9. Income distribution (Cont’d) The financial statements for the current year do not reflect this final income distribution. Such income distribution will be accounted for in equity as an appropriation of profits in the financial year ending 31 December 2025. The total distributions (including proposed final income distribution) for the financial year ended 31 December 2024 amounting to RM4,059,739 (2023: RM6,959,376). Total income distribution is 0.70 (2023: 1.20) sen per unit. Distribution to unitholders is derived from the following sources: Group Fund 2024 2023 2024 2023 RM RM RM RM Net property income 51,414,886 50,908,420 51,414,886 50,908,420 Investment income 897,996 935,781 897,996 935,781 Less: Unbilled rental income (3,090,450) (3,229,641) (3,090,450) (3,229,641) 49,222,432 48,614,560 49,222,432 48,614,560 Less: Fund expenses (44,834,281) (41,043,152) (44,783,874) (41,014,409) Realised income 4,388,151 7,571,408 4,438,558 7,600,151 Undistributed income brought forward 9,976,547 17,484,896 10,249,792 17,729,398 Less: Undistributed income (11,059,535) (9,976,547) (11,383,187) (10,249,792) 3,305,163 15,079,757 3,305,163 15,079,757 10. Investment properties Group Fund 2024 2023 2024 2023 RM RM RM RM At 1 January 1,239,013,706 1,224,173,346 1,239,013,706 1,224,173,346 Enhancements 1,756,141 2,257,800 1,756,141 2,257,800 Fair value adjustment (1,946,592) 12,582,560 (1,946,592) 12,582,560 Transfer to assets classified as held for sale (37,100,000) - (37,100,000) - At 31 December 1,201,723,255 1,239,013,706 1,201,723,255 1,239,013,706 Fair value measurement of the Group’s and the Fund’s investment properties The fair values of the Group’s and the Fund’s investment properties as of 31 December 2024 have been arrived at on the basis of valuation carried out by Cheston International Sdn Bhd, independent valuer not related to the Group and the Fund. The valuer are registered members of the Board of Valuers, Appraisers and Estate Agents, Malaysia, and they have appropriate qualifications and recent experience in the valuation of the properties in the relevant locations. The valuation of the Fund’s investment properties were performed in accordance with the Malaysian Valuation Standards issued by the Board of Valuers, Appraisers and Estate Agents, Malaysia. Notes to the Financial Statements - 31 December 2024 214 AL-SALĀM REIT ANNUAL REPORT 2024
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