h e a lthc al- aqar healthcare reit e r e i t annual report | laporan tahunan 2011 health care rei t...

Damansara reit managers senDirian BerhaD (717704-V)

Lot. G 12-14, Level 5, Block G (North), Pusat Bandar Damansara, 50490 Kuala LumpurTel: 03-2095 3252 / 2626 Fax: 03-2092 2692 Website: www.alaqar.com.my

The FuLL RePoRT AVAiLABLe uPoN RequesT AND WiThouT ChARGes

An

nu

Al R

epoR

t | lApo

RA

n tA

hu

nA

n 2011

Al- AQAR heAlthcARe ReIt

Al- A

QA

R h

eAlth

cA

Re R

eIt

AnnuAl RepoRt | Laporan Tahunan 2011

HealtHcare reIt

al- aQar

The Diamond eyeAward for quality

Commitment & excellence2011

“Real Estate Dealsof the Year”

“I-REIT Category”

Jeta Gardens, Australia KPJ Ipoh Specialist Hospital, MalaysiaRumah Sakit Medika BSD, Indonesia

Jeta garDens

- Australia

rUmah saKit BUmi serPOng Damai

rUmah saKit meDiKa Permata hiJaU

- Indonesia

Our AbrOAd PrOPerties

Jeta garDens

- Australia

rUmah saKit BUmi serPOng Damai

rUmah saKit meDiKa Permata hiJaU

- Indonesia

Our AbrOAd PrOPerties

Corporate Information

The Structure of Al-‘Aqar Healthcare REIT

Financial Highlights

Portfolio Composition

Al-’Aqar Healthcare REIT Performances

Unitholders’ Statistic

Statement of Interests of Directors

Salient Features

Highlights of 2011

Board of Directors

Profile of the Board of Directors

Profile of Syariah Committee

Corporate Statement

Statement on Corporate Governance

Manager’s Report

Property Portfolio

Financial Statements

Maklumat Korporat

Struktur Al-‘Aqar Healthcare REIT

Maklumat Utama Kewangan

Komposisi Portfolio

Pencapaian Al-‘Aqar Healthcare REIT

Statistik Pemegang Unit

Penyata Kepentingan Pengarah

Ciri-ciri Utama

Sorotan Tahun 2011

Ahli Lembaga Pengarah

Profil Lembaga Pengarah

Profil Jawatankuasa Syariah

Perutusan Korporat

Penyata Tadbir Urus Korporat

Laporan Pengurus

Portfolio Hartanah

Penyata Kewangan

Contents

Kandungan

02

03

04

08

09

13

14

15

16

18

19

26

30

36

44

48

55

02

03

05

08

11

13

14

15

16

18

19

26

34

41

46

48

100

Selesa Tower- Johor Bahru

HealtHcare reIt

al- aQar

MANAGER / PENGURUS

DAMANSARA REIT MANAGERS SDN BHD (717704-V)

Registered Office Pejabat BerdaftarSuite 12B, Level 12, Menara AnsarNo.65 Jalan Trus80000 Johor Bahru, JohorTel : 607 - 226 7692 / 226 7670 / 226 7471Fax : 607 - 222 3044

Principal Place of Business Pejabat UrusanLot G12-14, Level 5Block G (North), Pusat Bandar Damansara50490 Kuala LumpurTel : 603 - 2095 3252 / 2095 2626Fax : 603 - 2092 2692

BOARD OF DIRECTORS / LEMBAGA PENGARAH

Non-Independent Non-Executive ChairmanPengerusi Bukan Bebas Bukan Eksekutif Kamaruzzaman bin Abu Kassim

Non-Independent Executive DirectorPengarah Bukan Bebas Eksekutif Yusaini bin Sidek

Independent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif Dr. Mohd Hafetz bin Ahmad Zainah binti Mustafa Dato’ Mani a/l Usilappan

Non-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif Datin Paduka Siti Sa’diah binti Sheikh Bakir Lukman bin Abu Bakar Abd Razak bin Haron

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

COMPANY SECRETARY / SETIAUSAHA SYARIKAT

Salmah binti Hj Abd Wahab (LS 02140)15 Jalan 5/15Taman Setia Indah81100 Johor Bahru

Corporate InformatIonMaKluMat Korporat

MANAGEMENT TEAM / KUMPULAN PENGURUSAN

Yusaini bin SidekExecutive Director & Chief Executive Officer

Muhammad Ikhwan bin Muhammad HanapiAccountant

Suhaimi bin SaadHead of Operation

Norhilmi Husni bin MohamadAccount Executive

Shareen Zurina binti Md. DzulkifliHead of Strategic Planning & Investors Relationship

TRUSTEE / PEMEGANG AMANAH

AMANAHRAYA TRUSTEES BERHAD (766894-T)Tingkat 4, Wisma TASNo. 21 Jalan Melaka50100 Kuala LumpurTel : 603 - 2036 5003 / 2036 5000Fax : 603 - 2072 0320

MAINTENANCE MANAGER / PENGURUS PENYELENGGARAAN

HEALTHcARE TEcHNIcAL SERvIcES SDN BHD (342111-A)Mezzanine Floor, Bangunan PharmaCARE129 Jalan Pahang Barat53000 Kuala LumpurTel : 603 - 4021 2331Fax : 603 - 4021 2337

IM GLOBAL PROPERTY cONSULTANTS (VE(3)0168)No.24-1, 1st Floor, Wisma IMGJalan 1/76C, Desa Pandan55100 Kuala Lumpur.Tel : 603 - 9284 8884Fax : 603 - 9281 1884

REGISTRAR / PENDAFTAR

PRO cORPORATE MANAGEMENT SERvIcES SDN BHD (349501-M)Suite 12B, Level 12, Menara AnsarNo.65 Jalan Trus80000 Johor Bahru, JohorTel : 607 - 226 7692 / 226 7670 / 226 7471 Fax : 607 - 222 3044

LISTING / PENYENARAIAN

Main Board of Bursa SecuritiesPapan Utama Bursa Securities

WEBSITE / LAMAN WEB

www.alaqar.com.my

2 ANNUAL REPORT | LAPoRAN TAHUNAN 2011

AL- AQAR HeALtHCARe ReIt

HealtHcare reIt

al- aQar

MANAGER / PENGURUS

DAMANSARA REIT MANAGERS SDN BHD (717704-V)

Registered Office Pejabat BerdaftarSuite 12B, Level 12, Menara AnsarNo.65 Jalan Trus80000 Johor Bahru, JohorTel : 607 - 226 7692 / 226 7670 / 226 7471Fax : 607 - 222 3044

Principal Place of Business Pejabat UrusanLot G12-14, Level 5Block G (North), Pusat Bandar Damansara50490 Kuala LumpurTel : 603 - 2095 3252 / 2095 2626Fax : 603 - 2092 2692

BOARD OF DIRECTORS / LEMBAGA PENGARAH

Non-Independent Non-Executive ChairmanPengerusi Bukan Bebas Bukan Eksekutif Kamaruzzaman bin Abu Kassim

Non-Independent Executive DirectorPengarah Bukan Bebas Eksekutif Yusaini bin Sidek

Independent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif Dr. Mohd Hafetz bin Ahmad Zainah binti Mustafa Dato’ Mani a/l Usilappan

Non-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif Datin Paduka Siti Sa’diah binti Sheikh Bakir Lukman bin Abu Bakar Abd Razak bin Haron

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

COMPANY SECRETARY / SETIAUSAHA SYARIKAT

Salmah binti Hj Abd Wahab (LS 02140)15 Jalan 5/15Taman Setia Indah81100 Johor Bahru

Corporate InformatIonMaKluMat Korporat

MANAGEMENT TEAM / KUMPULAN PENGURUSAN

Yusaini bin SidekExecutive Director & Chief Executive Officer

Muhammad Ikhwan bin Muhammad HanapiAccountant

Suhaimi bin SaadHead of Operation

Norhilmi Husni bin MohamadAccount Executive

Shareen Zurina binti Md. DzulkifliHead of Strategic Planning & Investors Relationship

TRUSTEE / PEMEGANG AMANAH

AMANAHRAYA TRUSTEES BERHAD (766894-T)Tingkat 4, Wisma TASNo. 21 Jalan Melaka50100 Kuala LumpurTel : 603 - 2036 5003 / 2036 5000Fax : 603 - 2072 0320

MAINTENANCE MANAGER / PENGURUS PENYELENGGARAAN

HEALTHcARE TEcHNIcAL SERvIcES SDN BHD (342111-A)Mezzanine Floor, Bangunan PharmaCARE129 Jalan Pahang Barat53000 Kuala LumpurTel : 603 - 4021 2331Fax : 603 - 4021 2337

IM GLOBAL PROPERTY cONSULTANTS (VE(3)0168)No.24-1, 1st Floor, Wisma IMGJalan 1/76C, Desa Pandan55100 Kuala Lumpur.Tel : 603 - 9284 8884Fax : 603 - 9281 1884

REGISTRAR / PENDAFTAR

PRO cORPORATE MANAGEMENT SERvIcES SDN BHD (349501-M)Suite 12B, Level 12, Menara AnsarNo.65 Jalan Trus80000 Johor Bahru, JohorTel : 607 - 226 7692 / 226 7670 / 226 7471 Fax : 607 - 222 3044

LISTING / PENYENARAIAN

Main Board of Bursa SecuritiesPapan Utama Bursa Securities

WEBSITE / LAMAN WEB

www.alaqar.com.my


AL- AQAR HeALtHCARe ReIt HealtHcare reIt

al- aQar

SYARIAH COMMITTEEJAWATANkUASA SYARIAH

REIT PROPERTIESHARTANAH REIT

MAINTENANCEMANAGER

PENGURUSPENYELENGGARAAN

MANAGERPENGURUS

TRUSTEEPEMEGANG AMANAH

UNITHOLDERSPARA PEMEGANG UNIT

DAMANSARA REITMANAGERS SDN BERHAD

AMANAHRAyA TRUSTEES BERHAD

HEALTHCARE TECHNICAL SERVICES SDN BHD

IM GLoBAL PRoPERTy CoNSULTANT

Maintenance & Management Servicesperkhidmatan penyelenggaraan &

pengurusan

acts on behalf of unitholdersBertindak bagi pihak para

pemegang unitManagement Services

perkhidmatan pengurusan

advisor on Syariah related matters

penasihat hal-ehwal Syariah

trustee’s FeesYuran pemegang amanah

Management FeesYuran pengurusan

net property Incomependapatan Hartanah Bersih

distributionspengagihan

ownership of propertiespemilikan Hartanah

Holding of unitspemegangan unit-unit

Maintenance & Management FeesYuran penyelenggaraan &

pengurusan

the struCture of alaqar healthCare reItStruKtur alaqar HealtHcare reIt

HealtHcare reIt

al- aQar

3ANNUAL REPORT | LAPoRAN TAHUNAN 2011


HealtHcare reIt

al- aQar

fInanCIal hIghlIghtsfor the Year ended 31 deCember 2011

Note:

1. The Trust was established on 27 June 2006 and commenced business on 10 August 2006.

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

3. Includes proposed final dividend for financial year ended 31 December 2011 of 2.52 sen per unit.

THE GROUP2011 2010 2009 2008 2007

Gross revenue (RM'000) 84,466 72,982 60,580 47,779 35,702

Income before tax (RM'000) 85,894 45,266 54,248 43,854 25,338

Net income after tax (RM'000) 85,115 44,820 53,697 43,854 25,338

Total assets (RM'000) 1,421,269 1,163,489 1,011,312 703,774 494,925

Net asset value (RM'000) 718,826 621,021 540,455 441,721 348,710

Units in circulation ('000) 639,585 580,167 518,367 428,721 340,000

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

Earnings per unit (sen/unit)

- Gross 14.67 8.19 8.14 10.61 7.45

- Net 14.54 8.11 8.14 10.61 7.45

Distribution per unit - cummulative (sen/unit) 7.69 7.73 8.10 8.10 7.32

THE FUND2011 2010 2009 2008 2007

Gross revenue (RM'000) 79,589 72,982 60,580 47,779 35,702



Total assets (RM'000) 1,405,900 1,145,657 994,451 686,590 494,927





- Gross 14.43 8.14 11.15 10.50 7.45

- Net 14.43 8.14 11.15 10.50 7.45




HealtHcare reIt

al- aQar

fInanCIal hIghlIghtsfor the Year ended 31 deCember 2011

Note:

1. The Trust was established on 27 June 2006 and commenced business on 10 August 2006.

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


THE GROUP2011 2010 2009 2008 2007

Gross revenue (RM'000) 84,466 72,982 60,580 47,779 35,702



Total assets (RM'000) 1,421,269 1,163,489 1,011,312 703,774 494,925





- Gross 14.67 8.19 8.14 10.61 7.45

- Net 14.54 8.11 8.14 10.61 7.45


THE FUND2011 2010 2009 2008 2007

Gross revenue (RM'000) 79,589 72,982 60,580 47,779 35,702



Total assets (RM'000) 1,405,900 1,145,657 994,451 686,590 494,927





- Gross 14.43 8.14 11.15 10.50 7.45

- Net 14.43 8.14 11.15 10.50 7.45




al- aQar

MaKluMat utaMa KewanganBagI taHun BeraKHIr 31 dISeMBer 2011

Nota:

