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Al-`Aqar Healthcare REIT Annual Report 2025

ALAQAR 2025 1
Inside This Report 2
About This Report 4
Introduction 5
Basis of Preparation 5
Reporting Scope and Boundary 6
Limitations and Exclusions 6
Audit and Assurance 6
Forward-Looking Statements 7
Feedback 7
About AL-AQAR 8
2025 Highlights 9
Corporate Profile 10
Trust Structure 11
Organisational Structure 12
Salient Features 13
Business Overview 14
Letter to Stakeholders 15
Business Review 19
Operating Environment 25
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
Financial Review 40
Capital Review 41
Portfolio Capital 42
Sustainability Statement 72
About This Report 73
Stakeholder Engagement Report 74
Materiality Assessment 77
Sustainability Strategy 81
Sustainability Targets & Performance 86
Risk Management 88
Climate Change & Decarbonisation 90
Governance 97
Economic 103
Value for Employees and Community 109
Environmental 125
Membership and Awards 130
Continuous Improvement 130
Appendices 131
Corporate Governance Report 143
Board of Directors 144
Shariah Committee 156
Management Team 158
Corporate Governance Overview Statement 160
Board Audit and Risk Committee Report 172
Board Investment Committee Report 178
Board Nomination and Remuneration Committee Report 182
Board Sustainability Committee Report 186
Statement on Risk Management & Internal Control 189
Additional Compliance Information 214
Shariah Adviser's Report 216
Trustee's Report 217
Risk Management 218
Risk Assessment & Identification 219
Risk Management 220
Financial Statements 223
Manager's Report 224
Statement by the Directors of the Manager and Statutory Declaration 231
Independent Auditors' Report 232
Statements of Comprehensive Income 236
Statements of Financial Position 238
Statements of Changes in Net Asset Value 240
Statements of Cash Flows 242
Notes to the Financial Statements 244
Corporate Information 244
Basis of Preparation and Material Accounting Policies 246
Significant Accounting Judgements and Estimates 259
Revenue 260
Property Expenses 262
Investment Revenue 262
Tax Credit 262
Earnings Per Unit 264
Income Distributions 264
Investment Properties 266
Investment in Subsidiaries 270
Trade Receivables, Other Receivables and Prepaid Expenses 271
Amount Due from Subsidiaries 272
Cash and Bank Balances 273
Other Payables 274
Deferred Tax Liability 275
Islamic Financing 276
Unitholders' Capital 280
Management Expense Ratio ("MER") 281
Significant Related Party Transactions 281
Operating Leases - Group As Lessor 282
Financial Risk Management Objectives and Policies 282
Segment Reporting 287
Capital Management 289
Portfolio Turnover Ratio ("PTR") 290
Significant Events 290
Assets Classified as Held for Sale 291
Other Information 293
Analysis of Unitholdings 294
Corporate Information 297

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