ALAQAR-AnnualReport2012

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AL- AQAR HEALTHCARE REIT

HEALTHCARE

REIT

AL- AQAR

A NNUA L REPORT

LAPORAN TAHUNAN 2 0 1 2

“Real Estate Deals

of the Year”

“I-REIT Category”



Corporate Information

The Structure of Al-‘Aqar Healthcare REIT

Financial Highlights

Financial Highlights - Group

Portfolio Composition

Al-’Aqar Healthcare REIT Performances

Unitholders’ Statistic

Salient Features

Highlights of 2012

Board of Directors

Profile of the Board of Directors

Profile of Syariah CommitteeCorporate Statement

Statement on Corporate Governance

Manager’s Report

Property Portfolio

Financial Statements

Maklumat Korporat

Struktur Al-‘Aqar Healthcare REIT

Maklumat Utama Kewangan

Maklumat Utama Kewangan - Kumpulan

Komposisi Portfolio - Kumpulan

Pencapaian Al-‘Aqar Healthcare REIT

Statistik Pemegang Unit

Ciri-ciri Utama

Sorotan Tahun 2012

Ahli Lembaga Pengarah

Profil Lembaga Pengarah

Profil Jawatankuasa Syariah

Perutusan Korporat

Penyata Tadbir Urus Korporat

Laporan Pengurus

Portfolio Hartanah

Penyata Kewangan

CONTENTS

KANDUNGAN

02

05

06

08

13

15

19

22

23

26

27

3540

48

54

60

73

05

06

07

08

13

1719

22

23

26

27

35

44

51

57

60

121



MANAGER / PENGURUS

DAMANSARA REIT MANAGERS SDN BERHAD (717704-V)

Registered Office Pejabat Berdaftar

Suite 12B, Level 12, Menara Ansar

No.65 Jalan Trus

80000 Johor Bahru

Johor.

Tel : 607 - 226 7692 / 226 7670 / 226 7471

Fax : 607 - 222 3044

Principal Place of Business Pejabat Urusan

Lot G 12-14, Level 5

Block G (North), Pusat Bandar Damansara

50490 Kuala Lumpur

Tel : 603 - 2095 3252 / 2095 2626

Fax : 603 - 2092 2692

BOARD OF DIRECTORS / LEMBAGA PENGARAH

Non-Independent Non-Executive ChairmanPengerusi Bukan Bebas Bukan Eksekutif

Dato’ Kamaruzzaman bin Abu Kassim

Non-Independent Executive Director / Managing DirectorPengarah Eksekutif Bukan Bebas / Pengarah Urusan

Yusaini bin Sidek

Non-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif

Datin Paduka Siti Sa’diah binti Sheikh Bakir

Lukman bin Abu Bakar

Jamaludin bin Md Ali

Independent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif

Dr. Mohd Hafetz bin Ahmad

Zainah binti Mustafa

Dato’ Mani a/l Usilappan

SYARIAH COMMITTEE MEMBER /AHLI JAWATANKUASA SYARIAH

Dato’ Haji Nooh bin Gadot

Datuk Haji Md Hashim bin Haji Yahaya Prof. Madya Dr. Ab Halim bin Muhammad

CORPORATE INFORMATION

MAKLUMAT KORPORAT

MANAGEMENT TEAM /KUMPULAN PENGURUSAN

Yusaini bin Sidek

Managing Director & Chief Executive Officer

Shahril Zairis bin Ramli

Senior Manager

Suhaimi bin Saad

Head of Operation

Muhammad Ikhwan bin Muhammad Hanapi

Accountant

Shareen Zurina binti Md. Dzulkifli

Head of Strategic Planning & Investors Relationship

TRUSTEE / PEMEGANG AMANAH

AMANAHRAYA TRUSTEES BERHAD (766894-T)

Tingkat 4, Wisma TAS

No. 21 Jalan Melaka

50100 Kuala Lumpur

Tel : 603 - 2036 5003 / 2036 5000

Fax : 603 - 2072 0320

COMPANY SECRETARY /SETIAUSAHA SYARIKAT

Hana binti Ab Rahim@Ali

(MAICSA 7064336)

Rohaya binti Jaafar

(LS 0008376)

HEALTHCAREREIT

AL- AQA R

ANNUAL REPORT | LAPORAN TAHUNAN 2012 AL- AQAR HEALTHCARE REIT2



CORPORATE INFORMATION

MAKLUMAT KORPORAT

MAINTENANCE MANAGER /PENGURUS PENYELENGGARAAN

HEALTHCARE TECHNICAL SERVICES SDN BHD (342111-A)

Mezzanine Floor, Bangunan PharmaCARE

129 Jalan Pahang Barat

53000 Kuala Lumpur

Tel : 603 - 4021 2331

Fax : 603 - 4021 2337

IM GLOBAL PROPERTY CONSULTANTS (VE(3)0168)

No.24-1, 1st Floor, Wisma IMG

Jalan 1/76C, Desa Pandan

55100 Kuala Lumpur.

Tel : 603 - 9284 8884

Fax : 603 - 9281 1884

HEALTH FACILITY SERVICES PTY LTD

(AUSTRALIAN COMPANY NO. 115 728 384)

25, Clarendon Avenue

Bethania Qld 4205

Australia

Tel : 617 - 3200 7188

Fax : 617 - 3200 7100

REGISTRAR / PENDAFTAR

PRO CORPORATE MANAGEMENT SERVICES

SDN BHD (349501-M)

Suite Floor 12B, Level 12

Menara Ansar, No.65 Jalan Trus

80000, Johor Bahru

Johor

Tel : 607 - 226 7692 / 226 7670 / 226 7471

Fax : 607 - 222 3044

SOLICITORS / PEGUAMCARA

ABDUL RAMAN SAAD & ASSOCIATES

Level 8, Bangunan KWSP

No. 3, Changkat Raja Chulan

Off Jalan Raja Chulan

50200 Kuala Lumpur

Tel : 603 - 2032 2323

Fax : 603 - 2032 5775

LISTING / PENYENARAIANMain Board of Bursa Securities

Papan Utama Bursa Sekuriti

Stock Name

Nama Saham : ALAQAR

Stock Code

Kod Saham : 5116

WEBSITE / LAMAN WEB

www.alaqar.com.my

HEALTHCAREREIT

AL- AQA R




SYARIAH COMMITTEE

JAWATANKUASA SYARIAH

REIT PROPERTIES

HARTANAH REIT

MAINTENANCEMANAGER

PENGURUSPENYELENGGARAAN

MANAGER

PENGURUS

TRUSTEE

PEMEGANG AMANAH

UNITHOLDERS

PARA PEMEGANG UNIT

DAMANSARA REIT

MANAGERS SDN BERHAD

AMANAHRAYA TRUSTEES BERHAD

HEALTHCARE TECHNICAL

SERVICES SDN BHD

IM GLOBAL PROPERTY

CONSULTANTS

Maintenance &Management Services

PerkhidmatanPenyelenggaraan &

Pengurusan

Acts on behalf ofUnitholders

Bertindak bagi pihakpara

Pemegang Unit

Management ServicesPerkhidmatan Pengurusan

Advisor on Syariahrelated matters

Penasihat hal-ehwalSyariah

Trustee’s Fees

Yuran PemegangAmanah

Management Fees

Yuran Pengurusan

Net Property IncomePendapatan Hartanah Bersih

DistributionsPengagihan

Ownership of PropertiesPemilikan Hartanah

Holding of UnitsPemegangan Unit-unit

Maintenance &Management Fees

Yuran Penyelenggaraan& Pengurusan

HEALTHCARE

REIT

AL- AQAR

THE STRUCTURE OF AL- AQAR HEALTHCARE REIT

STRUKTUR AL- AQAR HEALTHCARE REIT

HEALTHCAREREIT

AL- AQA R




Note:

Past performance is not necessarily indicative of future performance and unit prices and investment returns may fluctuate.

THE GROUP

2012 2011 2010 2009 2008

Gross revenue (RM'000) 103,398 84,466 72,982 60,580 47,779

Income before tax (RM'000)

- Realised 53,537 47,145 42,651 37,289 31,916

- Unrealised 10,752 38,749 2,615 16,959 11,938

64,289 85,894 45,266 54,248 43,854

Net income after tax (RM'000)

- Realised 52,150 46,366 42,205 36,738 31,916

- Unrealised 10,752 38,749 2,615 16,959 11,938

62,902 85,115 44,820 53,697 43,854Total assets (RM'000) 1,548,183 1,421,269 1,163,489 1,011,312 703,774

Net asset value (RM'000) 800,129 718,826 621,021 540,455 441,721

Units in circulation ('000) 696,226 639,585 580,167 518,367 428,721

Net assets value per unit (RM/unit) 1.15 1.12 1.07 1.04 1.03

Earnings per unit (sen/unit)

- Gross 9.61 14.67 8.19 8.14 10.61

- Net 9.40 14.54 8.11 8.14 10.61

Distribution per unit - cummulative (sen/unit) 7.80 7.69 7.73 8.10 8.10

THE FUND2012 2011 2010 2009 2008

Gross revenue (RM'000) 84,603 79,589 72,982 60,580 47,779

Income before tax (RM'000)

- Realised 52,617 46,138 42,399 36,960 31,457

- Unrealised 9,910 38,364 2,615 16,959 11,938

62,527 84,502 45,014 53,919 43,395

Net income after tax (RM'000)

- Realised 52,617 46,138 42,399 36,960 31,457

- Unrealised 9,910 38,364 2,615 16,959 11,938

62,527 84,502 45,014 53,919 43,395

Total assets (RM'000) 1,531,361 1,405,900 1,145,657 994,451 686,590

Net asset value (RM'000) 803,369 722,301 620,985 540,224 441,268

Units in circulation ('000) 696,226 639,585 580,167 518,367 428,721

Net assets value per unit (RM/unit) 1.15 1.13 1.07 1.04 1.03

Earnings per unit (sen/unit)

- Gross 9.35 14.43 8.14 11.15 10.50

- Net 9.35 14.43 8.14 11.15 10.50

Distribution per unit - cummulative (sen/unit) 7.80 7.69 7.73 8.10 8.10

FINANCIAL HIGHLIGHTSFOR THE YEAR ENDED 31 DECEMBER 2012

HEALTHCAREREIT

AL- AQA R




MAKLUMAT UTAMA KEWANGANBAGI TAHUN BERAKHIR 31 DISEMBER 2012

Nota:

Pencapaian yang lalu tidak semestinya menjadi ukuran pencapaian akan datang. Harga unit dan pulangan pelaburan boleh berubah-ubah.

KUMPULAN

2012 2011 2010 2009 2008

Pendapatan kasar (RM'000) 103,398 84,466 72,982 60,580 47,779

Pendapatan sebelum cukai (RM'000)

- Nyata 53,537 47,145 42,651 37,289 31,916

- Tidak Nyata 10,752 38,749 2,615 16,959 11,938

64,289 85,894 45,266 54,248 43,854

Pendapatan bersih selepas cukai (RM'000)

- Nyata 52,150 46,366 42,205 36,738 31,916

- Tidak Nyata 10,752 38,749 2,615 16,959 11,938

62,902 85,115 44,820 53,697 43,854Jumlah aset (RM'000) 1,548,183 1,421,269 1,163,489 1,011,312 703,774

Nilai aset bersih (RM'000) 800,129 718,826 621,021 540,455 441,721

Bilangan unit edaran ('000) 696,226 639,585 580,167 518,367 428,721

Nilai aset bersih seunit (RM/unit) 1.15 1.12 1.07 1.04 1.03

Pendapatan seunit (sen/unit)

- Kasar 9.61 14.67 8.19 8.14 10.61

- Bersih 9.40 14.54 8.11 8.14 10.61

Pengagihan seunit - terkumpul (sen/unit) 7.80 7.69 7.73 8.10 8.10

TABUNG AMANAH2012 2011 2010 2009 2008

Pendapatan kasar (RM'000) 84,603 79,589 72,982 60,580 47,779

Pendapatan sebelum cukai (RM'000)

- Nyata 52,617 46,138 42,399 36,960 31,457

- Tidak Nyata 9,910 38,364 2,615 16,959 11,938

62,527 84,502 45,014 53,919 43,395

Pendapatan bersih selepas cukai (RM'000)

- Nyata 52,617 46,138 42,399 36,960 31,457

- Tidak Nyata 9,910 38,364 2,615 16,959 11,938

62,527 84,502 45,014 53,919 43,395

Jumlah aset (RM'000) 1,531,361 1,405,900 1,145,657 994,451 686,590

Nilai aset bersih (RM'000) 803,369 722,301 620,985 540,224 441,268

Bilangan unit edaran ('000) 696,226 639,585 580,167 518,367 428,721

Nilai aset bersih seunit (RM/unit) 1.15 1.13 1.07 1.04 1.03

Pendapatan seunit (sen/unit)

- Kasar 9.35 14.43 8.14 11.15 10.50

- Bersih 9.35 14.43 8.14 11.15 10.50

Pengagihan seunit - terkumpul (sen/unit) 7.80 7.69 7.73 8.10 8.10

HEALTHCAREREIT

AL- AQA R




GROSS REVENUEPENDAPATAN KASAR

TOTAL ASSETSJUMLAH ASET

TOTAL UNITS IN CIRCULATION

JUMLAH UNIT DALAM EDARAN

NET ASSET VALUE

NILAI ASET BERSIH

08 09 10 11 12 08 09 10 11 12

08 09 10 11 1208 09 10 11 12

4 7 ,

7 7 9

7 0 3 ,

7 7 4

4 2

8 ,

7 2 1

4 4

1 ,

7 2 1

6 0 ,

5 8 0

1 ,

0 1 1 ,

3 1 2

5 1

8 ,

3 6 7

5 4

0 ,

4 5 5

7 2 ,

9 8 2

1 ,

1 6 3 ,

4 8 9

5 8

0 ,

1 6 7

6 2

1 ,

0 2 1

8 4 ,

4 6 6

1 0 3 ,

3 9 8

8 0

0 ,

1 2 9

6 9

6 ,

2 2 6

1 ,

5 4 8 ,

1 8 3

Gross RevenuePendapatan Kasar

Net Asset ValueNilai Aset Bersih

22% 11%

1 ,

4 2 1 ,

2 6 9

6 3

9 ,

5 8 5

7 1

8 ,

8 2 6

FINANCIAL HIGHLIGHTS - GROUP

MAKLUMAT UTAMA KEWANGAN - KUMPULAN

(RM ‘000)

(RM ‘000)

(RM ‘000)

(RM ‘000)

Increase /

Meningkat

Decrease /

Menurun

Maintain /

Kekal

120,000

100,000

80,000

60,000

40,000

20,000

0

1,000,000

800,000

600,000

400,000

200,000

0

800,000

600,000

400,000

200,000

0

1,800,000

1,500,000

1,200,000

900,000

600,000

300,000

0

year / tahun

year / tahun

year / tahun

year / tahun

Total Asset

Jumlah Aset9% Total of Unit in Circulation

Jumlah Unit Dalam Edaran9%

HEALTHCAREREIT

AL- AQA R




5 2 ,

1 5 0

2 5

7 .

8 0

NET INCOME AFTER TAXATION

(REALISED)

PENDAPATAN BERSIH SELEPAS CUKAI(NYATA)

DISTRIBUTION (SEN/UNIT)PENGAGIHAN (SEN/UNIT)

GEARING RATIO

NISBAH HUTANG

NUMBER OF ASSETS

BILANGAN ASET

08 09 10 11 12 08 09 10 11 12

08 09 10 11 1208 09 10 11 12

3 1 ,

9 1 6

8 .

1 0

3 5

. 4

1 9

3 6 ,

7 3 8

8 .

1 0

4 3

. 2

2 0

4 2 ,

2 0 5

7 .

7 3

4 5

. 4

2 0

4 6 ,

3 6 6

Increase /

Meningkat

Distribution (sen/unit)Pengagihan (sen/unit)

Gearing RatioNisbah Hutang7.80 -1%

Decrease /

Menurun

Maintain /

Kekal

7 .

6 9

4 8

. 2

4 7

. 0

2 3

(RM ‘000)

(Assets)

(RM .00)

(%)



60,000

50,000

40,000

30,000

20,000

10,000

0

25

20

15

10

5

0

50

40

30

20

10

0

10.0

8.0

6.0

4.0

2.0

0

year / tahun

year / tahun

year / tahun

year / tahun

Net Income After Taxation (Realised)Pendapatan Bersih Selepas Cukai (Nyata)

Number of AssetsBilangan Aset12% 2

HEALTHCAREREIT

AL- AQA R




IMPACT CHANGES OF ECONOMIC SCENARIO TOWARDS THE FUND

The healthcare industry has become a powerful engine of economic growth, due to demographic shifts such as extended

longevity and a rise in lifestyle diseases such as hypertension and cardiovascular ailments and diabetes. Malaysia’s spending

on healthcare, at 5 percent of gross domestic product (“GDP”), is above our regional peers, and public spending is a

disproportionate contributor to healthcare costs. Currently, the sector contributes to RM15 billion in gross national income

(“GNI”).

Malaysia aims to grow three sub-sectors within healthcare: pharmaceuticals, health travel and medical technology products.

There is significant opportunity to move from a net importer to a significant player in the RM422 billion prescription and

pharmaceutical drug industry. Malaysia will also develop the more profitable medical technology sub-sectors such as medical

devices, diagnostic equipment and healthcare information technology. Finally, Malaysia is aiming to bounce back in the

attractive health travel sector to match the growth of its neighbours Singapore and Thailand. The Government’s goal is to

migrate from primarily a lower-value product strategy to a more comprehensive product, services and asset strategy that

better leverages our competencies.

The Government aspire to generate RM35 billion incremental GNI contribution to reach RM50 billion by 2020. The Healthcare

National Key Economic Areas (“NKEA”) is also targeting to welcome 1 million health travellers and conduct 1,000 clinical trials,

all of which will result in approximately 181,000 new jobs.

(Source: Official website of PEMANDU at www.pemandu.gov.my)

IMPAK PERUBAHAN SENARIO EKONOMI TERHADAP DANA AMANAH

Industri penjagaan kesihatan telah menjadi pemangkin kepada pertumbuhan ekonomi akibat daripada perubahan demografi

seperti jangka hayat yang meningkat dan peningkatan kadar penyakit berpunca dari perubahan gaya hidup seperti tekanan

darah tinggi, penyakit kardiovaskular dan diabetes. Perbelanjaan Malaysia ke atas penjagaan kesihatan adalah pada 5 peratus

daripada Keluaran Dalam Negara Kasar (“KDNK”), di atas negara-negara serantau dan perbelanjaan awam merupakan

penyumbang kepada kos penjagaan kesihatan. Pada masa ini, sektor ini menyumbang kepada RM15 bilion dalam Pendapatan

Negara Kasar (“PNK”).

Malaysia berhasrat mengembangkan tiga subsektor dalam penjagaan kesihatan; iaitu farmaseutikal, pelancongan kesihatan

dan perubatan. Ini mewujudkan peluang yang besar dari tahap pengimport kepada tahap pengeluar penting dengan jumlah

RM422 bilion dalam industri farmaseutikal. Malaysia juga akan membangunkan teknologi perubatan yang lebih menguntungkan

sub-sektor seperti peranti perubatan, peralatan diagnostik dan teknologi maklumat berkaitan penjagaan kesihatan. Malaysia

juga merancang untuk membangun dalam sektor pelancongan kesihatan untuk turut serta bersaing dengan negara jirannya

seperti Singapura dan Thailand. Matlamat Kerajaan adalah untuk mewujudkan produk yang lebih komprehensif berbanding

produk bernilai rendah serta aset dan perkhidmatan yang lebih berdaya saing.

Kerajaan bercadang untuk menjana RM35 bilion dalam peningkatan sumbangan PNK kepada RM50 bilion menjelang 2020.

Bidang Ekonomi Utama Negara juga menyasarkan untuk menerima seramai 1 juta pelancong kesihatan dan mengendalikan

1,000 ujian klinikal yang mewujudkan 181,000 pekerjaan baru.

(Sumber: Laman web rasmi PEMANDU di www.pemandu.gov.my)



HEALTHCAREREIT

AL- AQA R




OVERVIEW OF INDONESIA HEALTHCARE MARKET

Indonesia is committing billions of dollars as it aims to meet the government’s pledge to provide universal health care for

its 240 million citizens by January 1, 2014. This investment, combined with the strong economic growth that is boosting

Indonesians’ incomes, is leading to rapidly rising demand for health services, equipment and pharmaceuticals, as well as a

need for more medical professionals. The country is rapidly becoming one of the world’s most-important health care markets,

and international and domestic firms are increasingly benefitting as the market grows and opens up.

Parallel to the expansion of insurance coverage, the government and private sector are working to increase the capacity of

the sector. “Our estimates say the government will require about 150,000 hospital beds by 2014. That means increasing the

number of beds by 30% in only two years, as the current number of beds in the country is approximately 110,000,” Jonathan

Sudharta, the director of Mensa Group, told OBG.

Currently, the country has a ratio of six hospital beds per 10,000 people, compared to 18 in Malaysia and 21 in Thailand,

according to the UN’s World Health Organisation (WHO).

Rising demand for health care, driven by the expansion of coverage, is good news for not only health care providers, but alsothe equipment manufacturers and pharmaceuticals firms that supply them. However, universal care will also put pressure on

government resources and entail strategic thinking in how to make care more immediately available to those in rural areas.

The expansion of health care in Indonesia, through universal insurance and the necessary parallel development of hundreds of

new hospitals and other facilities, is a very ambitious undertaking. Implementation over the coming years is will not be easy,

and there are likely to be teething problems. But the opportunities for the private sector, increasingly willing and able to play

its part, are considerable.

(Source: Oxford Business Group Report 29 November 2012: Indonesia: Healthcare mega spending)

TINJAUAN PASARAN KESIHATAN INDONESIA

Indonesia sanggup memperuntukan sejumlah bilion dolar bagi tujuan memenuhi hasrat kerajaan untuk menyediakan penjagaan

kesihatan sejagat untuk warganya seramai 240 juta orang pada 1 Januari 2014. Pelaburan ini dan digabungkan dengan

pertumbuhan ekonomi yang kukuh yang akan meningkatkan pendapatan Indonesia akan membawa kepada permintaan yang

meningkat bagi perkhidmatan kesihatan, peralatan dan farmaseutikal serta keperluan untuk perubatan professional. Negara ini

sedang pesat menjadi salah satu pasaran yang paling penting dalam penjagaan kesihatan dunia dan firma-firma antarabangsa

dan domestik semakin mendapat manfaat dari pertumbuhan dan keterbukaan pasaran.

Selari dengan pengembangan perlindungan insurans, kerajaan dan sektor swasta sedang berusaha meningkatkan keupayaan

sektor ini. “Anggaran kami mengatakan kerajaan akan memerlukan kira-kira 150,000 katil hospital menjelang 2014. Ini bermakna

peningkatan bilangan katil sebanyak 30% dalam tempoh dua tahun berbanding bilangan katil semasa di negara ini berjumlah

kira-kira 110,000 “ Jonathan Sudharta, Pengarah Kumpulan Mensa, dalam laporannya kepada OBG.

Pada masa ini, negara mempunyai nisbah enam katil hospital bagi setiap 10,000 orang, berbanding 18 di Malaysia dan 21 di

Thailand, menurut Organisasi Kesihatan Sedunia PBB.

Peningkatan permintaan bagi penjagaan kesihatan, didorong oleh pengembangan liputan merupakan berita baik bukan

sahaja bagi penyedia penjagaan kesihatan, tetapi juga kepada pengeluar peralatan dan firma farmaseutikal yang bertindaksebagai pembekal. Walau bagaimanapun, penjagaan sejagat juga akan meletakkan tekanan ke atas sumber kerajaan dan akan

melibatkan pemikiran strategik dalam merealisasikan penjagaan yang lebih segera dapat disediakan untuk orang-orang di

kawasan luar bandar.

Perkembangan penjagaan kesihatan di Indonesia, melalui pembangunan dan insurans sejagat perlu selari dengan pembinaan

ratusan hospital baru dan kemudahan lain dan ini merupakan satu usaha yang memerlukan perlaksanaan yang tinggi.

Implementasi ini akan bermula pada tahun-tahun akan datang tidak akan melalui laluan mudah dan mungkin mewujudkan

beberapa masalah. Tetapi peluang ini sangat besar kepada sektor swasta terutama kepada yang berupaya dan mampu untuk

memainkan peranannya.

(Sumber: Laporan Kumpulan Perniagaan Oxford 29 November 2012: Indonesia: Perbelanjaan mega untuk Kesihatan)



HEALTHCAREREIT

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AL-’AQAR HEALTHCARE REIT UNIT PRICE PERFORMANCEPRESTASI HARGA UNIT AL-’AQAR HEALTHCARE REIT

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012

1.53

1.50

1.47

1.44

1.41

1.38

1.35

1.32

1.29

1.26

1.23

1.20

1.17

1.14

MONTH

BULAN

RM/UNITRM/UNIT

No. of

Units Listed

Bil Unit

Tersenarai

Lowest Traded

Price

Dagangan

Harga Terendah

Highest Traded

Price

Dagangan

Harga Tertinggi

Closing Market

Price

Harga Pada

Pasaran Ditutup

Average

Trading Volume

Purata Jumlah

Dagangan

Market

Capitalisation

Modal

Pasaran

(‘000 units) (RM per unit) (RM per unit) (RM per unit) (‘000 units) (RM ‘000)

January: 639,585 1.14 1.22 1.18 16,469 754,710

February: 639,585 1.17 1.22 1.20 21,900 767,502

March: 639,585 1.17 1.31 1.31 26,560 837,856

April: 639,585 1.20 1.23 1.21 4,834 773,898

May: 639,585 1.20 1.42 1.38 6,981 882,627

June: 696,226 1.35 1.40 1.37 8,905 953,830

July: 696,226 1.37 1.52 1.45 6,344 1,009,528

August: 696,226 1.40 1.48 1.40 18,719 974,716

September: 696,226 1.40 1.48 1.45 31,474 1,009,528

October: 696,226 1.39 1.45 1.39 13,505 967,754

November: 696,226 1.30 1.39 1.31 16,981 912,056

December: 696,226 1.27 1.34 1.29 31,644 898,132

HEALTHCAREREIT

AL- AQA R




1.48%1.41%

1.28%

1.09%1.02%

0.65%

0.27%

9 . 6 3 %

8. 8 8 %

8.03%

7 .7 3 %

7 . 6 0 % 6 . 8 2 %

6 . 4

0 %

4 . 8 0

% 4. 2 8

%

4. 2 0 %

3. 9 9%

3.52%

3 .4 2 %

3 .0 3 %

3 .0 3 %

2 .9 2 %

2 . 6 8 %

1 . 8 4 %

No

Bil

Real Estate

Hartanah

Location

Lokasi

Type of Building

Jenis Bangunan

Value

Nilai(RM’000)

Value over Total Asset Value

Nilai Aset dibahagiKeseluruhan

(%)

1 Jeta Gardens Aged Care & Retirement Village Queensland, Australia Age Care/Retirement Centre 141,000 9.63

2 KPJ Ampang Puteri Specialist Hospital Ampang, Selangor Hospital 130,000 8.88

3 KPJ Tawakkal Specialist Hospital Kuala Lumpur Hospital 117,500 8.03

4 KPJ Damansara Specialist Hospital Petaling Jaya, Selangor Hospital 113,100 7.73

5 KPJ Johor Specialist Hospital Johor Bahru Hospital 111,300 7.60

6 Selesa Tower Johor Bahru Office Building/Hotel 99,850 6.82

7 KPJ Klang Specialist Hospital Klang, Selangor Hospital 93,800 6.40

8 KPJ Ipoh Specialist Hospital Ipoh, Perak Hospital 70,200 4.80

9 KPJ Selangor Specialist Hospital Shah Alam, Selangor Hospital 62,600 4.28

10 KPJ Penang Specialist Hospital Pulau Pinang Hospital 61,500 4.20

11 KPJ Seremban Specialist Hospital Seremban, N. Sembilan Hospital 58,400 3.99

12 Rumah Sakit Medika Bumi Serpong Damai Jakarta, Indonesia Hospital 51,600 3.52

13 Kedah Medical Centre Alor Setar, Kedah Hospital 50,000 3.4214 KPJ Perdana Specialist Hospital Kota Bharu, Kelantan Hospital 44,400 3.03