1. Dana Amanah ditubuhkan pada 27 Jun 2006 dan urusniaga bermula pada 10 ogos 2006.

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

3. Termasuk cadangan pengagihan dividen bagi tahun kewangan berakhir 31 Disember 2011 iaitu 2.52 sen per unit.

kUMPULAN2011 2010 2009 2008 2007

Pendapatan kasar (RM'000) 84,466 72,982 60,580 47,779 35,702

Pendapatan sebelum cukai (RM'000) 85,894 45,266 54,248 43,854 25,338

Pendapatan bersih selepas cukai (RM'000) 85,115 44,820 53,697 43,854 25,338

Jumlah aset (RM'000) 1,421,269 1,163,489 1,011,312 703,774 494,925

Nilai aset bersih (RM'000) 718,826 621,021 540,455 441,721 348,710

Bilangan unit edaran ('000) 639,585 580,167 518,367 428,721 340,000

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

Pendapatan seunit (sen/unit)

- Kasar 14.67 8.19 8.14 10.61 7.45

- Bersih 14.54 8.11 8.14 10.61 7.45

Pengagihan seunit - terkumpul (sen/unit) 7.69 7.73 8.10 8.10 7.32

TABUNG AMANAH2011 2010 2009 2008 2007

Pendapatan kasar (RM'000) 79,589 72,982 60,580 47,779 35,702

Pendapatan sebelum cukai (RM'000) 84,502 45,014 53,919 43,395 25,338

Pendapatan bersih selepas cukai (RM'000) 84,502 45,014 53,919 43,395 25,343

Jumlah aset (RM'000) 1,405,900 1,145,657 994,451 686,590 494,927

Nilai aset bersih (RM'000) 722,301 620,985 540,224 441,268 348,715

Bilangan unit edaran ('000) 639,585 580,167 518,367 428,721 340,000

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

Pendapatan seunit (sen/unit)

- Kasar 14.43 8.14 11.15 10.50 7.45

- Bersih 14.43 8.14 11.15 10.50 7.45

Pengagihan seunit - terkumpul (sen/unit) 7.69 7.73 8.10 8.10 7.32



HealtHcare reIt

al- aQar

GROSS REvENUEPENDAPATAN KASAR

(RM ‘000)

TOTAL ASSETSJUMLAH ASET

(RM ‘000)

UNITS IN cIRcULATIONBILANGAN UNIT EDARAN

(RM ‘000)

NET ASSET vALUENILAI ASSET BERSIH

(RM ‘000)

07 08 09 10 11 07 08 09 10 11

07 08 09 10 1107 08 09 10 11

35,7

02

494,

925

340,

000

348,

710

47,7

79

703,

774

428,

721

441,

721

60,5

80

1,01

1,31

251

8,36

7

540,

455

72,9

82

1,16

3,48

958

0,16

7

621,

021

84,4

66

Increse / Meningkat

Gross RevenuePendapatan Kasar

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

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

Total AssetJumlah Aset

Net Asset valueNilai Aset Bersih

No. of AssetsBilangan Aset

Gearing RatioNisbah Hutang

Total of Unit in circulationJumlah Unit Dalam Edaran

16%

10%

7.69

22%

16%

3

3%

10%

Decrese / Menurun Maintain / Kekal

1,42

1,26

963

9,58

5

718,

826



fInanCIal hIghlIghts - groupMaKluMat utaMa Kewangan - KuMpulan

HealtHcare reIt

al- aQar

GROSS REvENUEPENDAPATAN KASAR

(RM ‘000)

TOTAL ASSETSJUMLAH ASET

(RM ‘000)

UNITS IN cIRcULATIONBILANGAN UNIT EDARAN

(RM ‘000)

NET ASSET vALUENILAI ASSET BERSIH

(RM ‘000)

07 08 09 10 11 07 08 09 10 11

07 08 09 10 1107 08 09 10 11

35,7

02

494,

925

340,

000

348,

710

47,7

79

703,

774

428,

721

441,

721

60,5

80

1,01

1,31

251

8,36

7

540,

455

72,9

82

1,16

3,48

958

0,16

7

621,

021

84,4

66

Increse / Meningkat

Gross RevenuePendapatan Kasar

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

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

Total AssetJumlah Aset

Net Asset valueNilai Aset Bersih

No. of AssetsBilangan Aset

Gearing RatioNisbah Hutang

Total of Unit in circulationJumlah Unit Dalam Edaran

16%

10%

7.69

22%

16%

3

3%

10%

Decrese / Menurun Maintain / Kekal

1,42

1,26

963

9,58

5

718,

826




HealtHcare reIt

al- aQar

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

1.24

1.22

1.20

1.18

1.16

1.14

1.12

1.10

1.08

1.06

1.04

1.02

1.00

POSITIVE OUTLOOk FOR AL -‘AQAR HEALTHCARE REIT

The property market is expected to moderate next year with prices likely to see minor correction due to the fragile global economic environment with the ongoing unresolved Euro-debt crisis and prevailing weaknesses in the US economy.

In Malaysian Budget 2012, Property sector highlights that The Prime Minister of Malaysia has announced several proposals in the 2012 Budget related to housing and the property sector that to attract foreign and domestic investments in the capital market and to promote the development of the Real Estate Investment Trusts (REITs) industry, it is proposed that the concessionary tax rate of 10% on dividends of non-corporate institutional and individual investors in REITs up to 31 December 2011 be extended for a period of five years commencing 1 January 2012 until 31 December 2016.

Notwithstanding near-term uncertainties, REIT Manager remain cautiously optimistic about long- term prospects. on the back of critically-ageing populations, rising affluence, and increasing demand for more sophisticated healthcare attention and infrastructure, Al-‘Aqar Healthcare REIT is set to be a potential beneficiary of the growing healthcare in Asia with its portfolio of high quality healthcare properties.

TINJAUAN POSITIF BAGI AL -‘AQAR HEALTHCARE REIT

Pasaran hartanah dijangka sederhana tahun depan dengan terdapat perubahan kecil dan pembetulan pada harga yang mungkin disebabkan oleh persekitaran ekonomi global yang rapuh serta krisis hutang Euro yang tidak dapat diselesaikan dan kelemahan yang berlaku dalam ekonomi Amerika Syarikat (AS).

Dalam Bajet Malaysia 2012, dalam sektor hartanah menyatakan bahawa Perdana Menteri Malaysia telah mengumumkan beberapa cadangan dalam Bajet 2012 yang berkaitan dengan perumahan dan sektor hartanah bahawa rancangan untuk menarik pelaburan asing dan tempatan dalam pasaran modal bagi menggalakkan pembangunan Tabung Amanah Pelaburan Hartanah (REIT) di Malaysia, adalah dicadangkan bahawa kadar cukai konsesi 10% ke atas dividen pelabur institusi dan individu bukan korporat dalam REIT sehingga 31 Disember 2011 dilanjutkan untuk tempoh lima tahun bermula 1 Januari 2012 hingga 31 Dissember 2016.

Walau apa pun ketidaktentuan jangka masa terdekat, Pengurus REIT kekal optimistik mengenai prospek jangka panjang. Di sebalik populasi penduduk dengan usia makin meringkat, tahap kesenangan yang semakin meningkat, menjurus kepada peningkatan permintaan untuk penjagaan kesihatan yang lebih canggih dan berinfrastruktur yang tinggi, Al-’Aqar Healthcare REIT bersedia untuk menjadi peneraju kepada potensi penjagaan kesihatan yang semakin meningkat di Asia dengan portfolio hartanah penjagaan kesihatan yang berkualiti tinggi.

monthBulan

sen/unItSen/unIt




HealtHcare reIt

al- aQar

11.5

9%

5.14

%

4.85%

4.76%

4.23%

4.10%

3.65%

3.63%

3.50%

3.23%2.14%

1.79%1.68%

1.51%1.33%1.23%0.79%

5.72

%

10.70%

9.60%

9.16%

9.10%8.19%

NoBil

Real EstateHartanah

LocationLokasi

Type of BuildingJenis Bangunan

valueNilai

(RM’000)

value over Total Asset valueNilai Aset dibahagi

Keseluruhan(%)

1 Jeta Gardens Queensland, Australia Age Care/Retirement Centre 140,358 11.592 KPJ Ampang Puteri Specialist Hospital Ampang, Selangor Hospital 130,000 10.703 KPJ Tawakkal Specialist Hospital Kuala Lumpur Hospital 116,650 9.604 KPJ Johor Specialist Hospital Johor Bahru Hospital 111,300 9.165 KPJ Damansara Specialist Hospital Petaling Jaya, Selangor Hospital 110,600 9.106 Selesa Tower Johor Bahru Commercial/Hotel 99,500 8.197 KPJ Ipoh Specialist Hospital Ipoh, Perak Hospital 69,500 5.728 KPJ Selangor Specialist Hospital Shah Alam, Selangor Hospital 62,500 5.149 KPJ Penang Specialist Hospital Pulau Pinang Hospital 59,000 4.8510 KPJ Seremban Specialist Hospital Seremban, N. Sembilan Hospital 57,800 4.7611 Rumah Sakit Bumi Serpong Damai Jakarta, Indonesia Hospital 51,400 4.2312 Kedah Medical Centre Alor Setar, Kedah Hospital 49,800 4.1013 KPJ Perdana Specialist Hospital Kota Bharu, Kelantan Hospital 44,400 3.6514 KPJ Kajang Specialist Hospital Kajang, Selangor Hospital 44,100 3.6315 Tawakal Hospital Kuala Lumpur Hospital 42,600 3.5016 Puteri Specialist Hospital Johor Bahru Hospital 39,200 3.2317 Sentosa Medical Centre Kuala Lumpur Hospital 26,900 2.1418 Rumah Sakit Medika Permata Hijau Jakarta, Indonesia Hospital 21,700 1.7919 Kuantan Specialist Hospital Kuantan, Pahang Hospital 20,400 1.6820 KPJ International College Nilai, Negeri Sembilan Nursing College 18,400 1.5121 Bukit Mertajam Specialist Hospital Pulau Pinang Hospital 16,200 1.3322 Damai Specialist Hospital Kota Kinabalu, Sabah Hospital 14,900 1.2323 Taiping Medical Centre Taiping, Perak Hospital 9,550 0.79

ToTAL / JUMLAH 1,356,758 100

1

2

1 2 3 4 5

6 7 8 9 10

11 12 13 14 15

16 17 18 19 20

21 22 23

3

4

567

89

10

11

12

1816

1921 22 23

17

20

overall100%

Real Estate / Hartanah

value over Total Asset value (%)Nilai Aset dibahagi Keseluruhan (%)

1314

15



portfolIo ComposItIonKoMpoSISI portFolIo

HealtHcare reIt

al- aQar

11.5

9%

5.14

%

4.85%

4.76%

4.23%

4.10%

3.65%

3.63%

3.50%

3.23%2.14%

1.79%1.68%

1.51%1.33%1.23%0.79%

5.72

%

10.70%

9.60%

9.16%

9.10%8.19%

NoBil

Real EstateHartanah

LocationLokasi

Type of BuildingJenis Bangunan

valueNilai

(RM’000)

value over Total Asset valueNilai Aset dibahagi

Keseluruhan(%)

1 Jeta Gardens Queensland, Australia Age Care/Retirement Centre 140,358 11.592 KPJ Ampang Puteri Specialist Hospital Ampang, Selangor Hospital 130,000 10.703 KPJ Tawakkal Specialist Hospital Kuala Lumpur Hospital 116,650 9.604 KPJ Johor Specialist Hospital Johor Bahru Hospital 111,300 9.165 KPJ Damansara Specialist Hospital Petaling Jaya, Selangor Hospital 110,600 9.106 Selesa Tower Johor Bahru Commercial/Hotel 99,500 8.197 KPJ Ipoh Specialist Hospital Ipoh, Perak Hospital 69,500 5.728 KPJ Selangor Specialist Hospital Shah Alam, Selangor Hospital 62,500 5.149 KPJ Penang Specialist Hospital Pulau Pinang Hospital 59,000 4.8510 KPJ Seremban Specialist Hospital Seremban, N. Sembilan Hospital 57,800 4.7611 Rumah Sakit Bumi Serpong Damai Jakarta, Indonesia Hospital 51,400 4.2312 Kedah Medical Centre Alor Setar, Kedah Hospital 49,800 4.1013 KPJ Perdana Specialist Hospital Kota Bharu, Kelantan Hospital 44,400 3.6514 KPJ Kajang Specialist Hospital Kajang, Selangor Hospital 44,100 3.6315 Tawakal Hospital Kuala Lumpur Hospital 42,600 3.5016 Puteri Specialist Hospital Johor Bahru Hospital 39,200 3.2317 Sentosa Medical Centre Kuala Lumpur Hospital 26,900 2.1418 Rumah Sakit Medika Permata Hijau Jakarta, Indonesia Hospital 21,700 1.7919 Kuantan Specialist Hospital Kuantan, Pahang Hospital 20,400 1.6820 KPJ International College Nilai, Negeri Sembilan Nursing College 18,400 1.5121 Bukit Mertajam Specialist Hospital Pulau Pinang Hospital 16,200 1.3322 Damai Specialist Hospital Kota Kinabalu, Sabah Hospital 14,900 1.2323 Taiping Medical Centre Taiping, Perak Hospital 9,550 0.79

ToTAL / JUMLAH 1,356,758 100

1

2

1 2 3 4 5

6 7 8 9 10

11 12 13 14 15

16 17 18 19 20

21 22 23

3

4

567

89

10

11

12

1816

1921 22 23

17

20

overall100%

Real Estate / Hartanah

value over Total Asset value (%)Nilai Aset dibahagi Keseluruhan (%)

1314

15



portfolIo ComposItIonKoMpoSISI portFolIo

HealtHcare reIt

al- aQar

al-’aqar healthCare reIt performanCes

Note:


