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AL-SALAM REIT ANNUAL REPORT 2025

ALSREIT 2025 1
Inside This Report 2
About This Report 4
Introduction 5
Basis of Preparation 5
Reporting Scope and Boundary 6
Limitations & Exclusions 6
Audit & Assurance 6
Forward-Looking Statements 6
Feedback 7
About AL-SALAM 8
2025 Highlights 9
Corporate Profile 10
Trust Structure 12
Organisational Structure 13
Salient Features 14
Business Overview 15
Letter to Stakeholders 16
Business Review 20
Operating Environment 26
Investor Relations Report 30
Financial Calendar 31
Investor Relations Report 32
Approach to Value Creation 33
Value Creation Model 34
Financial Capital 36
Five-Year Financial Performance 36
Trading Performance 38
Finance Review 40
Performance Benchmark 41
Portfolio Capital 42
Sustainability Statement 77
About This Report 78
Stakeholder Engagement Report 79
Materiality Assessment 82
Sustainability Strategy 86
Sustainability Targets & Performance 91
Risk Management 93
Climate Change and Decarbonisation 95
Governance 102
Economic 108
Value for the Environment 114
Values for Employees and Community 119
Membership and Awards 136
Continuous Improvement 136
Appendices 137
Corporate Governance Report 149
Board of Directors 150
Shariah Committee 162
The Management Team 164
Corporate Governance Overview Statement 166
Board Audit and Risk Committee Report 178
Board Investment Committee Report 184
Board Nomination and Remuneration Committee Report 188
Board Sustainability Committee Report 192
Statement on Risk Management & Internal Control 195
Additional Compliance Information 221
Shariah Adviser's Report 224
Trustee's Report 225
Risk Management 226
Risk Assessment & Identification 227
Risk Management 228
Financial Statements 231
Manager's Report 232
Statement by the Directors of the Manager 239
Statutory Declaration 239
Independent Auditors' Report 240
Statements of Comprehensive Income 244
Statements of Financial Position 246
Statements of Changes in Net Asset Value 248
Statements of Cash Flows 249
Notes to the Financial Statements 251
Corporate Information 251
Basis of preparation and material accounting policies 252
Significant accounting judgements and estimates 265
Gross rental income 266
Other income 267
Investment income 267
Tax expense 267
Earnings per unit 269
Income distribution 269
Investment properties 270
Equipment 277
Investment in a subsidiary 277
Trade receivables, other receivables and prepaid expenses 278
Cash and bank balances 281
Deferred tax liability 281
Other payables and accrued expenses 282
Islamic financing 283
Unitholders' capital 286
Management Expense Ratio ('MER') 287
Significant related party transactions 288
Fair values of financial instruments 288
Financial risk management objectives and policies 290
Segment reporting 293
Capital management 298
Commitments 299
Significant events 299
Assets classified as held for sale 299
Other Information 300
Analysis of Unitholding 301
Corporate Information 304

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