15 KPJ Kajang Specialist Hospital Kajang, Selangor Hospital 44,300 3.03

16 Tawakkal Health Centre(Formerly known as Tawakal Hospital)

Kuala Lumpur Hospital 42,800 2.92

17 Puteri Specialist Hospital Johor Bahru Hospital 39,300 2.68

18 Sentosa Medical Centre Kuala Lumpur Hospital 27,000 1.84

19 Rumah Sakit Medika Permata Hijau Jakarta, Indonesia Hospital 21,700 1.48

20 Kuantan Specialist Hospital Kuantan, Pahang Hospital 20,600 1.41

21 KPJ Healthcare University College(Formerly known as KPJ International College)

Nilai, Negeri Sembilan Nursing College 18,700 1.28

22 KPJ College(Formerly known as Bukit Mertajam Specialist Hospital)

Pulau Pinang Hospital 15,900 1.09

23 Damai Specialist Hospital Kota Kinabalu, Sabah Hospital 14,900 1.02

24 Taiping Medical Centre Taiping, Perak Hospital 9,560 0.65

25 Kluang Utama Specialist Hospital Kluang, Johor Hospital 4,000 0.27

TOTAL / JUMLAH 1,464,010 100

12

34

5

6

78

9

1012

13

14

1516

17

19 20

21

22

23

2425

1811

Real Estate / Hartanah

* All properties with 100% occupancy / Senarai aset dengan penghunian 100%

PORTFOLIO COMPOSITION

KOMPOSISI PORTFOLIO

HEALTHCAREREIT

AL- AQA R




85.31% 81.11%

9.66%

39.45%

9.66%

2.38%

6.85%

13.63%

22.41%

8.29%

16.26%

0.39%

2.61%

4%

51.7%

14%0.3%

27%

5.03%

Malaysia 85.31%

Indonesis 5.03%

Australia 9.66%

Specialist Hospital and Medical Centre 81.11%

Aged Care and Retirement Living 9.66%

Office Building/Hotel 6.85%

Nursing College 2.38%

2006 39.45%

2008 13.63%

2009 22.41%

2010 8.29%2011 16.26%

Bumiputra

Individuals 0.3%

Institutions 27%

Corporations 51.7%

NON - RESIDENT 4%

PORTFOLIO COMPOSITION

KOMPOSISI PORTFOLIO

COMPOSITION OF PROPERTIES ACCORDING TO COUNTRY KOMPOSISI HARTANAH MENGIKUT NEGARA

CATEGORY OF UNIT HOLDERSKATEGORI PEMEGANG UNIT

COMPOSITION OF PROPERTIES ACCORDING TO ASSETSKOMPOSISI HARTANAH MENGIKUT JENIS HARTANAH

ACQUISITION OF PROPERTIES ACCORDING TO YEAR OF COMPLETIONPEMILIK HARTANAH MENGIKUT TAHUN PENGAMBILALIHAN

Non - Bumiputra

Individuals 2.61%

Institutions 0.39%

Corporations 14%

RESIDENT

HEALTHCAREREIT

AL- AQA R




THE GROUP2012 2011 2010 2009 2008

NET ASSET VALUE & UNIT INFORMATION

Total assets (RM'000) 1,548,183 1,421,269 1,163,489 1,011,312 703,774

Total borrowing (RM'000) 727,852 684,696 527,835 436,411 234,280

Total unitholders’ fund (RM'000) 800,129 718,826 621,021 540,455 441,721

Market capitalisation (RM'000) 898,132 735,523 649,787 510,592 372,987

Gearing ratio (%) 47.0 48.2 45.4 43.2 35.4

Total net asset value (RM'000) 800,129 718,826 621,021 540,455 441,721

Net assets value per unit (RM) 1.15 1.12 1.07 1.04 1.03

- Highest NAV during the year (RM) 1.16 1.12 1.07 1.05 1.07

- Lowest NAV during the year (RM) 1.08 1.02 1.04 1.03 1.03Market price per unit

- as at 31 December (RM) 1.29 1.15 1.12 0.985 0.87

- Highest traded price for the year (RM) 1.52 1.15 1.21 1.05 1.07

- Lowest traded price for the year (RM) 1.14 1.07 0.97 1.03 1.03

No. of unit circulation (RM’000) 696,226 639,586 580,167 518,367 428,721

No. of unitholders 3,189 3,127 3,092 2,891 2,356

PERFORMANCE DETAILS OF THE GROUP FOR LAST 5 YEARS

2012 2011 2010 2009 2008

Net income after tax

- Realised (RM'000) 52,150 46,366 42,205 36,738 31,916

- Unrealised (RM'000) 10,612 34,624 2,615 16,959 11,938

(RM'000) 62,762 80,990 44,820 53,697 43,854

Net income distribution (RM'000) 36,968 49,140 42,109 39,659 34,726

Earning per unit (net) (sen) 9.40 14.54 8.11 11.10 10.61

Distribution per unit - cummulative

- First interim (sen) 3.26 5.17 4.43 1.50 4.00

- Second interim (sen) - - - 2.80 -

- Final (sen) 4.54 2.52 3.30 3.80 4.10

7.80 7.69 7.73 8.10 8.10

Distribution yield (%) 6.05 6.69 6.90 8.22 9.31

Portfolio turnover ratio (times) 0.13 0.32 0.24 0.55 0.40

Management expense ratio (%) 0.27 0.29 0.22 0.19 0.18

AL-’AQAR HEALTHCARE REIT PERFORMANCES

HEALTHCAREREIT

AL- AQA R




THE FUND

2012 2011 2010 2009 2008

NET ASSET VALUE & UNIT INFORMATION

Total assets (RM'000) 1,531,361 1,405,900 1,145,657 994,451 686,590

Total borrowing (RM'000) 713,882 404,706 514,530 424,646 221,993

Total unitholders’ fund (RM'000) 803,369 722,301 620,985 540,224 441,268

Market capitalisation (RM'000) 898,132 735,523 649,787 510,592 372,987

Gearing ratio (%) 46.6 47.7 44.9 42.7 35.4

Total net asset value (RM'000) 803,369 722,301 620,985 540,224 441,268

Net assets value per unit (RM) 1.15 1.13 1.07 1.04 1.03

- Highest NAV during the year (RM) 1.16 1.13 1.07 1.05 1.07

- Lowest NAV during the year (RM) 1.08 1.02 1.04 1.03 1.03Market price per unit

- as at 31 December (RM) 1.29 1.15 1.12 0.985 0.87

- Highest traded price for the year (RM) 1.52 1.15 1.21 1.05 1.07

- Lowest traded price for the year (RM) 1.14 1.07 0.97 1.03 1.03

No. of unit circulation (’000) 696,226 639,585 580,167 518,367 428,721

No. of unitholders 3,189 3,127 3,092 2,891 2,356

PERFORMANCE DETAILS OF THE FUND FOR LAST 5 YEARS

2012 2011 2010 2009 2008

Net income after tax

- Realised (RM'000) 52,619 46,138 42,399 36,960 31,458

- Unrealised (RM'000) 9,910 38,364 2,615 16,959 11,938

(RM'000) 62,527 84,502 45,014 53,919 43,395

Net income distribution (RM'000) 39,968 49,140 42,109 39,659 34,726

Earning per unit (net) (sen) 9.35 14.54 8.14 11.15 10.50

Distribution per unit - cummulative

- First interim (sen) 8.26 5.17 4.43 1.50 4.00

- Second interim (sen) - - - 2.80 -

- Final (sen) 4.54 2.52 3.30 3.80 4.10

7.80 7.69 7.73 8.10 8.10

Distribution yield (%) 6.05 6.69 6.90 8.22 9.31

Portfolio turnover ratio (times) 0.13 0.32 0.24 0.55 0.40

Management expense ratio (%) 0.27 0.29 0.22 0.19 0.18

AL-’AQAR HEALTHCARE REIT PERFORMANCES

HEALTHCAREREIT

AL- AQA R




KUMPULAN2012 2011 2010 2009 2008

NILAI ASET BERSIH DAN INFO UNIT

Jumlah aset (RM'000) 1,548,183 1,421,269 1,163,489 1,011,312 703,774

Jumlah pinjaman (RM'000) 727,852 684,696 527,835 436,411 234,280

Jumlah dana pemegang unit (RM'000) 800,129 718,826 621,021 540,455 441,721

Modal pasaran (RM'000) 898,132 735,523 649,787 510,592 372,987

Nisbah hutang (%) 47.0 48.2 45.4 43.2 35.4

Jumlah nilai aset bersih (RM'000) 800,129 718,826 621,021 540,455 441,721

Nilai aset bersih (NAV) seunit (RM) 1.15 1.12 1.07 1.04 1.03

- NAV tertinggi sepanjang tahun (RM) 1.16 1.12 1.07 1.05 1.07

- NAV terendah sepanjang tahun (RM) 1.08 1.02 1.04 1.03 1.03Harga pasaran seunit

- pada 31 Disember (RM) 1.29 1.15 1.12 0.985 0.87

- Harga niaga tertinggi bagi tahun (RM) 1.52 1.15 1.21 1.05 1.07

- Harga niaga terendah bagi tahun (RM) 1.14 1.07 0.97 1.03 1.03

Bilangan unit dalam edaran (RM’000) 696,226 639,586 580,167 518,367 428,721

Bilangan pemegang unit 3,189 3,127 3,092 2,891 2,356

BUTIR-BUTIR PRESTASI KUMPULAN 5 TAHUN LEPAS

2012 2011 2011 2010 2009

Pendapatan bersih selepas cukai

- Nyata (RM'000) 52,150 46,366 46,366 42,205 36,738

- Tidak nyata (RM'000) 10,612 34,624 34,624 2,615 16,959

(RM'000) 62,762 80,990 80,990 44,820 53,697

Pengagihan pendapatan (bersih) (RM'000) 36,968 49,140 49,140 42,109 39,659

Pendapatan seunit (bersih) (sen) 9.40 14.54 14.54 8.11 11.10

Pengagihan seunit - Terkumpul

- Interim pertama (sen) 3.26 5.17 5.17 4.43 1.50

- Interim kedua (sen) - - - - 2.80

- Akhir (sen) 4.54 2.52 2.52 3.30 3.80

7.80 7.69 7.69 7.73 8.10

Hasil pengagihan (%) 6.05 6.69 6.69 6.90 8.22

Nisbah pusingan portfolio (kali) 0.13 0.32 0.32 0.24 0.55

Nisbah perbelanjaan pengurusan (%) 0.27 0.29 0.29 0.22 0.19

PENCAPAIAN AL-‘AQAR HEALTHCARE REIT

HEALTHCAREREIT

AL- AQA R




TABUNG AMANAH2012 2011 2010 2009 2008

NILAI ASET BERSIH DAN INFO UNIT

Jumlah aset (RM'000) 1,531,361 1,405,900 1,145,657 994,451 686,590

Jumlah pinjaman (RM'000) 713,882 404,706 514,530 424,646 221,993

Jumlah dana pemegang unit (RM'000) 803,369 722,301 620,985 540,224 441,268

Modal pasaran (RM'000) 898,132 735,523 649,787 510,592 372,987

Nisbah hutang (%) 46.6 47.7 44.9 42.7 35.4

Jumlah nilai aset bersih (RM'000) 803,369 722,301 620,985 540,224 441,268

Nilai aset bersih (NAV) seunit (RM) 1.15 1.13 1.07 1.04 1.03

- NAV tertinggi sepanjang tahun (RM) 1.16 1.13 1.07 1.05 1.07

- NAV terendah sepanjang tahun (RM) 1.08 1.02 1.04 1.03 1.03Harga pasaran seunit

- pada 31 Disember (RM) 1.29 1.15 1.12 0.985 0.87

- Harga niaga tertinggi bagi tahun (RM) 1.52 1.15 1.21 1.05 1.07

- Harga niaga terendah bagi tahun (RM) 1.14 1.07 0.97 1.03 1.03

Bilangan unit dalam edaran (’000) 696,226 639,585 580,167 518,367 428,721

Bilangan pemegang unit 3,189 3,127 3,092 2,891 2,356

BUTIR-BUTIR PRESTASI TABUNG AMANAH 5 TAHUN LEPAS

2012 2011 2010 2009 2008

Pendapatan bersih selepas cukai

- Nyata (RM'000) 52,619 46,138 42,399 36,960 31,458

- Tidak nyata (RM'000) 9,910 38,364 2,615 16,959 11,938

(RM'000) 62,527 84,502 45,014 53,919 43,395

Pengagihan pendapatan (bersih) (RM'000) 39,968 49,140 42,109 39,659 34,726

Pendapatan seunit (bersih) (sen) 9.35 14.54 8.14 11.15 10.50

Pengagihan seunit - Terkumpul

- Interim pertama (sen) 8.26 5.17 4.43 1.50 4.00

- Interim kedua (sen) - - - 2.80 -

- Akhir (sen) 4.54 2.52 3.30 3.80 4.10

7.80 7.69 7.73 8.10 8.10

Hasil pengagihan (%) 6.05 6.69 6.90 8.22 9.31

Nisbah pusingan portfolio (kali) 0.13 0.32 0.24 0.55 0.40

Nisbah perbelanjaan pengurusan (%) 0.27 0.29 0.22 0.19 0.18

PENCAPAIAN AL-‘AQAR HEALTHCARE REIT

HEALTHCAREREIT

AL- AQA R




Issued : 696,226,468 Units of RM1/= each

Fully Paid-Up Capital : RM696,226,468

ANALYSIS OF UNITHOLDINGS ANALISA PEGANGAN UNIT

Size of Unitholdings

Saiz Pegangan Unit

No. of Unitholders

Bil. Pemegang Unit

% No. of Units

Bil. Unit

%

Less than 100

Kurang dari 100

357 11.19 16,179 -

100 - 1,000 1,190 37.32 577,772 0.08

1,001 - 10,000 1,031 32.33 4,728,305 0.68

10,001 - 100,000 435 13.64 14,785,963 2.13

100,001 to less than 5% of Issued Capital

100,001 hingga kurang dari 5% Modal Diterbitkan

171 5.36 410,623,593 58.98

5% and above of Issued Capital

5% dan lebih dari Modal Diterbitkan

5 0.16 265,494,656 38.13

TOTAL / JUMLAH 3,189 100.00 696,226,468 100.00

TOP THIRTY SECURITIES ACCOUNT HOLDERS (AS PER RECORD OF DEPOSITORS)

(Without aggregating the securities from different securities accounts belonging to the same depositor)

TIGA PULUH PEMEGANG AKAUN SEKURITI TERTINGGI (SEPERTI DALAM REKOD PENDEPOSIT)(Tanpa mengagregat sekuriti dari akaun-akaun sekuriti lain kepunyaan penyimpan yang sama)

Name / Nama No. of Units / Bil. Unit %

1 Lembaga Tabung Haji 62,202,756 8.93

2 Pusat Pakar Tawakal Sdn Bhd 61,258,800 8.80

3 Kumpulan Wang Persaraan (Diperbadankan) 55,392,100 7.96

4 Bandar Baru Klang Specialist Hospital Sdn Bhd 51,641,000 7.42

5 HSBC Noms (T) Sdn Bhd - A/C Selangor Medical Centres Sdn Bhd (355-300641-089) 35,000,000 5.03

6 AmanahRaya Trustees Berhad - A/C Jeta Gardens (QLD) Pty Ltd 30,303,419 4.35

7 Seremban Specialist Hospital Sdn Bhd 23,731,000 3.41

8 Ampang Puteri Specialist Hospital Sdn Bhd 21,013,739 3.02

9 Medical Associates Sdn Bhd 19,055,000 2.74

10 Waqaf An-Nur Corporation Berhad 18,199,870 2.61

11 AmanahRaya Trustees Berhad - A/C Amanah Saham Didik 17,723,090 2.55

12 Sentosa Medical Centre Sdn Bhd 15,653,000 2.25

13 Damansara Specialist Hospital Sdn Bhd 15,233,000 2.19

14 Kedah Medical Centre Sdn Bhd 15,000,000 2.15

15 Jeta Gardens (QLD) Pty Ltd 14,465,049 2.08

16 Pusat Pakar Tawakal Sdn Bhd 13,631,000 1.96

17 Citigroup Noms (T) Sdn Bhd - A/C Employees Provident Fun Board 13,052,818 1.87

18 Johor Specialist Hospital Sdn Bhd 12,203,000 1.75

19 Puteri Specialist Hospital (Johor) Sdn Bhd 12,000,000 1.72

20 Pusat Pakar Darul Naim Sdn Bhd 11,789,000 1.69

21 Kulim (Malaysia) Berhad 11,244,900 1.62

22 AmanahRaya Trustees Berhad - A/C Public Islamic Select Treasures Fund 6,992,572 1.00

23 Citigroup Noms (T) Sdn Bhd - A/C MCIS Zurich Insurance Berhad (Life Par FD) 6,170,394 0.89

24 HSBC Noms (A) Sdn Bhd - A/C Exempt An for BNP Paribas Securities Services (Dublin USD) 5,538,762 0.80

25 AmanahRaya Trustees Berhad - A/C Public Islamic Opportunities Fund 5,500,000 0.79

26 Kuantan Specialist Hospital Sdn Bhd 5,000,000 0.72

27 Maybank Noms (T) Sdn Bhd - A/C Exempt An For Maybank Asset Management Sdn Bhd (Islamic) 4,774,000 0.69

28 Maybank Noms (T) Sdn Bhd - A/C Etiqa Takaful Berhad (Family PRF EQ) 4,761,998 0.68

29 Citigroup Noms (T) Sdn Bhd - A/C Exempt An for American International Assurance Berhad 4,619,100 0.66

30 Kajang Specialist Hospital Sdn Bhd 4,487,000 0.64

UNITHOLDERS’ STATISTIC AS AT 31 DECEMBER 2012

STATISTIK PEMEGANG UNIT PADA 31 DISEMBER 2012

HEALTHCAREREIT

AL- AQA R




SUBSTANTIAL UNITHOLDERSPEMEGANG UNIT UTAMA

Direct

Name

Nama

No. of Units

Bil. Unit Langsung

%

Lembaga Tabung Haji 62,202,756 8.93

Pusat Pakar Tawakal Sdn.Bhd. - 2a/cs 74,889,800 10.76

Kumpulan Wang Persaraan (Diperbadankan) 55,392,100 7.96

Bandar Baru Klang Specialist Hospital Sdn Bhd 51,641,000 7.42

HSBC Noms (T) Sdn Bhd - A/C Selangor Medical Centres Sdn Bhd (355-300641-089) 35,000,000 5.03

ANALYSIS OF UNITHOLDERS ANALISA PARA PEMEGANG UNIT

Name

Nama

Direct No. of Units

Bil. Unit Langsung

% Indirect No. of Units

Bil. Unit Tidak Langsung

%

Malaysian

Warganegara

- Bumiputra 871 27.31 547,229,061 78.60

- Others 2,221 69.65 118,801,882 17.06

Foreigners

Warga Asing 97 3.04 30,195,525 4.34

TOTAL / JUMLAH 3,189 100.00 696,226,468 100.00

UNIT ANALYSISas at 31 December 2012

ANALISA UNITPada 31 Disember 2012

ROD

ROD

Total

Jumlah

Bumiputra Non - Bumiputra Foreign

Warga Asing

Holder

Pemegang

Unit

Unit

Holder

Pemegang

Unit

Unit

Holder

Pemegang

Unit

Unit

Holder

Pemegang

Unit

Unit

Government Bodies 6 786,600 6 786,600 0 0 0 0

Finance 25 191,225,757 23 188,166,137 2 3,059,620 0 0

Investment Trust 6 192,500 5 22,500 1 170,000 0 0

Nominees 645 134,721,181 312 29,427,150 291 91,940,304 42 13,353,727

Companies 91 343,776,592 58 324,184,591 28 5,014,652 5 14,577,349

Clubs / Association 3 1,098,400 2 898,400 1 200,000 0 0

Co - Operatives 11 2,032,580 9 1,812,580 2 220,000 0 0

Individuals 2,402 22,392,858 456 1,931,103 1,896 18,197,306 50 2,264,449

TOTAL / JUMLAH 3,189 696,226,468 871 547,229,061 2,221 118,801,882 97 30,195,525

% 100.00% 100.00% 27.31% 78.60% 69.65% 17.06% 3.04% 4.34%

UNITHOLDERS’ STATISTIC AS AT 31 DECEMBER 2012

STATISTIK PEMEGANG UNIT PADA 31 DISEMBER 2012

HEALTHCAREREIT

AL- AQA R




SALIENT FEATURES

CIRI-CIRI UTAMA

NAME OF FUND

Al-‘Aqar Healthcare REIT

CATEGORY OF FUND

Islamic healthcare real estate and healthcare related assets

TYPE OF FUND

Income and growth

LISTING DATE

10 August 2006

LISTINGMain Board of Bursa Malaysia

STOCK NAME & CODE

ALAQAR (5116)

FUND SIZE

696,226,468 units *

PROPERTIES SIZE

RM1,453,258,147 *

DISTRIBUTABLE INCOME

Up to 99.9%

DISTRIBUTION PER UNIT

Minimum 6.5 sen per annum

RENTAL COLLECTION

100%

OCCUPANCY RATE

100% (tenanted by KPJ Healthcare Berhad)

RENTAL REVIEW

Every 3 years

LEASE TERM

15 years renewable for another 15 years

BUSINESS OF TENANT

– KPJ HEALTHCARE BERHAD

Stable, resilient and almost recession proof

* As at 31 December 2012

NAMA TABUNG AMANAH

Al-‘Aqar Healthcare REIT

KATEGORI TABUNG AMANAH

Tabung amanah hartanah islam dan aset berkaitan prisihatin

JENIS TABUNG AMANAH

Pendapatan dan pertumbuhan

TARIKAH PENYENARAIAN

10 Ogos 2006

PENYENARAIANPapan utama di Bursa malaysia

NAMA STOK & KOD

ALAQAR (5116)

SAIZ TABUNG AMANAH

696,226,468 unit *

SAIZ HARTANAH

RM1,453,258,147 *

PENDAPATAN BOLEH DIAGIHKAN

Sehingga 99.9%

PENGAGIHAN SEUNIT

Minimum 6.5 sen setahun

KUTIPAN SEWA

100%

KADAR PENGHUNIAN

100% (disewa oleh KPJ Healthcare Berhad)

KADAR SEWA DINILAI

Setiap 3 tahun

JANGKA PAJAKAN

15 tahun dan diperbaharui 15 tahun berikutnya

PERNIAGAAN PENYEWA

– KPJ HEALTHCARE BERHAD

Stabil, berdaya saing dan kalis kemelesetan

* Pada 31 Disember 2012

HEALTHCAREREIT

AL- AQA R




Investors Briefing with AmResearch Sdn Bhd was held on

2 April 2012. AmResearch recommended BUY with a fair

value of RM1.39 per unit for Al-‘Aqar Healthcare REIT.

Investors Briefing with RHB Research Institute Sdn Bhd

and Kumpulan Wang Persaraan (KWAP) was held on 17

April 2012 and RHB Research Institute valued Al-‘Aqar at

RM1.42 per unit for Al-‘Aqar Healthcare REIT.

The Manager was invited as a Guest Speaker at the

Middle East Real Estate Summit organized by CityScape

Abu Dhabi from 22 to 23 April 2012 at Abu Dhabi National

Exhibition Centre, UAE. The topic that was discussed

during the summit was on “Introducing advanced

investment vehicles to increase market opportunities and

assets values”.

Investors Briefing with AmResearch and Kenanga

Investors Berhad was held on 8 May 2012.

Taklimat pelabur dengan AmResearch Sdn Bhd telah diadakan

pada 2 April 2012. AmResearch mencadangkan “BELI” dengan

nilai saksama RM1.39 seunit bagi Al-’Aqar Healthcare REIT.

Taklimat pelabur bersama RHB Research Institute Sdn Bhd

dan Kumpulan Wang Persaraan (KWAP) telah diadakan pada

17 April 2012 dan RHB Research Institute telah menilai unit

Al-’Aqar Healthcare REIT pada RM1.42 seunit.

Pengurus telah dijemput sebagai penceramah dalam “Middle

East Real Estate Summit” dianjurkan oleh CityScape Abu

Dhabi pada 22-23 April 2012 di Abu Dhabi National Exhibition

Centre, UAE. Topik yang telah dibincangkan semasa sidang

kemuncak itu adalah mengenai “Memperkenalkan medium

pelaburan yang canggih bagi meningkatkan peluang pasaran

dan nilai aset”.

Taklimat pelabur dengan AmResearch bersama Kenanga

Investors Berhad telah diadakan pada 8 Mei 2012.

Lawatan ke Penjagaan Warga Emas dan Kampung

Persaraan Jeta Gardens:

i) Lawatan oleh Pengerusi Jawatankuasa Audit dan

Jawatankuasa Eksekutif iaitu Puan Zainah binti Mustafa

ke Jeta Gardens pada 5 Julai 2012

ii) Lawatan oleh Yg Bhg Dato ‘Haji Nooh bin Gadot,Pengerusi Jawatankuasa Syariah Al-’ Aqar Healthcare

REIT ke Jeta Gardens 9 sehingga 11 Julai 2012

MAY / MEI

APRIL / APRIL

JULY / JULAI

HIGHLIGHTS OF 2012

SOROTAN TAHUN 2012

Visit to Jeta Gardens Aged Care and Retirement Village:

i) Visit by Puan Zainah binti Mustafa, the Chairman of

Audit and Executive Committee of DRMSB to Jeta

Gardens on 5 July 2012

ii) Visit by YBhg Dato’ Haji Nooh bin Gadot, the Chairman

of Syariah Committee of Al-‘Aqar Healthcare REIT to

Jeta Gardens from 9 to 11 July 2012

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Investor Briefing with KAF Seagroatt & Campbell on 27

September 2012.

Investor Briefing with Khazanah Nasional and Iskandar

Region Development Authorities on 28 September 2012.

Investor Briefing with BNI Capital on 18 September 2012.

Investor Briefing with Alliance Capital Asset Management

from Bangladesh on 19 September 2012.

Presentation on Al-’Aqar Healthcare REIT to representatives

of Universiti Teknologi Malaysia on 2 October 2012.

Investor Briefing with AmResearch, Ambank Group and

Permodalan Nasional Berhad on 4 October 2012.

Presentation on Al-’Aqar Healthcare REIT to Mr. Yosuke

Mitsusada Asuka, Corporate Advisory Co. and Professor

at Sanno University in Japan on 8 November 2012.

Taklimat Pelabur dengan BNI Capital pada 18 September 2012.

Taklimat Pelabur dengan Alliance Capital Asset Management

dari Bangladesh pada 19 September 2012.

Taklimat Pelabur dengan KAF Seagroatt & Campbell pada 27

September 2012.

Taklimat Pelabur dengan Khazanah Nasional dan Pihak Berkuasa

Wilayah Pembangunan Iskandar pada 28 September 2012.

Pembentangan Al-‘Aqar Healthcare REIT kepada wakil-wakil dari

Universiti Teknologi Malaysia pada 2 Oktober 2012.

Taklimat Pelabur dengan AmResearch, Ambank Group dan

Permodalan Nasional Berhad pada 4 Oktober 2012.

Pembentangan Al-’Aqar Healthcare REIT kepada Encik Yosuke

Mitsusada Asuka, Profesor di Sanno Universiti di Jepun pada

8 November 2012.

HIGHLIGHTS OF 2012

SOROTAN TAHUN 2012

SEPTEMBER / SEPTEMBER

DECEMBER / DISEMBER

OCTOBER / OKTOBER

P r e s e n t a t i o n o n A l -’Aqar Healthcare REIT to

representatives from Capital

Market Authority of Kenya on

19 October 2012.

Meeting with Malaysia REIT Managers

Association (MRMA) was held on 2October 2012 at PJ Hilton.

Pembentangan A l - ‘AqarHealthcare REIT kepada Pihak

Berkuasa Pasaran Modal Kenya

pada 19 Oktober 2012.

Mesyuarat bersama Malaysia REIT

Managers Association (MRMA) telahdiadakan pada 2 Oktober 2012 di PJ Hilton.

Participated in World Islamic EconomicForum from 4 until 8 December 2012 at

Persada Johor Bahru.

Mengambil bahagian dalam ForumEkonomi Dunia Islam daripada 4 sehingga

8 Disember 2012 di Persada Johor Bahru.

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DATO’ KAMARUZZAMAN BIN ABU KASSIM

Non-Independent Non-Executive Chairman

Pengerusi Bukan Bebas Bukan Eksekutif

YUSAINI BIN SIDEK

Non-Independent Executive Director / Managing Director

Pengarah Bukan Bebas Eksekutif / Pengarah Urusan

DR. MOHD HAFETZ BIN AHMAD

Independent Non-Executive Director

Pengarah Bebas Bukan Eksekutif

ZAINAH BINTI MUSTAFA



DATO’ MANI A/L USILAPPAN



DATIN PADUKA SITI SA’DIAH SHEIKH BAKIR

Non-Independent Non-Executive Director

Pengarah Bukan Bebas Bukan Eksekutif

LUKMAN BIN ABU BAKAR



JAMALUDIN BIN MD ALI



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876

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6.2.

7.3.

8.4.

5.

BOARD OF DIRECTORS

AHLI LEMBAGA PENGARAH

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Dato’ Kamaruzzaman bin Abu Kassim, is a Non IndependentNon-Executive Director and the Chairman of Damansara REITManagers Sdn Berhad (DRMSB). He was appointed to the Boardof DRMSB as Director on 12 January 2007 and appointed as theChairman on 12 January 2011. He graduated with a Bachelorof Commerce majoring in Accountancy from the University ofWollongong, New South Wales, Australia in 1987.

Dato’ Kamaruzzaman embarked his career as an Audit Assistantat Messrs K.E Chan & Associates in May 1988 and later joinedan international accounting firm, Messrs PricewaterhouseCoopers (formerly known as Messrs Coopers & Lybrand) in1989. In December 1992, he left the firm and joined PerbadananKemajuan Ekonomi Negeri Johor (currently known as JohorCorporation) as a Deputy Manager in the Corporate FinanceDepartment and later was promoted to General Manager in1999.

Dato’ Kamaruzzaman is the President & Chief Executive ofJohor Corporation with effect from 1 December 2010. Priorto that, he had served as the Chief Operating Officer of JohorCorporation beginning 1 August 2006 and later appointed as theSenior Vice President, Corporate Services & Finance of Johor

Corporation beginning 1 January 2009.

Dato’ Kamaruzzaman was appointed to the Board of DamansaraRealty Berhad (DBhd) on 11 December 1995 before assumingthe position of an Executive Director on 16 August 1999. He waslater appointed as the Deputy Chairman on 4 October 2006,then re-designated as DBhd’s Managing Director on 1 January2010. He resigned as the Managing Director of DBhd effective12 January 2011 and was later appointed as the Chairman ofDBhd with effect from the same date.

Dato’ Kamaruzzaman sits as the Chairman of KPJ HealthcareBerhad, a company under Johor Corporation Group listed onthe Main Market of Bursa Malaysia Securities Berhad. He isalso a director of Johor Land Berhad as well as Waqaf An-NurCorporation Berhad, an Islamic endowment institution which

spearheads Johor Corporation’s Corporate Social Responsibilityprogrammes. In addition, he also sits as Chairman and/orDirector of several other companies within Johor CorporationGroup.

Dato’ Kamaruzzaman Bin Abu Kassim merupakan PengarahBukan Bebas Bukan Eksekutif dan Pengerusi Damansara REITManagers Sdn Berhad (DRMSB). Beliau telah dilantik ke LembagaDRMSB sebagai Pengarah pada 12 Januari 2007 dan dilantiksebagai Pengerusi pada 12 Januari 2011. Beliau berkelulusanIjazah Sarjana Muda Perdagangan dengan pengkhususan dalamPerakaunan dari University of Wollongong, New South Wales,

Australia pada tahun 1987.

Dato’ Kamaruzzaman memulakan kerjayanya sebagai PenolongAudit di Tetuan KE Chan & Associates pada Mei 1988 dankemudiannya menyertai sebuah firma perakaunan antarabangsa,Tetuan Pricewaterhouse Coopers (dahulunya dikenali sebagaiTetuan Coopers & Lybrand) pada tahun 1989. Pada Disember1992, beliau meninggalkan firma dan menyertai PerbadananKemajuan Ekonomi Negeri Johor (kini dikenali sebagai JohorCorporation (JCorp)) sebagai Timbalan Pengurus di JabatanKewangan Korporat dan kemudiannya dinaikkan kepada PengurusBesar pada tahun 1999.

Dato’ Kamaruzzaman adalah Presiden dan Ketua EksekutifJCorp bermula dari 1 Disember 2010. Sebelum itu, beliau telahberkhidmat sebagai Ketua Pegawai Operasi JCorp pada 1 Ogos

2006 dan kemudiannya dilantik sebagai Naib Presiden Kanan,Perkhidmatan Korporat & Kewangan JCorp pada 1 Januari 2009.

Dato’ Kamaruzzaman telah dilantik ke Lembaga PengarahDamansara Realty Berhad (DBhd) pada 11 Disember 1995sebelum menjawat jawatan Pengarah Eksekutif pada 16 Ogos1999. Beliau kemudiannya dilantik sebagai Timbalan Pengerusipada 4 Oktober 2006 dan menjawat sebagai PengarahUrusan DBhd pada 1 Januari 2010. Beliau meletak jawatansebagai Pengarah Urusan DBhd berkuatkuasa 12 Januari 2011dan kemudiannya dilantik sebagai Pengerusi DBhd denganberkuatkuasa dari tarikh yang sama.

Dato’ Kamaruzzaman kini merupakan Pengerusi KPJ HealthcareBerhad, sebuah syarikat di bawah Kumpulan Johor Corporationyang tersenarai di Pasaran Utama Bursa Malaysia Securities

Berhad. Beliau juga merupakan Pengarah Johor Land Berhad sertaWaqaf An-Nur Corporation Berhad, sebuah institusi waqaf Islamyang menerajui program CSR Johor Corporation. Di samping itu,beliau juga merupakan Pengerusi dan / atau Pengarah beberapasyarikat lain di dalam Kumpulan Johor Corporation.

DATO’ KAMARUZZAMAN BIN ABU KASSIMMalaysian, aged 49

PROFILE OF THE BOARD OF DIRECTORS

PROFIL LEMBAGA PENGARAH

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Yusaini bin Sidek was appointed as the Managing Directorof Damansara REIT Managers Sdn Berhad (DRMSB) on 1February 2013, who previously was the Executive Director /Chief Executive Officer of the DRMSB since 2006.

He graduated with a Master of Business Administration,specialization in International Business from University ofSouthern Queensland, Australia in year 2010 after obtaining

his Bachelor in Business Administration from UniversitiKebangsaan Malaysia in 1999 and a Diploma In Valuationin 1989 from Universiti Teknologi Malaysia. He has vastexperience in the area of building management for nearly23 years which include preparation of valuation reports forvarious properties such as of commercial, residential, retailproperty and others.

He also prepares analytical reports on property marketmovements. He gained professional experience viaattachment with a number of companies such as ColliersJordan Lee & Jaafar, Jabatan Penilaian dan PerkhimatanHarta, Kementerian Kewangan Malaysia, Bank IndustriMalaysia Berhad, Fima Corporation Berhad, CSMCorporation Berhad and Empire Tower (M) Sdn Bhd.

Some of the buildings under his supervision were BankIndustri Building, Airtel Complex, Plaza Damansara, JayaShopping Centre, Menara CSM, Empire Tower and CitySquare Complex. He was vastly involved in the planningand operation of building management, primarily in theareas of Tenancy Management, Marketing, Promotion andMaintenance Management. He was previously employedby Harta Consult Sdn Bhd since February 2001 as SeniorManager, which had enabled him to capitalize his expertisein property management to ensure the smooth operationof the buildings of Damansara Assets Sdn Bhd (formerlyknown as Damansara Town Centre Sdn Bhd).

As Managing Director, he managed to drive Al-‘AqarHealthcare REIT towards the successful path. Todate, Al-‘Aqar had proclaimed and awarded worldwide recognitionto the performance.

He is also the Executive Director of Damansara Assets SdnBhd being appointed on 1 December 2012.

Yusaini bin Sidek telah dilantik sebagai Pengarah UrusanDamansara REIT Managers Sdn Berhad (DRMSB) pada 1Februari 2013 yang beliau sebelum ini merupakan PengarahEksekutif / Ketua Pegawai Eksekutif bagi DRMSB sejak 2006.

Beliau memperolehi Sarjana Pentadbiran Perniagaanpengkhususan dalam Perniagaan Antarabangsa dari Universitiof Southern Queensland Australia selepas menamatkan

pengajian dengan kelulusan Sarjana Muda PentadbiranPerniagaan dari Universiti Kebangsaan Malaysia pada 1999dan Diploma Penilaian dari Universiti Teknologi Malaysia pada1989. Beliau mempunyai pengalaman luas dalam bidangpengurusan bangunan selama hampir 23 tahun termasukpenyediaan laporan penilaian bagi pelbagai hartanah termasukperdagangan, kediaman,hartanah runcit dan lain-lain.

Beliau juga menyediakan laporan analitikal mengenaipengerakan pasaran hartanah. Beliau memperolehpengalaman profesional setelah berkhidmat denganbeberapa syarikat seperti Colliers Jordan Lee & Jaafar,Jabatan Pernilaian dan Perkhidmatan Harta, KementerianKewangan Malaysia, Bank Industri Malaysia Berhad, FimaCorporation Berhad, CSM Corporation Berhad dan EmpireTower (M) Sdn Bhd.

Di antara bangunan yang diuruskan beliau termasukbangunan Bank Industri, Kompleks Airtel, Plaza Damansara,Menara CSM, Menara Empire dan Kompleks City Square.Beliau terlibat secara meluas dalam perancangan danoperasi pengurusan bangunan, terutamanya dalambidang Pengurusan Penghunian, Pemasaran, Promosi danPengurusan Penyelenggaraan. Beliau sebelum ini pernahberkhidmat di Harta Consult Sdn Bhd sejak Februari 2001sebagai Pengurus Kanan, dimana beliau menggunakankemahirannya dalam pengurusan hartanah bagi memastikankelancaran operasi bangunan milik Damansara Assets SdnBhd (dahulunya dikenali sebagai Damansara Town CentreSdn Bhd).

Sebagai Pengarah Urusan, beliau berjaya memacu Al-’AqarHealthcare REIT ke arah kejayaan. Setakat ini, Al-’Aqar telah

berjaya memenangi pelbagai anugerahkan di seluruh duniasebagai pengiktirafan kepada prestasi.

Beliau juga telah dilantik sebagai Pengarah Eksekutif bagiDamansara Assets Sdn Bhd pada 1 Disember 2012.

YUSAINI BIN SIDEKMalaysian, aged 44

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Dr. Mohd Hafetz Ahmad was appointed as the Independent

Non-Executive Director of Damansara REIT Managers

Sendirian Berhad (DRMSB) on 22 June 2006.

Dr. Hafetz obtained his Medical Degree from University

Malaya in 1975. He did his housemanship in Hospital

Sultanah Aminah, Johor Bahru and continued as MedicalOfficer in the same hospital until 1978, when he did his

specialist training in Obstretrics and Gynaecology at the

University Hospital, Kuala Lumpur. He served as Trainee

Lecturer and then as Lecturer at the Department of

Obstretrics and Gynaecology, University Malaya until 1983.

He joined Johor Specialist Hospital (JSH) in 1983 as

Consultant Obstetrician and Gynaecologist. In the mid

1980’s, Dr. Hafetz was involved for several years as a

member of the Visitors Board, Jubilee Home, Johor Bahru.

Besides his clinical practice, Dr. Hafetz has been involved

in various aspects of Hospital Management and Clinical

Governance in his capacity as Chairman, JSH Consultant’s

Advisory Committee (1990-1994) and Medical Director (1994to-date). He currently sits on The Board of Directors of KPJ

Specialist Hospital, Kluang Utama Specialist Hospital, KPJ

University College, and member of KPJ Medical Advisory

Committee. Previously, he had been as Independent Non-

Executive Director of Johor Land Berhad, Sindora Berhad

and Wakaf An Nur Corporation.

Dr. Hafetz was the President of Obstetrical and

Gynaecological Society of Malaysia (OGSM) from 2004 to

2005 and served as a Council member of the OGSM from

2003 to 2006. He is a member of the Malaysian Medical

Association, Malaysian Menopause Society and Persatuan

Perubatan Islam Malaysia.

Dr. Mohd Hafetz Ahmad telah dilantik sebagai Pengarah

Bebas Bukan Eksekutif Damansara REIT Managers

Sendirian Berhad (DRMSB) pada 22 Jun 2006.

Dr. Hafetz memiliki Ijazah Perubatan dari Universiti Malaya

pada tahun 1975. Beliau memulakan kerjayanya sebagai

Doktor Residen di Hospital Sultanah Aminah, Johor Bahrudan menyambung sebagai Pegawai Perubatan di hospital

yang sama sehingga 1978, di mana beliau menjalankan

latihan kepakaran dalam Obstetrik dan Ginekologi di Hospital

Universiti, Kuala Lumpur. Beliau telah berkhidmat sebagai

Pelatih Pensyarah dan Pensyarah di Bahagian Obstetrik dan

Ginekologi, Universiti Malaysia hingga 1983.

Kemudian beliau telah menyertai Hospital Pakar Johor pada

tahun 1983 sebagai Perunding Obstetrisyen dan Ginekologi.

Pada pertengahan tahun 1980-an, Dr. Hafetz perkhidmat

selama beberapa tahun sebagai ahli Lembaga Pelawat,

Jubilee Home di Johor Bahru.

Selain dari latihan perubatan, Dr. Hafetz telah menyertaipelbagai aspek Pengurusan Hospital dan Tadbir Urus Klinik

dalam kapasiti beliau sebagai Pengerusi, ahli Jururunding

Jawatankuasa Penasihat Hospital Pakar Johor dari tahun

1990 hingga 1994 dan Pengarah Perubatan dari tahun

1994 hingga kini. Beliau juga merupakan ahli bagi Lembaga

Pengarah Johor Specialist Hospital Sdn Bhd, Kluang Utama

Specialist Hospital, KPJ University College dan ahli bagi

KPJ Medical Advisory Committee. Dr. Hafetz juga pernah

menjadi Pengarah Bebas Bukan Eksekutive di Johor Land

Berhad, Sindora Berhad dan Wakaf An Nur Corporation.

Dr. Hafetz juga merupakan Presiden Persatuan Obstetrik

dan Ginekologi Malaysia dari tahun 2004 sehingga 2005

dan berkhidmat sebagai ahli majlis Persatuan Obstetrikdan Ginekologi Malaysia dari tahun 2003 hingga 2006.

