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AL-SALAM REIT ANNUAL REPORT 2024

ALSREIT 2024 1
About This Report 2
About Us 4
2024 Highlights 5
Corporate Profile 6
Salient Features 7
Corporate Information 8
Trust Structure 9
Organisation Structure 10
Business Overview 11
Letter To Stakeholders 12
5-Year Financial Performance 16
Trading Performance 17
Market Summary Report 18
Management Discussion and Analysis 23
Investor Relations Report 42
Sustainability Statement 43
Our Statement at A Glance 44
Progress on Our Path 44
Our Reporting Scope and Boundary 44
Reporting Frameworks and Standards 45
Data Integrity 45
We Value Your Perspective 45
Our Sustainability Performance 46
Our Dynamic Reporting Journey 47
Key Foundations of Sustainability 48
Advancing Global Initiatives 49
Key Measures of ESG Performance 50
Sustainability Leadership & Accountability 51
Addresing Stakeholder Needs 52
Recognising Our Material Sustainability Matters 54
Integrating Climate Initiatives 56
Robust Corporate Governance 59
Sustainability Trust Fund 63
Strong Social Relationships 66
Environmental Stewardship 74
Paving the Way for A Sustainable Future 77
Performance Data Table 78
Independent Limited Assurance Report 81
GRI Content Index 85
Corprorate Governance 87
Board of Directors 88
The Shariah Committee 98
The Management Team 101
Corporate Governance Overview Statement 104
The Board Audit and Risk Committee Report 116
Board Investment Committee Report 123
Board Nomination and Remuneration Committee Report 127
The Board Sustainability Committee Report 131
Statement on Risk Management and Internal Control 135
Additional Compliance Information 153
Shariah Adviser's Report 155
Trustee's Report 156
Other Information 157
Portfolio Summary and Details 158
Analysis of Unitholdings 172
Financial Statements 176
Manager's Report 177
Statement by the Directors of the Manager 184
Statutory Declaration 184
Independent Auditors' Report 185
Statements of Comprehensive Income 189
Statements of Financial Position 191
Statement of Changes in Net Asset Value 193
Statements of Cash Flows 194
Notes to the Financial Statements 196
Corporate information 196
Basis of preparation and material accounting policies 197
Significant accounting judgements and estimates 211
Gross rental income 212
Other income 213
Investment income 213
Tax expense 213
Earnings per unit 215
Income distribution 215
Investment properties 216
Equipment 222
Investment in a subsidiary 222
Trade receivables, other receivables and prepaid expenses 223
Cash and bank balances 226
Deferred tax liability 226
Other payables and accrued expenses 227
Islamic financing 228
Unitholders’ capital 230
Management Expense Ratio (‘MER’) 231
Significant related party transactions 232
Fair values of financial instruments 232
Financial risk management objectives and policies 234
Segment reporting 237
Capital management 242
Commitments 243
Significant events 243
Assets classified as held for sale 244

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