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Al-`Aqar Healthcare REIT Annual Report 2023

ALAQAR 2023 1
About Us 4
Corporate Profile 5
2023 Year In Review 6
Corporate Information 7
Trust Structure 8
Organisation Structure 9
Salient Features 10
Business Overview 11
Letter to Stakeholders 12
Five-Year Financial Performance 17
Trading Performance 19
Market Summary Report 21
Management Discussion And Analysis 26
Financial Review 26
Operations Review 31
Capital Review 35
Risk Management 36
Stakeholders Engagement 40
Sustainability Statement 42
Overview 43
A Synopsis Of Our Sustainability Accomplishments 45
Navigating Our Sustainablity Journey 46
Our Approach To Sustainability 47
Key ESG Performance Indicators 49
Insights Into Our Materiality Assessment 53
Integrating Climate-Related Considerations 56
Robust Corporate Governance 58
Sustainable Trust Fund 63
Strong Social Relationships 66
Environmental Stewardship 74
Moving Ahead 78
Performance Data Table 79
GRI Content Index 82
TCFD Content Index 84
Corporate Governance 85
The Board Of Directors 86
The Shariah Committee 95
The Management Team 98
Corporate Governance Overview Statement 102
Board Nominaton And Remuneration Committee Report 115
Board Audit And Risk Committee Report 120
Board Investment Committee Report 127
Board Sustainability Committee Report 130
Statement On Risk Management And Internal Controls 133
Additional Compliance Information 147
Shariah Adviser's Report 148
Trustee's Report 149
Other Information 150
Analysis Of Unitholdings 151
List Of Properties 153
Financial Statements 166
Manager's Report 167
Statement By Directiors of the Manager 173
Statutory Declaration 173
Independent Auditors' Report 174
Statements of Comprehensive Income 178
Statements of Financial Position 180
Statements of Changes in Net Asset Value 182
Statements of Cash Flows 184
Notes to the Financial Statements 186
Corporate Information 186
Basis of Preparation and Material Accounting Policies 188
Significant Accounting Judgement and Estimates 200
Revenue 201
Property expenses 202
Investment revenue 202
Tax credt 202
Earnings per unit 203
Income distributions 204
Investment properties 205
Investment in subsidiaries 210
Trade receivables, other receivables and prepaid expenses 210
Amount due from subsidiaries 212
Cash and bank balances 212
Other payables 213
Deferred tax liability 214
Islamic financing 215
Unitholders' capital 218
Management Expense Ratio ("MER") 218
Significant related party transactions 219
Operating leases - Group as lessor 219
Financial risk management objectives and policies 220
Segment reporting 224
Capital management 226
Portfolio turnover rato ("PTR") 227
Capital commitments 227
Significant events 228
Assets classified as held for sale 228

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