Beliau juga merupakan ahli Persatuan Perubatan Malaysia,

Persatuan Menopos Malaysia dan Persatuan Perubatan

Islam Malaysia.

DR. MOHD HAFETZ BIN AHMADMalaysian, aged 62

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Zainah binti Mustafa was appointed on 16 February 2007

as the Independent Non-Executive Director of DamansaraREIT Managers Sdn Berhad (DRMSB) and the Chairman of

the DRMSB Audit Committee.

She also sits on the board of three other companies in theJCorp Group of Companies namely KPJ Healthcare Berhad

(KPJ), Damansara Realty Berhad and Al-’Aqar Capital SdnBhd.

She started her career as an Assistant Senior Auditor inPerbadanan Nasional Berhad in 1977 after graduating from

Institut Teknologi MARA (presently Universiti Teknologi

MARA). She obtained her Association of Chartered CertifiedAccountants (ACCA) United Kingdom in 1976. She is now

a Fellow of Association of Certified Chartered Accountant(FCCA). She joined JCorp in October 1978 and rose through

the ranks to the Group Chief Financial Officer before retiringon 31 October 2002.

ZAINAH BINTI MUSTAFAMalaysian, aged 57

Zainah binti Mustafa telah dilantik sebagai Pengarah BebasBukan Eksekutif Damansara REIT Managers Sdn Berhad

(DRMSB) dan Pengerusi Jawatankuasa Audit DRMSB pada16 Februari 2007.

Beliau juga adalah pengarah bagi tiga anak syarikatdibawah Kumpulan JCorp iaitu KPJ Healthcare Berhad dan

Damansara Realty Berhad dan Al-’Aqar Capital Sdn Bhd.Beliau memulakan kerjaya sebagai Penolong JuruauditKanan di Perbadanan Nasional Berhad pada 1977 selepas

menamatkan pengajian di Institut Teknologi MARA (kiniUniversiti Teknologi MARA). Beliau memperoleh Association

of Chartered Certified Accountants (ACCA) United Kingdompada 1976. Beliau kini adalah merupakan Felo di Association

of Certified Chartered Accountant (FCCA). Beliau menyertai

JCorp pada Oktober 1978 sehingga menyandang jawatanKetua Pegawai Kewangan Kumpulan sebelum bersara pada

31 Oktober 2002.

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Dato’ Mani Usilappan is an Independent Non ExecutiveDirector of Damansara REIT Managers Sdn Berhad

(DRMSB) and was appointed to the Board on 1 November

2010.

He passed the Final Examination of the Royal Institution

of Chartered Surveyors in 1976. He obtained Masters inProperty Development from Southbank University London

with Distinction also in 1992. He served nine (9) yearsas Deputy Director General and subsequently retired as

Director General of the Valuation and Property Services

Department, Ministry of Finance, Government of Malaysiain 2006.

He is also a council member of the Institution of SurveyorsMalaysia. His other directorship include Non-Executive

Director of Damansara Realty Berhad (DRB), member ofthe Audit Committee DRB, Independent Non-Executive

Director Faber Development Sdn Bhd.

DATO’ MANI A/L USILAPPANMalaysian, aged 62

Dato’ Mani Usilappan adalah Pengarah Bebas BukanEksekutif Damansara REIT Managers Sdn Berhad (DRMSB)

yang telah dilantik pada 1 November 2010.

Pada tahun 1976, beliau berjaya lulus dalam Peperiksaan

Akhir Royal Institution of CharteredSurveyors dan memilikiSarjana dengan kepujian dalam Pembangunan Hartanah dari

Universiti Southbank di London pada tahun 2006. Beliau

telah berkhidmat selama 9 tahun sebagai Timbalan KetuaPengarah dan pada tahun 2006 telah bersara sebagai Ketua

Pengarah di Jabatan Penilaian dan Perkhidmatan Hartanah,Kementerian Kewangan Malaysia.

Beliau juga merupakan ahli kaunsel Institut Juru UkurMalaysia. Selain daripada itu beliau juga merupakan

Pengarah Bebas Bukan Eksekutif Damansara Realty Berhad

(DRB), ahli Jawatankuasa Audit DRB dan Pengarah BebasBukan Eksekutif Faber Development Sdn Bhd.



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Datin Paduka Siti Sa’diah Sheikh Bakir has been a Non-Independent Non-Executive Director of Damansara REITManagers Sdn Berhad (DRMSB) since 2006.

Datin Paduka served as the Managing Director of KPJHealthcare Berhad (KPJ) since 1 March 1993 until herretirement on 31 December 2012. She was appointed as theCorporate Advisor of KPJ Healthcare on 1 January 2013.

She graduated with a Bachelor of Economics degreefrom University Malaya and holds an MBA from HenleyManagement College, University of Reading, London, UnitedKingdom.

Datin Paduka’s career with Johor Corporation (JCorp)commenced in 1974 and she has been directly involved withJCorp’s Healthcare Division since 1978. She was appointedas the Chief Executive of Kumpulan Perubatan (Johor) SdnBhd (KPJSB), from 1989 until the listing of KPJ in November1994.

Datin Paduka currently sits as a Director of KPJ HealthcareBerhad, Kulim (Malaysia) Berhad, KFC Holdings (Malaysia)Bhd and QSR Brands Bhd.

Committed to promoting excellence in healthcare, DatinPaduka is the President of the Malaysian Society for Quality

in Health (MSQH), elected since its inception in 1997 to date.She is a member of the Malaysia Productivity Council (MPC)Consultative Panel on Healthcare since 2001, a memberof the National Patient Safety Council, Ministry of Healthsince 2003 and as a member of the Malaysian HealthcareTravel Council, Ministry of Health since 2009. In 2012, shewas appointed as a member of the Malaysian Standards andAccreditation Council (MSAC) under the Ministry of Science,Technology and Innovation (MOSTI).

Datin Paduka was a Board member of MATRADE from 1999to 2010 and was an Independent Non-Executive Director ofBursa Malaysia from 2004 to April 2012.

In 2010, Datin Paduka was named the ‘CEO of The Year 2009’by The New Straits Times Press and the American Express.She had also received many more awards and accolades due

to her contributions in the healthcare industry in Malaysia.

Datin Paduka Siti Sa’diah Sheikh Bakir telah dilantik sebagaiPengarah Bukan Bebas Bukan Eksekutif Damansara REITManagers Sdn berhad (DRMSB) sejak 2006.

Datin Paduka berkhidmat sebagai Pengarah Urusan KPJHealthcre Berhad (KPJ) sejak 1 March 1993 sehinggapersaraan beliau pada 31 Disember 2012. Kemudiannya,beliau telah dilantik sebagai Penasihat Korporat KPJHealthcare pada 1 Januari 2013.

Beliau merupakan graduan Ekonomi dari Universiti Malayadan memilki MBA dari Kolej Pengurusan Henley di London,United Kingdom.

Datin Paduka memulakan kerjayanya dengan JohorCorporation (JCorp) sejak tahun 1974 dan telah terlibat secaralangsung dengan Bahagian Prisihatin Johor Corporation(JCorp) pada tahun 1978. Beliau telah dilantik sebagai KetuaEksekutif kepada Kumpulan Perubatan (Johor) Sdn Bhd,bermula dari tahun 1989 hingga penyenaraian KPJ padaNovember 1994.

Datin Paduka kini merupakan Pengarah KPJ HealthcareBerhad, Kulim (Malaysia) Berhad, KFC Holdings (Malaysia)Berhad dan QSR Brands Bhd.

Datin Paduka komited menggalakkan kecemerlangan dalam

prisihatin dan menjadi Presiden bagi Malaysian Society ofQuality in Health (MSQH) sejak dari tarikh penubuhan 1997sehingga kini.

Beliau adalah ahli Majlis Panel Perunding Sektor Perubatan,Perbadanan Produktiviti Negara sejak tahun 2001, ahli MajlisKeselamatan Pesakit, Kementerian Kesihatan Malaysia sejaktahun 2003 dan ahli kepada Majlis Pengembara PrisihatinMalaysia, dibawah Kementerian Kesihatan sejak 2009. Padatahun 2012, beliau telah dilantik sebagai ahli Standard danAkreditasi Malaysia (MSAC) di bawah Kementerian Sains,Teknologi dan Inovasi (MOSTI).

Datin Paduka pernah dilantik sebagai ahli Lembaga PengarahMATRADE 1999-2010 dan merupakan Pengarah Bebas BukanEksekutif Bursa Malaysia dari tahun 2004 hingga April 2012.

Pada tahun 2010, Datin Paduka telah dinamakan sebagai

‘Ketua Pegawai Eksekutif Tahun 2009’ oleh The NewStraits Times Press dan American Express. Beliau jugatelah menerima banyak anugerah dan penghargaan atassumbangan beliau dalam industri penjagaan kesihatan diMalaysia.

DATIN PADUKA SITI SA’DIAH BINTI SHEIKH BAKIRMalaysian, aged 60

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Lukman bin Haji Abu Bakar is a Non-Independent Non-Executive Director of Damansara REIT Managers Sdn Bhd(DRMSB) on 12 January 2007 and also a member of theAudit Committee of DRMSB since 18 August 2010.

He graduated with a Bachelor of Urban and Regional Planning(Hons) from the University Teknologi Malaysia in 1982 before

joining Johor Corporation (JCorp) as a Town Planning Officerin the same year. He also holds a Post Graduate Diploma(Housing, Building and Planning) from Institute for HousingStudies, Rotterdam, Holland in 1985.

He has held various positions in JCorp and its Group ofcompanies. He was a Deputy Manager of JCorp in 1989.Then he was promoted as a Manager in 1992 cum theDeputy Secretary of Pasir Gudang Local Authority (nowknown as Pasir Gudang Municipal Council).

On 1 September 1993, he was seconded to Sindora Berhadas a Deputy General Manager and later promoted to theposition of General Manager in 1995. On 1 April 2004, he wasappointed as the Secretary of Pasir Gudang Local Authority.Subsequently on 1 January 2006, he was promoted to Senior

General Manager of JCorp but still holding the position ofSecretary of Pasir Gudang Local Authority. Upon Pasir GudangLocal Authority being upgraded as a full-fledged Pasir GudangMunicipal Council, by 1 July 2008, he was appointed as itsfirst President until 31 August 2009 when the Council washanded over to the administration of the State Governmentof Johor. Then he was promoted as a Senior Vice Presidentin JCorp.

Currently he is the Managing Director of Johor Land Berhadwhich he held since 1 January 2010 and the Chief Executiveof Property Division of JCorp, a post he held since 1 January2011.

Lukman is also the Chairman of Syarikat Pengangkutan Maju

Berhad as well as few other companies within the JCorpGroup.

Lukman bin Haji Abu Bakar adalah Pengarah Bukan BebasBukan Eksekutif bagi Damansara REIT Managers Sdn Bhd(DRMSB) sejak 12 Januari 2007 dan juga merupakan ahliJawatankuasa Audit DRMSB pada 18 Ogos 2010.

Beliau berkelulusan Ijazah Sarjana Muda Perancangan Bandardan Wilayah (Kepujian) dari Universiti Teknologi Malaysia padatahun 1982 sebelum menyertai Johor Corporation (JCorp)sebagai seorang Pegawai Perancang Bandar pada tahun yangsama. Beliau juga memiliki Diploma Lanjutan (Perumahan,Bangunan dan Perancangan) dari Institute for HousingStudies di Rotterdam, Belanda pada tahun 1985.

Beliau telah memegang pelbagai jawatan di Kumpulan JCorpdan anak syarikatnya. Beliau merupakan Timbalan Pengurusdi JCorp pada tahun 1989 dan kemudian telah dinaikkanpangkat sebagai Pengurus pada tahun 1992 merangkapTimbalan Setiausaha Pihak Berkuasa Tempatan Pasir Gudang(kini dikenali sebagai Majlis Perbandaran Pasir Gudang).

Pada 1 September 1993, beliau telah dipinjamkan kepadaSindora Berhad sebagai Timbalan Pengurus Besar dankemudiannya dinaikkan pangkat ke jawatan Pengurus Besar

pada tahun 1995. Pada 1 April 2004, beliau telah dilantiksebagai Setiausaha Pihak Berkuasa Tempatan Pasir Gudang.Kemudiannya pada 1 Januari 2006, beliau telah dinaikkanpangkat kepada Pengurus Besar Kanan JCorp tetapi masihmemegang jawatan Setiausaha Pihak Berkuasa TempatanPasir Gudang. Setelah Majlis Tempatan Pasir Gudang dinaiktaraf sebagai Majlis Perbandaran Pasir Gudang pada 1 Julai2008, beliau telah dilantik sebagai Presiden pertama sehingga31 Ogos 2009. Apabila Majlis telah diserahkan kepadapentadbiran Kerajaan Negeri Johor, beliau kemudiannya telahdinaikkan pangkat sebagai Naib Presiden Kanan JCorp.

Pada masa kini, beliau adalah Pengarah Urusan JohorLand Berhad yang disandangnya sejak 1 Januari 2010 danKetua Eksekutif Bahagian Hartanah JCorp, jawatan yang

disandangnya sejak 1 Januari 2011.

Beliau juga merupakan Pengerusi kepada SyarikatPengangkutan Maju Berhad serta beberapa syarikat lain didalam Kumpulan JCorp.

LUKMAN BIN HJ. ABU BAKARMalaysian, aged 53

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Jamaludin bin Md Ali was appointed as a Non-IndependentNon-Executive Director of Damansara REIT Managers SdnBerhad (DRMSB) on 1 February 2013.

He graduated with a Bachelor of Economics (Honours)Degree from University of Malaya in 1982 and Master ofBusiness Administration from University of Strathclyde,

Glasgow Scotland in 1987. He started his career with MalayanBanking Berhad as a Trainee Officer in 1982 and later servedas International Fund Manager in Permodalan NasionalBerhad in 1991. He joined Johor Corporation (“JCorp”) in1992 and was appointed as the Managing Director of JohorCapital Holdings Sdn Bhd in 1998. He was appointed as theManaging Director of Pelaburan Johor Berhad in 2000.

He was the Group Chief Operating of JCorp since 2001.Subsequently, he was appointed as the Director of QSRBrand Berhad (QSR) on 8 June 2006 and was appointed asthe Managing Director of QSR.

On 8 June 2006, he was also appointed as the Director ofKFC Holdings (Malaysia) Berhad (KFCH) and appointed as theManaging Director of KFCH.

Currently, he is the Executive Director of Kulim (Malaysia)Berhad since 4 December 2012. He sits as Director ofvarious companies within JCorp Group. He also active asthe Director of Wakaf An-Nur Corporation Berhad, an Islamicendowment institution that spearheads JCorp Group’s CSRprogrammes, including the unique Corporate Waqaf conceptinitiated by JCorp.

Jamaludin bin Md Ali telah dilantik sebagai Pengarah BukanBebas Bukan Eksekutif bagi Damansara REIT Managers SdnBerhad (DRMSB) pada 1 Februari 2013.

Beliau berkelulusan Ijazah Sarjana Muda Ekonomi (Kepujian)dari Universiti Malaya pada tahun 1982 dan SarjanaPentadbiran Perniagaan dari University Strathclyde, Glasgow

di Scotland pada tahun 1987. Beliau memulakan kerjayanyadengan Malayan Banking Berhad sebagai Pegawai Pelatihpada tahun 1982 dan kemudiannya berkhidmat sebagaiPengurus Dana Antarabangsa di Permodalan NasionalBerhad pada tahun 1991. Beliau menyertai Johor Corporation(“JCorp”) pada tahun 1992 dan dilantik sebagai PengarahUrusan Johor Capital Holdings Sdn Bhd pada tahun 1998.Beliau telah dilantik sebagai Pengarah Urusan PelaburanJohor Berhad pada tahun 2000.

Beliau merupakan Ketua Operasi Kumpulan JCorp sejaktahun 2001. Beliau telah dilantik sebagai Pengarah QSR BrandBerhad (QSR) pada 8 Jun 2006 dan telah dilantik sebagaiPengarah Urusan QSR.

Pada 8 Jun 2006, beliau juga telah dilantik sebagai Pengarah

KFC Holdings (Malaysia) Berhad (KFCH) dan dilantik sebagaiPengarah Urusan KFCH.

Kini, beliau merupakan Pengarah Eksekutif Kulim (Malaysia)Berhad sejak 4 Disember 2012. Beliau merupakan Pengarahbeberapa syarikat di dalam Kumpulan JCorp. Beliau jugaaktif sebagai Pengarah di Wakaf An-Nur Corporation Berhad,sebuah institusi waqaf Islam yang menerajui program CSRbagi Kumpulan JCorp, ia termasuk Konsep Waqaf Korporatyang unik yang dipelopori JCorp.

JAMALUDIN BIN MD ALIMalaysian, aged 53

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Chairman & Syariah Committee

Pengerusi & Jawatankuasa Syariah

DATO’ HAJI NOOH BIN GADOT (centre)

Syariah Committee

Jawatankuasa Syariah

DATUK HAJI MD. HASHIM BIN HAJI YAHAYA (left)

PROF. MADYA DR. AB. HALIM BIN MUHAMMAD (right)

Standing from left to right : 2 1 3

1.

2.

3.

PROFILE OF SYARIAH COMMITTEE

PROFIL JAWATANKUASA SYARIAH

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Dato’ Haji Nooh Gadot was appointed as the Chairman andMember of Syariah Committee of Al-’Aqar Healthcare REITsince 22 June 2006. Currently, Dato’ is the Islamic Advisorto DYMM Sultan Johor and Advisor to Johor State IslamicCouncil. Dato’ is the Member of the Johor Royal Council andIslamic Religious Council (Johor).

He graduated from the Al-Azhar University in Egypt with a

Bachelor in Islamic Law and Syariah Islamiah. He obtains histertiary Islamic education from Maahad Institution in Johormajoring in As-Syahadah Al-Thanawiyyah, Arabic SecondarySchool, Segamat Madrasah Al-Khairiyyah Al-Arabiyyah - As-Syahadah Al-Ibtidaiyyah, Segamat and Islamic Primary SchoolState of Johor Special Class. On 22 April 2012, he obtainedthe Ijazah Kehormat Sarjana Sastera (Master of Art) from Asiae University.

In addition to his official studies, Dato’ attended the course onManaging Fatwa Darul Iffa in Egypt Ministry of Justice underthe supervision of State Mufti of Egypt, Al-Ustaz Al-Kabeer Dr.Syed Muhammad Tantawi and courses on Management andAdministration of Wakaf organized by Egypt Wakaf Authority.

Before his appointment as Mufti of Johor from year 1999,

Dato’ was appointed as Vice Mufti of Johor and ChiefAssistant Director, Department of Administration of SyariahLaw (Chief Kadi). His vast experience in Islamic practise andjurisprudence, juristic methodology, hadith and its sciencesand spirituality was gained throughout his services asActing Kadi, Syarie Lawyer, Islamic Affair Officer ReligiousDepartment (Prime Minister Department), Acting AssistantExamination and Registrar Religious School of Johor Stateand Religious Teacher of Johor State.He compulsary retired asMufti of Johor in November 2002 and continued his serviceuntil 13 November 2008 and now remains as the Advisor tothe Islamic Religious Council (Johor).

Since year 2001 until now, Dato’ is active in presenting hisproposals and working papers in various issues related toreligion that brings into effect the social and spiritual life of the

communities. He was conferred the prestigious award Ma’alHijrah for the State of Johor in year 2009 and prestigous awardof Maulidur Rasul National Award for the year 1434H/2013M.

Dato’ Haji Nooh bin Gadot telah dilantik sebagai Pengerusidan ahli Jawatankuasa Syariah Al-’Aqar Healthcare REITsejak 22 Jun 2006. Kini, Dato’ merupakan Penasihat Agamakepada DYMM Sultan Johor, Penasihat Majlis Agama IslamNegeri Johor dan Ahli Jumaah Majlis DiRaja Johor. Beliau jugamerupakan Ahli Majlis Agama Islam Negeri Johor.

Beliau merupakan graduan Universiti Al-Azhar dalam Al-Ijazah

Al-’Aliyyah (Sarjana Muda) Fakulti Syariah Al-Islamiah Wal-Qanun (Fakulti Syariah Islam dan Undang-Undang), Beliaujuga telah mendapat pendidikan dari Maahad Johor, JohorBahru – As-Syahadah Al-Thanawiyyah, Sekolah Menengahrab di Madrasah Al-Khairiyyahh Al-Arabiyyah – As-SyahadahAl-Ibtidaiyyah, di Segamat dan Sekolah Agama KerajaanNegeri Johor – Darjah Khas. Pada 22 April 2012, beliau telahdianugerahkan Ijazah Kehormat Sarjana Sastera (Master of Art)dari Asia e University.

Dato’ juga menghadiri kursus Pengurusan Fatwa Darul Iffa diKementerian Kehakiman Mesir di bawah pengawasan Muftinegeri Mesi, Al-Ustaz Al-Kabeer Dr. Syed Muhammad Tantawidan kursus Pengurusan Pentadbiran Waqaf yang dianjurkanoleh Lembaga Waqaf Mesir.

Sebelum perlantikan sebagai Mufti Johor bermula pada tahun1999, Dato’ telah dilantik sebagai Timbalan Mufti NegeriJohor dan Ketua Penolong Pengarah Bahagian PentadbiranUndang-Undang Syara’ (Qadi Besar). Pengalaman beliauyang luas dalam mempraktikkan ajaran Islam dalam sistemdan metodologi perundangan, hadis dan keilmuannya sertaspiritual diperolehi selepas berkhidmat sebagai Kadi, PeguamSyariah, Pegawai Hal Ehwal Islam, (Bahagian Hal EhwalAgama) Jabatan Perdana Menteri, Memangku PenolongPemeriksa dan Pendaftar Sekolah-Sekolah Agama KerajaanNegeri Johor. Beliau telah bersara wajib sebagai Mufti Johorpada November 2002 dan disambung perkhidmatan sehingga13 November 2008 dan kini menjadi Penasihat kepada MajlisAgama Islam Negeri Johor.

Sejak tahun 2001 hingga kini, Dato’ aktif membentangkan

kertas cadangan serta kertas kerja dalam pelbagai isu yangberkaitan agama yang berkesan kepada kehidupan sosialdan kerohanian masyarakat. Pada tahun 2009, beliau telahmenerima Tokoh Ma’al Hijrah bagi peringkat negeri Johor di atassumbangan beliau kepada masyarakat dan anugerah MaulidurRasul Peringkat Kebangsaan bagi tahun 1434H/2013M.

DATO’ HAJI NOOH BIN GADOTMalaysian, aged 67

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Datuk Haji Md. Hashim Haji Yahaya was appointed on 22

Jun 2006 as the Syariah Committee member for Al-’Aqar

Healthcare REIT.

He graduated with Bachelor and Master in Syariah from Al-

Azhar University in Egypt and a Diploma in Education from

Ain Shams University.

Datuk Haji Md. Hashim started his career in 1970 as lecturer

at Higher Education Centre Nilam Puri. He later joined

University Malaya in 1980 as lecturer at Islamic Academy.

In 1997, Datuk was appointed as the Mufti of the Federal

Territory of Kuala Lumpur and served until year 2003.

Currently, he sits as a member of Syariah Committee and

Advisor to Securities Malaysia Syariah Council, Chairman of

Syariah Committee at ANGKASA and Islamic Development

Bank in Jeddah. At present, Datuk Haji Hashim is the Fellow

Honourable Academic at Ahmad Ibrahim Kuliyyah of Law,

Islamic International University of Malaysia.

Datuk Haji Md. Hashim Haji Yahaya telah dilantik sebagai

ahli Jawatankuasa Syariah Al-`Agar Healthcare REIT pada 22

Jun 2006.

Beliau merupakan graduan Ijazah dan Sarjana Syariah dari

Universiti Al-Azhar, Mesir dan juga Diploma Pendidikan

daripada Universiti Ain Shams Mesir.

Datuk memulakan kerjayanya pada 1970 sebagai Pensyarah

di Pusat Pengajian Tinggi Islam Nilam Puri. Pada tahun 1980,

beliau berkhidmat sebagai Pensyarah, dan Ketua Akademik

Islam, Universiti Malaya.

Pada tahun 1997, Datuk telah dilantik sebagai Mufti Wilayah

Persekutuan Kuala Lumpur sehingga tahun 2003. Beliau

kini adalah ahli Jawatankuasa Syariah dan Penasihat Syariah

Suruhanjaya Sekuriti Malaysia, Pengerusi Jawatankuasa

Syariah ANGKASA dan Bank Pembangunan Islam Jeddah

dan juga merupakan Felo Kehormat Akademik di Kulliyyah

Undang- undang Ahmad Ibrahim, Universiti Islam

Antarabangsa Malaysia.

DATUK HAJI MD. HASHIM HAJI YAHAYAMalaysian, aged 67

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Professor Madya Dr. Ab. Halim Muhammad was appointed

on 22 June 2006 as the Syariah Committee member of Al-

’Aqar Healthcare REIT.

He obtained his Bachelor in Syariah from Al-Azhar University

in Egypt in 1972 and subsequently obtained his PhD in

Syariah from St. Andrews, University of Scotland in 1977.

Dr. Ab. Halim began his career with University Kebangsaan

Malaysia as the Head of Department of Quran and Sunnah,

Faculty of Islam Studies and Lecturer at Faculty of Law

Universiti Kebangsaan Malaysia.

He has served as Syariah Advisor and Syariah Committee

member at several corporate organization like Tabung Haji,

Bank Negara Malaysia, Dewan Bahasa dan Pustaka, Takaful

Nasional and Terengganu Trust Fund as well as financial

institutions namely Bank Muamalat, Bank Rakyat, RHB

Bank, and Bank Pembangunan. He also was appointed as

Syariah Advisor to the Securities Commission of Malaysia.

At present, Dr. Ab. Halim is the Syariah Committee memberof Bank Muamalat, ANGKASA and Terengganu Trust Fund.

Profesor Madya Dr. Ab. Halim Muhammad, telah dilantik

sebagai ahli Jawatankuasa Syariah Al-’Aqar Healthcare REIT

pada 22 Jun 2006.

Beliau merupakan graduan Ijazah Syariah dari Universiti

Al-Azhar di Mesir pada tahun 1972 dan kemudiannya

memperoleh Doktor Falsafah bidang Syariah dari St.

Andrews, University of Scotland pada tahun 1977.

Dr. Ab. Halim memulakan kerjayanya di Universiti

Kebangsaan Malaysia sebagai Pensyarah di Fakulti Syariah

kemudian sebagai Ketua Jabatan Quran dan Sunnah, Fakulti

Pengajian Islam dan sebagai Pensyarah di Fakulti Undang-

undang Universiti Kebangsaan Malaysia.

Beliau telah berkhidmat sebagai Penasihat Syariah dan

ahli Jawatankuasa Syariah di beberapa organisasi korporat

seperti di Lembaga Tabung Haji, Bank Negara Malaysia,

Dewan Bahasa dan Pustaka, Takaful Nasional dan Unit

Amanah Terengganu serta di beberapa institusi kewangan

dan bank seperti Bank Muamalat, Bank Rakyat, Bank RHB

dan Bank Pembangunan. Beliau juga pernah dilantik sebagai

Penasihat Syariah bagi Suruhanjaya Sekuriti Malaysia.

Kini, Dr. Ab. Halim merupakan ahli Jawatankuasa Syariah

Bank Muamalat, ANGKASA dan Unit Amanah Terengganu.

PROFESSOR MADYA DR. AB. HALIM MUHAMMADMalaysian, aged 67

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On behalf of the Board of

Directors, it gives us great

pleasure to present the 7th

Annual Report and the Audited

Financial Statements of Al-‘Aqar

Healthcare REIT (“Al-‘Aqar” or

“The Fund”) and its subsidiaries

(“Al-‘Aqar Group” or “The

Group”) for the financial year

ended 31 December 2012.

CORPORATE STATEMENT

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THE AL-‘AQAR HEALTHCARE REIT – CONTINUOUS

GROWTH

Al-’Aqar Healthcare REIT registered yet another year

of commendable results for the 2012 financial year,

underpinned by the fundamentals of the portfolio and

the proactive management of Al-’Aqar Healthcare REIT’s

assets.

In the REIT industry, uncertainties over global real

estate valuations which developed during the year under

review have had an impact on investors’ views on REITunits, reflected in depressed unit prices, and Malaysian

REITs have not escaped unscathed. Nevertheless, the

fundamentals of the Malaysian property market remain

relatively firm and REITs with good occupancy rates have

been able to maintain steady dividend streams arising from

the long term nature of their tenancies. This underscores

the value of REITs as an attractive low risk, relatively high-

yield and liquid asset class of investment.

During the last six years, the Manager has built a solid asset-

based foundation scaled for the continuous growth of the

Fund. Al-‘Aqar’s transformation was driven by over RM1

billion of high-quality investments; disciplined portfolio

diversification across the various spectrum of healthcare;

and the addition of expert property management,

development and planning services capabilities on the

existing REIT properties.

Accordingly, over the years, Damansara REIT Managers

Sdn Berhad has become a world-class Islamic real estate

investment organisation dedicated to continuing the

improvement of Al-’Aqar Healthcare REIT delivery.

Ever since, the number of properties has increased

from six (6) assets to twenty-five (25) assets with the

primary focus given to healthcare-related properties being

hospitals, nursing colleges, aged-care and retirementliving facilities. Value of these properties has increased

approximately 3 times from RM486 million in 2006 to

RM1.4 bill ion in year 2012.

COMPLETION OF ACQUISITIONS

For the year under review, the Fund had acquired Kluang

Utama Specialist Hospital Building in Kluang, Johor on 6

January 2012 and subsequently, the acquisition of andar

Baru Klang Specialist Hospital Building in Klang was

completed on 26 June 2012.

The acquisitions has brought to the total of 493,141

square meter gross floor area of tenanted hospital and

primary care and specialty care physician clinic spaces

that accommodates more than 3,237 beds and care unit.

Apart from acquiring assets from KPJ Healthcare Berhad,

the Fund is also actively looking at third party acquisitionseither locally or abroad. The experience in cross-border

deal acquisitions in Indonesia and Australia has given the

confidence to the manager in further exploring cross-

border deal acquisitions. The Manager has received a

number of inquiries from abroad offering healthcare assets

for acquisition by the Fund and accordingly, evaluation of

the assets were carried out to ascertain the viability of the

assets into the Fund’s portfolio.

HIGHLIGHTS OF FINANCIAL PERFORMANCE

Al-’Aqar Group recorded revenue of RM103.4 million for

the year ended 31 December 2012, an increase of 22%or RM18.8 million compared to RM84.6 million for the

previous corresponding year ended 31 December 2011.

Net realised income of the Fund for the year stood at

RM52.6 million this year, 14% higher compared to RM46.1

million last year.

The improved performance was mainly due to rental

received from Jeta Gardens Aged Care Facility and

Retirement Village, Kluang Utama Specialist Hospital

and Bandar Baru Klang Specialist Hospital, which were

acquired by Al-‘Aqar in November 2011, January and June

2012 respectively.

Arising from the acquisitions of Kluang Utama SpecialistHospital Building and Bandar Baru Klang Specialist

Hospital Building, the total units of Al-‘Aqar has grown to

696,226,468 units on 26 June 2012.

CORPORATE STATEMENT

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Another significant event for year 2012, in line with resiliency

and the growth prospect of healthcare market globally, Al-‘Aqar’s unit price had closed strongly at a price of RM1.51

per unit on 21 July 2012, recording approximately 50%

capital gain from its Initial Public Offering price of RM1.00

per unit in 2006. Thus, the unitholders who have been with

Al-‘Aqar since the IPO day have enjoyed steady dividend

income as well as significant potential capital gain.

This had brought to the enlargement of Al-‘Aqar’s total

market capitalisation to over RM1billion and market

analysts of various broking houses believed that it creates

confidence among unitholders and provided an attractive

and encouraging valuation figure in their reports.

DISTRIBUTION TO UNITHOLDERS

On 23 January 2013, the Board of Directors of Damansara

REIT Managers Sdn Berhad announced a final distribution

of 4.54 sen per unit in respect of the financial year ended

31 December 2012 in addition of 3.26 sen per unit, an

interim dividend distributed on 1 June 2012, which bring to

a totaled of 7.80 sen per unit representing approximately

99.7% of Al-‘Aqar’s distributable income for the financial

year. This is a testimony to the manager’s absolute

commitment in fulfilling the expectations of Al-‘Aqar’s most

valued unitholders to a sustainable and stable distributionper unit (“DPU”) at a total of 7.80 sen per unit for year 2012

an increase of 1.43% from 7.69 sen per unit for year 2011.

THE ISLAMIC FINANCING

As the first Islamic Healthcare REIT in the world, Al-‘Aqar

will continue to ensure that the structure and investment

undertaken by the Fund are implemented in accordance to

Syariah principles.

Our commitment for the Islamic Financing is also aimed

to support the government’s commitment to promoteMalaysia as a world Islamic Finance hub as currently

there is lack of Islamic products in the market to meet the

demand of investors locally and globally.

The Sukuk (Islamic Medium Term Notes (IMTN)) of

RM268.5 million, which was first issued in 2008 by the

Fund’s special purpose vehicle, Al-‘Aqar Capital Sdn

Bhd was successfully redeemed on 6 February 2013.

Subsequently on 22 February 2013, Al-Aqar Capital Sdn

Bhd redeemed the Sukuk (Islamic Commercial Papers) of

RM12 million. The redemption was via by a bridging loan

of RM280.5 million which was procured from a financialinstitution.

Al-‘Aqar Capital Sdn Bhd is in the midst of undertaking a

new Sukuk programme of up to RM1 billion and the first

issuance of the programme is slated to be issued by the

second quarter of 2013. The purpose of the new Sukuk

Programme is, amongst others, to refinance the existing

financial commitments, acquisitions of future assets as

well as for the working capital. The approval from the

Securities Commission for the new Sukuk Programme

was obtained on 31 January 2013.

POSITIVE OUTLOOK FOR AL -‘AQAR HEALTHCARE

REIT

Despite economic uncertainties concerns, the domestic

demand on property sub-sector is expected to be

supported by favourable labour market conditions and

higher commodity prices. Healthcare Tourism levels are

also expected to remain steady, boosting the healthcare

and tourism subsector. On the REIT front, whilst the

outlook for the global property market remains uncertain,

driven primarily by concerns over the availability of funding,

REITs with high occupancy rates, long-term financing

structures and proactive management are expected to

remain resilient.

CORPORATE STATEMENT

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In its exploration of new growth opportunities, the Trust

remains focused on investing in middle to high-endhealthcare and healthcare--related real estate located in

established markets with favourable demographics.

The Manager will continue to target assets that provide

attractive asset value and income growth prospects,

particularly in real estate assets tenanted by leading

businesses on long term leases.

Al-’Aqar Healthcare REIT will also seek opportunities to

explore capital growth opportunities through acquisitions

in healthcare and healthcare-related property sub-sectors

both in Malaysia and internationally.

The Manager remains committed to its efforts to

conceptualise innovative operating strategies to ensure that

the properties continue to operate at optimal levels and to

boost rental, thereby improving Al-’Aqar Healthcare REIT’s

yields and returns. Prudent financial and risk management

and proactive asset enhancement will continue to be key

priorities.

ACKNOWLEDGEMENTS

As we celebrate another great year and look forward tomeeting the challenges and seizing the opportunities in

2013, we want to thank YBhg Datin Paduka Siti Sa’diah

Sheikh Bakir for her tenure as the Managing Director of

KPJ Healthcare Berhad (KPJ) as she now will be serving

KPJ Healthcare Berhad as the Advisor. Al-‘Aqar was

conceptualized and established during her tenure and she

has contributed tremendously as the key person in steering

and heading the existence of Al-‘Aqar and brought Al-‘Aqar

to being the first Islamic Healthcare REIT in the world.