THE GROUP2011 2010 2009 2008 2007

NET ASSET VALUE & UNIT INFORMATION

Total assets (RM'000) 1,421,269 1,163,489 1,011,312 703,774 494,925Total borrowing (RM'000) 684,696 527,835 436,411 234,280 133,420Total unitholders’ fund (RM'000) 718,826 621,021 540,455 441,721 348,710Market capitalisation (RM'000) 735,523 649,787 510,592 372,987 329,800Gearing ratio (%) 48.2 45.4 43.2 35.4 28.9Total net asset value (RM'000) 718,826 621,021 540,455 441,721 348,710Net assets value per unit (sen) 1.12 1.07 1.04 1.03 1.03- Highest NAV during the year (sen) 1.12 1.07 1.05 1.07 1.05- Lowest NAV during the year (sen) 1.02 1.04 1.03 1.03 0.99Market price per unit- as at 31 December (sen) 1.15 1.12 0.985 0.87 0.97- Highest traded price for the year (sen) 1.20 1.21 0.995 0.94 0.97- Lowest traded price for the year (sen) 1.07 0.97 0.96 0.80 0.95No. of unit circulation (RM’000) 639,586 580,167 518,367 428,721 340,000No. of unitholders 3,127 3,092 2,891 2,356 2,491

PERFORMANCE DETAILS OF THE GROUP FOR LAST 5 YEARS2011 2010 2009 2008 2007

Net income after tax- Realised (RM'000) 46,366 42,205 36,738 31,916 25,338- Unrealised (RM'000) 34,624 2,615 16,959 11,938 -

(RM'000) 80,990 44,820 53,697 43,854 25,338

Net income distribution (RM'000) 49,140 42,109 39,659 34,726 24,890Earning per unit (net) (sen) 14.54 8.11 11.10 10.61 7.45Distribution per unit - cummulative- First interim (sen) 5.17 4.43 1.50 4.00 3.64- Second interim (sen) - - 2.80 - 3.22- Final (sen) 2.52 3.30 3.80 4.10 0.46

7.69 7.73 8.10 8.10 7.32

Distribution date- First interim 11 Nov 2011 22 Jul 2010 10 Apr 2009 26 Sep 2008 24 Aug 2007

- Second interim - - 11 Sep 2009 - 25 Jan 2008

- Final 20 Apr 2012 15 Apr 2011 26 Mar 2010 27 Mar 2009 18 Apr 2008

Distribution yield (%) 6.69 6.90 8.22 9.31 7.55Portfolio turnover ratio (times) 0.32 0.24 0.55 0.40 -Management expense ratio (%) 0.29 0.22 0.19 0.18 0.27



HealtHcare reIt

al- aQar

Note:



THE FUND2011 2010 2009 2008 2007


Total assets (RM'000) 1,405,900 1,145,657 994,451 686,590 494,927Total borrowing (RM'000) 404,706 514,530 424,646 221,993 133,420Total unitholders’ fund (RM'000) 722,301 620,985 540,224 441,268 348,715Market capitalisation (RM'000) 735,523 649,787 510,592 372,987 328,800Gearing ratio (%) 47.7 44.9 42.7 35.4 27.9Total net asset value (RM'000) 722,301 620,985 540,224 441,268 348,715Net assets value per unit (sen) 1.13 1.07 1.04 1.03 1.03- Highest NAV during the year (sen) 1.13 1.07 1.05 1.07 1.05- Lowest NAV during the year (sen) 1.02 1.04 1.03 1.03 0.99Market price per unit- as at 31 December (sen) 1.15 1.12 0.985 0.87 0.97- Highest traded price for the year (sen) 1.15 1.21 1.05 1.07 1.05- Lowest traded price for the year (sen) 1.07 0.97 1.03 1.03 0.99No. of unit circulation (’000) 639,585 580,167 518,367 428,721 340,000No. of unitholders 3,127 3,092 2,891 2,356 2,491



(RM'000) 84,502 45,014 53,919 43,395 25,343


7.69 7.73 8.10 8.10 7.32







HealtHcare reIt

al- aQar

Note:



THE FUND2011 2010 2009 2008 2007


Total assets (RM'000) 1,405,900 1,145,657 994,451 686,590 494,927Total borrowing (RM'000) 404,706 514,530 424,646 221,993 133,420Total unitholders’ fund (RM'000) 722,301 620,985 540,224 441,268 348,715Market capitalisation (RM'000) 735,523 649,787 510,592 372,987 328,800Gearing ratio (%) 47.7 44.9 42.7 35.4 27.9Total net asset value (RM'000) 722,301 620,985 540,224 441,268 348,715Net assets value per unit (sen) 1.13 1.07 1.04 1.03 1.03- Highest NAV during the year (sen) 1.13 1.07 1.05 1.07 1.05- Lowest NAV during the year (sen) 1.02 1.04 1.03 1.03 0.99Market price per unit- as at 31 December (sen) 1.15 1.12 0.985 0.87 0.97- Highest traded price for the year (sen) 1.15 1.21 1.05 1.07 1.05- Lowest traded price for the year (sen) 1.07 0.97 1.03 1.03 0.99No. of unit circulation (’000) 639,585 580,167 518,367 428,721 340,000No. of unitholders 3,127 3,092 2,891 2,356 2,491



(RM'000) 84,502 45,014 53,919 43,395 25,343


7.69 7.73 8.10 8.10 7.32







al- aQar

pencapaIan al-‘aqar HealtHcare reIt

Nota:

1. Cadangan pengagihan dividen bagi tahun kewangan berakhir 31 Disember 2011 berjumlah 2.52 sen seunit.

KUMPULAN2011 2010 2009 2008 2007

NILAI ASET BERSIH DAN INFO UNIT

Jumlah aset (RM'000) 1,421,269 1,163,489 1,011,312 703,774 494,925Jumlah pinjaman (RM'000) 684,696 527,835 436,411 234,280 133,420Jumlah dana pemegang unit (RM'000) 718,826 621,021 540,455 441,721 348,710Modal pasaran (RM'000) 735,523 649,787 510,592 372,987 329,800Nisbah hutang (%) 48.2 45.4 43.2 35.4 28.9Jumlah nilai aset bersih (RM'000) 718,826 621,021 540,455 441,721 348,710Nilai aset bersih (NAV) seunit (sen) 1.12 1.07 1.04 1.03 1.03- NAV tertinggi sepanjang tahun (sen) 1.12 1.07 1.05 1.07 1.05- NAV terendah sepanjang tahun (sen) 1.02 1.04 1.03 1.03 0.99Harga pasaran seunit- pada 31 Disember (sen) 1.15 1.12 0.985 0.87 0.97- Harga niaga tertinggi bagi tahun (sen) 1.20 1.21 0.995 0.94 0.97- Harga niaga terendah bagi tahun (sen) 1.07 0.97 0.96 0.80 0.95Bilangan unit dalam edaran (RM’000) 639,586 580,167 518,367 428,721 340,000Bilangan pemegang unit 3,127 3,092 2,891 2,356 2,491

BUTIR-BUTIR PRESTASI KUMPULAN 5 TAHUN LEPAS2011 2010 2009 2008 2007

Pendapatan bersih selepas cukai- Nyata (RM'000) 46,366 42,205 36,738 31,916 25,338- Tidak nyata (RM'000) 34,624 2,615 16,959 11,938 -

(RM'000) 80,990 44,820 53,697 43,854 25,338

Pengagihan pendapatan (bersih) (RM'000) 49,140 42,109 39,659 34,726 24,890Pendapatan seunit (bersih) (sen) 14.54 8.11 11.10 10.61 7.45Pengagihan seunit - Terkumpul- Interim pertama (sen) 5.17 4.43 1.50 4.00 3.64- Interim kedua (sen) - - 2.80 - 3.22- Akhir (sen) 2.52 3.30 3.80 4.10 0.46

7.69 7.73 8.10 8.10 7.32

Tarikh pengagihan- Interim pertama 11 Nov 2011 22 Jul 2010 10 Apr 2009 26 Sep 2008 24 Aug 2007

- Interim kedua - - 11 Sep 2009 - 25 Jan 2008

- Akhir 20 Apr 2012 15 Apr 2011 26 Mar 2010 27 Mar 2009 18 Apr 2008

Hasil pengagihan (%) 6.69 6.90 8.22 9.31 7.55Nisbah pusingan portfolio (kali) 0.32 0.24 0.55 0.40 -Nisbah perbelanjaan pengurusan (%) 0.29 0.22 0.19 0.18 0.27



HealtHcare reIt

al- aQar

Nota:



TABUNG AMANAH2011 2010 2009 2008 2007


Jumlah aset (RM'000) 1,405,900 1,145,657 994,451 686,590 494,927Jumlah pinjaman (RM'000) 404,706 514,530 424,646 221,993 133,420Jumlah dana pemegang unit (RM'000) 722,301 620,985 540,224 441,268 348,715Modal pasaran (RM'000) 735,523 649,787 510,592 372,987 328,800Nisbah hutang (%) 47.7 44.9 42.7 35.4 27.9Jumlah nilai aset bersih (RM'000) 722,301 620,985 540,224 441,268 348,715Nilai aset bersih (NAV) seunit (sen) 1.13 1.07 1.04 1.03 1.03- NAV tertinggi sepanjang tahun (sen) 1.13 1.07 1.05 1.07 1.05- NAV terendah sepanjang tahun (sen) 1.02 1.04 1.03 1.03 0.99Harga pasaran seunit- pada 31 Disember (sen) 1.15 1.12 0.985 0.87 0.97- Harga niaga tertinggi bagi tahun (sen) 1.15 1.21 1.05 1.07 1.05- Harga niaga terendah bagi tahun (sen) 1.07 0.97 1.03 1.03 0.99Bilangan unit dalam edaran (’000) 639,585 580,167 518,367 428,721 340,000Bilangan pemegang unit 3,127 3,092 2,891 2,356 2,491



(RM'000) 84,502 45,014 53,919 43,395 25,343


7.69 7.73 8.10 8.10 7.32







HealtHcare reIt

al- aQar

Nota:



TABUNG AMANAH2011 2010 2009 2008 2007


Jumlah aset (RM'000) 1,405,900 1,145,657 994,451 686,590 494,927Jumlah pinjaman (RM'000) 404,706 514,530 424,646 221,993 133,420Jumlah dana pemegang unit (RM'000) 722,301 620,985 540,224 441,268 348,715Modal pasaran (RM'000) 735,523 649,787 510,592 372,987 328,800Nisbah hutang (%) 47.7 44.9 42.7 35.4 27.9Jumlah nilai aset bersih (RM'000) 722,301 620,985 540,224 441,268 348,715Nilai aset bersih (NAV) seunit (sen) 1.13 1.07 1.04 1.03 1.03- NAV tertinggi sepanjang tahun (sen) 1.13 1.07 1.05 1.07 1.05- NAV terendah sepanjang tahun (sen) 1.02 1.04 1.03 1.03 0.99Harga pasaran seunit- pada 31 Disember (sen) 1.15 1.12 0.985 0.87 0.97- Harga niaga tertinggi bagi tahun (sen) 1.15 1.21 1.05 1.07 1.05- Harga niaga terendah bagi tahun (sen) 1.07 0.97 1.03 1.03 0.99Bilangan unit dalam edaran (’000) 639,585 580,167 518,367 428,721 340,000Bilangan pemegang unit 3,127 3,092 2,891 2,356 2,491



(RM'000) 84,502 45,014 53,919 43,395 25,343


7.69 7.73 8.10 8.10 7.32







al- aQar

unItholders’ statIstIC for the Year ended 30 deCember 2011

StatIStIK peMegang unIt BagI taHun BeraKHIr 30 dISeMBer 2011

ANALYSIS OF UNITHOLDINGS ANALISA PEGANGAN UNITSize of UnitholdingsSaiz Pegangan Unit

No. of UnitholdersBil. Pemegang Unit

% No. of UnitsBil. Unit

%

Less than 100Kurang dari 100

353 11.29 16,014 -

100 - 1,000 1,271 40.65 607,559 0.10

1,001 - 10,000 947 30.28 4,323,208 0.68

10,001 - 100,000 412 13.17 13,912,654 2.18

100,001 to less than 5% of Issued capital100,001 hingga kurang dari 5% Modal Diterbitkan

141 4.51 422,713,377 66.09

5% and above of Issued capital5% dan lebih dari Modal Diterbitkan

3 0.10 198,012,656 30.95

TOTAL / JUMLAH 3,127 100.00 639,585,468 100.00

TOP THIRTY SEcURITIES AccOUNT HOLDERS(Without aggregating the securities from different securities accounts belonging to the same depositor)

