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AL-SALAM REIT ANNUAL REPORT 2022

ALSREIT 2022 1
Corporate Overview 4
2022 Highlights 5
Objective, Policy & Strategies 6
Corporate Profile 8
Corporate Information 10
Letter to Stakeholders 13
Salient Features 16
5-Year Financial Performance 17
Trading Performance 18
Analysis of Unitholdings 19
The Driving Force 21
Trust Structure 22
Organisation Structure 23
The Board of Directors 24
The Shariah Committee 35
The Management Team 38
Strategic Performance 43
Management Discussion and Analysis 44
Financial Review 44
Overview of Properties 48
Capital Management 58
Key Risk Factors 59
Market Report Summary 61
Portfolio Summary and Details 65
Marketing Activities 79
Sustainability Statement 85
About this Statement 86
Approach to Sustainable Development 90
Stakeholder Engagement 93
Material Sustainability Matters 94
Strong Corporate Governance 98
Sustainable Trust Fund 100
Strong Social Relationship 101
Environmental Stewardship 106
Conclusion 110
GRI Content Index 111
Corporate Governance 113
Corporate Governance Statement 114
Board Audit and Risk Committee Report 120
Board Investment Committee Report 126
Board Nomination and Remuneration Committee Report 129
Statement on Risk Management and Internal Control 134
Additional Compliance Information 143
Shariah Adviser’s Report 146
Trustee’s Report 147
Financial Reports 149
Manager’s Report 150
Statement by Directors of the Manager 156
Statutory Declaration 156
Independent Auditors’ Report 157
Statements of Comprehensive Income 161
Statements of Financial Position 163
Statements of Changes in Net Asset Value 165
Statements of Cash Flows 166
Notes to the Financial Statements 167
Corporate information 167
Significant accounting policies 168
Significant accounting judgements and estimates 180
Gross rental income 181
Other income 182
Investment income 182
Tax (expense)/credit 182
Earnings per unit 183
Income distribution 184
Investment properties 185
Equipment 190
Investment in a subsidiary 190
Trade receivables, other receivables and prepaid expenses 191
Cash and cash equivalents 193
Deferred tax liability 194
Other payables and accrued expenses 195
Islamic financing 196
Unitholders’ capital 199
Management Expense Ratio (‘MER’) 200
Significant related party transactions 200
Fair values of financial instruments 201
Financial risk management objectives and policies 202
Segment reporting 204
Capital management 209
Commitments 209

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