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Al-`Aqar Healthcare REIT Annual Report 2024

ALAQAR 2024 1
Inside This Report 2
Corporate Profile 4
2024 Year In Review 5
Corporate Information 6
Trust Structure 7
Organisation Structure 8
Salient Features 9
Letter To Stakeholders 10
Five-Year Financial Performance 14
Trading Performance 16
Market Summary Report 18
Management Discussion & Analysis 20
Investor Relations Report 32
A Glimpse At Our Statement 34
Milestones on Our Sustainability Journey 36
Our Approach To Sustainability 37
Essential ESG Performance Metrics 39
Assessing Our Materiality Matters 43
Robust Corporate Governance 48
Sustainable Trust Fund 52
Strong Social Relationships 54
Environmental Stewardship 61
Our Sustainability Journey Onwards 64
Performance Data Table 65
Independent Limited Assurance Report 68
GRI Content Index 70
The Board of Directors 73
The Shariah Committee 82
The Management Team 84
Corporate Governance Overivew Statement 87
The Board Audit and Risk Committee Report 97
Board Investment Committee Report 102
Board Nomination and Remuneration Committee Report 105
The Board Sustainability Committee Report 108
Statement On Risk Management and Internal Control 111
Additional Compliance Information 125
Shariah Adviser's Report 126
Trustee's Report 127
Analysis of Unitholdings 128
List of Properties 130
Financial Statements 142
Manager's Report 143
Statement by the Directors of the Manager 149
Statutory Declaration 149
Independent Auditors' Report 150
Statements of Comprehensive Income 153
Statements of Financial Position 154
Statements of Changes in Net Asset Value 157
Statements of Cash Flows 159
Notes to the Financial Statements 161
Corporate Information 161
Basis of Preparation and Material Accounting Policies 162
Significant Accounting Judgements and Estimates 173
Revenue 175
Property Expenses 176
Investment Revenue 176
Tax Credit 176
Earnings Per Unit 177
Income Distributions 178
Investment Properties 179
Investment in Subsidiaries 183
Trade Receivables, Other Receivables and Prepaid Expenses 184
Amount Due From Subsidiaries 185
Cash and Bank Balances 185
Other Payables 186
Deferred Tax Liability 187
Islamic Financing 188
Unitholders' Capital 191
Management Expense Ratio ("MER") 192
Significant Related Party Transactions 192
Operating Lease - Group As Lessor 192
Financial Risk Management Objectives and Policies 193
Segment Reporting 197
Capital Management 198
Portfolio Turnover Ratio ("PTR") 199
Capital Commitments 199
Significant Events 199
Assets Classified As Held for Sale 200

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