The management team has benefited from her extensive

industry knowledge, experience and counsel. Thank you

for your ongoing support. We are dedicated to producing

excellent stakeholder returns while contributing to the

improvement of the Al-’Aqar Healthcare REIT.

The success of Al-‘Aqar Healthcare REIT is attributable

to the efforts of many parties. Allow us to first thank our

fellow Board members for their advice and contributions

throughout the year. We would also like to extend a special

“Thank You” from all the members of the Board to Tuan

Haji Abd Razak bin Haron for his contribution to Al-‘Aqar

from 12 January 2011 to 30 January 2013. We would also

like to extend our greatest appreciation to Cik Salmah binti

Ab Wahab as the Company Secretary since the inception

of Al-‘Aqar until 2012. The Board wishes both Tuan Haji

Abd Razak and Cik Salmah well in their undertakings and

welcome Encik Jamaludin bin Md Ali as the Director of

Damansara REIT Managers Sdn Berhad and Puan Hana

binti Abd Rahim @ Ali as the new secretary effective 1

February 2013.

On behalf of the Board of Directors, we would like to

express our gratitude and appreciation to our unitholders,

financiers, business associates, relevant authorities and

KPJ Healthcare Berhad for their continuous support. We

would also like to thank the members of the Board for the

invaluable contributions.

Our heartfelt appreciation to the Management team

and staff for their unwavering loyalty, commitment,professionalism and valuable dedication given to the Al-

‘Aqar Group throughout the year.

DATO’ KAMARUZZAMAN ABU KASSIM

Chairman

Damansara REIT Managers Sdn Berhad

CORPORATE STATEMENT

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PERUTUSAN KORPORAT

Bagi pihak Lembaga Pengarah,

kami dengan sukacitanya

membentangkan Laporan Tahunan

dan Penyata Kewangan Beraudit

Al-’Aqar Healthcare REIT (“Al-’

Aqar” atau “Tabung Amanah”) dan

anak-anak syarikatnya (“Al-’Aqar

Kumpulan” atau “Kumpulan”)

kali ke tujuh bagi tahun kewangan

berakhir 31 Disember 2012.

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AL-’AQAR HEALTHCARE REIT MENCATATKAN

PERTUMBUHAN BERTERUSAN

Al-’Aqar Healthcare REIT mencatatkan keputusan yang

membanggakan bagi tahun kewangan 2012, disokong oleh

asas-asas portfolio dan aset pengurusan yang proaktif bagi

Al-’ Aqar Healthcare REIT.

Dalam industri REIT, ketidaktentuan lebihan nilai hartanah

global yang dibangunkan pada tahun yang sebelumnya

memberi impak ke atas tanggapan pelabur pada unit REIT

yang digambarkan memberi tekanan pada harga setiap unit

dan REIT di Malaysia tidak terlepas dari tempiasnya. Walau

bagaimanapun, asas-asas pasaran hartanah Malaysia kekal

kukuh dan pasaran REIT dengan kadar penghunian yang

baik telah dapat mengekalkan aliran dividen yang stabil

yang terhasil dari sifat jangka panjang kontrak sewaannya.Ini menggambarkan ciri-ciri REIT sebagai risiko yang

menarik serta rendah, agak tinggi hasil dan cecair kelas aset

pelaburan.

Dalam tempoh enam tahun lepas, Pengurus telah

membina asas berteraskan aset yang dipertingkatkan bagi

pertumbuhan berterusan Tabung Amanah. Transformasi Al-

’Aqar telah didorong oleh lebih RM1 bilion pelaburan berkualiti

tinggi; kepelbagaian portfolio berdisiplin merangkumi seluruh

spektrum pelbagai penjagaan kesihatan dan pengurusan

serta pembangunan hartanah sediada dan keupayaan

perkhidmatan perancangan hartanah REIT yang sedia ada.

Sehubungan itu, Damansara REIT Managers Sdn Berhad

telah menjadi pengurus pelaburan hartanah bertaraf dunia

serta organisasi yang khusus untuk meneruskan misi

meningkatan pencapaian Healthcare REIT Al-’Aqar.

Semenjak itu, bilangan hartanah telah meningkat daripada

enam (6) aset kepada 25 (25) aset dengan tumpuan utama

diberikan kepada hartanah yang berkaitan dengan penjagaan

kesihatan seperti hospital, kolej kejururawatan, pusat

penjagaan warga emas dan kemudahan selepas persaraan.

Nilai hartanah telah meningkat kira-kira 3 kali ganda daripada

RM486 juta pada tahun 2006 kepada RM1.4 juta pada tahun

2012.

MELENGKAPKAN PENGAMBILALIHAN

Bagi tahun yang ditinjau, Tabung Amanah telah memperoleh

Bangunan Hospital Pakar Kluang Utama di Kluang, Johor

pada 6 Januari 2012 dan seterusnya, pemerolehan Bangunan

Hospital Pakar Bandar Baru Klang di Klang yang telah siap

pada 26 Jun 2012.

Pengambilalihan telah membawa kepada jumlah 493,141

meter persegi keluasan lantai kasar bangunan hospital dan

penjagaan primer serta ruangan khusus penjagaan klinik

yang menempatkan lebih daripada 3,237 katil dan unit

penjagaan.

Selain daripada memperoleh aset daripada KPJ Healthcare

Berhad, Tabung Amanah juga aktif mencari hartanah pihakketiga sama ada tempatan atau luar negara. Pengalaman

dalam urusan pengambilalihan rentas sempadan di

Indonesia dan Australia telah memberikan keyakinan kepada

pengurus dalam meneroka pengambilalihan perjanjian

rentas sempadan. Pengurus juga telah menerima beberapa

cadangan dari luar negara yang menawarkan aset penjagaan

kesihatan untuk proses pengambilalihan oleh Tabung

Amanah dan sewajarnya, penilaian aset akan dijalankan

untuk menentukan daya maju hartanah untuk dimasukkan

ke dalam portfolio Tabung Amanah.

SOROTAN PRESTASI KEWANGAN

Kumpulan Al-’Aqar mencatatkan perolehan sebanyakRM103.4 juta bagi tahun berakhir 31 Disember 2012,

peningkatan sebanyak 22% atau RM18.8 juta berbanding

RM84.6 juta bagi tahun berakhir 31 Disember 2011.

Pendapatan bersih direalisasikan oleh Tabung Amanah bagi

tahun kewangan ini berjumlah RM52.6 juta, 14% lebih tinggi

berbanding RM46.1 juta pada tahun lepas.

Prestasi yang bertambah baik adalah disumbang terutamanya

disebabkan oleh sewa yang diterima daripada Jeta Gardens,

Kemudahan Penjagaan Orang Tua dan Persaraan, Bangunan

Hospital Pakar Kluang Utama dan Bangunan Hospital Pakar

Bandar Baru Klang yang telah diperolehi oleh Al-’Aqar pada

bulan November 2011, Januari dan Jun 2012.

PERUTUSAN KORPORAT

HEALTHCAREREIT

AL- AQA R




Susulan daripada pengambilalihan Bangunan Hospital

Pakar Kluang Utama dan Bangunan Hospital Pakar Bandar

Baru Klang, jumlah unit Al-’Aqar telah berkembang dari

696,226,468 unit pada 26 Jun 2012.

Satu lagi peristiwa penting bagi tahun 2012, sejajar dengan

perkembangan dan prospek pertumbuhan pasaran penjagaan

kesihatan global, harga unit Al-’Aqar telah ditutup kukuh pada

harga RM1.51 seunit pada 21 Julai 2012, mencatatkan kira-

kira 50% daripada keuntungan modal dari tawaran harga

awam permulaan RM1.00 seunit pada tahun 2006. Oleh

itu, pemegang unit yang telah bersama-sama Al-’Aqar sejak

hari pertama IPO telah menikmati pendapatan dividen yang

stabil serta potensi keuntungan modal yang ketara.

Ini telah membawa kepada pembesaran jumlah modal pasaran

Al-’Aqar kepada lebih dari RM1 billion dan penganalisis dari

pelbagai firma broker saham percaya bahawa ia mewujudkan

keyakinan di kalangan pemegang unit dan kenaikan nilai yang

menarik dan memberangsangkan dalam laporan mereka.

PENGAGIHAN KEPADA PEMEGANG UNIT

Pada 23 Januari 2013, Lembaga Pengarah Damansara REIT

Managers Sdn Berhad mengumumkan pengagihan akhir

sebanyak 4.54 sen seunit bagi tahun kewangan berakhir

31 Disember 2012 penambahan sebanyak 3.26 sen seunit,

dividen interim yang diedarkan pada 1 Jun 2012, yang

membawa kepada jumlah 7.80 sen seunit yang mewakili

kira-kira 99.7% daripada pendapatan boleh agih Al-’Aqar bagi

tahun kewangan. Ini adalah satu testimoni kepada komitmen

mutlak pengurus dalam memenuhi jangkaan pemegang unit

Al-’Aqar yang paling bernilai dengan pengagihan mampan

dan stabil seunit (“DPU”) pada jumlah 7.80 sen seunit bagi

tahun 2012 peningkatan 1.43% dari 7.69 sen seunit bagi

tahun 2011.

PEMBIAYAAN ISLAM

Sebagai Healthcare REIT Islam yang pertama di dunia, Al-

’Aqar akan terus untuk memastikan bahawa struktur dan

pelaburan yang dibuat oleh Tabung Amanah dilaksanakan

mengikut prinsip Syariah.

Komitmen kami untuk Pembiayaan Islam juga menyokong

komitmen kerajaan untuk mempromosikan Malaysia sebagai

hab Kewangan Islam dunia yang kini menghadapi kekurangan

produk Islam di pasaran untuk memenuhi permintaan

pelabur tempatan dan global.

Program Sukuk Ijarah (Nota Jangka Sederhana Islam)

sebanyak RM268.5 juta, yang pertama kali dikeluarkan pada

tahun 2008 oleh syarikat tujuan khas Tabung Amanah, Al-

’Aqar Capital Sdn Bhd telah berjaya ditebus pada 6 Februari

2013. Pada 22 Februari 2013, Al-Aqar Capital Sdn Bhd

menebus Sukuk (Kertas Komersial Islam) sebanyak RM12

juta. Penebusan adalah melalui pinjaman jangka pendek

bersambung berjumlah RM280.5 juta yang diperolehdaripada institusi kewangan.

Al-’Aqar Capital Sdn Bhd sedang melaksanakan program

Sukuk baru sehingga RM1 bilion dan terbitan pertama

program dijadualkan akan dikeluarkan oleh suku kedua 2013.

Tujuan Program Sukuk baru ini, antara lain, adalah untuk

membiayai komitmen kewangan sedia ada, pengambilalihan

aset masa hadapan serta untuk modal kerja. Kelulusan

daripada Suruhanjaya Sekuriti untuk Program Sukuk baru

telah diperolehi pada 31 Januari 2013.

TINJAUAN POSITIF UNTUK AL-’AQAR REITHEALTHCARE

Walaupun kebimbangan atas keadaan ekonomi yang tidak

menentu, permintaan domestik ke atas harta subsektor

dijangka akan disokong oleh keadaan pasaran buruh dan harga

komoditi yang lebih tinggi. Tahap Pelancongan Kesihatan juga

dijangka kekal stabil, meningkatkan subsektor penjagaan

kesihatan dan pelancongan. Ke hadapan, prospek REIT bagi

pasaran hartanah global masih tidak menentu, didorong

terutamanya oleh kebimbangan terhadap ketersediaan

pembiayaan, REIT dengan kadar penghunian yang tinggi,

struktur pembiayaan jangka panjang dan pengurusan proaktif

dijangka kekal berdaya saing.

PERUTUSAN KORPORAT

HEALTHCAREREIT

AL- AQA R




Dalam penerokaan peluang pertumbuhan baru, Tabung

Amanah masih tertumpu kepada pelaburan tahap sederhana

serta peringkat tertinggi untuk penjagaan kesihatan dan

penjagaan kesihatan – lokasi yang terletak di pasaran yang

menggalakkan dengan demografi yang strategik.

Pengurus akan meneruskan untuk sasaran aset yang

menyediakan nilai aset yang menarik dan prospek

pertumbuhan pendapatan, terutamanya dalam aset hartanah

yang disewa oleh perniagaan terkemuka atas pajakan jangka

panjang.

Al-’Aqar Healthcare REIT juga akan mencari peluang untuk

meneroka peluang-peluang pertumbuhan modal melaluipengambilalihan dalam penjagaan kesihatan dan penjagaan

kesihatan berkaitan hartanah sub-sektor di Malaysia dan

antarabangsa.

Pengurus kekal komited kepada usaha untuk

mengilhamkannya strategi operasi inovatif untuk memastikan

bahawa hartanah terus beroperasi pada tahap yang optimum

dan untuk meningkatkan sewa, sekali gus meningkatkan

hasil dan pulangan Al-’Aqar Healthcare REIT. Pengurusan

kewangan berhemat serta risiko dan peningkatan aset

proaktif akan terus menjadi keutamaan.

PENGHARGAAN

Kita meraikan satu lagi tahun yang hebat dan menanti

untuk menghadapi cabaran dan merebut peluang pada

tahun 2013, kami ingin mengucapkan terima kasih kepada

YBhg Datin Paduka Siti Sa’diah Sheikh Bakir untuk selama

perkhidmatan beliau sebagai Pengarah Urusan KPJ

Healthcare Berhad (KPJ) kerana kini beliau akan berkhidmat

di KPJ Healthcare Berhad sebagai Penasihat. Al-’Aqar telah

dikonsepkan dan ditubuhkan sepanjang tempoh bersama

beliau dan beliau telah banyak menyumbang dengan

berperanan sebagai tunggak utama dalam menerajui

dan mengetuai kewujudan Al-’ Aqar dan membawa Al-

’Aqar menjadi REIT krisihatin Islam pertama di dunia.

Pasukan pengurusan telah mendapat manfaat melalui

pengetahuan dan pengalaman beliau, Terima kasih kerana

sokongan berterusan yang diberikan. Kami berdedikasi

untuk menghasilkan pulangan cemerlang kepada semuapihak berkepentingan di samping menyumbang kepada

peningkatan Al-’Aqar Healthcare REIT.

Kejayaan Al-’Aqar Healthcare REIT adalah melalui

sumbangan serta usaha banyak pihak. Izinkan kami

terlebih dahulu mengucapkan terima kasih kepada ahli-

ahli Lembaga Pengarah atas nasihat dan sumbangan

mereka sepanjang tahun. Kami juga ingin merakamkan

ucapan khas “Terima kasih” dari semua ahli-ahli Lembaga

Pengarah Tuan Haji Abd Razak bin Haron untuk sumbangan

kepada Al-’Aqar dari 12 Januari 2011 hingga 30 Januari

2013. Kami juga ingin merakamkan penghargaan kepada

Cik Salmah binti Ab Wahab sebagai Setiausaha Syarikatsejak penubuhannya sehingga 2012. Lembaga Pengarah

mendoakan kesejahteraan kedua-dua Tuan Haji Abd Razak

dan Cik Salmah dalam urusan mereka dan mengalu-alukan

Encik Jamaludin bin Md Ali sebagai Pengarah Damansara

REIT Managers Sdn Berhad dan Puan Hana binti Abd Rahim

@ Ali sebagai setiausaha baru berkuatkuasa 1 Februari 2013.

Bagi pihak Lembaga Pengarah, saya ingin merakamkan

ucapan terima kasih dan penghargaan kami kepada

pemegang unit, pembiaya, rakan perniagaan, pihak

berkuasa yang berkenaan serta KPJ Healthcare Berhad

atas sokongan berterusan mereka. Kami juga ingin

mengucapkan terima kasih kepada ahli-ahli Lembaga

Pengarah untuk sumbangan yang tidak ternilai.

Kami amat berterima kasih kepada pasukan Pengurusan

dan kakitangan atas dedikasi kesetiaan, komitmen,

profesionalisme dan sumbangan berharga mereka yang

tidak berbelah bahagi yang diberikan kepada Kumpulan Al-

’Aqar sepanjang tahun.

DATO’ KAMARUZZAMAN ABU KASSIM

Pengerusi

Damansara REIT Managers Sdn Berhad

PERUTUSAN KORPORAT

HEALTHCAREREIT

AL- AQA R




Al-‘Aqar Healthcare Real Estate Investment Trust (“Al-’Aqar

Healthcare REIT” , “Al-Àqar” or “the Fund”) was established

on 28 June 2006 pursuant to a Trust Deed (“Deed”) enteredinto between Damansara REIT Managers Sdn Berhad(“DRMSB” or “Manager”) and AmanahRaya Trustees

Berhad (“Trustee”). Al-’Aqar was listed on the Main Market

of Bursa Malaysia Securities Berhad (“Bursa Securities”) on10 August 2006.

The Board of Directors of DRMSB (“Board”) is firmlycommitted to ensuring that the Manager implements

and operates good corporate governance practices in itsmanagement of the Trust. In developing its system of

corporate governance, the Directors have been guided

by the measures set out in the Guidelines on Real EstateInvestment Trusts issued by the Securities Commission

(“REIT Guidelines”), the Listing Requirements of Bursa

Securities (“Listing Requirements”) and the Malaysian Codeon Corporate Governance (“Code”).

THE MANAGER OF AL-‘AQAR HEALTHCARE REIT

Al-’Aqar is managed and administered by DRMSB, who hasthe primary objectives of:

(a) providing the unitholders of Al-Àqar (“Unitholders”)with stable cash distributions with the potential for

sustainable growth, principally from the ownership ofproperties; and

(b) enhancing the Net Asset Value of Al-’Aqar Healthcare

REIT’s units (“Units”).

The objective is sought to be achieved by optimizing the

performance and enhancing the overall quality for a largeand geographically diversified portfolio of Syariah-compliant

real estate assets through various permissible investmentand business strategies.

The Manager is required to ensure that the business andoperations of Al-’Aqar are carried and conducted in a proper,

diligent and efficient manner, and in accordance with the

acceptable and efficacious business practices in the realestate investment trust industry in Malaysia. Subject to the

provisions of the Deed, the Manager has full and completepowers in managing the Fund and must manage the Fund

(including all assets and liabilities of Al-’Aqar) for the benefitsof its Unitholders.

The Board recognises that an effective corporate governanceframework is critical in order to achieve these objectives, to

fulfil its duties and obligations and to ensure that Al-’Aqarcontinues to perform strongly.

The general functions, duties and responsibilities of the

Manager include the following:

Investment Strategy – formulate and implement Al-‘Aqar’sinvestment strategy, including determining the location,

sub-sector, market risk, type and other characteristic of Al-Àqar’s property portfolio.

Acquisition and Divestment – make recommendationsto and co-ordinate with the Trustee and implement the

acquisition of new assets and divestment of Al-‘Aqar’s

existing investments.

Asset Management – supervise and oversee themanagement of Al-‘Aqar ’s properties including preparingproperty plans on an annual basis for review by the Directors

of the Manager which may contain proposals and forecastson net income, capital expenditure, sales and valuations,

explanation of major variances to previous forecasts, written

commentary on key issues and underlying assumptionson rental rates, occupancy costs and any other relevant

assumptions. The purpose of these plans is to explain theperformance of Al-‘Aqar ’s assets.

Financing – formulate plans for equity and debt financingfor Al-‘Aqar’s funding requirements.

Accounting Records – keep books and prepare or cause to

be prepared accounts and annual reports, including annualbudgets for Al-‘Aqar.

Supervisory Services – supervise day-to-day administrativeservice as Al-‘Aqar’s representative, including administrative

services relating to meetings of Unitholders when suchmeetings are convened.

Investor Relations – Co-ordinate, communicate and liaisewith Unitholders / Investors.

Compliance Management – supervise all regulatory filingson behalf of Al-‘Aqar, and ensure that Al-‘Aqar is in compliance

with the applicable provisions of the Securities Commission

Act, the SC REIT Guidelines, Listing Requirements, the Trust

Deed, and all relevant contracts.

STATEMENT ON CORPORATE GOVERNANCE

HEALTHCAREREIT

AL- AQA R




NOMINATION AND REMUNERATION

In line with Johor Corporation’s (“JCorp”) Group-widecorporate practice, the functions and responsibilities ofDRMSB’s Nomination and Remuneration Committees(“NRC”) are vested with JCorp Group NRC.

This approach in centralising NRC functions is not anuncommon practice among top global companies andleading multinational corporations. The prime considerationis the strategic advantage that the Centre provides byallowing wider access and greater reach to a much largerpool of talent, skills and expertise as well as to benchmarkremunerations on a group-wide basis. DRMSB is directlyand substantially represented in the JCorp NRC in whichtwo out of seven of the NRC’s current members are DRMSBDirectors including its Chairman. The JCorp NRC members

are as follows:1. Tuan Haji Kamaruzzaman Bin Abu Kassim -Chairman

2. Tuan Hj Zulkifli Bin Ibrahim

3. Tuan Haji Ahamad Bin Mohamad

4. Tuan Haji Amiruddin Bin Abd Sattar

5. Tuan Haji Lukman Bin Abu Bakar

6. En. Mohamed Izaham Bin Abdul Rani

7. En. Kamaruldzaman Bin Salleh

DRMSB is represented by:

1. Dato’ Kamaruzzaman Abu Kassim - Chairman

2. Tuan Hj Lukman Bin Abu Bakar

THE DIRECTORS OF DAMANSARA REITMANAGERS SDN BERHAD

The Manager is led and managed by experienced Boardof Directors (“Board”) with a wide and varied range ofexpertise. This broad spectrum of skills and experience givesadded strength to the leadership, thus ensuring the Manageris under the guidance of an accountable and competentBoard. The Board recognised the key role they played incharting the strategic direction, development and control ofthe Manager and has adopted the primary responsibilitiesas listed in the REIT Guidelines, all of which facilitate thedischarge of the Directors’ stewardship responsibilities. TheBoard currently has eight Directors comprising of four (4)

non-independent members, three (3) independent membersand one (1) managing director. This is in compliance withthe requirements for at least one-third of the Board to beindependent.

The Managing Director is responsible for the Manager’soperations and in ensuring that the strategies proposedby the Board are fully discussed and examined, and takinginto account of the long term interests of the Unitholders.Together, the Directors possess the wide range of business,commercial and financial experience essential for themanagement and direction of its operations.

BOARD MEETINGS

Board meetings are scheduled at least four times per annumto review the operations of Al-’Aqar and to approve the interimand annual financial statements of Al-’Aqar Healthcare REIT.

The Board met four times during the financial year ended 31December 2012. The number of meetings attended by each

Director is as follow:

Directors : Dato’ Kamaruzzaman bin Abu Kassim

Designation : Non-Independent Non-Executive Chairman

Attendance : 4/4

Directors : Yusaini bin Sidek

Designation : Non-Independent Executive Director /

Managing Director

Attendance : 4/4

Directors : Dr. Mohd Hafetz bin Ahmad

Designation : Independent Non-Executive Director

Attendance : 4/4

Directors : Zainah binti Mustafa


Attendance : 4/4

Directors : Dato’ Mani a/l Usillapan


Attendance : 4/4

Directors : Datin Paduka Siti Sa’diah binti Sheikh Bakir

Designation : Non-Independent Non-Executive Director

Attendance : 4/4

Directors : Lukman bin Abu Bakar


Attendance : 3/4

Directors : Abd Razak bin Haron (resigned on 1 February

2013)


Attendance : 3/4

EXECUTIVE & AUDIT COMMITTEE MEETING

Directors : Zainah binti Mustafa


Attendance : 4/4

Directors : Datin Paduka Siti Sa’diah binti Sheikh BakirDesignation : Non-Independent Non-Executive Director

Attendance : 4/4

Directors : Lukman bin Abu Bakar


Attendance : 3/4

The Directors Fully Access to and Supply of Informationand Advice

The Directors have full and unrestricted access to allinformation pertaining to the business and affairs of Al-’Aqar,

both as a full Board and in their individual capacity, to enablethem to discharge their duties. There are matters specificallyreserved for the Board’s decision to ensure that the directionand control of the Manager is firmly in its hands.


HEALTHCAREREIT

AL- AQA R




Prior to the Board meetings, all Directors receive the agenda

together with a full set of Board papers containing informationrelevant to the business of the meeting. This allows the

Directors to obtain further explanations/clarifications,where necessary, in order to be properly briefed before

the meetings. A record of the Board’s deliberations of theissues discussed and conclusions reached in discharging its

duties and responsibilities is captured in the minutes of each

meeting, prepared by the Company Secretary.

All Directors have full access to the advice and services of

the Company Secretary who ensures that Board proceduresare adhered to at all times during meetings and advises the

Board on matters including corporate governance issuesand the Directors’ responsibilities in complying with relevant

legislation and regulations.

Directors’ Training

The Directors are fully cognisant of the importance and valueof attending seminars, training programmes and conferencesin order to update themselves on developments and changes

in the REIT industry, as well as wider economic, financialand governance issues to enhance their skills, knowledge

and expertise in their respective fields. All Directors have

attended and completed the Mandatory AccreditationProgramme prescribed by Bursa Securities, and the Board

will continue to evaluate and determine the training needsof its Directors on an ongoing basis.

Throughout the financial year under review, the Directorsattended various conferences, programmes and speaking

engagements covering areas that included corporate

governance, leadership, updates on the REIT industry and

global business developments.

Convictions for Offences

None of the Directors has been convicted for offenceswithin the past 10 years.

ACCOUNTABILITY AND AUDIT

Financial Reporting and Audit

The Directors are responsible for ensuring that financial

statements of the Trust are drawn up in accordance withapplicable approved accounting standards in Malaysia, the

provisions of the Companies Act 1965, the REIT Guidelinesand the Deed. In presenting the financial statements,the Manager has used appropriate accounting policies,

consistently applied and supported by reasonable and

prudent judgements and estimates. The Directors alsostrive to ensure that financial reporting presents a fair and

understandable assessment of the position and prospectsof Al-’Aqar. Interim financial statements are reviewed and

approved by the Directors prior to the release to the relevant

regulatory authorities.

Internal Control

The Board is responsible for maintaining a system of internal

control that covers financial and operational controls andrisk management. The system provides reasonable but

not absolute assurance against material misstatement of

management and financial information or against financiallosses and fraud.

Relationship with the Auditors

The Board has established a formal and transparentarrangement for maintaining an appropriate relationship with

the auditors of Al-’Aqar. The Auditors report their findings tomembers of the Board as part of the audit process on the

statutory financial statements each financial year. From time

to time, the Auditors highlight matters that require attentionto the Board. The Auditors appointed must be independent

of the Manager and Trustee.

RELATED PARTY TRANSACTIONS AND CONFLICTOF INTEREST

Conflict of Interest

Save for the Directors’ interests in Al-‘Aqar (as disclosed

under Statement of Interest of Directors of the Manager)and the transactions with companies related to the Manager

(as disclosed in the notes to the financial statements), no

conflict of interest has arisen during the financial year underreview.

The Manager will establish procedures that will ensurethat related party transactions and conflicts of interest are

undertaken in full compliance with the SC REIT Guidelines,the Trust Deed and the Listing Requirements.

Material Contracts

There were no material contracts entered by Al-`Aqar

that involved the Directors of the Manager or substantialUnitholders of Al-`Aqar during the financial year under review.

Communication with Unitholders and Investors

The Board recognises the importance of timely disseminationof information to the Unitholders and accordingly ensures

that they are well informed of any major developments of

Al-’Aqar Healthcare REIT.

Such information is communicated through the annual

report, the Trust’s various disclosures and announcementsto Bursa Securities, including quarterly and annual results,

and the corporate website.This statement was approved by the Board on 22 February

2013.


HEALTHCAREREIT

AL- AQA R




Al-‘Aqar Healthcare Real Estate Investment Trust (“Al-‘AqarHealthcare REIT” atau “Dana Amanah”) ditubuhkan padatarikh 28 Jun 2006 sesuai dengan Surat Ikatan Amanah (“SuratIkatan”) yang ditandatangani antara Damansara REIT ManagersSdn Berhad (“DRMSB” atau “Pengurus”) dan AmanahRayaTrustee Berhad (“Pemegang Amanah”). Al-‘Aqar HealthcareREIT telah didaftarkan pada Papan Utama Bursa SecuritiesMalaysia Berhad (“Bursa Sekuriti”) sejak 10 Ogos 2006.

Lembaga Pengarah DRMSB (“Lembaga Pengarah”) adalahkomited sepenuhnya untuk memastikan Pihak Pengurusanmelaksanakan dan mengendalikan tadbir urus korporat yangbaik dalam pengurusan Amanah. Dalam merangka sistemtadbir urus korporat, Lembaga Pengarah telah dibimbing denganlangkah-langkah yang ditetapkan dalam Garis Panduan AmanahPelaburan Hartanah (Real Estate Investment Trust Guidelines)yang diterbitkan Suruhanjaya Sekuriti (“Garis Panduan REIT”),Tuntutan Penyenaraian Bursa Sekuriti (“Tuntutan Penyenaraian”)

dan Kod Tadbir Urus Negara Malaysia (“Kod”).

PENGURUSAN AL-‘AQAR HEALTHCARE REIT

Al-‘Aqar diurus dan ditadbir oleh DRMSB, yang mempunyaitujuan utama:

(a) menyediakan Pemegang unit Amanah (“Pemegang Unit”)dengan pengagihan wang yang kukuh dengan potensiuntuk pertumbuhan mampan, terutamanya daripadapemilikan hartanah; dan

(b) mempertingkatkan Nilai Aset Bersih unit Al-‘Aqar HealthcareREIT (“Unit”).

Matlamat ini akan tercapai dengan mengoptimakan prestasi danmempertingkatkan kualiti keseluruhan portfolio hartanah yangmeluas dan pelbagai kedudukan geografikal yang mematuhi

Syariah dan melalui pelbagai pelaburan yang dibenarkan danstrategi-strategi perniagaan.

Pihak Pengurusan dituntut untuk memastikan bahawaperniagaan dan pengendalian Al-‘Aqar Healthcare REITdilaksanakan dan dikelolakan secara beradab, teliti dan cekap,dan selaras dengan amalan-amalan perniagaan yang diterimapakai oleh industri Amanah Pelaburan Hartanah di Malaysia.Tertakluk kepada peruntukan-peruntukan yang ada dalam SuratIkatan, Pengurus mempunyai kuasa pengurusan yang mutlakdan mesti mengurus Al-‘Aqar Healthcare REIT (termasuksemua aset dan tanggungan Al-‘Aqar Healthcare REIT) demikepentingan Pemegang-pemegang unitnya.

Lembaga Pengarah mengenalpasti bahawa rangkakerja tadbirurus korporat yang berkesan amat penting kearah mencapai

matlamat ini, untuk memenuhi kewajipan dan tangungjawabdan untuk memastikan bahawa Al-‘Aqar Healthcare REIT teruskukuh dalam perlaksanaannya.

Fungsi umum, tugas dan tanggungjawab Pengurus adalahseperti berikut:

Strategi Pelaburan - Merumuskan dan melaksanakan strategipelaburan Al-‘Aqar Healthcare REIT, termasuk menentukanlokasi, sub-sektor, risiko pasaran, jenis dan ciri-ciri lain portfoliohartanah Al-‘Aqar Healthcare REIT.

Pengambilalihan dan Pemberhentian Pelaburan - Membuatcadangan kepada dan menyelaras bersama PemegangAmanah dan melaksana pengambilalihan aset-aset barudan pemberhentian pelaburan-pelaburan sedia ada Al-‘AqarHealthcare REIT.

Pengurusan Aset - Menyelia dan mengurus selia pengurusanhartanah Al-‘Aqar Healthcare REIT termasuk menyediakan

perancangan hartanah secara tahunan untuk kaji semulaoleh Lembaga Pengarah bagi pihak Pengurusan yang bolehmengandungi cadangan dan anggaran keatas pendapatanbersih, perbelanjaan modal, jualan dan penilaian-penilaian,penjelasan tentang perbezaan besar untuk anggaran terdahulu,ulasan bertulis pada isu-isu utama dan andaian-andaian dasarkadar sewa, kos-kos kepenghunian dan mana-mana andaian-andaian lain yang berkaitan. Tujuan perancangan ini adalah untukmemperjelaskan prestasi aset-aset Al-‘Aqar Healthcare REIT.

Pembiayaan - Merumus perancangan untuk ekuiti danpembiayaan hutang untuk keperluan-keperluan pembiayaan Al-‘Aqar Healthcare REIT.

Rekod Perakaunan - Menyimpan rekod kewangan danmenyediakan atau bersedia untuk menyediakan akaun-akaundan laporan tahunan, termasuk belanjawan tahunan untuk Al-‘Aqar Healthcare REIT.

Perkhidmatan Penyeliaan - Menyelia khidmat pentadbiranharian sebagai wakil Al-‘Aqar Healthcare REIT, termasuk khidmatpentadbiran berkaitan perihal mesyuarat apabila mesyuaratpemegang unit bersidang.

Perhubungan Pelabur - Menyelaras, berkomunikasi danberhubungan dengan Pemegang unit/Pelabur.

Pematuhan Pengurusan - Menyelia semua pemfailanregulatori bagi pihak Al-‘Aqar Healthcare REIT, dan memastikanAl-‘Aqar Healthcare REIT mematuhi segala peruntukan-peruntukan yang boleh digunakan seperti yang telah ditetapkan

oleh Akta Suruhanjaya Sekuriti, Garis Panduan REIT SC, TuntutanPenyenaraian Bursa, Surat Ikatan Amanah, dan semua kontrakyang berkaitan.

PENYATA TADBIR URUS KORPORAT

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JAWATANKUASA PENCALONAN DAN IMBUHAN

Selaras dengan amalan korporat Kumpulan Johor Corporation(“JCorp”), fungsi-fungsi dan tanggungjawab JawatankuasaPencalonan dan Imbuhan (“NRC”) DRMSB kini telah diambil aliholeh NRC Kumpulan JCorp.

Langkah memusatkan fungsi NRC di peringkat Kumpulanadalah satu amalan lazim bagi mana-mana syarikat global danmultinasional utama. Faktor utama adalah kelebihan strategik

yang dapat disumbangkan melalui akses yang lebih meluasdan pilihan yang lebih banyak untuk mengesan pekerja-pekerjaberbakat, berkemahiran dan mempunyai kepakaran disamping

sebagai menentukan tanda aras imbuhan di peringkat Kumpulansecara menyeluruh. DRMSB diwakili secara langsung danbilangan besar dalam NRC JCorp di mana dua daripada tujuh ahli

NRC adalah ahli-ahli Pengarah DRMSB termasuk Pengerusinya.Ahli-ahli NRC Jcorp adalah seperti berikut:

1. Tuan Haji Kamaruzzaman Bin Abu Kassim - Pengerusi

2. Tuan Hj Zulkifli Bin Ibrahim

3. Tuan Haji Ahamad Bin Mohamad

4. Tuan Haji Amiruddin Bin Abd Sattar

5. Tuan Haji Lukman Bin Abu Bakar

6. En. Mohamed Izaham Bin Abdul Rani

7. En. Kamaruldzaman Bin Salleh

DRMSB diwakili oleh:

1. Dato’ Kamaruzzaman Abu Kassim - Pengerusi

2. Tuan Hj Lukman Bin Abu Bakar

LEMBAGA PENGARAH DAMANSARA REITMANAGERS SDN BERHAD

Pihak Pengurusan diketuai dan diurus oleh ahli-ahli lembagapengarah berpengalaman (“Lembaga Pengarah”) dengankepakaran yang luas dan berbagai-bagai. Spektrum yang luasmelalui kemahiran-kemahiran dan pengalaman yang adamenambahkan kekuatan untuk kepimpinan, demikian menjaminPihak Pengurusan adalah di bawah bimbingan LembagaPengarah yang bertanggungjawab dan cekap. LembagaPengarah sedar peranan penting mereka dalam mencartaarah strategik, pembangunan dan kawalan Pengurusan dan

memikul tanggung jawab utama sebagaimana yang tersenaraididalam Garis Panduan REIT, kesemuanya telah memudahkanperlaksanaan tugas dan tanggungjawab Lembaga Pengarah.Lembaga Pengarah kini mempunyai tujuh orang anggota yangterdiri daripada empat (4) ahli bukan bebas, tiga (3) ahli bebas dansatu (1) pengarah urusan.