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

Name No. of Units / Bil. Unit %

1 Lembaga Tabung Haji 101,212,656 15.822 Pusat Pakar Tawakal Sdn Bhd 61,800,000 9.663 HSBC Noms (T) Sdn Bhd - A/C Selangor Medical Centres Sdn Bhd (355-300641-089) 35,000,000 5.474 AmanahRaya Trustees Berhad - A/C Jeta Gardens (QLD) Pty Ltd 30,303,419 4.745 Jeta Gardens (QLD) Pty Ltd 29,115,049 4.556 Seremban Specialist Hospital Sdn Bhd 23,731,000 3.717 KFC Holdings (Malaysia) Bhd 21,115,000 3.308 Ampang Puteri Specialist Hospital Sdn Bhd 21,013,739 3.299 Medical Associates Sdn Bhd 19,055,000 2.9810 Waqaf An-Nur Corporation Berhad 18,199,870 2.8511 Sentosa Medical Centre Sdn Bhd 15,653,000 2.4512 Damansara Specialist Hospital Sdn Bhd 15,233,000 2.3813 Kedah Medical Centre Sdn Bhd 15,000,000 2.3514 Pusat Pakar Tawakal Sdn Bhd 13,631,000 2.1315 Citigroup Noms (T) Sdn Bhd - A/C Employees Provident Fun Board 13,052,818 2.0416 Johor Specialist Hospital Sdn Bhd 12,203,000 1.9117 Puteri Specialist Hospital (Johor) Sdn Bhd 12,000,000 1.8818 Pusat Pakar Darul Naim Sdn Bhd 11,789,000 1.8419 Kuantan Specialist Hospital Sdn Bhd 10,705,000 1.6720 Kajang Specialist Hospital Sdn Bhd 9,574,000 1.5021 Kota Kinabalu Specialist Hospital Sdn Bhd 9,100,000 1.4222 QSR Brands Bhd 8,763,600 1.3723 Bukit Mertajam Specialist Hospital Sdn Bhd 8,608,000 1.3524 AmanahRaya Trustees Berhad - A/C Amanah Saham Didik 7,723,090 1.2125 HSBC Noms (A) Sdn Bhd - A/C Exempt An for BNP Paribas Securities Services (Dublin USD) 6,652,423 1.0426 Citigroup Noms (T) Sdn Bhd - A/C MCIS Zurich Insurance Berhad (Life Par FD) 6,170,394 0.9627 AmanahRaya Trustees Berhad - A/C Sekim Amanah Saham Nasional 5,000,700 0.7828 Citigroup Noms (T) Sdn Bhd - A/C Exempt An for American International Assurance Berhad 4,619,100 0.7229 Citigroup Noms (T) Sdn Bhd - A/C MCIS Zurich Insurance Berhad (ANN FD) 3,525,500 0.5530 AmanahRaya Trustees Berhad - A/C Public Islamic Asia Dividend Fund 3,500,000 0.55



HealtHcare reIt

al- aQar

statement of Interests of dIreCtors

penYata KepentIngan pengaraH



SUBSTANTIAL UNITHOLDERS PEMEGANG UNIT UTAMAName Direct No. of Units

Bil. Unit Langsung% Indirect No. of Units

Bil. Unit Tidak Langsung%

Lembaga Tabung Haji 101,212,656 15.82 - -

Pusat Pakar Tawakal Sdn Bhd - 2/cs 75,431,000 11.79 314,290,026 49.14

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

35,000,000 5.47 354,721,026 55.46

ANALYSIS OF UNITHOLDERS ANALISA PARA PEMEGANG UNITName Direct No. of Units



MalaysianWarganegara

- Bumiputra 820 26.21 493,585,838 77.17

- others 2,212 70.74 104,834,547 16.11

ForeignersWarga Asing

95 3.04 13,075,447 6.72

TOTAL / JUMLAH 3,127 100.00 639,585,468 100.00

Director / Pengarah No. of Units / Bil. Unit %

Kamaruzzaman bin Abu Kassim 10,000 -

Datin Paduka Siti Sa’diah binti Sheikh BakirDirect - 2 A/Cs 99,035 0.02Indirect (Amy Nadzlina binti Mohamed) 2,500 -

Dr. Mohd Hafetz bin AhmadDirect 2,400 -Indirect 230 -

Zainah binti Mustafa - -Lukman bin Abu Bakar - -yusaini bin Sidek - -Dato’ Mani a/l Usilappan - -Abd Razak Bin Haron - -



HealtHcare reIt

al- aQar

statement of Interests of dIreCtors

penYata KepentIngan pengaraH



SUBSTANTIAL UNITHOLDERS PEMEGANG UNIT UTAMAName Direct No. of Units



Lembaga Tabung Haji 101,212,656 15.82 - -

Pusat Pakar Tawakal Sdn Bhd - 2/cs 75,431,000 11.79 314,290,026 49.14

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

35,000,000 5.47 354,721,026 55.46

ANALYSIS OF UNITHOLDERS ANALISA PARA PEMEGANG UNITName Direct No. of Units



MalaysianWarganegara

- Bumiputra 820 26.21 493,585,838 77.17

- others 2,212 70.74 104,834,547 16.11

ForeignersWarga Asing

95 3.04 13,075,447 6.72

TOTAL / JUMLAH 3,127 100.00 639,585,468 100.00

Director / Pengarah No. of Units / Bil. Unit %

Kamaruzzaman bin Abu Kassim 10,000 -

Datin Paduka Siti Sa’diah binti Sheikh BakirDirect - 2 A/Cs 99,035 0.02Indirect (Amy Nadzlina binti Mohamed) 2,500 -

Dr. Mohd Hafetz bin AhmadDirect 2,400 -Indirect 230 -

Zainah binti Mustafa - -Lukman bin Abu Bakar - -yusaini bin Sidek - -Dato’ Mani a/l Usilappan - -Abd Razak Bin Haron - -



al- aQar

salIent featurescIrI-cIrI utaMa

PURCHASE CONSIDERATION

First Acquisition:At RM 461.25 million, a 4.1 percent discount to total asset value of RM 481 million

Second Acquisition:At RM 170.04 million, a 5 percent discount to total asset value of RM 179.9 million

Third Acquisition:At RM 280.4 million, a 3.7 percent discount to total asset value of RM 295.8 million

Forth AcquisitionAt RM 159.9 million at a market value

Fifth AcquisitionAt RM 131.9 million, at a market value

DISTRIBUTABLE INCOME Up to 99 percent

TENANTED AREA 100 percent

FORECAST DISTRIBUTION PER UNIT7.69 cent per annum (FyE 31 December 2011)

DISTRIBUTION PER UNIT6.5 percent per annum

RENTAL REVIEW Every 3-year

LEASE TERM15-year renewable for another 15 years

GEARING RATIO48 percent

FINANCINGFinancing Facilities of up to RM 300 million nominal value Islamic CP/MTN program under the Syariah Principles of Ijarah (Sukuk Ijarah Programme) through its wholly owned special purpose company Al-‘Aqar Capital Sdn Bhd and up to RM 250 million of the Ijarah Muntahiah Bitamlik under the Syndicated Ijarah Facility.

PERTIMBANGAN BELIAN

Pengambilalihan Pertama:Pada RM461.25 juta, 4.1 peratus diskaun dari jumlah aset bernilai RM481 juta

Pengambilalihan Kedua:Pada RM170.04 juta, 5.0 peratus diskaun dari jumlah aset yang bernilai RM179.9 juta

Pengambilalihan Ketiga:Pada RM280.4 juta, 3.7 peratus diskaun dari jumlah aset yang bernilai RM295.8 juta

Pengambilalihan Keempat:Pada RM 159.9 juta pada harga pasaran

Pengambilalihan Kelima:Pada RM 131.9 juta pada harga pasaran

PENDAPATAN YANG DIAGIHKAN Sehingga 99 peratus

KAWASAN DISEWA 100 peratus

RAMALAN PENGAGIHAN SEUNIT7.69 sen setahun (bagi tahun kewangan berakhir 31 Disember 2011)

PENGAGIHAN SEUNITMinima 6.5 peratus setiap tahun

KAJIAN SEMULA SEWAAN Setiap 3 tahun

TERMA PAJAKAN15 tahun, tempoh boleh diperbaharu 15 tahun lagi

NISBAH GEARAN 48 peratus

PEMBIAYAANKemudahan pembiayaan sehingga RM300 juta nilai nominal berteraskan Program Islam CP/MTN di bawah Prinsip ljarah Syariah (Program Sukuk ljarah) melalui syarikat milik penuh khusus, Al-’Aqar Capital Sdn Bhd dan sehingga RM250 juta dari ljarah Muntahiah Bitamlik di bawah Kemudahan Bersindiket ljarah.

PROJECTED AND FORECAST DISTRIBUTION YIELD

Financial Year 31 December 2011 2012 2013 2014

Distribution/Unit (sen) 7.69 8.54 8.86 9.17

Distribution yield 7.69 8.54 8.86 9.17- based on RM1.00/unit (%)

RAMALAN DAN JANGKAAN PENGAGIHAN KADAR HASIL

Tahun kewangan 31 Disember 2011 2012 2013 2014

Pengagihan/Unit (sen) 7.69 8.54 8.86 9.17

Kadar Hasil Pengagihan 7.69 8.54 8.86 9.17- pada harga RM1.00/unit (%)



HealtHcare reIt

al- aQar

30 January 2011 at Emirates Palace, Abu Dhabi, United Arab Emirates, Al-‘Aqar participated in Focus to Invest Malaysia 2011, organized by Malaysian Investment Development Authority (MIDA).

7 July 2011 at Queensland, Australia, Mr yusaini Hj Sidek, the Executive Director of Damansara REIT Managers Sdn Berhad, pay a courtesy visit to Mayor and Councillor of Logan City, Australia.

22 – 24 April 2011 at JB City Square, Johor Bahru, participated in 5th Iskandar Malaysia open Day.

8 August 2011, Interview session with Buletin Utama TV3 on “Property Segment-Islamic Real Estate Investment Trust”.

30 Januari 2011 di Emirates Palace, Abu Dhabi, Arab Saudi, Al-‘Aqar telah mengambil bahagian dalam “Focus to Invest Malaysia 2011”, dianjurkan oleh Lembaga Kemajuan Perindustrian Malaysia.

7 Julai 2011 di Queensland, Australia, Encik yusaini Hj Sidek, Pengarah Eksekutif, Damansara REIT Managers Sdn Berhad telah membuat kunjungan hormat ke atas Datuk Bandar dan Kaunselor bagi Bandaraya Logan.

22 – 24 April 2011 di JB City Square, Johor Bahru, Al-‘Aqar telah mengambil bahagian dalam Hari Terbuka Iskandar Malaysia kali ke-5.

8 ogos 2011, sesi temuduga bersama Buletin Utama TV3 bagi Segmen Hartanah – Tabung Amanah Hartanah Islam.

hIghlIghts of 2011Sorotan taHun 2011

JANUARY

JULY

APRIL

AUGUST

JANUARI

JULAI

APRIL

OGOS



HealtHcare reIt

al- aQar

30 January 2011 at Emirates Palace, Abu Dhabi, United Arab Emirates, Al-‘Aqar participated in Focus to Invest Malaysia 2011, organized by Malaysian Investment Development Authority (MIDA).

7 July 2011 at Queensland, Australia, Mr yusaini Hj Sidek, the Executive Director of Damansara REIT Managers Sdn Berhad, pay a courtesy visit to Mayor and Councillor of Logan City, Australia.

22 – 24 April 2011 at JB City Square, Johor Bahru, participated in 5th Iskandar Malaysia open Day.

8 August 2011, Interview session with Buletin Utama TV3 on “Property Segment-Islamic Real Estate Investment Trust”.

30 Januari 2011 di Emirates Palace, Abu Dhabi, Arab Saudi, Al-‘Aqar telah mengambil bahagian dalam “Focus to Invest Malaysia 2011”, dianjurkan oleh Lembaga Kemajuan Perindustrian Malaysia.

7 Julai 2011 di Queensland, Australia, Encik yusaini Hj Sidek, Pengarah Eksekutif, Damansara REIT Managers Sdn Berhad telah membuat kunjungan hormat ke atas Datuk Bandar dan Kaunselor bagi Bandaraya Logan.

22 – 24 April 2011 di JB City Square, Johor Bahru, Al-‘Aqar telah mengambil bahagian dalam Hari Terbuka Iskandar Malaysia kali ke-5.

8 ogos 2011, sesi temuduga bersama Buletin Utama TV3 bagi Segmen Hartanah – Tabung Amanah Hartanah Islam.


JANUARY

JULY

APRIL

AUGUST

JANUARI

JULAI

APRIL

OGOS



al- aQar


19 August 2011, Persada Johor International Convention Centre, the Extraordinary General Meeting was held on Proposed Acquisition of Jeta Gardens, Australia and Proposed Change of Name from Al-‘Aqar KPJ REIT to Al-‘Aqar Healthcare REIT. The unitholders granted their approval to both agenda.

28 November 2011 at Kempinski Hotel, Geneva, Switzerland, Al-‘Aqar Healthcare REIT received “The Diamond Eye Award for Quality Commitment and Excellence” from otherways Commitment and Consulting Association.

28 September 2011, Live Interview on radio station Best 104, topic “Entrepreneur Talk with Johor Corporation”.

19 ogos 2011, Pusat Konvensyen Antarabangsa Persada Johor, telah diadakan Mesyuarat Agung Luar Biasa bagi cadangan pengambilalihan Jeta Gardens, Australia dan pertukaran nama Al-‘Aqar KPJ REIT kepada Al-‘Aqar Healthcare REIT. Para pemegang unit telah memberi kelulusan kepada kedua-dua agenda.

28 November 2011 di Hotel Kempinski, Geneva, Switzerland, Al-‘Aqar Healthcare REIT telah menerima “The Diamond Eye Award for Quality Commitment and Excellence” dari otherways Commitment and Consulting Association.

28 September 2011, Temuduga secara langsung di stesyen radio Best 104, bagi topic “Bicara K e u s a h a w a n a n bersama Johor Corporation”.

