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AL-SALAM REIT ANNUAL REPORT 2023

ALSREIT 2023 1
Our Business 2
2023 Highlights 3
About Us 6
Corporate Profile 7
Corporate Information 8
Trust Structure 9
Organisation Structure 10
Salient Features 11
Business Overview 13
Letter To Stakeholders 16
Five-Year Financial Performance 20
Trading Performance 21
Market Report Summary 22
Managment Discussion & Analysis 26
Financial Review 26
Retail Segment 30
Capital Management 43
Key Risk Factors 45
Stakeholder Engagement 47
Sustainability Statement 51
A Cursory Snapshot of Our Sustainability Journey 54
Our Sustainability Performance Highlights 57
Looking Back on Our Reporting Journey 58
A Strategic Approach Toward Sustainable Excellence 60
Identifying Our Material Sustainability Matters 66
Robust Corporate Governance 72
Sustainable Trust Fund 76
Strong Social Relationships 79
Environmental Stewardship 89
Concluding A Year of Progress 94
Performance Data Table 95
GRI Content Index 98
TCFD Content Index 99
Corporate Governance 101
The Board Of Directors 104
The Shariah Committee 113
The Management Team 116
Corporate Governance Overview Statement 120
Board Audit and Risk Committee Report 134
Board Investment Committee Report 141
Board Nomination and Remuneration Committee Report 144
Board Sustainability Committee Report 148
Statement on Risk Management and Internal Control 151
Additional Compliance Information 164
Shariah Adviser's Report 166
Trustee's Report 167
Other Information 168
Portfolio Summary and Details 169
Analysis of Unitholdings 183
Financial Statements 185
Manager's Report 186
Statement by Directors of the Manager 192
Statutory Declaration 192
Independent Auditors' Report 193
Statements of Comprehensive Income 197
Statements of Financial Position 199
Statements of Changes in Net Asset Value 201
Statements of Cash Flows 202
Notes to the Financial Statements 203
Corporate information 203
Basis of preparation and material accounting policies 204
Significant accounting judgements and estimates 215
Gross rental income 217
Other income 217
Investment income 217
Tax expense 217
Earnings per unit 219
Income distribution 219
Investment properties 220
Equipment 225
Investment in a subsidiary 225
Trade receivables, other receivables and prepaid expenses 226
Cash and bank balance 229
Deferred tax liability 229
Other payables and accrued expenses 230
Islamic financing 231
Unitholders' capital 234
Management Expense Ratio ("MER") 235
Significant related party transactions 235
Fair value of financial instruments 236
Financial risk management objectives and policies 237
Segment reporting 239
Capital management 244
Commitments 244

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