Pengarah Urusan bertanggungjawab dalam operasi PihakPengurusan dan untuk memastikan strategi- strategi yangdicadangkan oleh Lembaga Pengarah adalah sepenuhnyadibincangkan dan diperiksa, dan mengambil kira segalakepentingan jangka panjang Pemegang unit. Bersama, AhliLembaga Pengarah memiliki pengalaman luas dalam pelbagaibidang perniagaan, perdagangan dan kewangan yang pentingbagi pengurusan dan halatuju operasinya.

MESYUARAT LEMBAGA PENGARAH

Mesyuarat Lembaga Pengarah dijadualkan sekurang-kurangnyaempat kali setiap tahun untuk mengkaji semula operasi Al-‘Aqar Healthcare REIT dan untuk meluluskan penyata-penyatakewangan interim dan tahunan Al-‘Aqar Healthcare REIT. LembagaPengarah bermesyuarat sebanyak empat kali disepanjang tahunkewangan berakhir 31 Disember 2012. Bilangan mesyuarat yangdihadiri oleh Ahli Lembaga Pengarah adalah seperti berikut:

Pengarah : Dato’ Kamaruzzaman bin Abu Kassim

Jawatan : Pengerusi Bukan Bebas Bukan Eksekutif

Kehadiran : 4/4

Pengarah : Yusaini bin Sidek

Jawatan : Pengarah Eksekutif Bukan Bebas /

Pengarah Urusan

Kehadiran : 4/4

Pengarah : Dr. Mohd Hafetz bin Ahmad

Jawatan : Pengarah Bebas Bukan Eksekutif

Kehadiran : 4/4

Pengarah : Zainah binti Mustafa


Kehadiran : 4/4

Pengarah : Dato’ Mani a/l Usillapan


Kehadiran : 4/4

Pengarah : Datin Paduka Siti Sa’diah binti Sheikh Bakir

Jawatan : Pengarah Bukan Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Lukman bin Abu Bakar

Jawatan : Pengarah Bukan Bebas Bukan Eksekutif

Kehadiran : 3/4

Pengarah : Abd Razak bin Haron (meletak jawatan pada

1 Februari 2012)

Jawatan : Non-Independent Non-Executive Director

Kehadiran : 3/4

MESYUARAT JAWATANKUASA EKSEKUTIF & AUDIT

Pengarah : Zainah binti Mustafa


Kehadiran : 4/4

Pengarah : Datin Paduka Siti Sa’diah binti Sheikh Bakir


Kehadiran : 4/4

Pengarah : Lukman bin Abu Bakar


Kehadiran : 3/4

Akses Menyeluruh Ahli Lembaga Pengarah kepadaMaklumat dan Nasihat

Ahli Lembaga Pengarah mempunyai akses sepenuhnya dantanpa batas keatas semua maklumat yang berkaitan perniagaandan hal-ehwal Al-‘Aqar Healthcare REIT, selaku Ahli Lembaga


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Pengarah dan kuasa individu masing-masing, bagi membolehkanmereka menjalankan tugas. Terdapat perkara- perkara khususuntuk keputusan Lembaga Pengarah demi memastikan halatujudan kawalan Pengurusan adalah kemas dan terkawal.

Sebelum mesyuarat Lembaga Pengarah, semua Pengarahmenerima agenda mesyuarat berserta satu set lengkap kertaskerja Lembaga Pengarah yang mengandungi maklumat-maklumat berkaitan. Ini membolehkan Pengarah untukmendapatkan penghuraian/penerangan lanjut, jika perlu, agarmenerima taklimat yang betul sebelum mesyuarat.

Satu rekod semua pertimbangan Lembaga Pengarah tentangisu perbincangan dan kesimpulan yang diperolehi dalammelaksanakan tugas dan tanggungjawab dicatatkan dalam minitsetiap mesyuarat, yang disediakan oleh Setiausaha Syarikat.

Semua Pengarah mempunyai akses penuh perkhidmatan dannasihat Setiausaha Syarikat yang memastikan bahawa prosedurLembaga Pengarah dipatuhi sepanjang masa mesyuarat danmenasihat Lembaga Pengarah mengenai hal-hal termasuk isu-

isu tadbir urus korporat dan tanggungjawab Pengarah dalammematuhi undang-undang dan peraturan yang berkenaan.

Latihan Ahli Lembaga Pengarah

Ahli Lembaga Pengarah sedar sepenuhnya kepentingan dannilai menghadiri seminar, program latihan dan persidangandalam rangka mengemaskini diri tentang perkembangan danperubahan dalam industri REIT, serta perkembangan ekonomi,kewangan dan isu-isu tadbir urus yang lebih meluas bagimeningkatkan kemahiran, pengetahuan dan kepakaran dalambidang masing-masing. Semua Pengarah telah menghadiridan tamat Program Akreditasi Mandatori yang ditetapkan olehBursa Sekuriti, dan Lembaga Pengarah akan terus menilai danmenentukan keperluan latihan untuk Ahli Lembaga Pengarah

secara berterusan.Sepanjang tahun kewangan dalam ulasan, Ahli LembagaPengarah telah menghadiri pelbagai persidangan, program danceramah yang merangkumi topik-topik tadbir urus korporat,kepimpinan, maklumat baru industri REIT dan perkembanganperniagaan global.

Tuduhan Kesalahan

Tiada Ahli Lembaga Pengarah telah disabitkan dengan apa-apakesalahan dalam tempoh 10 tahun yang lepas.

KEBERTANGGUNGJAWABAN DAN AUDIT

Laporan Kewangan dan AuditKesemua Ahli Lembaga Pengarah bertanggungjawab untukmemastikan bahawa penyata kewangan Amanah disusun rapiselaras dengan piawaian perakaunan yang berkenaan yangdiluluskan di Malaysia, peruntukan-peruntukan dalam Akta

Syarikat 1965, Garis Panduan REIT dan Surat Ikatan. Dalammembentangkan penyata kewangan, Pihak Pengurusan telah

menggunakan dasar perakaunan yang tepat, yang diterapkansecara konsisten dan disokong dengan penilaian dan anggaranyang munasabah dan cermat. Pengarah juga berusaha untukmemastikan bahawa penyata kewangan menghasilkan penilaiankedudukan dan prospek Al-‘Aqar Healthcare REIT yang saksamadan mudah difahami. Penyata kewangan interim dipantau dandiluluskan oleh Lembaga Pengarah sebelum diserahkan kepadapihak berkuasa yang berkenaan.

Kawalan Dalaman

Lembaga Pengarah bertanggungjawab untuk memeliharasistem kawalan dalaman yang meliputi kawalan kewangandan pengendalian dan pengurusan risiko. Sistem memberikanmaklumat munasabah tanpa memberi jaminan muktamadterhadap tersilap bentang bahan maklumat pengurusan dankewangan atau terhadap kerugian kewangan dan penipuan.

Hubungan dengan Juruaudit

Lembaga Pengarah telah menerapkan panduan rasmi dan telusuntuk menjalin hubungan yang bersesuaian dengan juruauditAl-‘Aqar Healthcare REIT. Juruaudit melaporkan penemuanmereka kepada Ahli Lembaga Pengarah sebagai sebahagian dariproses audit keatas penyata kewangan berdasarkan undang-undang setiap tahun kewangan. Dari masa ke masa, juruauditmengemukakan hal-hal yang memerlukan perhatian LembagaPengarah. Juruaudit yang dilantik mestilah bebas dari Pengurusdan Pemegang Amanah.

URUSNIAGA-URUSNIAGA PIHAK BERKAITAN DANPERCANGGAHAN KEPENTINGAN

Percanggahan Kepentingan

Selain dari kepentingan Pengarah dalam Al-‘Aqar HealthcareREIT (seperti yang tertera dalam Penyata Kepentingan LembagaPengarah pihak Pengurus) dan urusniaga dengan syarikat-syarikatyang berkaitan dengan Pengurus (seperti yang tertera dalamnota penyata kewangan), tiada percanggahan kepentingan telahtimbul semasa tahun kewangan dalam ulasan.

Pengurus akan menetapkan prosedur yang akan memastikanbahawa urusniaga pihak berkaitan dan percanggahankepentingan diberi perhatian selaras dengan Garis Panduan REITSC, Surat Ikatan dan Tuntutan Penyenaraian Bursa.

Kontrak-kontrak yang Penting

Tiada sebarang kontrak yang penting yang dipersetujui pihakAmanah melibatkan Ahli Lembaga Pengarah pihak Pengurus atauPemegang unit Amanah pada tahun kewangan dalam ulasan.

Komunikasi dengan Pemegang Unit dan Pelabur Lembaga

Pengarah mengakui pentingnya penyebaran maklumat yangbertepatan waktu kepada para Pemegang unit dan memastikanmereka mendapat maklumat yang cukup bagi setiapperkembangan penting dalam Al-‘Aqar Healthcare REIT.

Maklumat tersebut dihebahkan melalui laporan tahunan, danpelbagai penyataan dan pengumuman Amanah kepada Bursa

Sekuriti, termasuk keputusan suku tahun dan tahunan dan lamanweb korporat.

Penyata ini telah diluluskan oleh Lembaga Pengarah pada 22Februari 2013.


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The Manager, incorporated in Malaysia, is a wholly-owned

subsidiary of Damansara Assets Sdn Bhd, a subsidiary of

Johor Corporation. The principal activity of the Manager is

management of real estate investment trusts. There has

been no significant change in the nature of the activity during

the period.

ESTABLISHMENT OF AL AQAR REIT

Al-‘Aqar Healthcare REIT is a Malaysian-based real estate and investment trust, established on 28 June 2006 pursuant to the

execution of a Trust Deed dated 27 June 2006 between the Manager (“DRMSB”), and the Trustee (“AmanahRaya Trustees

Berhad”). It was listed on the Main Board of Bursa Malaysia on 10 August 2006.

Al-‘Aqar Healthcare REIT was initially formed to own and invest in Syariah acceptable properties which comprise of KPJ Ampang

Puteri Specialist Hospital Building, KPJ Damansara Specialist Hospital Building, KPJ Johor Specialist Hospital Building, KPJ

Ipoh Specialist Hospital Building, Puteri Specialist Hospital Building and KPJ Selangor Specialist Hospital Building (collectively

the “Properties”).

The Second Acquisition in year 2008 includes KPJ Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building,

Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital and Kedah Medical Centre Building.

The Third Acquisition which was completed in 2010 consists of KPJ Seremban Specialist Hospital Building, Taiping Medical

Centre Building, Damai Specialist Hospital Building, Bukit Mertajam Specialist Hospital Building, Tawakal Existing Building and

KPJ Penang Specialist Hospital Building. In the same year, two additional properties were added , namely Selesa Tower and

KPJ International College.

In 2011, the Fund acquired two (2) hospital buildings in Indonesia namely Rumah Sakit Medika Permata Hijau and Rumah Sakit

Bumi Serpong Damai located in Jakarta. Another significant acquisition exercise for Al-‘Aqar in 2011 was the acquisition of Jeta

Gardens Aged Care Facility and Jeta Gardens Retirement Village from Jeta Gardens Waterford Trust via Al-‘Aqar Australia Pty

Ltd.

The unitholders of Al-‘Aqar in the Extraordinary General Meeting on 19 August 2011, had approved the change of name of the

fund from Al-‘Aqar KPJ REIT to Al-‘Aqar Healthcare REIT. This was to better reflect the current business strategy of Al-‘Aqar and

its Group of Companies.

MANAGER’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012

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HIGHLIGHTS

On 6 January 2012, the Fund had completed

the acquisition of Kluang Utama Specialist

Hospital Building in Kluang, Johor. Successively,

on 26 June 2012 the acquisition of Bandar

Baru Klang Specialist Hospital Building in

Klang was completed. Pursuant to the above

acquisitions, the total units of Al-‘Aqar has grown

to 696,226,468 units on the completion date of

acquisitions.

On 8 August 2012, Al-‘Aqar announced the

proposal to acquire two (2) pieces of land both

situated adjacent to Puteri Specialist hospital,

Johor Bahru from Puteri Specialist Hospital

(Johor) Sdn Bhd for a total purchase consideration

of RM 3,590,000 and to be fully satisfied in cash.

The acquisition is to facilitate the expansion of

Puteri Specialist hospital and ultimately will enhance the future earnings of Al-‘Aqar and the net asset value per unit.

For year under review, Al-’Aqar Group recorded revenue of RM103.4 million an increase of 22% or RM18.8 million compared

to RM84.6 million for year ended 31 December 2011. Net realised income of the Fund for the year stood at RM52.6 million this

year, a 14% higher compared to RM46.1 million last year.

On 23 January 2013, the Fund announced a final distribution of 4.54 sen per unit, in addition to the interim dividend distribution

of 3.26 per unit on 1 June 2012 which gave total dividend per unit of 7.80 sen for year 2012.

On 22 February 2013, the Fund’s special purpose vehicle, Al-’Aqar Capital Sdn Bhd has successfully redeemed the Sukuk Ijarah

Programme (Islamic Medium Term Notes (IMTN)/Islamic Commercial Papers)) of up to RM300 million, which was first issuedin 2008. The redemption was via a short term bridging loan of RM280.5 million which was procured from a financial institution.

Al-’Aqar Capital Sdn Bhd is now undertaking a new Sukuk programme of up to RM1 billion and the first issuance of the

programme is expected to take place by the second quarter of 2013. The purpose of the new Sukuk Programme is, amongst

others, to refinance the existing financial commitments, acquisitions of future assets as well as for the working capital. The

approval from the Securities Commission for the new Sukuk Programme was obtained on 31 January 2013.

FUND OBJECTIVE

The key objective of Al-‘Aqar Healthcare REIT is to provide Unitholders with stable distributions per unit with the potential for

sustainable long-term growth of such distributions and Net Asset Value (NAV) per unit.

The objective is sought to be achieved by optimizing the performance and enhancing the overall quality for a large andgeographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and

business strategies.

For the period ended 31 December 2012, the Al-‘Aqar Healthcare REIT has declared an income distribution of 7.80 sen per unit

which is in line with the objective of providing the unitholders with a steady stream of income.

CATEGORY OF FUND

Real estate and real estate-related assets.

TYPE OF FUND

Income and growth.

MANAGER’S REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012

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TERM OF THE FUND

The Fund has no fixed termination date. However, the Trust Deed does provide for a number of circumstances under which

the Fund may be terminated.

INVESTMENT POLICIES

i) Portfolio composition

Al-‘Aqar Healthcare REIT’s investments maybe allocated in the following manner, as prescribed by the Guidelines on Real

Estate Investment Trust (“Guidelines on REITs”) and the Guidelines for Islamic Real Estate Investment Trust (“Guidelines

on Islamic REITs”):-

a. at least 75% of Al-‘Aqar Healthcare REIT’s total assets shall be invested in Syariah compliance real estate, single-

purpose companies which are Syariah-compliant, Syariah compliant real estate-related assets or liquid assets;

b. at least 50% of Al-‘Aqar Healthcare REIT’s total assets must be invested in Syariah compliant real estate or single-

purpose companies which are Syariah compliant; and

c. the remaining 25% of Al-‘Aqar Healthcare REIT’s total assets may be invested in other Syariah compliant assets (i.e.

Syariah compliant real estate-related assets, Syariah compliant non-real estate-related assets or Islamic asset-backed

securities).

ii) Diversification

Al-‘Aqar Healthcare REIT will seek to diversify its Syariah-compliant real estate portfolio by property and location type.

Al-‘Aqar Healthcare REIT will primarily be focused on investing in real estates which are primarily used for healthcare

purposes and will continue to look for opportunities that will provide attractive returns.

iii) Leverage

Al-‘Aqar Healthcare REIT will be able to leverage on its financing to make the permitted investments. Leveraging on its

financing will enable the returns to unitholders to increase.

MANAGER’S REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012

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PENUBUHAN AL-’AQAR HEALTHCARE REIT

Al-’Aqar Healthcare REIT adalah tabung amanah pelaburan hartanah yang berpangkalan di Malaysia, yang ditubuhkan pada

28 Jun 2006 selaras dengan perlaksanaan Surat Ikatan Amanah bertarikh 27 Jun 2006 di antara Pengurus (“DRMSB”), dan

Pemegang Amanah (“AmanahRaya Trustees Berhad “). Ia telah disenaraikan di Papan Utama Bursa Malaysia pada 10 Ogos

2006.

Al-‘Aqar Healthcare REIT pada asalnya ditubuhkan untuk memiliki dan melabur dalam hartanah yang boleh diterima Syariah

yang terdiri daripada Bangunan Hospital Pakar KPJ Ampang Puteri, Bangunan Hospital Pakar KPJ Damansara, Bangunan

Hospital Pakar KPJ Johor, Bangunan Hospital Pakar KPJ Ipoh, Bangunan Hospital Pakar Puteri dan Bangunan Hospital Pakar

KPJ Selangor.

Pemilikan kedua pada tahun 2008 termasuk Bangunan Hospital Pakar KPJ Perdana, Bangunan Hospital Pakar KPJ Kuantan,

Bangunan Pusat Perubatan Sentosa, Bangunan Hospital Pakar KPJ Kajang dan Bangunan Pusat Perubatan Kedah.Pemilikan ketiga yang lengkap sepenuhnya pada tahun 2010 terdiri daripada Bangunan Hospital Pakar KPJ Seremban, Bangunan

Pusat Perubatan Taiping, Bangunan Hospital Pakar Damai, Bangunan Hospital Pakar Bukit Mertajam, Bangunan sedia ada

Hospital Tawakal dan Bangunan Hospital Pakar KPJ Penang. Dua hartanah lain diluar kategori hospital tetapi pelengkap industri

pelancongan kesihatan, iaitu Menara Selesa dan Kolej Antarabangsa KPJ.

Pada tahun 2011, Tabung Amanah telah mengambilalih dua (2) bangunan hospital di Indonesia iaitu Rumah Sakit Bumi Serpong

Damai dan Rumah Sakit Medika Permata Hijau yang kedua-duanya terletak di Jakarta. Antara pengambilalihan penting dalam

tahun 2011 adalah cadangan pengambilalihan Kemudahan Penjagaan Warga Emas Jeta Gardens dan Pusat Persaraan Jeta

Gardens dari Jeta Gardens Waterford Trust melalui syarikat bertujuan khusus iaitu Al-’Aqar Australia Pty Ltd.

Bersama agenda cadangan pengambilalihan Jeta Gardens, para pemegang unit Al-’Aqar juga dalam Mesyuarat Agong Luar

Biasa telah memberi kebenaran bagi menukar nama Al-’Aqar KPJ REIT kepada Al-’Aqar Healthcare REIT. Ini bagi menunjukkan

strategi perniagaan Al-’Aqar dan kumpulan dibawahnya.

Pengurus yang diperbadankan di Malaysia, adalah sebuah

anak syarikat milik penuh Damansara Assets Sdn Bhd,

anak syarikat Johor Corporation. Kegiatan utama Pengurus

ialah mengurus tabung amanah pelaburan hartanah. Tiada

sebarang perubahan ketara di dalam aktiviti utama sepanjang

tempoh tersebut.

LAPORAN PENGURUSBAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2012

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SOROTAN

Pada 6 Januari 2012, Tabung Amanah telahmemperoleh Bangunan Hospital Pakar Kluang

Utama di Kluang, Johor pada 6 Januari 2012.

Seterusnya pengambilalihan Bangunan Hospital

Pakar Bandar Baru Klang di Klang yang telah

siap sepenuhnya pada 26 Jun 2012. Daripada

pengambilalihan Bangunan Hospital Pakar Kluang

Utama dan Bangunan Hospital Pakar Bandar Baru,

jumlah unit Al-’Aqar telah berkembang sebanyak

696,226,468 unit pada tarikh penyempurnaan

pengambilalihan.

Pada 8 Ogos 2012, Al-’Aqar mengumumkan

cadangan untuk mengambilalih dua (2) keping

tanah yang kedua-duanya terletak bersebelahanbangunan Hospital Pakar Puteri, Johor Bahru dari

Puteri Specialist Hospital (Johor) Sdn Bhd untuk

pertimbangan pembelian sebanyak RM 3,590,000 dan akan dijelaskan sepenuhnya secara tunai. Pengambilalihan ini adalah

cadangan perkembangan bangunan Hospital Pakar Puteri dan hasil dari cadangan ini akan meningkatkan pendapatan masa

depan Al-’Aqar dan nilai aset bersih seunit.

Bagi tahun yang ditinjau, Kumpulan Al-’Aqar mencatatkan hasil sebanyak RM103.4 juta peningkatan sebanyak 22% atau

RM18.8 juta berbanding RM84.6 juta bagi tahun berakhir 31 Disember 2011. Pendapatan bersih direalisasikan bagi Tabung

Amanah berjumlah RM52.6 juta tahun ini, 14% lebih tinggi berbanding RM46.1 juta pada tahun lepas.

Pada 23 Januari 2013, Tabung Amanah mengumumkan pengagihan akhir 4.54 sen seunit, di samping pengagihan dividen

interim sebanyak 3.26 seunit pada 1 Jun 2012 yang memberikan jumlah dividen seunit 7.80 sen bagi tahun 2012.

Pada 22 Februari 2013, syarikat tujuan khas, Al-’Aqar Capital Sdn Bhd telah berjaya menebus Sukuk Ijarah Program (Islam Nota

Jangka Sederhana (IMTN) / Kertas Komersial Islam)) sehingga RM300 juta, yang merupakan yang pertama dikeluarkan pada

tahun 2008. Penebusan adalah melalui pinjaman jangka pendek bersambung berjumlah RM280.5 juta yang diperoleh daripada

institusi kewangan.

Al-’Aqar Capital Sdn Bhd kini melaksanakan program Sukuk baru sehingga RM1 bilion dan terbitan pertama program dijangka

mengambil tempat pada suku kedua 2013. Tujuan Program Sukuk baru, antara lain, untuk membiayai komitmen kewangan

sedia ada, pengambilalihan aset masa depan serta pusingan modal kerja. Kelulusan daripada Suruhanjaya Sekuriti untuk

Program Sukuk telah diperolehi pada 31 Januari 2013.

MATLAMAT DANA

Matlamat utama dana Al-‘Aqar Healthcare REIT adalah menyediakan pengagihan pendapatan seunit yang stabil dengan potensi

pertumbuhan jangka panjang boleh kekal bagi pengagihan pendapatan dan Nilai Aset Bersih (NAB) seunit kepada pemegang

unit.Adalah dihasratkan matlamat ini akan tercapai dengan memantapkan prestasi dan mempertingkatkan mutu keseluruhan

portfolio aset hartanahyang meluas dan pelbagai kedudukan geografikal yang mematuhi Syariah menerusi beberapa strategi

perniagaan dan pelaburan yang dibenarkan.

Bagi tempoh berakhir 31 Disember 2012, Al-‘Aqar Healthcare REIT telah mengisytiharkan pengagihan pendapatan sebanyak

7.80 sen seunit, sejajar dengan matlamatnya untuk memberi pendapatan yang stabil kepada pemegang unit.

GOLONGAN DANA

Hartanah dan aset-aset berkaitan hartanah.

JENIS DANA

Pendapatan dan pertumbuhan.

HEALTHCAREREIT

AL- AQA R




TEMPOH DANA

Tiada ditetapkan tarikh penamatan dana. Walaubagaimanapun, Surat Ikatan Amanah ada memperuntukkan keadaan-keadaan

dimana dana boleh ditamatkan.

POLISI-POLISI PELABURAN

i) Komposisi portfolio

Pelaburan Al-‘Aqar Healthcare REIT mungkin diperuntukkan dengan komposisi berikut, seperti yang dinyatakan di dalam

Garis Panduan bagi Amanah Pelaburan Hartanah (Garis Panduan REIT) dan Garis Panduan bagi Amanah Pelaburan Hartanah

Islam (Garis Panduan REIT Islam):-

a. sekurang-kurangnya 75% dari jumlah aset Al-‘Aqar Healthcare REIT perlu dilaburkan dalam hartanah yang mematuhi

Syariah, syarikat bertujuan khusus yang mematuhi Syariah, aset-aset berkaitan hartanah atau aset cair yang mematuhi

Syariah;

b. sekurang-kurangnya 50% dari jumlah aset Al-‘Aqar Healthcare REIT mesti dilaburkan dalam hartanah yang mematuhi

Syariah atau syarikat bertujuan khusus yang mematuhi Syariah; dan

c. baki 25% dari jumlah aset Al-‘Aqar Healthcare REIT boleh dilaburkan dalam lain-lain aset yang mematuhi Syariah

(contoh: aset-aset berkaitan hartanah yang mematuhi Syariah, aset-aset tiada berkaitan hartanah yang mematuhi

Syariah atau sekuriti sokongan aset Islam)

ii) Kepelbagaian

Al-‘Aqar Healthcare REIT akan mempelbagaikan portfolio hartanah yang mematuhi Syariah berdasarkan ciri-ciri harta dan

lokasi. Al-‘Aqar Healthcare REIT akan memberikan tumpuan utamanya pada pelaburan dalam hartanah dimana bidang

prisihatin merupakan kegunaan utama dan akan terus mencari peluang-peluang yang akan menghasilkan pulangan

menarik.

iii) Penuasan

Al-‘Aqar Healthcare REIT boleh menuaskan pembiayaannya untuk membuat pelaburan yang dibenarkan. Penuasan keatas

pembiayaan dapat meningkatkan pulangan kepada pemegang unit.


HEALTHCAREREIT

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KPJ AMPANG PUTERI SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ AMPANG PUTERI

No. 1, Jalan Mamanda 9,

Taman Dato’ Ahmad Razali,68000 Ampang, Selangor.

Lessee/Asset Operator

Ampang Puteri Specialist Hospital Sdn Bhd

Description

A purpose built private specialist hospital with a lower ground floor

comprising six (6) storey main building/wards with a lower ground floor

and a four (4) storey annexed block specialists centre together with open

car parks.

Registered Proprietor

Amanah Raya Berhad as trustee for Al-‘Aqar Healthcare REIT

Land Area233,254 sq.ft.

Gross Floor Area

423,675.72 sq.ft.

Title

P.T. No. 25119 held under Title No. H.S. (M) 26550, Mukim Empang, District

of Hulu Langat, State of Selangor

Encumbrances

The title is currently charged to AmTrustee Berhad vide Presentation No.

10619/2008 dated 10 September 2008.

1ST ACQUISITION

KPJ DAMANSARA SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ DAMANSARA

No 119, Jalan SS 20/10 Damansara Utama,

47400 Petaling Jaya, Selangor.Lessee/Asset Operator

Damansara Specialist Hospital Sdn Bhd

Description

A six (6) storey purpose built hospital building with a basement level

(inclusive of approximately one and a half (1½) levels of shell floors)

together with open car park.



Land Area

179,860 sq.ft.

Gross Floor Area

445,131 sq.ft.

Title

P.T. No. 1856 held under Title No. H.S. (D) 146423, Mukim Sungai Buloh,

District of Petaling, State of Selangor.

Encumbrances


86739/2008 dated 9 September 2008.

PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

HEALTHCAREREIT

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1ST ACQUISITION (con’t)

KPJ JOHOR SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ JOHOR

No. 39-B, Jalan Abdul Samad,

80100 Johor Bahru.Lessee/Asset Operator

Johor Specialist Hospital Sdn Bhd

Description

A six (6) level with mezzanine floor main hospital building, a four (4) level

physician consulting building together with two (2) level basement car

parks and open car parks.



Land Area

217,800 sq.ft.

Gross Floor Area

428,286 sq.ft.

Title

PTB No. 12319 held under Title No. H.S. (D) 420217, Town and District of

Johor Bahru, State of Johor

Encumbrances

The title is presently charged to AmTrustee Berhad vide Presentation No.

78281/2008 registered on 26 September 2008.

PUTERI SPECIALIST HOSPITAL BUILDINGBANGUNAN HOSPITAL PAKAR PUTERI

No. 33, Jalan Tun Abdul Razak (Susur 5),

80000 Johor Bahru, Johor.


Puteri Specialist Hospital (Johor) Sdn Bhd

Description

A six (6) storey purpose built private hospital building.



Land Area

71,946 sq.ft.

Gross Floor Area

111,491 sq.ft.

Title

Lot No. 46034 (formerly PTB 21513) held under Title No. PN 54954 (formerly

HSD 372199), Town and District of Johor Bahru, State of Johor.

Encumbrances


39770/2008 registered on 28 May 2008.

PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

HEALTHCAREREIT

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PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

KPJ SELANGOR SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ SELANGOR

Lot 1, Jalan Singa 20/1, Section 20,

40300 Shah Alam, Selangor.Lessee/Asset Operator

Selangor Specialist Hospital Sdn Bhd

Description

A six (6) storey private hospital building.



Land Area

204,342 sq.ft.

Gross Floor Area

212,612 sq.ft.Title

P.T. No. 2 Section 20 held under Title No. H.S. (D) 112884, Town of Shah

Alam, District of Petaling, State of Selangor.

Encumbrances


86707/2008 registered on 9 September 2008.

KPJ IPOH SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ IPOH

No. 26, Jalan Raja DiHilir,

30350 Ipoh, Perak.Lessee/Asset Operator

Ipoh Specialist Hospital Sdn Bhd

Description

A 200 medical centre annex with an extension (66 bed, five (5) storey

building.



Land Area

143,883 sq.ft.

Gross Floor Area

315,915 sq.ft.

Title

Lot Nos. 9826N, 10259 and 9306N held under Title Nos. PN 257171,6451

and 346406 respectively, Town of Ipoh (U) and Lot No. 34494 held under

Title No. PN 154468, Town of Ipoh (S), all in District of Kinta, State of Perak

Encumbrances

A private caveat on the land has been entered on all titles by AmTrustee

Berhad vide No. Pers 3655/2088 registered on 19 March 2008.

1ST ACQUISITION (con’t)

HEALTHCAREREIT

AL- AQA R




PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

2ND ACQUISITION

KPJ PERDANA SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ PERDANA

No. PT 37 and PT 600, Jalan Bayam,

Section 14, 15200 Kota Bharu, Kelantan.Lessee/Asset Operator

Perdana Specialist Hospital Sdn Bhd

Description

A five (5) storey purpose built private specialist hospital with a sub-

basement.



Land Area

87,801 sq.ft.

Gross Floor Area

147,607 sq. ft.

Title

Lot No. 657 Seksyen 14 held under Title No. PN 4133, Bandar and Jajahan

of Kota Bharu, State of Kelantan

Encumbrances


766/2009 registered on 19 February 2009.

KUANTAN SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KUANTAN

No. 51 Jalan Alor Akar, Taman Kuantan,

25250 Kuantan, Pahang.Lessee/Asset Operator

Kuantan Specialist Hospital Sdn Bhd

Description

A purpose built private specialist hospital [comprising three (3) storey Block

A and a five (5) storey annexe Block B] and an open car park.



Land Area

72,105 sq.ft.

Gross Floor Area

72,201.55 sq.ft.

Title

Title Nos. GM 3441, GM 3442, GM 3466, GM 2827, GM 2823, GM 3443,

GM 1575, GM 6875, Lot Nos. 5885, 5886, 5888, 5889, 5890, 5891, 10747

and 10748 respectively, Mukim of Kuala Kuantan, District of Kuantan in

Pahang Darul Makmur

Encumbrances


2013/2008 dated 14 March 2008.

HEALTHCAREREIT

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PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

SENTOSA MEDICAL CENTRE BUILDING

BANGUNAN PUSAT PERUBATAN SENTOSA

No. 36 Jalan Chemur Damai Complex,

50400 Kuala Lumpur.Lessee/Asset Operator

Sentosa Medical Centre Sdn Bhd

Description

A seven (7) storey purpose private specialist hospital.



Land Area

23,659 sq.ft.

Gross Floor Area

106,899.74 sq.ft.Title

Lot No. 671, Section 47 held under Title No. GRN 43923, Town of Kuala

Lumpur, District of Kuala Lumpur.

Encumbrances


24632/2008 dated 8 August 2008.

KPJ KAJANG SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ KAJANG

Jalan Cheras, 43000 Kajang,

Selangor Darul Ehsan.Lessee/Asset Operator

Kajang Specialist Hospital Sdn Bhd

Description

A seven (7) storey purpose built private specialist hospital.



Land Area

68,932 sq.ft.

Gross Floor Area

191,144 sq.ft.Title

Lot No. 42997, Section 9 held under Title No. GM 2494, Mukim of Kajang,

District of Hulu Langat, Selangor

Encumbrances


2470/2008 dated 13 March 2008.

2ND ACQUISITION (con’t)

HEALTHCAREREIT

AL- AQA R




PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

KEDAH MEDICAL CENTRE BUILDING

BANGUNAN PUSAT PERUBATAN KEDAH

Pumpong, 05250 Alor Setar,

Kedah Darul Aman.


Kedah Medical Centre Sdn Bhd.

Description

A ten (10) storey purpose built private specialist hospital (inclusive of one

(1) shell floor) with a three (3) storey annexe block.



Land Area

83,195 sq.ft.

Gross Floor Area

219,185 sq.ft.

Title

P.T. No. 35 held under Title No. H.S. (D) 21030, Bandar Alor Merah and

P.T. No. 1280 held under Title No. H.S. (M) 10923, Bandar Alor Setar, all in

District of Kota Setar, State of Kedah.

Encumbrances

PT 35 is currently charged to AmTrustee Berhad vide Presentation No.

15226/2011 dated 18 August 2011.

PT 1280 is currently charged to AmTrustee Berhad vide Presentation No.

1618/2008 dated 16 March 2008

DAMAI SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR DAMAI

Lorong Tepus 1, Off Jalan Damai,

88300 Kota Kinabalu, Sabah.Lessee/Asset Operator

Kota Kinabalu Specialist Hospital Sdn Bhd.

Description

A five (5) storey purpose built private specialist hospital building.



Land Area

33,988 sq.ft.

Gross Floor Area

39,966 sq.ft.Title

Town Lease 017548828 situated at District of Kota Kinabalu,State of

Sabah.

Encumbrances

The title is presently charged twice to AmIslamic Bank Berhad for RM

250,000,000.00 vide Register Memo No. 10510958, Memo Seq. in Title:

16 dated 27 May 2009; and for RM 110,000,000.00 (SUB to M.10510958)

vide Register Memo No. MC1106010148, Memo Seq. in Title: 17 dated 3

June 2011.

3RD ACQUISITION

HEALTHCAREREIT

AL- AQA R




PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

KPJ PENANG SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ PENANG

No. 570, Jalan Perda Utama, Bandar Perda,

14000 Bukit Mertajam, Pulau Pinang.Lessee/Asset Operator

Penang Specialist Hospital Sdn Bhd.

Description

A five (5) storey main hospital building.



Land Area

217,800 sq.ft.

Gross Floor Area

180,109.00 sq.ft.