AUGUST

NOVEMBER

SEPTEMBER

OGOS

NOVEMBER

SEPTEMBER



HealtHcare reIt

al- aQar

Standing from left to right :

Sitting from left to right :

KAMARUZZAMAN BIN ABU KASSIMNon-Independent Non-Executive chairmanPengerusi Bukan Bebas Bukan Eksekutif

YUSAINI BIN SIDEKNon-Independent Executive DirectorsPengarah Bukan Bebas Eksekutif

DR. MOHD HAFETZ BIN AHMADIndependent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif

ZAINAH BINTI MUSTAFAIndependent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif

DATO’ MANI A/L USILAPPANIndependent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif

DATIN PADUKA SITI SA’DIAH SHEIKH BAKIRNon-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif

LUKMAN BIN ABU BAKARNon-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif

ABD RAZAK BIN HARONNon-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif

SALMAH BINTI HJ ABD WAHABcompany SecretarySetiausaha Syarikat

1 5

2 6

3 7

4 8

9

9

5

8

6

3

1

7

4 2



board of dIreCtorsaHlI leMBaga pengaraH

HealtHcare reIt

al- aQar

Standing from left to right :

Sitting from left to right :

KAMARUZZAMAN BIN ABU KASSIMNon-Independent Non-Executive chairmanPengerusi Bukan Bebas Bukan Eksekutif

YUSAINI BIN SIDEKNon-Independent Executive DirectorsPengarah Bukan Bebas Eksekutif

DR. MOHD HAFETZ BIN AHMADIndependent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif

ZAINAH BINTI MUSTAFAIndependent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif

DATO’ MANI A/L USILAPPANIndependent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif

DATIN PADUKA SITI SA’DIAH SHEIKH BAKIRNon-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif

LUKMAN BIN ABU BAKARNon-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif

ABD RAZAK BIN HARONNon-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif

SALMAH BINTI HJ ABD WAHABcompany SecretarySetiausaha Syarikat

1 5

2 6

3 7

4 8

9

9

5

8

6

3

1

7

4 2



board of dIreCtorsaHlI leMBaga pengaraH

HealtHcare reIt

al- aQar

Kamaruzzaman Abu Kassim was appointed as a Non Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 12 January 2007 and was subsequently appointed as Chairman on 12 January 2011. He is currently the President & Chief Executive officer of Johor Corporation (JCorp).

He graduated with a Bachelor of Commerce majoring in Accountancy from the University of Wollongong, New South Wales, Australia in 1987. He embarked his career as an Audit Assistant withMessrs K.E Chen & Associates in May 1988 and later joined Coopers & Lybrand (currently known as Pricewaterhouse Coopers) in Johor Bahru. In December 1992, he left the firm to join JCorp as Deputy Manager, Corporate Finance Department. He was later promoted to become the Executive Directorat Damansara Realty Berhad (a company of which JCorp is the majority shareholder) in 1999 until September 2006. He was appointed as the Chief operating officer of JCorp on 1 August 2006 and was later appointed as the Senior Vice President of JCorp on 1 January 2009. He was appointed as the President & Chief Executive officer of JCorp on 1 December 2010.

He is also the Chairman of Damansara Realty Berhad, Kulim (Malaysia) Berhad, KPJ Healthcare Berhad, KFC Holdings (Malaysia) Bhd, QSR Brands Bhd and Director of Waqaf An-Nur Corporation Berhad. He also sits as Chairman and Director of several other JCorp Group of Companies.

Kamaruzzaman Abu Kassim telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) pada 12 Januari 2007 dan seterusnya dilantik sebagai Pengerusi pada 12 Januari 2011. Beliau kini merupakan Presiden dan Ketua Pegawai Eksekutif Johor Corporation (JCorp).

Beliau memiliki Ijazah Sarjana Muda Perdagangan (Perakaunan) daripada University of Wollongong, New South Wales, Australia pada tahun 1987. Beliau memulakan kerjayanya sebagai Penolong Audit di Messrs K.E. Chen & Associates pada Mei 1988. Beliau kemudiannya menyertai Coopers & Lybrand (kini dikenali sebagai Pricewaterhouse Coopers) di Johor Bahru. Pada Disember 1992, beliau menyertai JCorp sebagai Penolong Pengurus, Jabatan Kewangan Korporat. Beliau kemudiannya dilantik menjadi Pengarah Eksekutif di Damansara Realty Berhad (syarikat di mana majoriti saham dimiliki oleh JCorp) dari 1999 sehingga September 2006.

Beliau kemudiannya dilantik Ketua Pegawai operasi JCorp pada 1 ogos 2006 dan kemudiannya dilantiksebagai Naib Presiden Kanan JCorp pada 1 Januari 2009. Kamaruzzaman dilantik sebagai Presiden dan Ketua Pegawai Eksekutif JCorp pada 1 Disember 2010.

Beliau juga merupakan Pengerusi Damansara Realty Berhad, Kulim (Malaysia) Berhad, KPJ Healthcare Berhad, KFC holdings (Malaysia) Bhd, QSR Brands Bhd dan Pengarah Waqaf An-Nur Corporation Berhad. Beliau juga menjadi Pengerusi dan Pengarah di beberapa syarikat di bawah Kumpulan JCorp.

KAMARUZZAMAN BIN ABU KASSIMMalaysian, aged 48



profIle of the board of dIreCtorsproFIl leMBaga pengaraH

HealtHcare reIt

al- aQar

yusaini Sidek was appointed as the Executive Director of Damansara REIT Managers Sendirian Berhad (DRMSB) on January 2009.

He graduated with a Master of Business Administration, specialization in International Business from University of Southern Queensland, Australia in year 2010 after obtaining his Bachelor in Business Administration from Universiti Kebangsaan Malaysia in 1999 and a Diploma In Valuation in 1989 from Universiti Teknologi Malaysia. He has vast experience in the area of building management for nearly 16 years which include preparation of valuation reports for various properties such as of commercial, residential, retail property and others. He also prepares analytical reports on property market movements. He gained professional experience via attachment with a number of companies such as Colliers Jordan Lee & Jaafar, Jabatan Penilaian dan Perkhimatan Harta, Kementerian Kewangan Malaysia, Bank Industri Malaysia Berhad, Fima Corporation Berhad, CSM Corporation Berhad and Empire Tower (M) Sdn Bhd.

Some of the buildings under his supervision were Bank Industri Building, Airtel Complex, Plaza Damansara, Jaya Shopping Centre, Menara CSM, Empire Tower and City Square Complex. He was vastly involved in the planning and operation of building management, primarily in the areas of Tenancy Management, Marketing, Promotion and Maintenance Management. He was

yusaini Sidek telah dilantik sebagai Pengarah Eksekutif Bukan Bebas Damansara REIT Managers Sdn Berhad (DRMSB) pada 7 Januari 2009. Beliau memperolehi Sarjana Pentadbiran Perniagaan pengkhususan dalam Perniagaan Antarabangsa dari Universiti of Southern Queensland Australia selepas menamatkan pengajian dengan kelulusan Sarjana Muda Pentadbiran Perniagaan dari Universiti Kebangsaan Malaysia pada 1999 dan Diploma Penilaian dari Universiti Teknologi Malaysia pada 1989. Beliau mempunyai pengalaman luas dalam bidang pengurusan bangunan selama hampir 20 tahun termasuk penyediaan laporan penilaian bagi pelbagai hartanah termasuk perdagangan, kediaman,hartanah runcit dan lain-lain.

Beliau juga menyediakan laporan analitikal mengenai pengerakan pasaran hartanah. Beliau memperoleh pengalaman profesional setelah berkhidmat dengan beberapa syarikat seperti Colliers Jordan Lee & Jaafar, Jabatan Pernilaian dan Perkhidmatan Harta, Kementerian Kewangan Malaysia, Bank Industri Malaysia Berhad, Fima Corporation Berhad, CSM Corporation Berhad dan Empire Tower (M) Sdn Bhd.

Di antara bangunan yang diuruskan beliau termasuk bangunan Bank Industri, Kompleks Airtel, Plaza Damansara, Menara CSM, Menara Empire dan Kompleks City Square. Beliau terlibat secara meluas dalam perancangan dan operasi pengurusan bangunan, terutamanya dalam bidang Pengurusan Penghunian, Pemasaran, Promosi dan Pengurusan Penyelenggaraan. Beliau sebelum ini pernah berkhidmat di Harta Consult Sdn Bhd sejak Februari 2001 sebagai Pengurus Kanan, dimana beliau menggunakan kemahirannya dalam pengurusan hartanah bagi memastikan kelancaran operasi bangunan milik Damansara Assets Sdn Bhd.

YUSAINI BIN SIDEKMalaysian, aged 43

previously employed by Harta Consult Sdn Bhd since February 2001 as Senior Manager, which had enabled him to capitalize his expertise in property management to ensure the smooth operation of the buildings of Damansara Assets Sdn Bhd (formerly known as Damansara Town Centre Sdn Bhd).




HealtHcare reIt

al- aQar

yusaini Sidek was appointed as the Executive Director of Damansara REIT Managers Sendirian Berhad (DRMSB) on January 2009.

He graduated with a Master of Business Administration, specialization in International Business from University of Southern Queensland, Australia in year 2010 after obtaining his Bachelor in Business Administration from Universiti Kebangsaan Malaysia in 1999 and a Diploma In Valuation in 1989 from Universiti Teknologi Malaysia. He has vast experience in the area of building management for nearly 16 years which include preparation of valuation reports for various properties such as of commercial, residential, retail property and others. He also prepares analytical reports on property market movements. He gained professional experience via attachment with a number of companies such as Colliers Jordan Lee & Jaafar, Jabatan Penilaian dan Perkhimatan Harta, Kementerian Kewangan Malaysia, Bank Industri Malaysia Berhad, Fima Corporation Berhad, CSM Corporation Berhad and Empire Tower (M) Sdn Bhd.

Some of the buildings under his supervision were Bank Industri Building, Airtel Complex, Plaza Damansara, Jaya Shopping Centre, Menara CSM, Empire Tower and City Square Complex. He was vastly involved in the planning and operation of building management, primarily in the areas of Tenancy Management, Marketing, Promotion and Maintenance Management. He was

yusaini Sidek telah dilantik sebagai Pengarah Eksekutif Bukan Bebas Damansara REIT Managers Sdn Berhad (DRMSB) pada 7 Januari 2009. Beliau memperolehi Sarjana Pentadbiran Perniagaan pengkhususan dalam Perniagaan Antarabangsa dari Universiti of Southern Queensland Australia selepas menamatkan pengajian dengan kelulusan Sarjana Muda Pentadbiran Perniagaan dari Universiti Kebangsaan Malaysia pada 1999 dan Diploma Penilaian dari Universiti Teknologi Malaysia pada 1989. Beliau mempunyai pengalaman luas dalam bidang pengurusan bangunan selama hampir 20 tahun termasuk penyediaan laporan penilaian bagi pelbagai hartanah termasuk perdagangan, kediaman,hartanah runcit dan lain-lain.

Beliau juga menyediakan laporan analitikal mengenai pengerakan pasaran hartanah. Beliau memperoleh pengalaman profesional setelah berkhidmat dengan beberapa syarikat seperti Colliers Jordan Lee & Jaafar, Jabatan Pernilaian dan Perkhidmatan Harta, Kementerian Kewangan Malaysia, Bank Industri Malaysia Berhad, Fima Corporation Berhad, CSM Corporation Berhad dan Empire Tower (M) Sdn Bhd.

Di antara bangunan yang diuruskan beliau termasuk bangunan Bank Industri, Kompleks Airtel, Plaza Damansara, Menara CSM, Menara Empire dan Kompleks City Square. Beliau terlibat secara meluas dalam perancangan dan operasi pengurusan bangunan, terutamanya dalam bidang Pengurusan Penghunian, Pemasaran, Promosi dan Pengurusan Penyelenggaraan. Beliau sebelum ini pernah berkhidmat di Harta Consult Sdn Bhd sejak Februari 2001 sebagai Pengurus Kanan, dimana beliau menggunakan kemahirannya dalam pengurusan hartanah bagi memastikan kelancaran operasi bangunan milik Damansara Assets Sdn Bhd.

YUSAINI BIN SIDEKMalaysian, aged 43

previously employed by Harta Consult Sdn Bhd since February 2001 as Senior Manager, which had enabled him to capitalize his expertise in property management to ensure the smooth operation of the buildings of Damansara Assets Sdn Bhd (formerly known as Damansara Town Centre Sdn Bhd).




HealtHcare reIt

al- aQar

Dr. Mohd Hafetz Ahmad was appointed as the Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 22 June 2006.

Dr. Hafetz obtained his Medical Degree from University of Malaya in 1975. He did his housemanship at Hospital Sultanah Aminah, Johor Bahru and continued as Medical officer 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 the Lecturer at the Department of obstretrics and Gynaecology, University of Malaya until 1983. He joined Johor Specialist Hospital (JSH) in 1983 as Consultant obstetrician and Gynaecologist. In the mid 1980’s, Dr. Hafetz served 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 (1994 to-date). He also sits on the Board of Directors of Johor Specialist Hospital Sdn Bhd and Director of Waqaf An-Nur Corporation Berhad.

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 Sdn Berhad (DRMSB) pada 22 Jun 2006.

Dr. Hafetz memperolehi Ijazah Perubatan dari Universiti Malaya pada tahun 1975. Beliau memulakan kerjayanya sebagai Doktor Residen di Hospital Sultanah Aminah, Johor Bahru dan kemudiannya sebagai Pegawai Perubatan di hospital tersebut sehingga 1978, apabila beliau menjalani latihan kepakaran Sakit Puan di Hospital Universiti, Kuala Lumpur. Dr. Hafetz juga pernah menjadi Pensyarah Pelatih dan kemudiannya sebagai Pensyarah di Bahagian Sakit Puan Universiti Malaya sehingga 1983. Beliau menyertai Hospital Pakar Johor pada tahun 1983 sebagai Perunding Sakit Puan., Dr. Hafetz pernah bertugas sebagai Ahli Lembaga Pelawat, Jubilee Home di Johor Bahru di pertengahan 1980an sehingga beberapa tahun. Selain menguruskan klinik, Dr. Hafetz juga terlibat dalam pelbagai aspek Pengurusan Hospital dan Tadbir Urus Klinikal selaku Pengerusi, Jawatankuasa Penasihat Perunding Hospital Pakar Johor (1990-1994) dan Pengarah Perubatan (1994 sehingga kini). Beliau juga adalah Ahli Lembaga Pengarah Johor Specialist Hospital Sdn Bhd, Pengarah Waqaf An-Nur Corporation Berhad.

