Al-`Aqar Healthcare REIT Annual Report 2020

ALAQAR 2020 1
Contents 1
Corporate Overview 4
2020 Highlights 5
Objective, Policy and Strategies 6
Corporate Profile 7
Corporate Information 8
Letter to Stakeholders 10
Salient Features 14
5-Year Financial Performance 15
Trading Performance 17
Analysis of Unitholdings 19
The Driving Forces 21
Trust Structure 22
Organisation Structure 23
The Board of Directors 24
The Shariah Advisory Committee 31
The Management Team 34
Strategic Performance 37
Management Discussion and Analysis 38
FINANCIAL REVIEW 38
OPERATIONA L REVIEW 42
CAPITAL REVIEW 44
RISK MANAGEMENT 46
Market Report Summary 48
Portfolio Summary and Details 54
Sustainability Statement 67
ABOUT THIS REPORT 68
THE SUSTAINABLE REIT 68
GOVERNANCE & ACCOUNTABILITY 70
ENGAGING STAKEHOLDERS 71
MATERIALITY ASSESSMENT 72
SUSTAINABILITY PILLARS 72
GOVERNANCE 73
PEOPLE 74
PARTNER 76
Governance Structure 77
Corporate Governance Statement 78
Board Audit and Risk Committee Report 88
Statement on Risk Management and Internal Control 92
Additional Compliance Information 96
Shariah Adviser’s Report 97
Trustee’s Report 98
Financial Reports 99
Manager’s Report 100
Statement by the Directors of the Manager 105
Statutory Declaration 105
Independent Auditors’ Report 106
Statements of Comprehensive Income 110
Statements of Financial Position 112
Statements of Changes in Net Asset Value 114
Statements of Cash Flows 116
Notes to the Financial Statements 117
Corporate information 117
Significant accounting policies 118
Significant accounting judgements and estimates 130
Revenue 131
Property expenses 132
Investment revenue 132
Income tax expense 133
Earnings per unit 134
Income distributions 134
Investment properties 135
Investments in subsidiaries 140
Trade receivables, other receivables and prepaid expenses 141
Amount due from a subsidiary 142
Cash and cash equivalents 143
Other payables 143
Amount due to a subsidiary 144
Deferred tax liabilities 144
Islamic financing 146
Unitholders’ capital 150
Management Expense Ratio (“MER”) 150
Significant related party transactions 151
Operating leases - Group as lessor 151
Financial risk management objectives and policies 151
Segment reporting 156
Capital management 157
Portfolio Turnover Ratio (“PTR”) 158
Comparative figures 158

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