW 4
2021 HIGHLIGHTS 5
OBJECTIVE, POLICY AND STRATEGIES 6
CORPORATE PROFILE 7
CORPORATE INFORMATION 8
LETTER TO STAKEHOLDERS 10
SALIENT FEATURES 17
5-YEAR FINANCIAL PERFORMANCE 18
TRADING PERFORMANCE 20
ANALYSIS OF UNITHOLDINGS 22
THE DRIVING FORCES 25
TRUST STRUCTURE 26
ORGANISATION STRUCTURE 27
THE BOARD OF DIRECTORS 28
THE SHARIAH COMMITTEE 35
THE MANAGEMENT TEAM 39
STRATEGIC PERFORMANCE 43
MANAGEMENT DISCUSSION AND ANALYSIS 44
FINANCIAL REVIEW 44
OPERATIONS REVIEW 48
CAPITAL REVIEW 54
RISK MANAGEMENT 56
MARKET REPORT SUMMARY 58
PORTFOLIO SUMMARY AND DETAILS 66
SUSTAINABILITY STATEMENT 79
About This Report 80
Approach to Sustainable Development 81
Stakeholder Engagement 84
Material Sustainability Matters 86
Robust Corporate Governance 90
Sustainable Trust Fund 92
Strong Social Relationships 94
Environmental Stewardship 100
CONCLUSION 101
GRI Content Index 101
GOVERNANCE STRUCTURE 103
CORPORATE GOVERNANCE OVERVIEW STATEMENT 104
BOARD AUDIT AND RISK COMMITTEE REPORT 112
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL 119
ADDITIONAL COMPLIANCE INFORMATION 128
SHARIAH COMMITTEE’S REPORT 130
TRUSTEE’S REPORT 131
FINANCIAL REPORTS 132
MANAGER’S REPORT 133
STATEMENT BY THE DIRECTORS OF THE MANAGER 138
STATUTORY DECLARATION 138
INDEPENDENT AUDITORS’ REPORT 139
STATEMENTS OF COMPREHENSIVE INCOME 143
STATEMENTS OF FINANCIAL POSITION 145
STATEMENTS OF CHANGES IN NET ASSET VALUE 147
STATEMENTS OF CASH FLOWS 149
NOTES TO THE FINANCIAL STATEMENTS 151
Corporate information 151
Significant accounting policies 153
Significant accounting judgements and estimates 167
Revenue 169
Property expenses 170
Investment revenue 170
Tax (credit)/expense 170
Earnings per unit 171
Income distributions 172
Investment properties 173
Investments in subsidiaries 178
Trade receivables, other receivables and prepaid expenses 179
Amount due from subsidiaries 181
Cash and cash equivalents 181
Payables 182
Amount due to a subsidiary 183
Deferred tax liabilities 183
Islamic financing 185
Unitholders’ capital 189
Management Expense Ratio (“MER”) 190
Significant related party transactions 190
Operating leases - Group as lessor 191
Financial risk management objectives and policies 191
Segment reporting 196
Capital management 198
Portfolio turnover ratio (“PTR”) 199
Contingent liabilities 199
Capital commitments 200

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