Dr. Hafetz pernah menyandang jawatan Presiden Persatuan Sakit Puan Malaysia dari 2004 hingga 2005 dan juga sebagai Ahli Majlis Persatuan dari 2003 sehingga2006. Beliau adalah ahli Persatuan Perubatan Malaysia, Persatuan Menopos Malaysia, dan Persatuan Perubatan Islam Malaysia.

DR. MOHD HAFETZ BIN AHMADMalaysian, aged 61




HealtHcare reIt

al- aQar

Dato’ Mani Usilappan is an Independent Non Executive Director 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 in Property Development from Southbank University London with Distinction also in 1992. He served nine (9) years as Deputy Director General and subsequently retired as Director General of the Valuation and Property Services Department, Ministry of Finance, Government of Malaysia in 2006.

He is also a council member of the Institution of Surveyors Malaysia. His other directorship include Non-Executive Director of Damansara Realty Berhad, member of the Audit Committee DRB, Independent Non-Executive Director Faber Development Sdn Bhd.

Zainah Mustafa telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) dan Pengerusi Jawatankuasa Audit DRMSB pada 16 Februari 2007. Beliau juga adalah pengarah bagi dua anak syarikat d ibawah Kumpulan JCorp iaitu KPJ Healthcare Berhad dan Damansara Realty Berhad.

Beliau memulakan kerjaya sebagai Penolong Juruaudit Kanan di Perbadanan Nasional Berhad pada 1977 selepas menamatkan pengajian di Institut Teknologi MARA (kini Universiti Teknologi MARA). Zainah memperoleh Association of Chartered Certified Accountants (ACCA) United Kingdom pada 1976. Beliau kini adalah merupakan Felo di Association of Certified Chartered Accountant (FCCA). Beliau menyertai JCorp pada oktober 1978 sehingga menyandang jawatan Ketua Pegawai Kewangan Kumpulan sebelum bersara pada 31 oktober 2002.

Dato’ Mani Usilappan adalah Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) yang telah dilantik pada 1 November 2010.

Zainah Mustafa was appointed on 16 February 2007 as the Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) and the Chairman of the DRMSB Audit Committee. She also sits on the board of two other companies in the JCorp Group of Companies namely KPJ Healthcare Berhad (KPJ) and Damansara Realty Berhad.

She started her career as an Assistant Senior Auditor in Perbadanan Nasional Berhad in 1977 after graduating from Institut Teknologi MARA (presently Universiti Teknologi MARA). Zainah obtained her Association of Chartered Certified Accountants (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 retiring on 31 october 2002.

ZAINAH BINTI MUSTAFAMalaysian, aged 56

DATO’ MANI A/L USILAPPANMalaysian, aged 61

Pada tahun 1976, beliau berjaya lulus dalam Peperiksaan Akhir Royal Institution of CharteredSurveyors dan memiliki Sarjana dengan kepujian dalam Pembangunan Hartanah dari Universiti Southbank di London pada tahun 2006. Beliau telah berkhidmat selama 9 tahun sebagai Timbalan Ketua Pengarah 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 Ukur Malaysia. Selain daripada itu beliau juga merupakan Pengarah Bebas Bukan Eksekutif Damansara Realty Berhad, ahli Jawatankuasa Audit DRB dan Pengarah Bebas Bukan Eksekutif Faber Development Sdn Bhd.




HealtHcare reIt

al- aQar

Dato’ Mani Usilappan is an Independent Non Executive Director 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 in Property Development from Southbank University London with Distinction also in 1992. He served nine (9) years as Deputy Director General and subsequently retired as Director General of the Valuation and Property Services Department, Ministry of Finance, Government of Malaysia in 2006.

He is also a council member of the Institution of Surveyors Malaysia. His other directorship include Non-Executive Director of Damansara Realty Berhad, member of the Audit Committee DRB, Independent Non-Executive Director Faber Development Sdn Bhd.

Zainah Mustafa telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) dan Pengerusi Jawatankuasa Audit DRMSB pada 16 Februari 2007. Beliau juga adalah pengarah bagi dua anak syarikat d ibawah Kumpulan JCorp iaitu KPJ Healthcare Berhad dan Damansara Realty Berhad.

Beliau memulakan kerjaya sebagai Penolong Juruaudit Kanan di Perbadanan Nasional Berhad pada 1977 selepas menamatkan pengajian di Institut Teknologi MARA (kini Universiti Teknologi MARA). Zainah memperoleh Association of Chartered Certified Accountants (ACCA) United Kingdom pada 1976. Beliau kini adalah merupakan Felo di Association of Certified Chartered Accountant (FCCA). Beliau menyertai JCorp pada oktober 1978 sehingga menyandang jawatan Ketua Pegawai Kewangan Kumpulan sebelum bersara pada 31 oktober 2002.

Dato’ Mani Usilappan adalah Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) yang telah dilantik pada 1 November 2010.

Zainah Mustafa was appointed on 16 February 2007 as the Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) and the Chairman of the DRMSB Audit Committee. She also sits on the board of two other companies in the JCorp Group of Companies namely KPJ Healthcare Berhad (KPJ) and Damansara Realty Berhad.

She started her career as an Assistant Senior Auditor in Perbadanan Nasional Berhad in 1977 after graduating from Institut Teknologi MARA (presently Universiti Teknologi MARA). Zainah obtained her Association of Chartered Certified Accountants (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 retiring on 31 october 2002.

ZAINAH BINTI MUSTAFAMalaysian, aged 56

DATO’ MANI A/L USILAPPANMalaysian, aged 61

Pada tahun 1976, beliau berjaya lulus dalam Peperiksaan Akhir Royal Institution of CharteredSurveyors dan memiliki Sarjana dengan kepujian dalam Pembangunan Hartanah dari Universiti Southbank di London pada tahun 2006. Beliau telah berkhidmat selama 9 tahun sebagai Timbalan Ketua Pengarah 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 Ukur Malaysia. Selain daripada itu beliau juga merupakan Pengarah Bebas Bukan Eksekutif Damansara Realty Berhad, ahli Jawatankuasa Audit DRB dan Pengarah Bebas Bukan Eksekutif Faber Development Sdn Bhd.




HealtHcare reIt

al- aQar

Datin Paduka Siti Sa’diah Sheikh Bakir has been a Non-Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad since 2006.

Datin Paduka has served as the Managing Director of KPJ Healthcare Berhad (KPJ) since 1 March 1993. She graduated with a Bachelor of Economics degree from University Malaya in 1974 and holds an MBA from Henley Management College, University Reading, London, United Kingdom.

Her career with JohorCorporation (JCorp) commenced in 1974 and she has been directly involved with JCorp’s Healthcare Division since 1978. Datin Paduka was appointed as the Chief Executive of Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB), from 1989 until the listing of KPJ in November 1994.

Datin Paduka currently sits as the Chairman of various companies and hospitals in the KPJ Group. She is a also a Director of Kulim (Malaysia) Berhad, KFC Holdings (Malaysia) Bhd and QSR Brands Bhd. Datin Paduka is also a Director of Waqaf An-Nur Corporation Berhad, a non-governmental organisation dedicated to the provision of healthcare services to the less fortunate.

Committed to promoting excellence in healthcare, Datin Paduka is the President of the Malaysian Society for Quality in Health (MSQH), elected since its inception in 1997 until today. She has been a member of the Malaysia Productivity Council (MPC) Consultative Panel on Healthcare since 2001, and a member of

Datin Paduka Siti Sa’diah Sheikh Bakir telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif sejak 2006.

Datin Paduka Siti Sa’diah merupakan Pengarah Urusan KPJ Healthcare Berhad (KPJ) sejak 1 Mac 1993. Beliau merupakan graduan Ekonomi dari Universiti Malaya pada tahun 1974 dan memilki MBA dari Kolej Pengurusan Henley di London, United Kingdom. Datin Paduka memulakan kerjayanya dengan Johor Corporation (JCorp) pada tahun 1974 dan telah terlibat secara langsung dengan Bahagian Prisihatin Johor Corporation (JCorp) pada tahun 1978. Kini beliau merupakan Ketua Eksekutif Kumpulan Perubatan (Johor) Sdn Bhd, bermula dari tahun 1989 hingga penyenaraian KPJ pada November 1994.

Datin Paduka merupakan Pengerusi di beberapa syarikat dan hospital dalam Kumpulan KPJ. Beliau juga merupakan Pengarah Kulim (Malaysia) Berhad, KFC Holdings (Malaysia) Berhad dan QSR Brands Bhd. Beliau juga adalah Pengarah Waqaf An-Nur Berhad, sebuah organisasi bukan kerajaan yang ditubuhkan bagi menyediakan perkhidmatan penjagaan kesihatan dan prisihatin kepada golongan yang kurang bernasib baik.

Datin Paduka aktif dalam organisasi professional yang menggalakkan kecemerlangan dalam prisihatin dan menjadi Presiden bagi Malaysian Society of Qualityin Health (MSQH) sejak dari tarikh penubuhan 1997 sehingga kini.

Beliau merupakan ahli Majlis Panel Perunding Sektor Perubatan, Perbadanan Produktiviti Negara sejak tahun 2001 dan ahli Majlis Keselamatan Pesakit, Kementerian Kesihatan Malaysia sejak tahun 2003 dan beliau juga dilantik sebagai Pengarah Bebas Bukan Eksekutif Bursa Malaysia sejak 2004. Pada 2009, beliau telah dilantik sebagai ahli Majlis Pengembara Prisihatin Malaysia, di bawah Kementerian Kesihatan.

Datin Paduka juga telah menjadi Ahli Lembaga MATRADE sejak tahun 1999 sehingga 2010. Pada 12 Mac 2010, Datin Paduka telah dianugerahkan sebagai “CEo of the year 2009” oleh New Straits Times Press dan American Express.

DATIN PADUKA SITI SA’DIAH BINTI SHEIKH BAKIRMalaysian, aged 59

the National Patient Safety Council, Ministry of Health (MoH) since 2003. Datin Paduka is also an Independent Non-Executive Director of Bursa Malaysia, elected since 2004. In 2009, she was appointed as a member of the Malaysian Healthcare Travel Council, under the Ministry of Health.

She had served as a Board member of MATRADE from 1999 to 2010. on 12 March 2010, Datin Paduka was named the CEo of the year 2009 by the New Straits Times Press and American Express.




HealtHcare reIt

al- aQar

Lukman Abu Bakar, was appointed as a Non-Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 12 January 2007.

He graduated with a Bachelor of Urban and Regional Planning from the University Teknologi Malaysia in 1982 before joining Johor Corporation (JCorp) as a Town Planning officer in the same year. He also holds a Post Graduate Diploma (Housing, Building and Planning) from Institute for Housing Studies, Rotterdam, Holland in 1985.

on 1 September 1993, Lukman was appointed as the Deputy General Manager of Sindora Berhad and later promoted to the position of General Manager in 1995, a Company within JCorp Group. In April 2004, he became the Secretary of Pasir Gudang Local Authority cum Senior General Manager of JCorp. on 1 July 2008, he was appointed as the President of Majlis Perbandaran Pasir Gudang until 31 August 2009. He was the Senior Vice President of JCorp from 1 September 2009 before appointed as Chief Executive Property Division on 1 January 2011. He is currently the Managing Director of Johor Land Berhad.

He also sits as Director of Damansara Realty Berhad, a public listed company and as a Director of Syarikat Pengangkutan Maju Berhad and Penawar Ekspress Line Berhad, as well as few other companies within the JCorp Group.

Lukman Abu Bakar telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) pada 12 Januari 2007.

Beliau berkelulusan ijazah Sarjana Muda Perancangan Bandar dan Wilayah dari Universiti Teknologi Malaysia pada 1982, sebelum menyertai Johor Corporation (JCorp) sebagai Pegawai Perancang Bandar pada tahun yang sama. Beliau juga merupakan pemegang Diploma Lanjutan (Perumahan, Bangunan dan Perancangan) dari Institute for Housing Studies,Rotterdam, Holland pada tahun 1985.

Pada 1 September 1993, Lukman telah dilantik sebagai Timbalan Pengurus Besar dan kemudian dinaikkan pangkat ke jawatan Pengurus Besar pada 1995 di Sindora Berhad, anak syarikat dalam Kumpulan JCorp. Pada April 2004, beliau telah dilantik sebagai Setiausaha Pihak Berkuasa Tempatan Pasir Gudang merangkap Pengurus Besar Kanan JCorp. Beliau dilantik sebagai yang DiPertua Majlis Perbandaran Pasir Gudang pada 1 Julai 2008 hingga 31 ogos 2009. Beliau telah dilantik sebagai Naib Presiden Kanan JCorp mulai 1 September 2009 sebelum dilantik sebagai Ketua Eksekutif Bahagian Hartanah JCorp pada 1 Januari 2011. Kini beliau merupakan Pengarah Urusan Johor Land Berhad.

Beliau juga adalah Pengarah Damansara Realty Berhad, syarikat yang disenaraikan dan Pengarah Syarikat Pengangkutan Maju Berhad dan Penawar Ekpress Line Berhad serta beberapa syarikat awam Kumpulan JCorp. Selain dari itu, beliau juga adalah Pengarah di beberapa syarikat di dalam Kumpulan JCorp.