Title

P.T. No. 799 held under Title No. H.S. (M) 375, Mukim 07, District of

Seberang Perai Tengah, State of Pulau Pinang

Encumbrances

The title is presently charged to AmIslamic Bank Berhad vide Presentation

No. 0701B20091236 registered on 25 May 2009.

TAWAKKAL HEALTH CENTRE BUILDING

BANGUNAN PUSAT KESIHATAN TAWAKKAL

No. 202A, Jalan Pahang,

53200 Kuala Lumpur.


Pusat Pakar Tawakal Sdn Bhd.

Description

Renovated four (4) storey shop office building.



Land Area

30,438 sq.ft.

Gross Floor Area

119,925 sq.ft.

Title

Lot Nos. 78 to 91,98 to 102 and 124 to 125 held under Title Nos. GRN 4412

to GRN 4425, GRN 4432 to GRN 4436 and PN 6271 to PN 6272 respectively,

all in Section 85A, Town and District of Kuala Lumpur, Wilayah Persekutuan

Kuala Lumpur.

Encumbrances

All titles were charged twice to AmIslamic Bank Berhad on year 2009 and

2011.

3RD ACQUISITION (con’t)

HEALTHCAREREIT

AL- AQA R





PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

KPJ TAWAKKAL SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ TAWAKKAL

Jalan Pahang Barat/ Jalan Sarikei,

53000 Kuala Lumpur.Lessee/Asset Operator

Pusat Pakar Tawakal Sdn Bhd.

Description

A seven (7) storey purpose built specialist hospital with a single storey

podium as the main lobby and a three (3) level elevated car park.



Land Area

89,168 sq.ft.

Gross Floor Area

344,999 sq.ft.

Title

Lot No. 552 Section 85A held under Title No. GRN 68175, Town and District

of Kuala Lumpur, Wilayah Persekutuan KL.

Encumbrances

The title is presently charged twice to AmIslamic Bank Berhad vide

Presentation No. 24716/2010 registered on 29 June 2010 and Presentation

No. 16372/2011 registered on 23 May 2011.

KPJ SEREMBAN SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ SEREMBAN

Lot 6219 & 6220, Jalan Toman 1,

Kemayan Square, 70200 Seremban,

Negeri Sembilan.


Seremban Specialist Hospital Sdn Bhd.

Description

A purpose-built private specialist hospital building known as “Seremban

Specialist Hospital”.



Land Area

181,081 sq.ft.

Gross Floor Area

166,668.11 sq.ft.

Title

Lot Nos. 17522,17523 and 24007 held under Titles Nos. GRN 51612,51630

and PN 25974 repectively, Pekan Bukit Kepayang, District of Seremban,

State of Negeri Sembilan.

Encumbrances

These titles are presently charged twice to AmIslamic Bank Berhad

vide Presentation No. 23810/2009 registered on 1 October 2009 and

Presentation No. 20920/2011 registered on 5 August 2011.

HEALTHCAREREIT

AL- AQA R




PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

KPJ UNIVERSITY COLLEGE BUILDING

BANGUNAN KOLEJ UNIVERSITI KPJ

PT 17010, Persiaran Seriemas,

Kota Seriemas, 71800 Nilai,

Negeri Sembilan.


Puteri Nursing College Sdn Bhd.

Description

A private nursing and health sciences college comprising an administrative

and academic blocks, a block of students’ hostel block and car parks.



Land Area

206,906 sq.ft.

Gross Floor Area

126,139 sq.ft.

Title

Lot No. 33002 and P.T. No. 7 held under Title Nos. GRN 211809 and H.S.

(D) 189780 respectively, Bandar Baru Kota Sri Mas, District of Seremban,

State of Negeri Sembilan.

Encumbrances

The subject titles are charged twice to AmIslamic Bank Berhad vide

Presentation Nos. 9930/2209 & 21836/2011 dated 30 April 2009 & 12

August 2011 repectively.

TAIPING MEDICAL CENTRE BUILDING

BANGUNAN PUSAT PERUBATAN TAIPING

No. 39, 41, 43, 45, 47 & 49,

Jalan Medan Taiping 2, Medan Taiping,

34000 Taiping, Perak.


Taiping Medical Centre Sdn Bhd

Description

A purpose-built private specialist hospital building comprising a four (4)

storey main hospital building.



Land Area

9,591 sq.ft.

Gross Floor Area

38,360 sq.ft.

Title

Lot Nos. 3102 to 3107 and P.T. No. 1106 held under Title Nos. PN 235465 to

PN 235468 PN, 235470, PN 235471 and H.S. (D) 2094/89 respectively all in

Bandar Taiping, District of Larut & Matang, State of Perak.

Encumbrances

All tiltles are presently charged twice to AmIslamic Bank Berhad vide

Presentation No. 17567/2009 registered on 28 April 2009 and Presentation

No. 4247/2009 registered on 24 March 2009.


HEALTHCAREREIT

AL- AQA R





PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

SELESA TOWER

MENARA SELESA

Hotel Selesa and Metropolis Tower (Selesa Tower),

Jalan Dato’ Abdullah Tahir/ Jalan Tebrau,

80300 Johor Bahru.


Hotel Selesa (JB) Sdn Bhd

Description

A four (4)-star rating hotel known as Hotel Selesa and office block known

as Metropolis Tower (Selesa Hotel) together with basement/elevated car

parks.



Land Area

55,507 sq.ft.

Gross Floor Area

760,911 sq.ft.

Title

PTB No. 19109 held under Title No. H.S. (D) 180798, Town and District of

Johor Bahru, State of Johor

Encumbrances

The title is presently charges twice to AMISLAMIC BANK BERHAD vide

Presentation No. 30269/2009 registered on 30 April 2009 and Presentation

No. 39300/2011 registered on 23 May 2011.

KPJ COLLEGE BUILDING

BANGUNAN KOLEJ KPJ

No. 565, Jalan Sungai Rambai,

14000 Bukit Mertajam, Pulau Pinang.


Puteri Nursing College Sdn Bhd

Description

A six (6) storey purpose built private specialist hospital building known as

“Bukit Mertajam Specialist Hospital” and two (2) parcels of development

land.



Land Area

134,075 sq.ft.

Gross Floor Area

42,501 sq.ft.

Title

Lot Nos. 54,55,1417 and 1529 held under Title Nos. GRN 19017, 41544,

38350 and H.S. (D) 47983 repectively, all in Seksyen 5, Bandar Bukit

Mertajam, District of Seberang Perai Tengah, State of Pulau Pinang.

Encumbrances

These titles are presently charged to AmIslamic bank Berhad vide

Presentation No. 0799SC2009015548 dated 15 May 2009 and 23810/2009

registered on 1 October 2009 and Presentation no. 0799SC2009032171

registered on 1 September 2009.

HEALTHCAREREIT

AL- AQA R




PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

KLUANG UTAMA SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KLUANG UTAMA

No. 1, Susur 1, Jalan Besar,

86000 Kluang, Johor.


Pusat Pakar Kluang Utama Sdn Bhd.

Description

The building is improved with 6 units of 3-storey renovated shophouses

which have been amalgamated, remodelled and converted into a medical

specialist hospital.


AmanahRaya Trustees Berhad as trustee for Al-‘Aqar Healthcare REIT

Land Area

10,607 sq.ft.Gross Floor Area

31,820 sq.ft.

Title

PTB No. 9468 – PTB No. 9473 held under Title Nos. H.S. (D) 44911 – H.S.

(D) 44916, all in Town and District of Kluang, State of Johor.

Encumbrances

All titles are presently charged to AmIslamic Bank Berhad vide Presentation

No. 81682/2011 registered on 3 October 2011.

4TH ACQUISITION

RUMAH SAKIT MEDIKA BUMI SERPONG DAMAI BUILDING

BANGUNAN RUMAH SAKIT MEDIKA BUMI SERPONG DAMAI

Rumah Sakit Medika Bumi Serpong Damai,

Jalan Letkol III – IA/ 07, Serpong District,

Tangerang, Banten Province.


PT. Al-Aqar Bumi Serpong Damai

Description

A parcel of commercial land erected with a six(6) storey purpose built

private hospital building with a basement level.

Land Area

129,167 sq.ft.

Gross Floor Area

238,004 sq.ft.Title

Hak Guna Bangunan (Right to Build) No.881, Desa Lengkong Wetan,

Kecamatan Serpong, Kabupaten Tangerang, Propinsi Banten(previously

Propinsi Jawa Barat)

EncumbrancesCharged to AmIslamic Bank Berhad

HEALTHCAREREIT

AL- AQA R




4TH ACQUISITION (con’t)

PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

RUMAH SAKIT MEDIKA PERMATA HIJAU BUILDING

BANGUNAN RUMAH SAKIT MEDIKA PERMATA HIJAURumah Sakit Medika Permata Hijau,

Jalan Raya Kebayoran LamaNo. 64, Sukabumi Selatan, Kebon Jeruk,

Jakarta Barat, Indonesia.

Lessee/Asset Operato

PT Khidmat Perawatan Jasa Medika

Description

A five (5) storey purpose built private hospital building.

Land Area

45,219 sq.ft.

Gross Floor Area

54,097 sq.ft.

Title

Hak Guna Bangunan (Right to Build) No 01036/Sukabumi Selatan as

described in Surat Ukur (Measuring Letter) No. 00022/2005 dated 17 June

2005, located at Kelurahan Sukabumi Selatan, Kecamatan Kebon Jeruk,

Kotamadya Jakarta Barat, Propinsi Daerah Khusus Ibukota Jakarta, known

as Jalan Kebayoran Lama RT 006/08 No. 64 which right will be expired on 6

February 2026.

EncumbrancesCharged to AmIslamic Bank Berhad

KPJ KLANG SPECIALIST HOSPITAL BUILDING

BANGUNAN HOSPITAL PAKAR KPJ KLANGNo. 102, Persiaran Rajawati / KU 1,

Bandar Baru Klang, 41150 Selangor.


Bandar Baru Klang Specialist Hospital Sdn Bhd.

Description

A commercial land erected with a six(6) storey purpose built hospital

building with two(2) basement level.


AmanahRaya Trustees Berhad as trustee for Al-‘Aqar Healthcare REIT

Land Area

117,392 sq.ft.

Gross Floor Area381,346 sq.ft.

Title

Lot No. 31870 held under Title No. PM 648, Mukim of Kapar, District of

Klang, State of Selangor.

Encumbrances

These titles are presently charged to AmIslamic Bank Berhad vide

Presentation No. 6129/2012 registered on 20 June 2012.

HEALTHCAREREIT

AL- AQA R




5TH ACQUISITION

PROPERTY PORTFOLIO

PORTFOLIO HARTANAH

JE TA G AR DE NS AG ED CA RE & RETIREMENT VILLAGE

JETA GARDENSJeta Gardens, Aged Care and Retirement Village,27 Clarendon Avenue,Bethania and 86 Albelt Street,Waterford, QLD, 4205 Australia


Jeta Gardens (QLD) Pty LtdDescriptionA three (3) contiguous parcels of commercial land erected with aged care facility, 23 villas, 32 apartments.

Land Area1,287,111 sq.ft.

Gross Floor Area60,6000 sq.ft.

Tenancy/Lease expiry & renewalExpiry on 1 November 2014 and renewal on 2 November 2014.

TitleLots 2, 3 and 4 held under Title References 50855908, 50855909 and 50855910 respectively, all within Parish of Moffatt, Country of Ward, Local Government ofLogan.

Encumbrances

Charged to AmIslamic Bank Berhad

HEALTHCAREREIT

AL- AQA R




Managers’ Report

Statement by the Managers

Statutory Declaration

Trustee’s Report

Syariah Committee Report

Independent Auditors’ Report

Statements of Comprehensive Income

Statements of Financial Position

Statement of Changes in Net Asset Value

Statements of Cash Flows

Notes to the Financial Statements

FINANCIALSTATEMENTS

74

77

78

79

80

81

83

85

87

89

90



MANAGERS’ REPORTFOR THE YEAR ENDED 31 DECEMBER 2012

The Directors of Damansara REIT Managers Sdn Berhad (the "Manager"), the Manager of Al-‘Aqar Healthcare REIT (the "Fund")

are pleased to present their report to the unitholders of the Fund together with the audited financial statements of the Fundand of the Group for the financial year ended 31 December 2012.

THE FUND AND ITS INVESTMENT OBJECTIVE

The Fund is a Malaysian-based real estate and investment trust, established on 28 June 2006 pursuant to the execution of a

Trust Deed dated 27 June 2006 between the Manager, and AmanahRaya Trustees Bhd (the "Trustee"). It was listed on the Main

Board of Bursa Malaysia Securities Berhad on 10 August 2006.

Our key objective of the Fund is to provide unitholders with stable distributions per unit and the potential for sustainable long-

term growth of such distributions and net asset value per unit.

The objective is sought to be achieved by optimizing the performance and enhancing the overall quality for a large and

geographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and

business strategies.

For the year ended 31 December 2012, the Fund has declared an income distribution of 7.80 sen per unit, which is in line with

the objective of providing the unitholders with a steady stream of income.

THE MANAGER AND ITS PRINCIPAL ACTIVITY

The Manager, incorporated in Malaysia, is a wholly-owned subsidiary of Damansara Assets Sdn Bhd, a subsidiary of Johor

Corporation. The principal activity of the Manager is management of real estate investment trusts. There has been no significant

change in the nature of the activity during the year.

MANAGER'S INVESTMENT STRATEGIES AND POLICIES

To achieve the Fund's primary objective, the Manager has real estate and real estate-related assets with income and growthtype of fund.

(i) Portfolio composition

The Fund's investments may be allocated in the following manner, as prescribed by the Guidelines on Real Estate

Investment Trust (“Guidelines on REITs”) and the Guidelines for Islamic Real Estate Investment Trust (“Guidelines on

Islamic REITs”):

(a) at least 75% of the Fund’s total assets shall be invested in Syariah compliance real estate, single-purpose

companies which are Syariah-compliant, Syariah compliant real estate-related assets or liquid assets;

(b) at least 50% of the Fund’s total assets must be invested in Syariah compliant real estate or single-purpose

companies which are Syariah compliant; and

(c) the remaining 25% of the Fund’s total assets may be invested in other Syariah compliant assets (such as Syariah

compliant real estate-related assets, Syariah compliant non-real estate-related assets or Islamic asset-backed

securities).

(ii) Diversification

The Fund will seek to diversify its Syariah-compliant real estate portfolio by property and location type. The Fund will

primarily be focused on investing in real estates which are primarily used for healthcare purposes and will continue to

look for opportunities that will provide attractive returns.

(iii) Leverage

The Fund will be able to leverage on its financing to make the permitted investments. Leveraging on its financing willenable the returns to unitholders to increase.

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AL- AQAR HEALTHCARE REIT ANNUAL REPORT | LAPORAN TAHUNAN 2012



MANAGERS’ REPORTFOR THE YEAR ENDED 31 DECEMBER 2012 (CONT’D)

DIRECTORS OF THE MANAGER

The Directors who served on the Board of Damansara REIT Managers Sdn Berhad (the "Manager"), since the date of the last

report and at the date of this report are:

Dato' Kamaruzzaman bin Abu Kassim

Yusaini bin Sidek

Dr Mohd Hafetz bin Ahmad

Zainah binti Mustafa

Dato' Mani a/l Usilappan

Datin Paduka Siti Sa'diah Sheikh Bakir

Lukman bin Abu Bakar

Jamaludin bin Md Ali (appointed on 1 February 2013)

Abd Razak bin Haron (resigned on 1 February 2013)

DIRECTORS' BENEFITS

Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the

Manager of the Fund is a party, with the object or objects of enabling the Directors of the Manager to acquire benefits by

means of the acquisition of units in or debentures of the Fund or any other body corporate.

Since the end of the previous financial year, no Director of the Manager has received or become entitled to receive any benefit

(other than benefits which accrue from the fee paid to the Manager or from transactions made with companies related to the

Manager) by reason of a contract made by the Manager or the Fund or a related corporation with any Director or with a firm

of which he is a member, or with a company in which he has a substantial financial interest.

DIRECTORS' INTERESTS

According to the register of Directors’ unitholdings of the Fund, the interests of Directors of the Manager in office at the end

of the year ended 31 December 2012 are as follows:

NUMBER OF UNITS IN THE FUND

AT 1.1.2012 ACQUIRED SOLD AT 31.12.2012

The Manager’s Directors and shareholders:

Dato’ Kamaruzzaman bin Abu Kassim

- Direct 10,000 - - 10,000

Dr Mohd Hafetz bin Ahmad

- Direct 2,400 - - 2,400

- Indirect 230 - - 230

Datin Paduka Siti Sa’diah Sheikh Bakir- Direct 99,035 - - 99,035

- Indirect 2,500 - - 2,500

AL- AQAR HEALTHCARE REIT75

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MANAGER'S REMUNERATION

Pursuant to the Trust Deed dated 27 June 2006 (the "Deed") and the Supplemental Trust Deeds dated 14 May 2009 and 27

January 2011, the Manager is entitled to receive from the Fund:

(a) A base fee of up to 0.15% per annum of the net asset value of the Fund, payable monthly in arrears;

(b) A fee of 0.1% per annum of the gross assets value of the Fund that is below RM1,000,000,000 and 0.125% of the

gross assets value of the Fund that exceeds RM1,000,000,000 calculated based on monthly accrual basis and payable

monthly in arrears; and

(c) An acquisition fee of 1% of the acquisition price of any investment property purchased directly or indirectly by the Fund

which is payable after the completion of the acquisition.

SOFT COMMISSION

During the year, the Manager did not receive any soft commission from its broker, by virtue of transactions conducted by the

Fund.

RESERVES AND PROVISIONS

There were no material transfers to and from reserves or provisions during the financial year ended 31 December 2012 other

than as disclosed in the statements of changes in net asset value.

SIGNIFICANT AND SUBSEQUENT EVENTS

Significant and subsequent events are disclosed in Notes 20 and 21 to the financial statements respectively.

Signed on behalf of the Board in accordance with a resolution of the Directors of the Manager.

Dato' Kamaruzzaman bin Abu Kassim Yusaini bin Sidek

Kuala Lumpur, Malaysia

22 February 2013

MANAGERS’ REPORTFOR THE YEAR ENDED 31 DECEMBER 2012 (CONT’D)

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STATEMENT BY THE MANAGERSTO THE UNITHOLDERS OF AL-’AQAR HEALTHCARE REIT

We, Dato’ Kamaruzzaman bin Abu Kassim and Yusaini bin Sidek, being two of the Directors of Damansara REIT Managers Sdn

Berhad (the “Manager”), do hereby state that, in the opinion of the Manager, the financial statements of Al-’Aqar HealthcareREIT (the “Fund”) and its subsidiaries (the “Group”) as set out on pages 83 to 119 are drawn up in accordance with applicable

provisions of the Trust Deed dated 27 June 2006 and the Supplemental Trust Deeds dated 14 May 2009 and 27 January 2011,

Malaysian Financial Reporting Standards modified by the Securities Commission’s Guidelines on Real Estate Investment Trusts

and Islamic Real Estate Investment Trusts and applicable securities laws in Malaysia so as to give a true and fair view of the

financial position of Al-’Aqar Healthcare REIT as at 31 December 2012 and of the results and the cash flows for the year then

ended. The financial statements also comply with the International Financial Reporting Standards as issued by the International

Accounting Standards Board.

The supplementary information set out in Note 26 on page 120, which is not part of the financial statements, is prepared in

all material respect, in accordance with Guidance on Special Matter No. 1 “Determination of Realised and Unrealised Profits

or Losses in the Context Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements”, as issued by the

Malaysian Institute of Accountants and the directive of Bursa Malaysia Securities Berhad.

Signed on behalf of the Board in accordance with a resolution of the Directors of the Manager.

Dato' Kamaruzzaman bin Abu Kassim Yusaini bin Sidek


22 February 2013


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STATUTORY DECLARATION

I, Yusaini bin Sidek, being the Managing Director of Damansara REIT Managers Sdn Berhad (the "Manager") primarily responsible

for the financial management of Al-'Aqar Healthcare REIT (the "Fund"), do solemnly and sincerely declare that the financialstatements set out on pages 83 to 119 are, to the best of my knowledge and belief, correct, and I make this solemn declaration

conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by the abovenamed in Kuala Lumpur on 22 February 2013.

Before me,

Jasni bin Yusoff Yusaini bin Sidek

Commissioner for Oaths

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TRUSTEE’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012

TO THE UNITHOLDERS OF AL-’AQAR HEALTHCARE REIT

We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of AL-’AQAR HEALTHCARE REIT for the financial year

ended 31 December 2012. In our opinion, DAMANSARA REIT MANAGERS SDN BERHAD, the Manager, has managedAL-’AQAR HEALTHCARE REIT in accordance with the limitations imposed on the investment powers of the management

company and the Trustee under the Deed, other provisions of the Deed, the applicable Guidelines on Real Estate Investment

Trusts, the Capital Markets and Services Act 2007 and other applicable laws during the financial year then ended.

We are of the opinion that;

(a) The procedures and processes employed by the Manager to value and/or price the units of AL-’AQAR HEALTHCARE

REIT are adequate and that such valuation/pricing is carried out in accordance with the Deed and other regulatory

requirements;

(b) Creation of units are carried out in accordance with the Deed and other regulatory requirements; and

(c) The distribution of returns made by AL-’AQAR HEALTHCARE REIT as declared by the Manager is in accordance with the

investment objective of AL-’AQAR HEALTHCARE REIT.

Yours faithfully

AMANAHRAYA TRUSTEES BERHAD

HABSAH BINTI BAKAR

Chief Executive Officer


21 February 2013


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SYARIAH COMMITTEE REPORTTO THE UNITHOLDERS OF AL-’AQAR HEALTHCARE REIT

We have acted as the Syariah Adviser of Al-'Aqar Healthcare REIT (the "Fund"). Our responsibility is to ensure that the

procedures and processes employed by Damansara REIT Managers Sdn Berhad (the “Manager”) and that the provisions ofthe Trust Deed are in accordance with Syariah principles.

In our opinion, the Manager has managed and administered the Fund in accordance with Syariah principles and complied with

applicable guidelines, rulings and decisions issued by the Securities Commission pertaining to Syariah matters for the year

ended 31 December 2012.

In addition, we also confirm that the investment portfolio of the Fund is Syariah-compliant, which comprises:

(a) Rental income from investment properties which complied with the Guidelines for Islamic Real Estate Investment Trust;

(b) Equity securities listed on Bursa Malaysia Securities Bhd which have been classified as Syariah-compliant by Syariah

Advisory Council of the Securities Commission; and

(c) Cash placement and liquid assets, which are placed in Syariah-compliant investments and/or instruments.

For the Member of Syariah Committee

Dato' Haji Nooh bin Gadot

Chairman - Syariah Committee

22 February 2013

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INDEPENDENT AUDITORS’ REPORTTO THE UNITHOLDERS OF AL-’AQAR HEALTHCARE REIT

(INCORPORATED IN MALAYSIA)

REPORT ON THE FINANCIAL STATEMENTS

We have audited the financial statements of Al-’Aqar Healthcare REIT (the “Fund”), which comprise the statements of financial

position as at 31 December 2012 of the Group and of the Fund, and the statements of comprehensive income, statements of

changes in net asset value and statements of cash flows of the Group and of the Fund for the year then ended, and a summary

of significant accounting policies and other explanatory notes, as set out on pages 83 to 119.

Manager’s and Trustee’s responsibility for the financial statements

The Manager of the Fund is responsible for the preparation of financial statements that give a true and fair view in accordance

with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the Securities Commission’s

Guidelines on Real Estate Investment Trusts in Malaysia, and for such internal controls as the Directors determine are necessary

to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Trustee is responsible for ensuring that the Manager maintains proper accounting and other records as are necessary to

enable fair presentation of these financial statements.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in

accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements

and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on our judgement, including the assessment of risks of material misstatement

of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control

relevant to the Fund’s preparation and fair presentation of the financial statements in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s

internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonablenessof accounting estimates made by the Managers, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of the Group and of the Fund as at

31 December 2012 and of their financial performance and cash flows for the year then ended in accordance with Malaysian

Financial Reporting Standards, International Financial Reporting Standards and the Securities Commission’s Guidelines on

Real Estate Investment Trusts in Malaysia.


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OTHER REPORTING RESPONSIBILITIES

The supplementary information set out in Note 26 on page 120 is disclosed to meet the requirement of Bursa Malaysia

Securities Berhad and is not part of the financial statements. The directors are responsible for the preparation of the

supplementary information in accordance with Guidance on Special Matter No. 1, Determination of Realised and Unrealised

Profits or Losses in the Context of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, as issued

by the Malaysian Institute of Accountants (“MIA Guidance”) and the directive of Bursa Malaysia Securities Berhad. In our

opinion, the supplementary information is prepared, in all material respects, in accordance with the MIA Guidance and the

directive of Bursa Malaysia Securities Berhad.

OTHER MATTERS

1. As stated in Note 2.2 to the financial statements, Al-’Aqar Healthcare REIT (the “Fund”), adopted Malaysian Financial

Reporting Standards on 1 January 2012 with a transition date of 1 January 2011. These standards were applied

retrospectively by the directors to the comparative information in these financial statements, including the statements of

financial position as at 31 December 2011 and 1 January 2011, and the statement of comprehensive income, statement

of changes in equity and statement of cash flows for the year ended 31 December 2011 and related disclosures. We

were not engaged to report on the comparative information and it is unaudited. Our responsibilities as part of our

audit of the financial statements of the Group and of the Fund for the year ended 31 December 2012 have, in these

circumstances, included obtaining sufficient appropriate audit evidence that the opening balances as at 1 January

2012 do not contain misstatements that materially affect the financial position as of 31 December 2012 and financial

performance and cash flows for the year then ended.

2. This report is made solely to the unitholders of the Fund, as a body, in accordance with the Securities Commission’s

Guidelines on Real Estate Investment Trusts in Malaysia and for no other purpose. We do not assume responsibility to

any other person for the content of this report.

Ernst & Young Abraham Verghese A/L T.V. Abraham

AF: 0039 No. 1664/10/14(J)

Chartered Accountants Chartered Accountant


22 February 2013

INDEPENDENT AUDITORS’ REPORTTO THE UNITHOLDERS OF AL-’AQAR HEALTHCARE REIT

(INCORPORATED IN MALAYSIA) (CONT’D)

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STATEMENTS OF COMPREHENSIVE INCOMEFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012

NOTE THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Revenue 4 103,397,729 84,466,282 84,603,151 79,589,319

Property expenses 5 (5,681,644) (5,364,381) (5,442,900) (5,283,197)

Net rental income 97,716,085 79,101,901 79,160,251 74,306,122

Investment revenue 6 688,073 563,065 16,853,783 3,749,936

Other income 311,523 - 311,523

Gain on fair value adjustment of investment

properties 10 10,751,853 38,749,262 9,910,000 38,364,057

Total income 109,156,011 118,725,751 105,924,034 116,731,638

Expenditure:Finance costs:

Islamic financing 38,904,109 29,737,729 24,640,027 15,813,334

Amount due to a subsidiary - - 14,262,082 13,885,716

Manager's fees 1,587,287 1,299,194 1,587,287 1,299,194

Professional fees in respect of acquisition of

investment properties 389,154 59,559 389,154 40,910

Stamp duties 212,382 19,161 211,537 18,888

Valuation fees 454,506 401,277 454,506 401,277

Trustee's fees 227,478 193,910 227,478 193,910

Maintenance of property 214,975 101,600 80,050 101,600

Printing expenses 155,121 158,713 142,561 158,713

Secretarial fee 44,818 23,247 44,055 23,064Securities commission’s fees 1,500 5,700 1,500 5,700

Registrar's fee 37,687 47,922 36,857 47,922

Audit fees 129,086 123,436 57,000 56,043

Tax agent's fee 64,537 69,035 11,107 18,180

Administration expenses 337,721 30,635 143,223 34,390

Annual listing fees 5,000 10,074 5,000 10,074

Withholding tax 2,099,724 548,237 1,101,696 118,735

Syariah adviser's fee 1,800 1,800 1,800 1,800

Total expenditure (44,866,885) (32,831,229) (43,396,920) (32,229,450)


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STATEMENTS OF COMPREHENSIVE INCOMEFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012 (CONT’D)

NOTE THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Profit before tax 64,289,126 85,894,522 62,527,114 84,502,188

Income tax expense 7 (1,386,936) (779,421) - -

Profit for the year 62,902,190 85,115,101 62,527,114 84,502,188

Other comprehensive expense, net of tax

Foreign currency translation (139,752) (4,124,784) - -

Total comprehensive income for the year 62,762,438 80,990,317 62,527,114 84,502,188

Profit for the year attributable to:Owners of the Fund 62,902,190 85,115,101 62,527,114 84,502,188

Total comprehensive income for the year

attributable to:

Owners of the Fund 62,762,438 80,990,317 62,527,114 84,502,188

Total comprehensive income for the year is

made up as follows:

Realised 52,010,337 46,365,839 52,617,114 46,138,131

Unrealised 10,612,101 34,624,478 9,910,000 38,364,057

62,762,438 80,990,317 62,527,114 84,502,188

Earnings per unit (sen): 8

Gross 9.61 14.67 9.35 14.43

Net 9.40 14.54 9.35 14.43

Net income distribution 9 36,968,040 49,140,145 36,968,040 49,140,145

Income distribution per unit (sen):

Gross 5.78 8.47 5.78 8.47

Net 5.78 8.47 5.78 8.47

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

84HEALTHCARE

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STATEMENTS OF FINANCIAL POSITIONAS AT 31 DECEMBER 2012

T H E G R O U P

T H E F U N D

N O T E

3 1 . 1 2 . 2 0 1 2

3 1 . 1 2 . 2 0 1 1

1 . 1 . 2 0 1 1

3 1 . 1

2 . 2 0 1 2

3 1 . 1 2 . 2 0 1 1

1 . 1 . 2 0

1 1

R M

R M

R M

R M

R M

R M

A S S E T S

N o n - c u

r r e n t a s s e t s

I n v e s t m

e n t p r o p e r t i e s

1 0

1 , 4 6 4 , 0 1 0 , 0 0 0

1 , 3

5 6 , 7 5 8 , 1 4 7

1 , 1 0 4 , 9 3 5 , 9 4 3

1 , 2 4 9 , 7

1 0 , 0 0 0

1 , 1 4 3 , 3 0 0 , 0 0 0

1 , 1 0 4 , 9 3 5 , 9

4 3

I n v e s t m

e n t i n s u b s i d i a r i e s

1 1

-

-

-

4 2 , 4

9 2 , 1 9 0

4 2 , 4 9 2 , 1 9 0

3

1 8

A m o u n t s d u e f r o m s u b s i d i a r i e s

1 1

-

-

-

1 7 8 , 5

0 7 , 6 3 1

1 7 6 , 0 6 2 , 3 5 6

-

1 , 4 6 4 , 0 1 0 , 0 0 0

1 , 3

5 6 , 7 5 8 , 1 4 7

1 , 1 0 4 , 9 3 5 , 9 4 3

1 , 4 7 0 , 7

0 9 , 8 2 1

1 , 3 6 1 , 8 5 4 , 5 4 6

1 , 1 0 4 , 9 3 6 , 2

6 1

C u r r e n t a s s e t s

T r a d e r e

c e i v a b l e s

1 2

1 , 8 8 0 , 4 7 4

2 , 7 3 1 , 3 2 5

3 , 1 7 2 , 7 0 8

1 , 5

7 3 , 9 2 3

1 , 6 4 8 , 6 6 2

3 , 1 7 2 , 7

0 8

O t h e r r e c e i v a b l e s a n d p r e p a i d e x p e n s e s

1 2

9 , 1 6 1 , 4 6 9

8 , 7 9 7 , 1 0 5

8 , 7 8 2 , 0 4 6

8 , 9

9 0 , 4 7 4

8 , 4 4 7 , 3 4 4

8 , 6 7 4 , 9

3 2

T a x r e c o v e r a b l e

-

-

3 0 , 3 0 3

-

-

-

F i x e d d e p o s i t s w i t h l i c e n s e d b a n k s

2 6 , 5 5 3 , 9 1 4

2 2 , 6 6 1 , 7 8 9

2 1 , 6 8 6 , 0 6 3

6 , 5

4 7 , 3 2 6

4 , 5 8 3 , 7 4 1

4 , 4 6 5 , 0

6 4

C a s h a n

d b a n k b a l a n c e s

4 6 , 5 7 6 , 9 5 5

3 0 , 3 2 0 , 2 8 4

2 4 , 8 8 2 , 0 4 2

4 3 , 5

3 9 , 9 2 6

2 9 , 3 6 6 , 0 4 1

2 4 , 4 0 8 , 3

5 7

8 4 , 1 7 2 , 8 1 2

6 4 , 5 1 0 , 5 0 3

5 8 , 5 5 3 , 1 6 2

6 0 , 6

5 1 , 6 4 9

4 4 , 0 4 5 , 7 8 8

4 0 , 7 2 1 , 0

6 1

T o t a l a s s e t s

1 , 5 4 8 , 1 8 2 , 8 1 2

1 , 4

2 1 , 2 6 8 , 6 5 0

1 , 1 6 3 , 4 8 9 , 1 0 5

1 , 5 3 1 , 3

6 1 , 4 7 0

1 , 4 0 5 , 9 0 0 , 3 3 4

1 , 1 4 5 , 6 5 7 , 3

2 2

L I A B I L I

T I E S

C u r r e n t l i a b i l i t i e s

O t h e r p

a y a b l e s a n d a c c r u e d e x p e n s e s

1 3

1 1 , 5 6 7 , 2 8 2

1 0 , 1 3 7 , 1 4 3

7 , 8 3 2 , 3 2 8

6 , 0

2 1 , 2 6 4

5 , 3 4 6 , 6 8 1

3 , 3 4 2 , 4

9 9

A m o u n t d u e t o a s u b s i d i a r y

1 1

-

-

-

2 6 6 , 4

3 7 , 8 2 4

-

-

I s l a m i c

fi n a n c i n g

1 4

6 4 7 , 9 0 2 , 9 8 5

1 1 , 6 8 2 , 4 7 2

1 1 , 6 8 4 , 8 6 6

3 6 7 , 4

9 5 , 9 5 7

-

-

T a x l i a b i l i t i e s

4 2 1 , 7 2 9

1 8 4 , 5 3 9

-

-

-

-

6 5 9 , 8 9 1 , 9 9 6

2 2 , 0 0 4 , 1 5 4

1 9 , 5 1 7 , 1 9 4

6 3 9 , 9

5 5 , 0 4 5

5 , 3 4 6 , 6 8 1

3 , 3 4 2 , 4

9 9


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STATEMENTS OF FINANCIAL POSITIONAS AT 31 DECEMBER 2012 (CONT’D)

T H E G R O U P

T H E F U N D

N O T E

3 1 . 1 2 . 2 0 1 2

3 1 . 1 2 . 2 0 1 1

1 . 1 . 2 0 1 1

3 1 . 1 2 . 2 0 1 2

3 1 . 1 2 . 2 0 1 1

1 . 1 . 2 0 1 1

R M

R M

R M

R M

R M

R M

N o n - c u

r r e n t l i a b i l i t i e s

D e f e r r e

d t a x l i a b i l i t i e s

1 2 4 , 5 1 1

-

-

-

-

-

O t h e r p

a y a b l e s

1 3

8 , 0 8 9 , 1 2 0

7 , 4 2 5 , 2 3 2

6 , 8 0 0 , 3 9 4

8 , 0 8 9 , 1 1 8

7 , 4 2 5 , 2 3 2

6 , 8 0 0 , 3

9 4

A m o u n

t d u e t o a s u b s i d i a r y

1 1

-

-

-

-

2 6 6 , 1 2 0 , 6 8 3

2 6 6 , 5 1 0 , 4

6 0

I s l a m i c

fi n a n c i n g

1 4

7 9 , 9 4 8 , 6 8 1

6 7 3 , 0 1 3 , 3 3 8

5 1 6 , 1 5 0 , 2 6 3

7 9 , 9

4 8 , 6 8 1

4 0 4 , 7 0 6 , 3 6 6

2 4 8 , 0 1 9 , 1

4 0

8 8 , 1 6 2 , 3 1 2

6 8 0 , 4 3 8 , 5 7 0

5 2 2 , 9 5 0 , 6 5 7

8 8 , 0 3 7 , 7 9 9

6 7 8 , 2 5 2 , 2 8 1

5 2 1 , 3 2 9 , 9

9 4

T o t a l l i a b i l i t i e s

7 4 8 , 0 5 4 , 3 0 8

7 0 2 , 4 4 2 , 7 2 4

5 4 2 , 4 6 7 , 8 5 1

7 2 7 , 9

9 2 , 8 4 4

6 8 3 , 5 9 8 , 9 6 2

5 2 4 , 6 7 2 , 4

9 3

N e t a s s e t v a l u e

8 0 0 , 1 2 8 , 5 0 4

7 1 8 , 8 2 5 , 9 2 6

6 2 1 , 0 2 1 , 2 5 4

8 0 3 , 3

6 8 , 6 2 6

7 2 2 , 3 0 1 , 3 7 2

6 2 0 , 9 8 4 , 8

2 9

U n i t h o

l d e r s ’ f u n d

U n i t h o l d e r s ’ c a p i t a l

1 5

6 8 2 , 6 8 2 , 4 9 9

6 2 7 , 1 7 4 , 3 1 9

5 6 1 , 2 1 9 , 8 1 9

6 8 2 , 6

8 2 , 4 9 9

6 2 7 , 1 7 4 , 3 1 9

5 6 1 , 2 1 9 , 8

1 9

U n d i s t r

i b u t e d i n c o m e

1 2 1 , 7 1 0 , 5 4 1

9 5 , 7 7 6 , 3 9 1

5 9 , 8 0 1 , 4 3 5

1 2 0 , 6

8 6 , 1 2 7

9 5 , 1 2 7 , 0 5 3

5 9 , 7 6 5 , 0 1 0

F o r e i g n

e x c h a n g e r e s e r v e

( 4 , 2 6 4 , 5 3 6 )

( 4 , 1 2 4 , 7 8 4 )

-

-

-

-

T o t a l U

n i t h o l d e r s ’ f u n d

1 5

8 0 0 , 1 2 8 , 5 0 4

7 1 8 , 8 2 5 , 9 2 6

6 2 1 , 0 2 1 , 2 5 4

8 0 3 , 3

6 8 , 6 2 6

7 2 2 , 3 0 1 , 3 7 2

6 2 0 , 9 8 4 , 8

2 9

N u m b e r o f u n i t s i n c i r c u l a t i o n

6 9 6 , 2 2 6 , 4 6 8

6 3 9 , 5 8 5 , 4 6 8

5 8 0 , 1 6 7 , 0 0 0

6 9 6 , 2

2 6 , 4 6 8

6 3 9 , 5 8 5 , 4 6 8

5 8 0 , 1 6 7 , 0

0 0

N e t a s s e t v a l u e p e r u n i t ( e x - d i s t r i b u t i o n )

1 . 1 5

1 . 1 2

1 . 0 7

1 . 1 5

1 . 1 3

1 . 0 7

T h e a c c o m p a n y i n g a c c o u n t i n g p o l i c i e s a n d e x

p l a n a t o r y n o t e s f o r m a n i n t e g r a l p a r t

o f t h e fi n a n c i a l s t a t e m e n t s .

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STATEMENTS OF CHANGES IN NET ASSET VALUEFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012

THE GROUP

UNITHOLDERS’

CAPITALTOTAL

UN-

DISTRIBUTEDINCOME

FOREIGN

EXCHANGERESERVE TOTAL

RM RM RM RM

Balance as of January 1, 2011 561,219,819 59,801,435 - 621,021,254

Total comprehensive income for the year - 85,115,101 (4,124,784) 80,990,317

Unitholders’ transactions:

Issues of units 65,954,500 - - 65,954,500

Distribution to Unitholders (Note 9) - (49,140,145) - (49,140,145)

Increase/(Decrease) in net assets resulting from

Unitholders’ transactions 65,954,500 (49,140,145) - 16,814,355

Balance as of December 31, 2011 627,174,319 95,776,391 (4,124,784) 718,825,926

Balance as of January 1, 2012 627,174,319 95,776,391 (4,124,784) 718,825,926

Total comprehensive income for the year - 62,902,190 (139,752) 62,762,438


Issues of units 55,508,180 - - 55,508,180

Distribution to Unitholders (Note 9) - (36,968,040) - (36,968,040)

Increase/(Decrease) in net assets resulting from

Unitholders’ transactions 55,508,180 (36,968,040) - 18,540,140

Balance as of December 31, 2012 682,682,499 121,710,541 (4,264,536) 800,128,504



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STATEMENTS OF CHANGES IN NET ASSET VALUEFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012 (CONT’D)

THE FUND

UNITHOLDERS’

CAPITALTOTAL

UN-

DISTRIBUTEDINCOME TOTAL

RM RM RM

Balance as of January 1, 2011 561,219,819 59,765,010 620,984,829

Total comprehensive income for the year - 84,502,188 84,502,188


Issues of units 65,954,500 - 65,954,500

Distribution to Unitholders (Note 9) - (49,140,145) (49,140,145)

Increase/(decrease) in net assets resulting from

Unitholders’ transactions 65,954,500 (49,140,145) 16,814,355

Balance as of December 31, 2011 627,174,319 95,127,053 722,301,372

Balance as of January 1, 2012 627,174,319 95,127,053 722,301,372

Total comprehensive income for the year - 62,527,114 62,527,114


Issues of units 55,508,180 - 55,508,180

Distribution to Unitholders (Note 9) - (36,968,040) (36,968,040)

Increase/(decrease) in net assets resulting from

Unitholders’ transactions 55,508,180 (36,968,040) 18,540,140

Balance as of December 31, 2012 682,682,499 120,686,127 803,368,626


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STATEMENTS OF CASH FLOWSFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012

THE GROUP THE FUND

2012 2011 2012 2011RM RM RM RM

CASH FLOWS FROM OPERATING ACTIVITIES


Adjustments for:

Finance costs 38,904,109 29,737,729 38,902,109 29,699,050

Investment revenue (688,073) (563,065) (16,853,783) (3,749,936)

Gain on fair value adjustment of investment properties (10,751,853) (38,749,262) (9,910,000) (38,364,057)

Operating income before working capital changes 91,753,309 76,319,924 74,665,440 72,087,245

Changes in working capital:

Trade receivables 850,851 441,384 (146,977) 1,524,046

Other receivables and prepaid expenses (364,364) (15,060) (321,414) 227,588

Other payables and accrued expenses 2,094,027 2,104,183 728,457 834,333

Net changes in working capital 2,580,514 2,530,507 260,066 2,585,967

Cash flows from operating activities carried forward 94,333,823 78,850,431 74,925,506 74,673,212

Taxes paid (1,025,235) (564,578) - -

Net cash from operating activities 93,308,588 78,285,853 74,925,506 74,673,212

CASH FLOWS FROM INVESTING ACTIVITIES

Income received on investment 688,073 563,065 688,028 128,737

Advance to subsidiaries - - (1,931,040) (129,894,206)

Purchase of investment in subsidiaries - - - (22,705,522)

Profit sharing on loan from subsidiaries - - 15,216,255 3,621,199

Dividend income received - - 949,500 -

Additions to investment properties - Note i (40,991,820) (147,118,442) (40,991,820) -

Net cash used in investing activities (40,303,747) (146,555,377) (26,069,077) (148,849,792)

CASH FLOWS FROM FINANCING ACTIVITIES

Finance costs paid (37,989,989) (27,997,866) (36,789,525) (27,165,818)

Dividends paid (36,968,040) (49,140,145) (36,968,040) (49,140,145)

Increase in advances from a subsidiary - - (197,096) (389,777)

Payment of borrowings (11,682,472) (11,684,866) - -

Proceeds from long-term Islamic financing

(net of direct issue costs) 53,924,208 167,631,153 41,235,703 155,948,681

Net cash (used in) / generating from financing activities (32,716,293) 78,808,276 (32,718,958) 79,252,941

NET INCREASE IN CASH AND CASH EQUIVALENTS 20,288,548 10,538,752 16,137,470 5,076,361

Effects of changes in exchange rates (139,752) (4,124,784) - -

CASH AND CASH EQUIVALENTS AT BEGINNING OF

YEAR 52,982,073 46,568,105 33,949,782 28,873,421

CASH AND CASH EQUIVALENTS AT END OF YEAR 73,130,869 52,982,073 50,087,252 33,949,782

Note i :

Additions to investment properties during the year amounted to RM96,500,000 (2011: RM213,072,942), of which RM40,991,820

(2011: RM147,118,442) was paid for in cash and the balance by way of issuance of new units.



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NOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2012

1. CORPORATE INFORMATION

Al-‘Aqar Healthcare REIT (the “Fund”) is a Malaysian domiciled Islamic Real Estate Investment Trust constituted pursuant

to a Trust Deed dated 27 June 2006 (the “Deed”) between Damansara REIT Managers Sdn Berhad (the “Manager”) and

Amanah Raya Bhd (the “Trustee”). Pursuant to the Deed, the Fund entered into a Supplemental Trust Deed dated 14

May 2010 with Amanah Raya Bhd and Amanahraya Trustees Bhd for the retirement of Amanah Raya Bhd from acting as

a Trustee and for the appointment of Amanahraya Trustees Bhd as the new Trustee for the Fund. The Fund is regulated

by the Capital Markets and Services Act 2007, the Securities Commission’s Guidelines on Real Estate Investment Trusts

and Islamic Real Estate Investment Trusts, the Main Market Listing Requirements of Bursa Malaysia Securities Bhd

(“Bursa Malaysia”), the Rules of the Depository, and taxation laws and rulings of Malaysia. The Fund will continue its

operations until such time as determined by the Trustee and the Manager as provided under the provisions of the Deed

and the Supplemental Trust Deeds.

The Fund was listed on the Main Board of Bursa Malaysia on 10 August 2006 and commenced its business operations

on 17 August 2006. Consequent to the new board structure implemented by Bursa Malaysia on 3 August 2010, the Fund

is now listed on the Main Market of Bursa Malaysia.

The principal activity of the Fund is to invest in syariah-compliant properties with the primary objective of providing

unitholders with stable distribution and potential for sustainable long term growth of such distribution and capital

appreciation.

The registered office of the Manager is located at Suite 12B, Level 12, Menara Ansar, 65 Jalan Trus, 80000 Johor Bahru,

Johor.

The Fund has entered into several service agreements in relation to the management of the Fund and its property

operations. The fees structure of these services is as follows:

(i) Maintenance and management fee

The maintenance manager, Healthcare Technical Services Sdn Bhd, is entitled to an annual maintenance and

management fee of up to 0.08% of the gross value of the investment properties in respect of the management

of the investment properties owned by the Fund in accordance with the Deed. The fee is calculated on a monthly

accrual basis.

(ii) Manager's fee

Pursuant to the Deed, the Manager is entitled to receive a fee of up to 0.15% per annum of the net asset value

of the Fund, calculated based on the monthly accrual basis and payable monthly in arrears. Effective 1 May 2011

and pursuant to the Supplemental Trust Deed dated 14 May 2010, the Manager is entitled to 0.1% per annum

of the gross assets value of the Fund that is below RM1,000,000,000 and 0.125% of the gross assets value of

the Fund that exceeds RM1,000,000,000, calculated based on the monthly accrual basis and payable monthly in

arrears.

The Manager’s fees for the current financial year is RM 1,587,287 (2011: RM1,229,194).

As approved at the Extraordinary General Meeting held on 17 December 2010 and pursuant to another

Supplemental Trust Deed dated 27 January 2011, the Manager is also entitled to receive an acquisition fee of 1%

of the acquisition price of any investment property purchased directly or indirectly by the Fund which is payable

after the completion of the acquisition.

The acquisition fee to the Manager during the current financial year is RM 35,900 (2011: RM1,319,090).

(iii) Trustee's fee

Pursuant to the Deed, the Trustee is entitled to receive a fee of up to 0.03% per annum of the net asset value of

the Fund, calculated based on the monthly accrual basis and payable monthly in arrears. The Trustee’s fees for thefinancial year ended 31 December 2012 of RM227,478 (2011: RM193,910) is determined based on 0.03% (2011:

0.03%) of the monthly net asset value.

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NOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2012 (CONT’D)

The financial statements of the Group and of the Fund were authorised by the Board of Directors of the Manager

for issuance on 22 February 2013.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements of Al-‘Aqar Healthcare REIT have been prepared in accordance with the provisions of

the Trust Deed dated 27 June 2006, Supplemental Trust Deeds dated 14 May 2010 and 27 January 2011, and

the Malaysian Financial Reporting Standards ("MFRS") modified by the Securities Commission's Guidelines on

Real Estate Investment Trust and Islamic Real Estate Investment Trust, and the applicable securities laws in

Malaysia. The financial statements comply with International Financial Reporting Standards ("IFRS") issued by the

International Accounting Standards Board.

For periods up to and including the year ended 31 December 2011, the Group and the Fund prepared its financial

statements in accordance with Financial Reporting Standards ("FRS"). The impact of the transition from FRS toMFRS is described in Note 2.2.

The financial statements are prepared under the historical cost convention unless otherwise indicated in the

accounting policies below.

The financial statements are presented in Ringgit Malaysia ("RM").

2.2 First-time adoption of MFRS

These financial statements, for the year ended 31 December 2012, are the first that the Group and the Fund have

prepared in accordance with Malaysian Financial Reporting Standards ("MFRS"). For periods up to and including

the year ended 31 December 2011, the Group and the Fund prepared its financial statements in accordance with

Financial Reporting Standards ("FRS").

Accordingly, the Group and the Fund have prepared financial statements which comply with MFRS applicable for

annual periods ending on or after 31 December 2012, together with the comparative period data as at and for the

year ended 31 December 2011.

The MFRS are effective for the Group and the Fund from 1 January 2012 and the date of transition to the MFRS

framework for the purpose of the first MFRS compliant financial statements is 1 January 2011. At that transition

date, the Group and the Fund reviewed its accounting policies and considered the transitional opportunities under

MFRS.

The significant accounting policies adopted in preparing these financial statements are consistent with those of

the audited financial statements for the year ended 31 December 2011 except as discussed below:

(a) Business combinations

MFRS 1 provides option to apply MFRS 3 Business Combinations, propectively from the date of transition

or from a specific date prior to the date of transition. This provides relief from full retrospective application

of MFRS 3 which would require restatement of all business combinations prior to the date of transition.

Acquisition before date of transition

The Group has elected to apply MFRS 3 prospectively from the date of transition. In respect of acquisition

prior to the date of transition:

(i) The classification of former business combinations under FRS is maintained;


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(ii) There is no re-measurement of original fair values determined at the time of business combination

(date of acquisition); and

(iii) The carrying amount of any goodwill recognised under FRS is not adjusted.

(b) Leases

The Group has applied the transitional provision in IC Interpretation 4 Determining whether an Arrangement

Contains a Lease and has assessed all arrangements based upon the conditions in place as at the date of

transition.

(c) Estimates

The estimates at 1 January 2011 and at 31 December 2011 are consistent with those made for the same

dates in accordance with FRS (after adjustments to reflect any differences in accounting policies). The

estimates used by the Group and the Fund to present these amount in accordance with MFRS reflect

conditions as at 1 January 2011, the date of transition to MFRS and as of 31 December 2011.

Adoption of MFRS framework does not have any impact on the financial position as at 1 January 2011 and 31

December 2011, financial performance and cash flows of the Group and of the Fund for the year ended 31

December 2011.

2.3 Standards issued but not yet effective

The Group has not adopted the following standards and interpretations that have been issued but not yet

effective:

Effective for annual periods beginning on or after 1 July 2012

• Amendments to MFRS 101: Presentation of Items of Other Comprehensive Income

Effective for annual periods beginning on or after 1 January 2013

• MFRS 10 Consolidated Financial Statements

• MFRS 11 Joint Arrangements

• MFRS 12 Disclosure of Interests in Other Entities

• MFRS 13 Fair Value Measurement

• MFRS 119 Employee Benefits

• MFRS 127 Separate Financial Statements

• MFRS 128 Investment in Associate and Joint Ventures

• Amendments to MFRS 1: Government Loans

• Amendments to MFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities

• IC Interpretations 20 Stripping Costs in the Production Phase of a Surface Mine


• Amendments to FRS 132: Offsetting Financial Assets and Financial Liabilities


• MFRS 9 Financial Instruments

The directors expect that the adoption of the standards and interpretations above will have no material impact on

the financial statements in the period of initial application.

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2.4 Subsidiaries and basis of consolidation

(i) Subsidiaries

Subsidiaries are entities over which the Group has the ability to control the financial and operating policies

so as to obtain benefits from their activities. The existence and effect of potential voting rights that arecurrently exercisable or convertible are considered when assessing whether the Group has such power

over another entity.

In the Fund’s separate financial statements, investments in subsidiaries are stated at cost less impairment

losses. On disposal of such investments, the difference between net disposal proceeds and their carrying

amounts is included in profit or loss.

(ii) Basis of consolidation

The consolidated financial statements comprise the financial statements of the Fund and its subsidiaries asat the reporting date. The financial statements of the subsidiaries used in the preparation of the consolidated

financial statements are prepared for the same reporting date as the Fund. Consistent accounting policies

are applied to like transactions and events in similar circumstances.

All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group

transactions are eliminated in full except for unrealised losses, which are not eliminated if there are

indications of impairment.

Acquisitions of subsidiaries are accounted for by applying the purchase method. Identifiable assets acquired

and liabilities and contingent liabilities assumed in a business combination are measured initially at their

fair values at the acquisition date. Adjustments to those fair values relating to previously held interests

are treated as a revaluation and recognised in other comprehensive income. The cost of a business

combination is measured as the aggregate of the fair values, at the date of exchange, of the assets given,

liabilities incurred or assumed, and equity instruments issued, plus any costs directly attributable to the

business combination.

Any excess of the cost of business combination over the Group’s share in the net fair value of the acquired

subsidiary’s identifiable assets, liabilities and contingent liabilities is recorded as goodwill on the statement

of financial position. Any excess of the Group’s share in the net fair value of the acquired subsidiary’s

identifiable assets, liabilities and contingent liabilities over the cost of business combination is recognised

as income in profit or loss on the date of acquisition. When the Group acquires a business, embedded

derivatives separated from the host contract by the acquiree are reassessed on acquisition unless the

business combination results in a change in the terms of the contract that significantly modifies the cash

flows that would otherwise be required under the contract.

Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains

control, and continue to be consolidated until the date that such control ceases.

2.5 Foreign currencies

(i) Functional and presentation currency

The individual financial statements of each entity in the Group are measured using the currency of the

primary economic environment in which the entity operates (“the functional currency”). The consolidated

financial statements are presented in RM, which is also the Fund’s functional currency.


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(ii) Foreign currency translations

Transactions in foreign currencies are measured in the respective functional currencies of the Fund

and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange

rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated

in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary

items denominated in foreign currencies that are measured at historical cost are translated using the

exchange rates as at the dates of the initial transactions. Non-monetary items denominated in foreign

currencies measured at fair value are translated using the exchange rates at the date when the fair value

was determined.

Exchange differences arising on the settlement of monetary items or on translating monetary items at the

reporting date are recognised in profit or loss except for exchange differences arising on monetary items

that form part of the Group’s net investment in foreign operations, which are recognised initially in other

comprehensive income and accumulated under foreign currency translation reserve in equity. The foreign

currency translation reserve is reclassified from equity to profit or loss of the Group on disposal of the

foreign operation.

(iii) Foreign operations

The assets and liabilities of foreign operations are translated into RM at the rate of exchange ruling at the

reporting date and income and expenses are translated at exchange rates at the dates of the transactions.

The exchange differences arising on the translation are taken directly to other comprehensive income.

On disposal of a foreign operation, the cumulative amount recognised in other comprehensive income

and accumulated in equity under foreign currency translation reserve relating to that particular foreign

operation is recognised in the profit or loss.

2.6 Investment properties

Investment properties are initially measured at cost, including transaction costs. Subsequent to initial recognition,

investment properties are measured at fair value which reflects market conditions at the reporting date. Fair value

is arrived at by reference to market evidence of transaction prices for similar properties and is performed by

registered independent valuers having an appropriate recognised professional qualification and recent experience

in the location and category of the properties being valued. Gains or losses arising from changes in the fair values

of investment properties are included in profit or loss in the year in which they arise.

A property interest under an operating lease is classified and accounted for as an investment property on a

property-by-property basis when the Group holds it to earn rentals. Any such property interest under an operating

lease classified as an investment property is carried at fair value.

Investment properties are derecognised when either they have been disposed of or when the investment

property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any

gain or loss on the retirement or disposal of an investment property is recognised in profit or loss in the year of

retirement or disposal.

2.7 Financial assets

Financial assets are recognised in the statements of financial position when, and only when, the Group and the

Fund become a party to the contractual provisions of the financial instrument.

When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets

not at fair value through profit or loss, directly attributable transaction costs.

The Group and the Fund principal financial assets are trade and other receivables, cash and bank balances and

fixed deposits with licensed banks all of which are designated as loan and receivables.

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(i) Loans and receivables

Financial assets with fixed or determinable payments that are not quoted in an active market are classified

as loans and receivables.

Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective

interest method. Gains and losses are recognised in profit or loss when the loans and receivables are

derecognised or impaired, and through the amortisation process.

Loans and receivables are classified as current assets, except for those having maturity dates later than 12

months after the reporting date which are classified as non-current.

A financial asset is derecognised when the contractual right to receive cash flows from the asset has

expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount

and the sum of the consideration received and any cumulative gain or loss that had been recognised in

other comprehensive income is recognised in profit or loss.

Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets

within the period generally established by regulation or convention in the marketplace concerned. All

regular way purchases and sales of financial assets are recognised or derecognised on the trade date, the

date that the Group and the Fund commit to purchase or sell the asset.

2.8 Impairment of financial assets

The Group and the Fund assess at each reporting date whether there is any objective evidence that a financial

asset is impaired.

(i) Trade and other receivables and other financial assets carried at amortised cost

To determine whether there is objective evidence that an impairment loss on financial assets has beenincurred, the Group and the Fund consider factors such as the probability of insolvency or significant

financial difficulties of the debtor and default or significant delay in payments. For certain categories of

financial assets, such as trade receivables, receivables that are assessed not to be impaired individually are

subsequently assessed for impairment on a collective basis based on similar risk characteristics. Objective

evidence of impairment for a portfolio of receivables could include the Group’s and the Fund's past

experience of collecting payments, an increase in the number of delayed payments in the portfolio past

the average credit period and observable changes in national or local economic conditions that correlate

with default on receivables.

If any such evidence exists, the amount of impairment loss is measured as the difference between the

asset’s carrying amount and the present value of estimated future cash flows discounted at the financial

asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assetswith the exception of trade receivables, where the carrying amount is reduced through the use of an

allowance account. When a trade receivable becomes uncollectible, it is written off against the allowance

account.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can be

related objectively to an event occurring after the impairment was recognised, the previously recognised

impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its

amortised cost at the reversal date. The amount of reversal is recognised in profit or loss.

2.9 Unquoted equity securities carried at cost

If there is objective evidence (such as significant adverse changes in the business environment where the issuer

operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on

financial assets carried at cost has been incurred, the amount of the loss is measured as the difference betweenthe asset’s carrying amount and the present value of estimated future cash flows discounted at the current

market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods.


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2.10 Cash and cash equivalents

Cash and cash equivalents comprise cash and bank balances and other short-term, highly liquid investments

with maturities of three months or less from the date of acquisition and are readily convertible to cash with

insignificant risk of changes in value.

2.11 Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past

event, it is probable that an outflow of economic resources will be required to settle the obligation and the

amount of the obligation can be estimated reliably.

Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer

probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed.

If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that

reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the

provision due to the passage of time is recognised as a finance cost.

2.12 Financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into and the

definitions of a financial liability.

Financial liabilities, within the scope of FRS 139, are recognised in the statements of financial position when,

and only when, the Group and the Fund become a party to the contractual provisions of the financial instrument.

Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial

liabilities.

(i) Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial

liabilities designated upon initial recognition as at fair value through profit or loss.

The Group and the Fund have not designated any financial liabilities as at fair value through profit or loss.

(ii) Other financial liabilities

The Group’s principal financial liabilities include other payables and long-term Islamic financing. The Fund’s

principal financial liabilities also include amount due to a subsidiary, all of which are designated as other

financial liabilities.

Loans and borrowings are recognised initially at fair value, net of transaction costs incurred, and

subsequently measured at amortised cost using the effective interest method. Borrowings are classified

as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at

least 12 months after the reporting date.

For other financial liabilities, gains and losses are recognised in profit or loss when the liabilities are

derecognised, and through the amortisation process.

A financial liability is derecognised when the obligation under the liability is extinguished. When an existing

financial liability is replaced by another from the same lender on substantially different terms, or the

terms of an existing liability are substantially modified, such an exchange or modification is treated as

a derecognition of the original liability and the recognition of a new liability, and the difference in the

respective carrying amounts is recognised in profit or loss.

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2.13 Leases

(i) As lessee

Finance leases, which transfer to the Group substantially all the risks and rewards incidental to ownership

of the leased item, are capitalised at the inception of the lease at the fair value of the leased asset or, if

lower, at the present value of the minimum lease payments. Any initial direct costs are also added to the

amount capitalised. Lease payments are apportioned between the finance charges and reduction of the

lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance

charges are charged to profit or loss. Contingent rents, if any, are charged as expenses in the periods in

which they are incurred.

Leased assets are depreciated over the estimated useful life of the asset. However, if there is no reasonable

certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over

the shorter of the estimated useful life and the lease term.

Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the

lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental

expense over the lease term on a straight-line basis.

(ii) As lessor

Leases where the Group retains substantially all the risks and rewards of ownership of the asset are classified

as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carryingamount of the leased asset and recognised over the lease term on the same bases as rental income.

2.14 Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and

the revenue can be reliably measured. Revenue is measured at the fair value of consideration received orreceivable.

(i) Rental income

Revenue from rental of investment properties are recognised on an accrual basis.

(ii) Investment revenue

Investment revenue, which comprise income earned from Islamic fixed deposit placements, are recognisedon an accrual basis.

2.15 Income taxes

(i) Current tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to thetaxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or

substantively enacted by the reporting date.

Current taxes are recognised in profit or loss except to the extent that the tax relates to items recognisedoutside profit or loss, either in other comprehensive income or directly in equity.

(ii) Deferred tax

Deferred tax is provided using the liability method on temporary differences at the reporting date betweenthe tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.


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Deferred tax liabilities are recognised for all temporary differences, except:

• where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability

in a transaction that is not a business combination and, at the time of the transaction, affects neitherthe accounting profit nor taxable profit; and

• in respect of taxable temporary differences associated with investments in subsidiaries, associates

and interests in joint ventures, where the timing of the reversal of the temporary differences can becontrolled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax

credits and unused tax losses, to the extent that it is probable that taxable profit will be available against

which the deductible temporary differences, and the carry forward of unused tax credits and unused tax

losses can be utilised except:

• where the deferred tax asset relating to the deductible temporary difference arises from the initialrecognition of an asset or liability in a transaction that is not a business combination and, at the time

of the transaction, affects neither the accounting profit nor taxable profit; and

• in respect of deductible temporary differences associated with investments in subsidiaries,associates and interests in joint ventures, deferred tax assets are recognised only to the extent that

it is probably that the temporary differences will reverse in the foreseeable future and taxable profitwill be available against which the temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent

that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred

tax assets to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are

recognised to the extent that it has become probable that future taxable profit will allow the deferred tax

assets to be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when

the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or

substantively enacted at the reporting date.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred

tax items are recognised in correlation to the underlying transaction either in other comprehensive income

or directly in equity and deferred tax arising from a business combination is adjusted against goodwill on

acquisition.

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off

current tax assets against current tax liabilities and the deferred taxes relate to the same tax entity and the

same tax authority.

In accordance with Section 61A(1) of the Malaysia Income Tax Act 1967, the total income of the Fund

will be exempted from income tax provided that at least 90% of the total taxable income of the Fund is

distributed to unit holders within two months from the end of the financial year.

2.16 Segmental reporting

For management purposes, the Group is organised into operating segments based on their geographical location

which are independently managed by the respective segment managers responsible for the performance of

the respective segments under their charge. The segment managers report directly to the management of the

Fund who regularly review the segment results in order to allocate resources to the segments and to assess the

segment performance. Additional disclosures on each of these segments are shown in Note 24, including the

factors used to identify the reportable segments and the measurement basis of segment information.

98HEALTHCARE

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2.17 Share capital and share issuance expenses

An equity instrument is any contract that evidences a residual interest in the assets of the Group and the Fund

after deducting all of its liabilities. Ordinary shares are equity instruments.

Ordinary shares are recorded at the proceeds received, net of directly attributable incremental transaction costs.

Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in

which they are declared.

3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The preparation of the Group’s financial statements requires management to make judgements, estimates and

assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of

contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in

outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future.

(i) Judgements made in applying accounting policies

In the process of applying the Group's and the Fund's accounting policies, the Manager is of the opinion that

there are no instances of application of judgement which are expected to have a significant effect on the amounts

recognised in the financial statements and consolidated financial statements.

(ii) Key sources of estimation uncertainty

Management believes that there are no key assumptions made concerning the future, and other key sources

of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material

adjustment to the carrying amounts of assets and liabilities of the Group and of the Fund within the next financial

year except for the valuation of investment properties.

The fair values of investment properties as disclosed in Note 10 are based on valuation performed by Raine &

Horne International Zaki + Partners Sdn. Bhd, an independent firm of professional valuers using the investment

method of valuation.

The investment method involves the capitalisation of the net rental which is derived from the gross rental less

the outgoings and other operating expenses.

The valuers have considered the results of the above methods in their valuation and applied professional

judgement in the determination of the fair value of these investment properties.

4. REVENUE

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Rental income from:

KPJ Ampang Puteri Specialist Hospital 9,116,885 8,938,128 9,116,885 8,938,128

KPJ Damansara Specialist Hospital 7,774,088 7,621,656 7,774,088 7,621,656

Selesa Tower 6,966,373 6,873,000 6,966,373 6,873,000

KPJ Johor Specialist Hospital 7,969,771 7,828,440 7,969,771 7,828,440

KPJ Ipoh Specialist Hospital 4,876,473 4,780,860 4,876,473 4,780,860

KPJ Selangor Specialist Hospital 4,381,759 4,295,844 4,381,759 4,295,844

KPJ Penang Specialist Hospital 4,270,917 4,234,404 4,270,917 4,234,404KPJ Tawakkal Specialist Hospital 8,737,728 8,617,728 8,737,728 8,617,728

KPJ Seremban Specialist Hospital 4,020,109 3,957,900 4,020,109 3,957,900


HEALTHCAREREIT

AL- AQA R





THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Kedah Medical Centre 3,403,425 3,423,110 3,403,425 3,423,110

KPJ Perdana Specialist Hospital 2,939,007 2,959,415 2,939,007 2,959,415

KPJ Kajang Specialist Hospital 3,015,254 3,016,443 3,015,254 3,016,443

Tawakal Health Centre 2,921,618 2,922,996 2,921,618 2,922,996

Puteri Specialist Hospital 2,756,268 2,702,220 2,756,268 2,702,220

Sentosa Medical Centre 1,836,879 1,843,052 1,836,879 1,843,052

Kuantan Specialist Hospital 1,393,256 1,410,831 1,393,256 1,410,831

KPJ Healthcare University College, Nilai 1,311,485 1,303,500 1,311,485 1,303,500

KPJ College, Bukit Mertajam 1,112,982 1,113,900 1,112,982 1,113,900

Damai Specialist Hospital 1,061,226 1,050,696 1,061,226 1,050,696Taiping Medical Centre 686,993 695,196 686,993 695,196

Kluang Utama Specialist Hospital 272,784 - 272,784 -

KPJ Klang Specialist Hospital 3,777,871 - 3,777,871 -

Rumah Sakit Bumi Serpong Damai 5,308,338 1,022,747 - -

Rumah Sakit Medika Permata Hijau 2,232,308 2,432,050 - -

Jeta Gardens Aged Care Facility and Retirement Village 11,253,932 1,422,166 - -

103,397,729 84,466,282 84,603,151 79,589,319

5. PROPERTY EXPENSES

THE GROUP THE FUND 2012 2011 2012 2011

RM RM RM RM

Assessment 2,441,803 2,628,643 2,441,803 2,628,643

Takaful coverage 1,526,939 1,332,828 1,526,939 1,251,644

Maintenance fee 1,084,031 978,460 1,084,031 978,460

Quit rent 628,871 424,450 390,127 424,450

5,681,644 5,364,381 5,442,900 5,283,197

6. INVESTMENT REVENUE

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Income from Syariah based deposits 688,073 563,065 688,028 128,737

Dividend income - - 949,500 -

Profit sharing on loan:

Indonesia - - 5,623,542 2,433,845

Australia - - 9,592,713 1,187,354

688,073 563,065 16,853,783 3,749,936

100HEALTHCARE

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AL- AQA R





7. TAX EXPENSE

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Estimated tax payable:

Current year 1,588,843 782,045 - -

Overprovision in prior years (201,907) (2,624) - -

1,386,936 779,421 - -

A reconciliation of income tax expense applicable to profit before tax at the statutory income tax rate to income tax

expense at the effective income tax rate of the Group and of the Fund is as follows:

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM


Tax at statutory tax rate of 25% (2011: 25%) 16,072,282 21,473,631 15,631,779 21,125,547

Different tax rates in other countries 114,106 94,533 - -

Tax effects of:

Non-deductible expenses 3,886,112 619,763 3,162,737 290,362

Income not subject to tax (6,690,946) (9,623,199) (6,690,946) (9,623,198)

Income exempted from tax (11,792,711) (11,782,683) (12,103,570) (11,792,711)

Overprovision in prior years (201,907) (2,624) - -

1,386,936 779,421 - -

In accordance with the Deed, the Fund is required to distribute at least 95% of its net income. The Manager also expects

to distribute the net income within two months from the end of each financial year and accordingly, no estimatedcurrent tax payable or deferred tax is required to be provided in the financial statements.

8. EARNINGS PER UNIT

The gross and net earnings per unit are calculated based on the net income before tax and net income for the yearof the Group and of the Fund, respectively, divided by the weighted average number of units in circulation as of 31

December 2012 as follows:

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Earnings attributable to unitholders:


Profit for the year 62,902,190 85,115,101 62,527,114 84,502,188

Weighted average number of units 668,914,643 585,539,081 668,914,643 585,539,081

Gross earnings per unit (sen) 9.61 14.67 9.35 14.43

Net earnings per unit (sen) 9.40 14.54 9.35 14.43


HEALTHCAREREIT

AL- AQA R





9. DISTRIBUTIONS

For the financial year ended 31 December 2012, the Manager, with the approval of the Trustee, has declared the

following distributions:

THE GROUP

AND THE FUND

2012 2011

RM RM

Final distribution 2011 - 2.52 sen per unit (2010 : 3.30 sen) 16,117,554 19,145,511

First interim distribution 2012 - 3.26 sen per unit (2011 : 5.17 sen) 20,850,486 29,994,634

36,968,040 49,140,145

On 23 January 2013, the Manager, with the approval of the Trustee, has declared a final distribution of 4.54 sen per unit

totalling RM31,608,682 for the financial year ended 31 December 2012. This final distribution will be paid on 28 February

2013 and has not been included as a liability in the financial statements.