LUKMAN BIN ABU BAKARMalaysian, aged 52




HealtHcare reIt

al- aQar

Lukman Abu Bakar, was appointed as a Non-Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 12 January 2007.

He graduated with a Bachelor of Urban and Regional Planning from the University Teknologi Malaysia in 1982 before joining Johor Corporation (JCorp) as a Town Planning officer in the same year. He also holds a Post Graduate Diploma (Housing, Building and Planning) from Institute for Housing Studies, Rotterdam, Holland in 1985.

on 1 September 1993, Lukman was appointed as the Deputy General Manager of Sindora Berhad and later promoted to the position of General Manager in 1995, a Company within JCorp Group. In April 2004, he became the Secretary of Pasir Gudang Local Authority cum Senior General Manager of JCorp. on 1 July 2008, he was appointed as the President of Majlis Perbandaran Pasir Gudang until 31 August 2009. He was the Senior Vice President of JCorp from 1 September 2009 before appointed as Chief Executive Property Division on 1 January 2011. He is currently the Managing Director of Johor Land Berhad.

He also sits as Director of Damansara Realty Berhad, a public listed company and as a Director of Syarikat Pengangkutan Maju Berhad and Penawar Ekspress Line Berhad, as well as few other companies within the JCorp Group.

Lukman Abu Bakar telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) pada 12 Januari 2007.

Beliau berkelulusan ijazah Sarjana Muda Perancangan Bandar dan Wilayah dari Universiti Teknologi Malaysia pada 1982, sebelum menyertai Johor Corporation (JCorp) sebagai Pegawai Perancang Bandar pada tahun yang sama. Beliau juga merupakan pemegang Diploma Lanjutan (Perumahan, Bangunan dan Perancangan) dari Institute for Housing Studies,Rotterdam, Holland pada tahun 1985.

Pada 1 September 1993, Lukman telah dilantik sebagai Timbalan Pengurus Besar dan kemudian dinaikkan pangkat ke jawatan Pengurus Besar pada 1995 di Sindora Berhad, anak syarikat dalam Kumpulan JCorp. Pada April 2004, beliau telah dilantik sebagai Setiausaha Pihak Berkuasa Tempatan Pasir Gudang merangkap Pengurus Besar Kanan JCorp. Beliau dilantik sebagai yang DiPertua Majlis Perbandaran Pasir Gudang pada 1 Julai 2008 hingga 31 ogos 2009. Beliau telah dilantik sebagai Naib Presiden Kanan JCorp mulai 1 September 2009 sebelum dilantik sebagai Ketua Eksekutif Bahagian Hartanah JCorp pada 1 Januari 2011. Kini beliau merupakan Pengarah Urusan Johor Land Berhad.

Beliau juga adalah Pengarah Damansara Realty Berhad, syarikat yang disenaraikan dan Pengarah Syarikat Pengangkutan Maju Berhad dan Penawar Ekpress Line Berhad serta beberapa syarikat awam Kumpulan JCorp. Selain dari itu, beliau juga adalah Pengarah di beberapa syarikat di dalam Kumpulan JCorp.

LUKMAN BIN ABU BAKARMalaysian, aged 52




HealtHcare reIt

al- aQar

Abd Razak Haron, was appointed as the Non-Independent Non- Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 12 January 2011.

Abd Razak is currently the Executive Vice President (Compliance) overseeing the Johor Corporation (JCorp)’s Group Internal Audit, the Enterprise Risk Management Unit and the Company Affairs Department. He joined the Group in 1994 as the Group Internal Audit Manager in one of the listed subsidiary of the Group and became the Group Chief Auditor in 1997.

He graduated with Honors in Accounting and Finance from University of East London in 1986. He is a Certified Internal Auditor (CIA) (1998) and a Fellow Chartered Member of the Institute of Internal Auditors Malaysia (CFIIA). He also holds an Executive Certificate in Management from Henley Management College, UK (2006).

At the national level, he was a member of the Board of Governor of the Institute of Internal Auditors Malaysia from 1996 to 2011 and was the Past President from 2002 until 2004. He sat on the International Academic Relations Committee of the IIA Inc (1997/2000) and participated in the setting up of the Asian Confederation of the Institute of Internal Auditors (“IIA”) ACIIA through forums in Hong Kong, Bangkok, Singapore and Philippines and also sat on the Professional Issues Committee of IIA Global from 2008 to 2010.

Abd Razak has more than 20 years internal auditing experience

Abd Razak Haron telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) pada 12 Januari 2011. Kini, Abd Razak merupakan Naib Presiden Eksekutif (Pematuhan) memantau Audit Dalaman Kumpulan Johor Corporation (JCorp), Unit Pengurusan Risiko dan Hal Ehwal Syarikat.

Beliau telah menyertai Kumpulan pada 1994 sebagai Pengurus Audit Dalaman Kumpulan di salah sebuah syarikat subsidiari Kumpulan dan menjadi Ketua Audit Kumpulan pada1997.

Beliau berkelulusan dalam bidang Perakaunan dan Kewangan dengan Kepujian dari University of East London pada tahun 1986. Beliau adalah Juruaudit Dalaman Bertauliah (1998) dan Ahli “Fello Bertauliah” dari Institut Juruaudit Dalaman Malaysia. Beliau juga memiliki Sijil Eksekutif dalam Pengurusan dari Kolej Pengurusan Henley, UK pada tahun 2006.

Pada peringkat kebangsaan, beliau telah menjadi Lembaga Gobenor, Institut Juruaudit Dalaman Malaysia bermula dari tahun 1996 sehingga 2011 dan merupakan Presiden dari tahun 2002 hingga 2004. Beliau pernah menduduki Jawatankuasa Perhubungan Akademik Antarabangsa dalam institusi yang sama (1997/2000) dan mengambil bahagian dalam penubuhan ACCIA melalui forum di Hong Kong, Bangkok, Singapura dan Filipina. Beliau juga dilantik dalam Jawatankuasa Isu Profesional, Institut Juruaudi tDalaman Global dari 2008 hingga 2010.

Abd Razak memiliki pengalaman lebih dari 20 tahun dalam audit dalaman merangkumi pelbagai bidang termasuk tenaga, pasaran gadai janji, hartanah, pembalakan, pembrokeran saham, pengurusan unit amanah, pertanian dan perkhidmatan prisihatin.

Beliau pernah menjadi ahli Jawatankuasa Kerja bagi menerbitkan tatacara Fungsi Audit Dalaman Bursa Malaysia. Beliau telah menyampaikan pelbagai pembentangan/seminar berkenaan Audit Dalaman, Pengurusan Risiko dan Korporat termasuk Bengkel Pasaran Modal Suruhanjaya Sekuriti, Program Akreditasi Mandatori Bursa Malaysia dan Program Pengarah Suruhanjaya Syarikat Malaysia.

ABD RAZAK BIN HARONMalaysian, aged 48

in various industries including energy, secondary mortgage market, property, timber, stock broking, unit trusts management, plantation and healthcare services. He was a member of the Taskforce on Guidelines on Internal Audit Function of Bursa Malaysia. He had delivered various presentations/seminars in Internal Auditing, Risk Management and Corporate Governance including the Capital Market Workshop of the Securities Commission, Mandatory Accreditation Programmes of the Bursa Malaysia and Directors Programmes of the Companies Commission of Malaysia (CCM).




HealtHcare reIt

al- aQar

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)

1

2

3

Standing from left to right : 2 1 3



profIle of sYarIah CommItteeproFIl JawatanKuaSa SYarIaH

HealtHcare reIt

al- aQar

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)

1

2

3

Standing from left to right : 2 1 3




HealtHcare reIt

al- aQar

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

He graduated from the Al-Azhar University in Egypt with a Bachelor in Islamic Law and Syariah Islamiah. He obtains his tertiary Islamic education from Maahad Institution in Johor majoring in As-Syahadah Al-Thanawiyyah, Arabic Secondary School, Segamat Madrasah Al-Khairiyyah Al-Arabiyyah - As-Syahadah Al-Ibtidaiyyah, Segamat and Islamic Primary School State of Johor Special Class.

In addition to his official studies, Dato’ attended the course on Managing Fatwa Darul Iffa in Egypt Ministry of Justice under the supervision of State Mufti of Egypt, Al-Ustaz Al-Kabeer Dr. Syed Muhammad Tantawi and courses on Management and Administration 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 Chief Assistant Director, Department of Administration of Syariah Law (Chief Kadi). His vast experience in Islamic practise and jurisprudence, juristic methodology, hadith and its sciences and spirituality was gained throughout his services as Acting Kadi, Syarie Lawyer, Islamic Affair officer Religious Department (Prime Minister Department), Acting Assistant Examination and Registrar Religious School of Johor State and Religious Teacher of Johor State.He compulsary retired as Mufti

Dato’ Haji Nooh bin Gadot telah dilantik sebagai Pengerusi dan ahli Jawatankuasa Syariah Al-’Aqar Healthcare REIT sejak 22 Jun 2006. Kini, Dato’ merupakan Penasihat Agama kepada DyMM Sultan Johor, Penasihat Majlis Agama Islam Negeri Johor dan Ahli Jumaah Majlis DiRaja Johor. Beliau juga merupakan 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), Beliau juga telah mendapat pendidikan dari Maahad Johor, Johor Bahru – As-Syahadah Al-Thanawiyyah, Sekolah Menengah rab di Madrasah Al-Khairiyyahh Al-Arabiyyah – As-Syahadah Al-Ibtidaiyyah, di Segamat dan Sekolah Agama Kerajaan Negeri Johor – Darjah Khas.

Dato’ juga menghadiri kursus Pengurusan Fatwa Darul Iffa di Kementerian Kehakiman Mesir di bawah pengawasan Mufti negeri Mesi, Al-Ustaz Al-Kabeer Dr. Syed Muhammad Tantawi dan kursus Pengurusan Pentadbiran Waqaf yang dianjurkan oleh Lembaga Waqaf Mesir.

Sebelum perlantikan sebagai Mufti Johor bermula pada tahun 1999, Dato’ telah dilantik sebagai Timbalan Mufti Negeri Johor dan Ketua Penolong Pengarah Bahagian Pentadbiran Undang-Undang Syara’ (Qadi Besar). Pengalaman beliau yang luas dalam mempraktikkan ajaran Islam dalam sistem dan metodologi perundangan, hadis dan keilmuannya serta spiritual diperolehi selepas berkhidmat sebagai Kadi, Peguam Syariah, Pegawai Hal Ehwal Islam, (Bahagian Hal Ehwal Agama) Jabatan Perdana Menteri, Memangku Penolong Pemeriksa dan Pendaftar Sekolah-Sekolah Agama Kerajaan Negeri Johor. Beliau telah bersara wajib sebagai Mufti Johor pada November 2002 dan disambung perkhidmatan sehingga 13 November 2008 dan kini menjadi Penasihat kepada Majlis Agama Islam Negeri Johor.

Sejak tahun 2001 hingga kini, Dato’ aktif membentangkan kertas cadangan serta kertas kerja dalam pelbagai isu yang berkaitan agama yang berkesan kepada kehidupan sosial dan kerohanian masyarakat. Pada tahun 2009, beliau telah menerima Tokoh Ma’al Hijrah bagi peringkat negeri Johor di atas sumbangan beliau kepada masyarakat.

DATO’ HAJI NOOH BIN GADOTMalaysian, aged 66

of Johor in November 2002 and continued his service until 13 November 2008 and now remains as the Advisor to the Islamic Religious Council (Johor).

Since year 2001 until now, Dato’ is active in presenting his proposals and working papers in various issues related to religion that brings into effect the social and spiritual life of the communities. He was conferred the prestigious award Ma’al Hijrah for the State of Johor in year 2009.




HealtHcare reIt

al- aQar

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 66




HealtHcare reIt

al- aQar

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 66




HealtHcare reIt

al- aQar

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 member of 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 66




HealtHcare reIt

al- aQar

Corporate statement

On behalf of the Board of Directors, it gives us great pleasure to present the 6th 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 2011.



HealtHcare reIt

al- aQar

Corporate statement

On behalf of the Board of Directors, it gives us great pleasure to present the 6th 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 2011.



al- aQar

THE AL -‘AQAR HEALTHCARE REIT – CONTINUOUS GROWTH

Al-‘Aqar was admitted to the Main Board of Bursa Securities on 10 August 2006, the first Islamic Healthcare REIT to be issued under Securities Commission’s Guidelines on Real Estate Investment Funds and Islamic Real Estate Investment Trust. Al-‘Aqar hence became the world’s first listed Islamic Healthcare REIT.

Ever since, the number of properties has increased from six (6) assets to twenty-three (23) assets with the primary focus given to healthcare related properties being hospitals, nursing colleges, aged-care and retirement living facilities. Value of these properties has significantly increased 3 times from RM 486 million in 2006 to RM 1.36 billion in year 2011.

Its acquisition strategy has been an important catalyst for Al-‘Aqar, as it offers yield accretion, competitive strengths, income and geographical diversification, increased liquidity and economies of scale to unitholders. Further, the acquisition proved to be revenue and growth-enhancing through the enlarged portfolio and maximum occupancy, with rental income increased by 150% from year 2006 amounting to RM 33.6 million to RM 84.5 million as at 31 December 2011.

CROSS BORDER DEAL

Al-‘Aqar’s venture into the property acquisition overseas started in year 2010. In July 2011, Al-‘Aqar completed its acquisition of Rumah Sakit Bumi Serpong Damai and Rumah Sakit Medika Permata Hijau, both hospitals located in Jakarta, Indonesia. Another significant milestone was achieved in November 2011 where Al-‘Aqar successfully completed the acquisition of Jeta Gardens in Queensland, Australia after overcoming many challenges.