The total distributions (including proposed final distribution) for the financial year ended 31 December 2012, which

amount to RM52,459,168 (2011: RM46,112,188), represent approximately 99.7% (2011: 99.9%) of the realised net

income of the Fund.

Distribution to Unitholders is derived from the following sources:

THE FUND

2012 2011RM RM

Net rental income 79,160,251 74,306,122

Investment revenue 16,853,783 3,749,936

Other income - 311,523

96,014,034 78,367,581

Less: Expenses (43,396,920) (32,229,450)

52,617,114 46,138,131

Less: Undistributed income (31,766,628) (16,143,497)

20,850,486 29,994,634

102HEALTHCARE

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AL- AQA R





1 0 .

I N

V E S T M E N T P R O P E R T I E S

T H E G R O U P A N D T H E F U N D

D E S C R I P T I O N O F

P R O P E R T Y

T E N U R E

O F L A N D

T

E R M

O F

L E A S E

R E M A I N I N G

T E R M O

F

L E A S E

L O C A T I O N

D A T E O F

V A L U A T I O N *

2 0 1 1

F A I R V A L U E

A C Q U I S I T I O N

C O S T I N 2 0 1 2

F A I R

V A L U E

A D J U S T M E N T S

2 0 1 2

F A I R V A L U E

R M

R M

R M

R M

K P J A m p a n g P u t e r i

S p e c i a l i s t H o s p i t a l

L e a s e h o l d

9 9

7 7

A m p a n g 3

1 D e c e m b e r

2 0 1 2

1 3 0 , 0 0 0 , 0 0 0

N / A

-

1 3 0 , 0 0

0 , 0 0 0

K P J D a m a n s a r a


F r e e h o l d

-

-

D a m a n s a r a 3

1 D e c e m b e r

2 0 1 2

1 1 0 , 6 0 0 , 0 0 0

N / A

2 , 5 0 0 , 0 0 0

1 1 3 , 1 0

0 , 0 0 0

K P J J o h o r S p e c i a l i s t

H o s p i t a l

L e a s e h o l d

9 9

6 7

J o h o r B a h r u 3

1 D e c e m b e r

2 0 1 2

1 1 1 , 3 0 0 , 0 0 0

N / A

-

1 1 1 , 3 0

0 , 0 0 0

K P J I p o h S p e c i a l i s t

H o s p i t a l

L e a s e h o l d

9 9 9

8 8 2

I p o h 3

1 D e c e m b e r

2 0 1 2

6 9 , 5 0 0 , 0 0 0

N / A

7 0 0 , 0 0 0

7 0 , 2 0

0 , 0 0 0

P u t e r i H o s p i t a l

S p e c i a l i s t

L e a s e h o l d

9 9

4 1

J o h o r B a h r u

3 1 D e c e m b e

2 0 1 2

3 9 , 2 0 0 , 0 0 0

N / A

1 0 0 , 0 0 0

3 9 , 3 0

0 , 0 0 0

K P J S e l a n g o r


L e a s e h o l d

9 9

8 4

S h a h A l a m 3

1 D e c e m b e r

2 0 1 2

6 2 , 5 0 0 , 0 0 0

N / A

1 0 0 , 0 0 0

6 2 , 6 0

0 , 0 0 0

K e d a h M e d i c a l

C e n t r e

F r e e h o l d

-

-

A l o r S e t a r 3

1 D e c e m b e r

2 0 1 2

4 9 , 8 0 0 , 0 0 0

N / A

2 0 0 , 0 0 0

5 0 , 0 0

0 , 0 0 0

K P J P e r d a n a


L e a s e h o l d

6 6

5 2

K o t a B h a r u 3

1 D e c e m b e r

2 0 1 2

4 4 , 4 0 0 , 0 0 0

N / A

-

4 4 , 4 0

0 , 0 0 0

K u a n t a n S p e c i a l i s t

H o s p i t a l

F r e e h o l d

-

-

K u a n t a n 3

1 D e c e m b e r

2 0 1 2

2 0 , 4 0 0 , 0 0 0

N / A

2 0 0 , 0 0 0

2 0 , 6 0

0 , 0 0 0

S e n t o s a M e d i c a l

C e n t r e

F r e e h o l d

-

- K u a l a L u m p u r 3

1 D e c e m b e r

2 0 1 2

2 6 , 9 0 0 , 0 0 0

N / A

1 0 0 , 0 0 0

2 7 , 0 0

0 , 0 0 0

K P J K a j a n g S p e c i a l i s t

H o s p i t a l

F r e e h o l d

-

-

K a j a n g 3

1 D e c e m b e r

2 0 1 2

4 4 , 1 0 0 , 0 0 0

N / A

2 0 0 , 0 0 0

4 4 , 3 0

0 , 0 0 0

T a i p i n g M e d i c a l

C e n t r e

L e a s e h o l d

9 9

7 6

T a i p i n g 3

1 D e c e m b e r

2 0 1 2

9 , 5 5 0 , 0 0 0

N / A

1 0 , 0 0 0

9 , 5 6

0 , 0 0 0

D

a m a i S p e c i a l i s t

H o s p i t a l

L e a s e h o l d

9 9

6 1

K o t a K i n a b a l u 3

1 D e c e m b e r

2 0 1 2

1 4 , 9 0 0 , 0 0 0

N / A

-

1 4 , 9 0

0 , 0 0 0

K P J C o l l e g e ,

B u k i t M e r t a j a m

F r e e h o l d

-

-

B u k i t

M e r t a j a m

3

1 D e c e m b e r

2 0 1 2

1 6 , 2 0 0 , 0 0 0

N / A

( 3 0 0 , 0 0 0 )

1 5 , 9 0

0 , 0 0 0

T a w a k k a l H e a l t h

C e n t r e

L e a s e h o l d

9 9

6 5 K u a l a L u m p u r 3

1 D e c e m b e r

2 0 1 2

4 2 , 6 0 0 , 0 0 0

N / A

2 0 0 , 0 0 0

4 2 , 8 0

0 , 0 0 0


HEALTHCAREREIT

AL- AQA R





D E S C R I P T I O N O F

P R O P E R T Y

T E N U R E

O F L A N D

T

E R M

O F

L E A S E

R E M A I N I N G

T E R M O

F

L E A S E

L O C A T I O N

D A T E O F

V A L U A T I O N *

2 0 1 1

F A I R V A L U E

A C Q U I S I T I O N

C O S T I N 2 0 1 2

F A I R

V A L U E

A D J U S T M E N T S

2 0 1 2

F A I R V A L U E

R M

R M

R M

R M

S e l e s a T o w e r

F r e e h o l d

-

-

J o h o r B a h r u 3

1 D e c e m b e r

2 0 1 2

9 9 , 5 0 0 , 0 0 0

N / A

3 5 0 , 0 0 0

9 9 , 8 5

0 , 0 0 0

K P J H e a l t h c a r e

U n i v e r s i t y C o l l e g e ,

N i l a i

F r e e h o l d

-

-

S e r e m b a n 3

1 D e c e m b e r

2 0 1 2

1 8 , 4 0 0 , 0 0 0

N / A

3 0 0 , 0 0 0

1 8 , 7 0

0 , 0 0 0

K P J S e r e m b a n


L e a s e h o l d

9 9

9 1

S e r e m b a n 3

1 D e c e m b e r

2 0 1 2

5 7 , 8 0 0 , 0 0 0

N / A

6 0 0 , 0 0 0

5 8 , 4 0

0 , 0 0 0

K P J P e n a n g


F r e e h o l d

-

-

B u k i t

M e r t a j a m

3

1 D e c e m b e r

2 0 1 2

5 9 , 0 0 0 , 0 0 0

N / A

2 , 5 0 0 , 0 0 0

6 1 , 5 0

0 , 0 0 0

K P J T a w a k k a l


L e a s e h o l d

9 9

6 6 K u a l a L u m p u r 3

1 D e c e m b e r

2 0 1 2

1 1 6 , 6 5 0 , 0 0 0

N / A

8 5 0 , 0 0 0

1 1 7 , 5 0

0 , 0 0 0

K l u a n g U t a m a


L e a s e h o l d

9 9

8 8

K l u a n g 3

1 D e c e m b e r

2 0 1 2

-

3 , 5

0 0 , 0 0 0

5 0 0 , 0 0 0

4 , 0 0

0 , 0 0 0

K P J K l a n g S p e c i a l i s t

H o s p i t a l

L e a s e h o l d

9 9

8 1

K l a n g 3

1 D e c e m b e r

2 0 1 2

-

9 3 , 0

0 0 , 0 0 0

8 0 0 , 0 0 0

9 3 , 8 0

0 , 0 0 0

T o

t a l f o r t h e F u n d

1 , 1 4 3 , 3 0 0 , 0 0 0

9 6 , 5

0 0 , 0 0 0

9 , 9 1 0 , 0 0 0

1 , 2 4 9 , 7 1

0 , 0 0 0

R u m a h S a k i t B u m i

S e r p o n g D a m a i

L e a s e h o l d

2 0

1 5

J a k a r t a 3

1 D e c e m b e r

2 0 1 2

5 1 , 4 0 0 , 0 0 0

-

2 0 0 , 0 0 0

5 1 , 6 0

0 , 0 0 0

R u m a h S a k i t M e d i k a

P e r m a t a H i j a u

L e a s e h o l d

2 0

1 4

J a k a r t a 3

1 D e c e m b e r

2 0 1 2

2 1 , 7 0 0 , 0 0 0

-

-

2 1 , 7 0

0 , 0 0 0

J e t a G a r d e n A g e d

C a r e F a c i l i t y a n d

R e t i r e m e n t V i l l a g e

F r e e h o l d

-

-

Q u e e n s l a n d 3

1 D e c e m b e r

2 0 1 2

1 4 0 , 3 5 8 , 1 4 7

-

6 4 1 , 8 5 3

1 4 1 , 0 0

0 , 0 0 0

T o

t a l f o r t h e G r o u p

1 , 3 5 6 , 7 5 8 , 1 4 7

9 6 , 5

0 0 , 0 0 0

1 0 , 7 5 1 , 8 5 3

1 , 4 6 4 , 0 1

0 , 0 0 0

T h

e i n v e s t m e n t p r o p e r t i e s a r e u s e d t o s e c u r e c r e d i t f a c i l i t i e s g r a n t e d b y fi n a n c i a l i n s t i t u t i o n s t o t h e F u n d a s m e n t i o n e d i n N o t e 1 4 .

*

T h e p r o p e r t i e s w e r e v a l u e d a t t h e

r e s p e c t i v e d a t e s b y R a i n e & H o r n e I n

t e r n a t i o n a l Z a k i + P a r t n e r s S d n . B h d . ,

a n i n d e p e n d e n t fi r m o

f p r o f e s s i o n a l v a l u e r s

u s i n g t h e i n v e s t m e n t m e t h o d o f

v a l u a t i o n .

104HEALTHCARE

REIT

AL- AQA R





11. INVESTMENT IN SUBSIDIARIES

THE FUND

2012 2011

RM RM

Unquoted shares, at costs 42,492,190 42,492,190

The details of subsidiaries are as follows:

NAME OF SUBSIDIARY

COUNTRY OF

INCORPORATION

EFFECTIVE

EQUITY INTEREST PRINCIPAL ACTIVITY

2012 2011

% %

Al-'Aqar Capital Sdn Bhd i Malaysia 100 100 Special-purpose company

for the purpose of raising

Islamic financing for the

Fund.

Crossborder Aim (M) Sdn Bhd i Malaysia 100 100 Special-purpose company

for the purpose of acquisition

of Indonesian property for

the Fund. Currently dormant.

Crossborder Hall (M) Sdn Bhd i Malaysia 100 100 Special-purpose company




Al-'Aqar Australia Pty Ltd ii Australia 100 100 Special-purpose company


of Australian property for the

Fund.

Held through subsidiaries

PT Al-Aqar Bumi Serpong

Damai ii

Indonesia 100 100 Special-purpose company




PT Al-Aqar Permata Hijau ii Indonesia 100 100 Special-purpose company




i Audited by Ernst & Young, Malaysia

ii Audited by a firm other than Ernst & Young

Amounts due from subsidiaries represents unsecured advances given from the proceeds raised from Islamic financing

to subsidiaries and issuance of new units. The finance costs and repayment terms of the unsecured advances mirrorthe finance costs and repayment terms of the Islamic financing of Sukuk Ijarah raised by the said Fund as disclosed in

Note 14.

Amount due to a subsidiary represents unsecured advances received from the proceeds raised from Islamic financingby the subsidiary. The finance costs and repayment terms of the unsecured advances mirror the finance costs and

repayment terms of the Islamic financing of Sukuk Ijarah raised by the said subsidiary as disclosed in Note 14.


HEALTHCAREREIT

AL- AQA R





12. TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAID EXPENSES

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Trade receivables 1,880,474 2,731,325 1,573,923 1,648,662

Trade receivables comprise rental receivable from lessees.

The credit period granted by the Group and the Fund on rental receivable from lessees ranges from 30 to 60 days (2011:

30 to 60 days).

The ageing analysis of the Group and of the Fund's trade receivables is as follows:

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

0-30 days 1,880,474 1,128,144 1,573,923 1,128,143

31-60 days - 113,828 - 113,828

61-90 days - 1,082,662 - -

Over 90 days - 406,691 - 406,691

1,880,474 2,731,325 1,573,923 1,648,662

The Group and the Fund have not recognised any allowance for doubtful debts as the Group and the Fund hold tenant

deposits as credit enhancement and the amount are considered recoverable.

Other receivables and prepaid expenses consist of:

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Other receivables 409,891 186,164 258,825 30,145

Prepaid expenses 8,751,578 8,610,941 8,731,649 8,417,199

9,161,469 8,797,105 8,990,474 8,447,344

Less: Prepaid expenses (8,751,578) (8,610,941) (8,731,649) (8,417,199)

Add: Trade receivables 1,880,474 2,731,325 1,573,923 1,648,662

Add: Amounts due from subsidiaries - - 178,507,631 176,062,356Add: Cash and cash equivalents 73,130,869 52,982,073 50,087,252 33,949,782

Total loans and receivables 75,421,234 55,899,562 230,427,631 211,690,945

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13. OTHER PAYABLES AND ACCRUED EXPENSES

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Non-current:

Other payables - Tenant deposits received 8,089,120 7,425,232 8,089,118 7,425,232

Current:

Amount owing to the Trustee 19,908 18,000 19,908 18,000

Amount owing to the Manager 173,556 146,090 173,556 146,090

Other payables 644,635 94,972 642,948 92,974

Accrued expenses 10,729,183 9,878,081 5,184,852 5,089,617

11,567,282 10,137,143 6,021,264 5,346,681

14. ISLAMIC FINANCING

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Current:

Sukuk Ijarah - Islamic Medium Term Notes 268,482,820 - - -

Ijarah Muntahiah Bitamlik 249,495,957 - 249,495,957 -

Ijarah Murabahah Tawarruq 110,000,000 - 110,000,000 -Sukuk Ijarah - Islamic Commercial Paper 11,924,208 11,682,472 - -

Bai Bithamin Ajil 8,000,000 - 8,000,000 -

647,902,985 11,682,472 367,495,957 -

Non-current:

Sukuk Ijarah - Islamic Medium Term Notes - 268,306,972 - -

Ijarah Muntahiah Bitamlik - 248,757,685 - 248,757,685

Ijarah Murabahah Tawarruq - 76,000,000 - 76,000,000

Ijarah Muntahiah Bitamlik - Jeta Gardens 79,948,681 79,948,681 79,948,681 79,948,681

79,948,681 673,013,338 79,948,681 404,706,366

727,851,666 684,695,810 447,444,638 404,706,366


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Sukuk Ijarah

The Sukuk Ijarah Programme represents an Islamic financing facility of a subsidiary comprising Islamic Commercial

Papers (“ICPs”) and Islamic Medium Term Notes (“IMTNs”) of up to the maximum aggregate nominal value of

RM300,000,000.

As of the reporting date, the said facility, which is secured against the investment properties totaling RM712,800,000

(2011: RM708,700,000) as mentioned in Note 10, comprises the following tranches at nominal value:

THE GROUP PROFIT

TRANCHE NOMINAL VALUE RATE

2012 2011

RM RM %

CurrentIssued on 22 August 2012

ICP 12,000,000 12,000,000 3.80

Non-current

Issued on 6 February 2008

Class A IMTN 155,000,000 155,000,000 4.78

Class B IMTN 25,000,000 25,000,000 5.05

Class C IMTN 55,000,000 55,000,000 4.28

Total 235,000,000 235,000,000

Issued on 21 December 2010

Class A IMTN 10,000,000 10,000,000 4.20

Class B IMTN 5,000,000 5,000,000 4.50

Class C IMTN 18,500,000 18,500,000 4.00

33,500,000 33,500,000

268,500,000 268,500,000

The face amount of the ICP is RM12,000,000 and has a tenor of 6 months and maturity date on 22 February 2013.

The IMTN tranche issued on 6 February 2008 is repayable in 10 equal semi-annual instalments of RM5,512,750 (cost

of financing only) and final instalment of RM240,512,750 (principal and last semi-annual cost of financing) commencing

August 2008.

The IMTN tranche issued on 21 December 2010 is repayable in 4 equal semi-annual instalments of RM692,500 (cost of

financing only) and final instalment of RM33,675,027 (principal and last semi-annual cost of financing) commencing on

June 2011.

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Ijarah Muntahiah Bitamlik

On 19 February 2009, the Fund obtained a syndicated Ijarah Muntahiah Bitamlik financing facility of up to RM250,000,000.

The facility drawndown as of 31 December 2012 comprises the following tranches:

THE GROUP

AND THE FUND PROFIT RATE

2012 2011 2012 2011

TRANCHE RM RM % %

1 102,000,000 102,000,000 Floating 5.15 4.75

2 21,154,822 21,154,822 Floating 5.15 4.80

3 584,033 584,033 Floating 5.15 4.80

4 1,261,145 1,261,145 Floating 5.15 4.80

5 79,479,378 79,479,378 Floating 5.15 5.156 16,965,405 16,965,405 Floating 5.15 5.15

7 28,359,174 28,359,174 Floating 5.15 5.15

Total 249,803,957 249,803,957

The said facility is secured against investment properties totalling RM 439,110,000 (2011: RM434,600,000) as mentioned

in Note 10 and is for a tenure of up to 23 months from the date of the first disbursement with an option to extend for

another 12 months.

Ijarah Murabahah Tawarruq

On 11 May 2011, the Fund obtained a syndicated Ijarah Murabahah Tawarruq financing facility of up to RM110,000,000,

of which RM55,000,000 is at fixed profit rate and RM55,000,000 at floating profit rate. The facility drawndown as of 31

December 2012 comprises the following tranches:

THE GROUP


2012 2011 2012 2011

TRANCHE RM RM % %

1 55,000,000 55,000,000 Fixed 6.00 6.00

1 21,000,000 21,000,000 Floating 5.40 5.40

2 3,600,000 - Floating 5.40 -

3 30,400,000 - Floating 5.40 -

Total 110,000,000 76,000,000

The said facility is secured against investment properties totalling RM171,100,000 as mentioned in Note 10 and is for a

tenure of up to 23 months from the date of the first disbursement with an option to extend for another 12 months.


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Bai Bithamin Ajil

On 25 July 2012, the Fund obtained a Bai Bithamin Ajil financing facility of up to RM8,500,000, of which RM8,000,000

is at fixed profit rate. The facility drawndown as of 31 December 2012 comprises the following tranches:

THE GROUP


2012 2011 2012 2011

TRANCHE RM RM % %

1 8,000,000 - Fixed 5.65 -

The said faciltiy is for a tenure of up to 12 months from the date of the first disbursement.

Ijarah Muntahiah Bitamlik - Jeta Gardens

On 31 October 2011, the Fund obtained a syndicated Ijarah Muntahiah Bitamlik financing facility of up to RM80,000,000,

of which RM40,000,000 is at fixed profit rate and RM40,000,000 at floating profit rate. The facility drawndown as of 31

December 2012 comprises the following tranches:

THE GROUP


2012 2011 2012 2011

TRANCHE RM RM % %

1 34,047,025 34,047,025 Fixed 6.35 6.35

1 34,047,025 34,047,025 Floating 5.25 5.25

2 5,927,315 5,927,315 Fixed 6.35 6.35

2 5,927,316 5,927,316 Floating 5.35 5.35

Total 79,948,681 79,948,681

The said facility is secured against investment properties totalling RM141,000,000 (2011: RM140,358,147) as mentioned

in Note 10 and is for a tenure of up to 48 months from the date of the first disbursement.

15. UNITHOLDERS' CAPITAL

2012 2011

NO. OF

UNITS RM

NO. OF

UNITS RM

The Group and the FundBalance at beginning of year 639,585,468 627,174,319 580,167,000 561,219,819

Issue of new units 56,641,000 55,508,180 59,418,468 65,954,500

Balance at end of year 696,226,468 682,682,499 639,585,468 627,174,319

During the current financial year, the Fund issued 56,641,000 (2011: 59,418,468) new units at an issue price of RM0.98

(2011: RM1.11) as part purchase consideration for the purchase of investment properties.

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18. SIGNIFICANT RELATED PARTY TRANSACTIONS

For the purpose of these financial statements, parties are considered to be related to the Fund if the Fund has the

ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and

operating decision, or vice versa, or where the Fund and the party are subject to common control or common significant

influence. Related parties may be individuals or other entities.

The Fund derives all its rental income as disclosed in Note 4 from related parties.

The investment properties acquired during the current financial year as disclosed in Note 10 were acquired from related parties.

Significant related party transaction other than those disclosed in Note 4 is as follows:

THE GROUP THE FUND

2012 2011 2012 2011RM RM RM RM

Maintenance fee paid/ payable to Maintenance Manager 1,084,031 978,460 1,084,031 978,460

The related party transactions described above were entered into in the normal course of business and are based on

negotiated and mutually agreed terms.

19. COMMITMENTS

(i) Capital commitments

Capital commitment as at the reporting date is as follows:

THE GROUP

AND THE FUND

2012 2011

RM RM

Approved, contracted but not provided for:

Commitments for the acquisition of investment properties 3,590,000 88,500,000

(ii) Operating leases - as lessor

The Group and the Fund lease out their investment properties under operating leases. The future minimum lease

payments under non-cancellable leases are as follows:

THE GROUP

AND THE FUND

2012 2011

RM RM

Less than one year 108,081,118 86,155,608

Between one and five years 436,699,875 430,778,040

More than five years 660,077,250 447,257,209

1,204,858,243 964,190,857

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20. SIGNIFICANT EVENTS DURING THE YEAR

Significant corporate events during the current financial year are as follows:

(i) At an Extraordinary General Meeting held on 17 December 2010, the unitholders approved the proposed

acquisitions by the Trustee, on behalf of the Fund, of the following properties:

(a) Bandar Baru Klang Specialist Hospital ("BBKSH") building, Kluang Utama Specialist Hospital ("KUSH")building and Rumah Sakit Bumi Serpong Damai (“RSBSD”) building from the subsidiaries of KPJ Healthcare

Bhd; and

(b) Rumah Sakit Medika Permata Hijau (“RSMPH”) building from PT Khidmat Perawatan Jasa Medika, a

subsidiary of Johor Corporation

for a total purchase consideration of RM159,910,000 to be satisfied partly by cash consideration of RM104,401,820

to be raised from new Islamic financing and partly by the issuance of 56,641,000 new units in the Fund at anissue price of RM0.98 per unit.

The acquisitions of the RSBSD building and the RSMPH building were completed on 26 July 2011. On 6 January2012 and 26 June 2012, the proposed acquisitions of the KUSH building and the BBKSH building were completed

with the full settlement of the purchase consideration.

(ii) On 8 August 2012, the Fund had announced its proposal to acquire two pieces of land, both situated in the town

of Johor Bahru, from Puteri Specialist Hospital Sdn Bhd, a subsidiary of KPJ Healthcare Berhad (“KPJ”), for apurchase consideration of RM3,590,000. The proposal had been approved by the shareholders of KPJ at an

Extraordinary General Meeting held on 29 November 2012 and is pending completion.

21. SUBSEQUENT EVENT

The Sukuk Ijarah - Islamic Medium Term Notes of RM268.5 million, which was first issued in 2008 by the Fund’sspecial purpose vehicle, Al-‘Aqar Capital Sdn Bhd, was successfully redeemed on 6 February 2013. Subsequently on 22

February 2013, Al-'Aqar Capital Sdn Bhd redeemed the Sukuk Ijarah - Islamic Commercial Paper of RM12 million. Theredemption was made by a bridging loan of RM280.5 million which was procured from a financial institution.

Al-‘Aqar Capital Sdn Bhd is in the midst of undertaking a new Sukuk programme of up to RM1 billion and the first

issuance of the programme is slated to be issued by the second quarter of 2013. The purpose of the new Sukuk

programme is, amongst others, to refinance the existing financial commitments, acquisitions of future assets as wellas for working capital. The approval from the Securities Commission for the new Sukuk programme was obtained on 31

January 2013.

22. FAIR VALUES ON FINANCIAL INSTRUMENTS

The fair value of a financial instrument is the amount at which the instrument could be exchanged or settled between

knowledgeable and willing parties in an arm's length transaction, other than in forced liquidation or sale.

Except as detailed in the following table, the Manager consider that the carrying amounts of financial assets andfinancial liabilities recognised at amortised cost in the financial statements approximate their fair values.

2012 2011

CARRYING FAIR CARRYING FAIR

NOTE AMOUNT VALUE AMOUNT VALUE

RM RM RM RM

The Group

Financial liability

Islamic financing- Non-current 14 79,948,681 67,504,337 673,013,338 668,505,269


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2012 2011

CARRYING FAIR CARRYING FAIR

NOTE AMOUNT VALUE AMOUNT VALUE

RM RM RM RM

The Fund

Financial liability

Amount due to a subsidiary

- Non-current 11 - - 266,120,683 ^a

Islamic financing

- Non-current 14 79,948,681 67,504,337 404,706,366 403,993,741

^a It is not practical to determine the fair values of the amounts due from/to subsidiaries/related parties in view of the

uncertainty as to the timing of future cash flows.

The fair values of non-current Islamic financing - are estimated using discounted cash flow analysis based on current

equivalent profit rate of 5.81% (2011: 5.51%) per annum for similar type of instruments.

23. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group and the Fund are exposed to financial risks arising from their operations and the use of financial instruments.

The key financial risks include credit risk, liquidity risk and interest rate risk.

The Group and the Fund has taken measures to minimise its exposure to risks associated with its financing, investing

and operating activities and operates within clearly defined guidelines as set out in the Securities Commission's

Guidelines on Real Estate Investment Trusts.

The following sections provide details regarding the Group's exposure to the above-mentioned financial risks and theobjectives, policies and procedures for the management of these risks:

(i) Credit risk

Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default

on its obligations. The Group's and the Fund's exposure to credit risk arises primarily from trade and other

receivables. The receivables are monitored on an ongoing basis through the Group's and the Fund's management

reporting procedures.

Exposure to credit risk

At the reporting date, the Group's and the Fund's maximum exposure to credit risk is represented by the carrying

amount of each class of financial assets recognised in the statement of financial position.

Information regarding credit enhancements for trade and other receivables is disclosed in Note 12.

Credit risk concentration profile

The Group and the Fund determine concentrations of credit risk by monitoring individual profile of its trade

receivables on an ongoing basis. At the reporting date, the Group and the Fund do not have any significant

exposure to any individual customer or counterparty nor do they have any major concentration of credit risk

related to any financial instrument.

Financial assets that are neither past due nor impaired

Information regarding receivables that are neither past due nor impaired is disclosed in Note 12. Deposits with

banks and other financial institutions are placed with reputable financial institutions.

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Financial liabilities

The following details the Group’s and the Fund’s remaining contractual maturity for its non derivative financial

liabilities with agreed repayments periods:

WEIGHTED

AVERAGE

EFFECTIVE

PROFIT

RATE

LESS

THAN 1

YEAR

1 - 5

YEARS

MORE

THAN 5

YEARS TOTAL

% RM RM RM RM

2012

The Group

Non-profit bearing - 11,567,282 - 8,089,120 19,656,402Variable profit rate instruments 5.20 304,803,957 39,974,341 - 344,778,298

Fixed profit rate instruments 5.05 331,500,000 39,974,340 - 371,474,340

Total undiscounted financial

liabilities 647,871,239 79,948,681 8,089,120 735,909,040

The Fund

Non-profit bearing - 6,021,264 - 8,089,118 14,110,382

Variable profit rate instruments 5.20 304,803,957 39,974,341 - 344,778,298



liabilities 373,825,221 79,948,681 8,089,118 461,863,020

2011

The Group


Variable profit rate instruments 5.22 - 185,778,298 - 185,778,298



liabilities 21,819,615 674,059,611 7,425,232 703,304,458

The Fund


Variable profit rate instruments 5.22 - 185,778,298 - 185,778,298

Fixed profit rate instruments 5.36 - 219,974,341 - 219,974,341Total undiscounted financial

liabilities 5,346,681 405,752,639 7,425,232 418,524,552

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(iii) Financing rate risk

Financing rate risk is the risk that the fair value or future cash flows of the Group's financial instruments willfluctuate because of changes in the market financing rates.

The Group and the Fund manage their financing rate exposure by maintaining a prudent mix of fixed and floating

rate borrowings. As of 31 December 2012, approximately 47% (2011: 40%) of the Group’s financial liabilitiesare variable financing rate instruments. The Group and the Fund place cash deposits on short-term basis and

therefore allows the Group and the Fund to respond to significant changes of financing rate promptly.

Financing rate sensitivity analysis

The sensitivity analysis below has been determined based on the exposure to financing rates on the Group’s and

the Fund’s variable rate borrowings. The analysis is prepared assuming the amount of variable rate borrowingsoutstanding at the end of the reporting period was outstanding for the whole year. A 25 basis point increase or

decrease is used for the analysis and this represents management’s assessment of reasonable possible changein financing rate.

If financing rates had been 25 basis point higher/lower and all other variables were held constant, the Group’s

and the Fund’s net profit/total comprehensive income for the year would decrease/increase by RM861,946. The

assumed movement in basis points for financing rate sensitivity analysis is based on the currently observablemarket environment.

24. SEGMENTAL REPORTING

The Group has a single operating segment. For management purposes, the Group is organised into business unitsbased on the geographical location of customers and assets, and has three reportable segments as follows:

(i) Malaysia(ii) Indonesia

(iii) Australia

Management monitors the operating results of its business units separately for the purpose of making decisions onresource allocation and performance assessment. Segment performance is evaluated based on operating profit.

The Group's segmental information is as follows:

INVESTMENT PROPERTIES

MALAYSIA INDONESIA AUSTRALIA TOTAL

RM RM RM RM

31 December 2012

Rental 84,603,151 7,540,647 11,253,931 103,397,729

Property expense (5,442,900) (238,744) - (5,681,644)


Investment income

Other income 688,073 - - 688,073

Gain on fair value 9,910,000 200,000 641,853 10,751,853

Total income 89,758,324 7,501,903 11,895,784 109,156,011

Expenditure (5,570,284) (164,439) (228,053) (5,962,776)

Operating profit 84,188,040 7,337,464 11,667,731 103,193,235

Finance costs (38,904,109) - - (38,904,109)


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MALAYSIA INDONESIA AUSTRALIA TOTALRM RM RM RM


Income tax expense (33,795) (762,381) (590,760) (1,386,936)

Profit after tax 45,250,136 6,575,083 11,076,971 62,902,190

Total assets 1,329,111,935 76,421,405 142,649,472 1,548,182,812

Total liabilities 746,350,044 141,525 1,562,739 748,054,308


MALAYSIA INDONESIA AUSTRALIA TOTAL

RM RM RM RM

31 December 2011

Rental 79,589,319 3,454,797 1,422,166 84,466,282

Property expense (5,283,197) (81,184) - (5,364,381)


Investment income 563,065 - - 563,065

Other income 311,523 - - 311,523Gain on fair value 38,364,057 139,357 245,848 38,749,262

Total income 113,544,767 3,512,970 1,668,014 118,725,751

Expenditure (2,979,436) (62,790) (51,274) (3,093,500)

Operating profit 110,565,331 3,450,180 1,616,740 115,632,251

Finance costs (29,737,729) - - (29,737,729)


Income tax expense (420,806) (358,615) - (779,421)

Profit after tax 80,406,796 3,091,565 1,616,740 85,115,101

Total assets 1,205,772,215 74,662,182 140,834,253 1,421,268,650

Total liabilities 702,033,340 175,172 234,212 702,442,724

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25. CAPITAL MANAGEMENT

The Group and the Fund manage their capital to ensure that entities in the Group and the Fund will be able to continue

as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance.

The Group’s and the Fund’s overall strategy remain unchanged from 2011.

The capital structure of the Group and of the Fund consists of net debt (borrowings as detailed in Note 14 offset by

cash and cash equivalents) and unitholders’ fund of the Group and of the Fund (comprising unitholders’ capital and

undistributed income).

The Group and the Fund is not subject to any externally imposed capital requirements. However, the Group and the Fund

are required to comply with the Securities Commission’s Guidelines on Real Estate Investment Trusts (“SC Guidelines”)

on borrowings.

The SC Guidelines requires that the total borrowings of a fund (including borrowings through issuance of debt securities)

should not exceed 50% of the total asset value of the Fund at the time the borrowings are incurred. Notwithstanding,

the Fund’s total borrowings may exceed this limit with the sanction of the unit holders by way of an ordinary resolution.

The Manager’s risk management committee reviews the capital structure of the Group and of the Fund on a regular

basis to ensure that the SC Guidelines are complied with.

(i) Gearing ratios

The Group’s and the Fund’s gearing ratios are calculated based on the proportion of total borrowings to the total

asset value in accordance with the SC Guidelines. The gearing ratios at the end of the reporting period is as

follows.

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Total borrowings 727,851,666 684,695,810 713,882,462 670,827,049

Total assets value 1,548,182,812 1,421,268,650 1,531,361,470 1,405,900,334

Total borrowings to total asset value ratio 47.0% 48.2% 46.6% 47.7%


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26. SUPPLEMENTARY INFORMATION - DISCLOSURE ON REALISED AND UNREALISED PROFITS/LOSSES

The breakdown of the undistributed income of the Group and of the Fund as at 31 December 2012 into realised and

unrealised profits is presented in accordance with the directive issued by Bursa Malaysia Securities Berhad dated

25 March 2010 and prepared in accordance with the Guideline on Special Matter No. 1, Determination of Realised

and Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing

Requirements, as issued by the Malaysian Institute of Accountants, as follows:

THE GROUP THE FUND

2012 2011 2012 2011

RM RM RM RM

Total undistributed income of the Fund and

its subsidiaries

Realised 26,421,166 11,238,869 26,623,810 10,974,736Unrealised 95,289,375 84,537,522 94,062,317 84,152,317

Total undistributed income 121,710,541 95,776,391 120,686,127 95,127,053

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ALAQAR-AnnualReport2012

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