Acquisitions and investments in foreign countries have provided a broader investment portfolio to Al-‘Aqar. Australia and Indonesia are close neighbours, with potentially high productive relationship that ranges across political, security, commercial, environmental, cultural and people-to-people links. We are of the view that the ensuing developments of these strategic properties will be pivotal in enabling Al-‘Aqar to gain valuable and rewarding

exposure in the overseas property markets, as well as establish the fund’s brand name on a regional scale. The initial RM 200 million worth of investment will act as the “gateway” that will lead to further expansions and greater opportunities.

The uniqueness of healthcare deal for Al-‘Aqar is best described in its methods of acquisition exercises for Indonesian and Australian assets whereby all facilities were acquired via Islamic financing facilities that were arranged from Malaysia.

For the year under review, only Bandar Baru Klang Specialist Hospital Building in Klang is still pending for completion, while acquisition for Kluang Utama Specialist Hospital Building in Kluang, Johor was completed in January 2012.

The completion of acquisition resulted to the enlargement of Al-‘Aqar’s number of properties from twenty (20) to twenty-four (24) namely KPJ Seremban Specialist Hospital Building, KPJ Tawakkal Specialist Hospital Building, Taiping Medical Centre Building, Damai Specialist Hospital Building, Bukit Mertajam Specialist Hospital Building, Tawakal Existing Building, KPJ Penang Specialist Hospital Building and two other properties which are not directly classified as hospital buildings yet providing strong support to the health tourism industry namely Selesa Hotel and Tower, which the later houses the KPJ International College of Nursing and Health Sciences (KPJIC) Southern branch, the nursing and healthcare training institution of KPJ Healthcare Bhd. This property was successfully injected through 3rd acquisition exercise and was completed in year 2010.

The anchor properties remained KPJ Ampang Puteri Specialist Hospital Building, KPJ Damansara Specialist Hospital Building, KPJ Johor Specialist Hospital Building, KPJ Ipoh Specialist Hospital Building, KPJ Selangor Specialist Hospital Building and Puteri Specialist Hospital Building, all of which acquired through the first injection in 2006.

Following the initial acquisition exercise, the fund was further strengthened by the injection of five (5) more hospital buildings in year 2008, bringing the total number of properties to eleven (11) being KPJ Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building, Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital Building and Kedah Medical Centre Building.

Corporate statement



HealtHcare reIt

al- aQar

Al-‘Aqar is now operating with the current strength of twenty-four (24) properties and total gross floor area of all hospitals measuring at 62,939 square meters, as well as additional 92,178 square meters in terms of healthcare-related properties. Both the hospital and healthcare related portfolios performed well during the year, with the overall occupancy of 100% at the end of 2011.

REBRANDING – AL -‘AQAR HEALTHCARE REIT

Another major event for Al-‘Aqar which took place in year 2011 was the rebranding exercise which designed to transform Al-‘Aqar into a pure-play healthcare REIT for prime, yield-accretive specialist hospital and healthcare-related assets. It would better reflect the current business strategy of Al-‘Aqar and its group of companies i.e. managing healthcare related properties.

HIGHLIGHTS OF FINANCIAL PERFORMANCE

Al-‘Aqar continued to raise capital from the initial public offering of common units, which was launched in 2006. Al-‘Aqar raised additional 59,418,468 units that brought the total to 639,585,468 units listed on 2 December 2011. The market capitalization of Al-‘Aqar increased to RM 736 million from RM 320 million in year 2006; an increment of 130% since inception.

For the financial year ended 31 December 2011, Al-‘Aqar Group recorded an income of RM 79.1 million compared to RM 69 million in year 2010. Commendable profit stood at RM 46.4 million, higher in income received by 10% compared to year 2010 of RM 42.2 million.

In 23 February 2012, the Board of Directors of Damansara REIT Managers Sdn Berhad announced a distribution of 2.52 sen per unit in respect of the financial year ended 31 December 2011, representing approximately 99.9% 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 distribution per unit (“DPU”) at a total of 7.69 sen per unit.

The additional contribution to Al-‘Aqar’s turnover was garnered from the revaluation of properties according to Financial Reporting Standard 140 (FRS 140) that requires annual re-evaluation of properties. The re-evaluation which was announced on 31 December 2011 has increased

the value of the twenty –three (23) properties by RM 39 million, concurrently increasing the Al-‘Aqar’s total market value by 3% to RM 1.36 billion.

THE ISLAMIC FINANCING MECHANISM

Al-‘Aqar will continue to promote Islamic finance through various initiatives such as implementing Islamic Financing Mechanism with relevant stakeholders, subsidiaries and accountancy bodies with aims to support the government’s commitment to promote Islamic Finance to become a significant part of our economy while providing a competitive edge for the country.

Being an Islamic REIT, all acquisitions and accounting purposes of properties either in Malaysia, Indonesia and Australia, have been undertaken through Sukuk and other Islamic financial instrument. It is our commitment to the unitholders to ensure that all investments under Al-‘Aqar Healthcare REIT are Syariah-compliant.

In 2011, Al-‘Aqar Capital Sdn Bhd, a wholly–owned subsidiary of Al-‘Aqar has successfully maintained to receive favorable ratings of AAA, AA2 and AAA (bg) from the Malaysia accredited rating agency, Rating Agency Malaysia through the issuance of up to RM 300 million in nominal value of Ijarah Commercial Paper (ICP) and/or Islamic Medium Term Notes (IMTN) under the ‘Sukuk Ijarah Programme’. These have enabled Al-‘Aqar to maintain its expansion portfolio via the lowest possible cost to be utilised in existing loan or to partly finance its acquisitions.

AL -‘AQAR HEALTHCARE REIT MADE HISTORY

In recognition to its status as the first listed Islamic REIT in the world, Al-‘Aqar through its 100% subsidiary, Al-‘Aqar Capital Sdn Bhd was awarded the inaugural Deal of the year Awards in the Real Estate Deal of the year Category by the Islamic Finance News (IFN) in early 2009. Previously, Al-‘Aqar had won the same award under the First Islamic Category. Additionally, for year financial year ended 2009, Al-‘Aqar managed to take into possession the RAM League Awards 2009, RAM Award of Distinction 2008, Blueprint Awards, New Real Estate Benchmark Deal category.

Al-‘Aqar as the first Islamic Healthcare REIT in Malaysia had won the Islamic Finance Award, the Most Innovative Deal Category by Euromoney, the industry’s leading, capital market-focused magazine for banking professionals around

Corporate statement



HealtHcare reIt

al- aQar

Al-‘Aqar is now operating with the current strength of twenty-four (24) properties and total gross floor area of all hospitals measuring at 62,939 square meters, as well as additional 92,178 square meters in terms of healthcare-related properties. Both the hospital and healthcare related portfolios performed well during the year, with the overall occupancy of 100% at the end of 2011.

REBRANDING – AL -‘AQAR HEALTHCARE REIT

Another major event for Al-‘Aqar which took place in year 2011 was the rebranding exercise which designed to transform Al-‘Aqar into a pure-play healthcare REIT for prime, yield-accretive specialist hospital and healthcare-related assets. It would better reflect the current business strategy of Al-‘Aqar and its group of companies i.e. managing healthcare related properties.

HIGHLIGHTS OF FINANCIAL PERFORMANCE

Al-‘Aqar continued to raise capital from the initial public offering of common units, which was launched in 2006. Al-‘Aqar raised additional 59,418,468 units that brought the total to 639,585,468 units listed on 2 December 2011. The market capitalization of Al-‘Aqar increased to RM 736 million from RM 320 million in year 2006; an increment of 130% since inception.

For the financial year ended 31 December 2011, Al-‘Aqar Group recorded an income of RM 79.1 million compared to RM 69 million in year 2010. Commendable profit stood at RM 46.4 million, higher in income received by 10% compared to year 2010 of RM 42.2 million.

In 23 February 2012, the Board of Directors of Damansara REIT Managers Sdn Berhad announced a distribution of 2.52 sen per unit in respect of the financial year ended 31 December 2011, representing approximately 99.9% 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 distribution per unit (“DPU”) at a total of 7.69 sen per unit.

The additional contribution to Al-‘Aqar’s turnover was garnered from the revaluation of properties according to Financial Reporting Standard 140 (FRS 140) that requires annual re-evaluation of properties. The re-evaluation which was announced on 31 December 2011 has increased

the value of the twenty –three (23) properties by RM 39 million, concurrently increasing the Al-‘Aqar’s total market value by 3% to RM 1.36 billion.

THE ISLAMIC FINANCING MECHANISM

Al-‘Aqar will continue to promote Islamic finance through various initiatives such as implementing Islamic Financing Mechanism with relevant stakeholders, subsidiaries and accountancy bodies with aims to support the government’s commitment to promote Islamic Finance to become a significant part of our economy while providing a competitive edge for the country.

Being an Islamic REIT, all acquisitions and accounting purposes of properties either in Malaysia, Indonesia and Australia, have been undertaken through Sukuk and other Islamic financial instrument. It is our commitment to the unitholders to ensure that all investments under Al-‘Aqar Healthcare REIT are Syariah-compliant.

In 2011, Al-‘Aqar Capital Sdn Bhd, a wholly–owned subsidiary of Al-‘Aqar has successfully maintained to receive favorable ratings of AAA, AA2 and AAA (bg) from the Malaysia accredited rating agency, Rating Agency Malaysia through the issuance of up to RM 300 million in nominal value of Ijarah Commercial Paper (ICP) and/or Islamic Medium Term Notes (IMTN) under the ‘Sukuk Ijarah Programme’. These have enabled Al-‘Aqar to maintain its expansion portfolio via the lowest possible cost to be utilised in existing loan or to partly finance its acquisitions.

AL -‘AQAR HEALTHCARE REIT MADE HISTORY

In recognition to its status as the first listed Islamic REIT in the world, Al-‘Aqar through its 100% subsidiary, Al-‘Aqar Capital Sdn Bhd was awarded the inaugural Deal of the year Awards in the Real Estate Deal of the year Category by the Islamic Finance News (IFN) in early 2009. Previously, Al-‘Aqar had won the same award under the First Islamic Category. Additionally, for year financial year ended 2009, Al-‘Aqar managed to take into possession the RAM League Awards 2009, RAM Award of Distinction 2008, Blueprint Awards, New Real Estate Benchmark Deal category.

Al-‘Aqar as the first Islamic Healthcare REIT in Malaysia had won the Islamic Finance Award, the Most Innovative Deal Category by Euromoney, the industry’s leading, capital market-focused magazine for banking professionals around

Corporate statement



al- aQar

the globe. The awards received are the acknowledgement upon the issuance of RM300 million of Sukuk Ijarah Programme by Al-‘Aqar Capital Sdn Bhd.

on 28 November 2011, Al-‘Aqar received The Diamond Eye Award for Quality Commitment and Excellence from the Paris-based otherways Management and Consulting in a memorable event held at the Grand Hotel Kempinski in Geneva. The award was received as the acknowledgement on the corporate achievement in recognition to Prestige, Innovation, Quality Commitment and Excellence in management derived from Customer Satisfaction, Leadership, Business Result and Total Quality Management votes.

POSITIVE OUTLOOk FOR AL -‘AQAR HEALTHCARE REIT

The property market is expected to grow moderately next year with prices likely to see minor correction due to the fragile global economic environment with the ongoing unresolved Euro-debt crisis and prevailing weaknesses in the US economy.

In Malaysian Budget 2012, the Prime Minister of Malaysia has announced several proposals in the 2012 Budget related to housing and property sector to attract foreign and domestic investments in the capital market.

Notwithstanding near-term uncertainties, we will remain cautiously optimistic about our long-term prospects. In view of the critically-ageing populations, rising affluence, and increasing demand for more sophisticated healthcare attention and infrastructure, Al-‘Aqar is set to be a potential beneficiary of the growing healthcare industry with its portfolio of high quality healthcare properties.

With healthcare operators such as KPJ Healthcare Berhad increasingly adopting asset-light strategies to channel resources into their core activities, this allows an enlarged pool of potential properties for Al-‘Aqar to acquire and grow.

We remain firmly committed to ensure that Al-‘Aqar’s unitholders are well rewarded from their investments through cautious evaluation so that those investments made are yield accretive and complementing the Trust’s existing portfolio. The Manager is very optimistic to leverage their expertise in managing Syariah compliant healthcare properties to expand regionally.

Amidst the current climate of financial instability, our efforts to deliver premium value to our Unitholders remain unwavering. We will continue to pursue timely strategies to further strengthen Al-‘Aqar’s assets and financial position and return it back to our unitholders with rewarding returns.

ACkNOWLEDGEMENTS

on behalf of the Board of Directors, I would like to express our gratitude and appreciation to our unitholders, financiers, business associates, relevant authorities and KPJ Healthcare Berhad for their continuous support. I 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.

kAMARUzzAMAN ABU kASSIMChairmanDamansara REIT Managers Sdn Berhad

Corporate statement



HealtHcare reIt

al- aQar

perutuSan Korporat

Bagi pihak Lembaga Pengarah, kami dengan sukacitanya membentangkan LaporanTahunan kali ke-6 dan Penyata Kewangan Beraudit Al-’Aqar Healthcare REIT (“Al-’Aqar” atau “Tabung Amanah”) dan anak-anak syarikatnya (“Al-‘Aqar Kumpulan” atau “ Kumpulan”) bagi tahun kewangan berakhir 31 Disember 2011.



HealtHcare reIt

al- aQar

perutuSan Korporat

Bagi pihak Lembaga Pengarah, kami dengan sukacitanya membentangkan LaporanTahunan kali ke-6 dan Penyata Kewangan Beraudit Al-’Aqar Healthcare REIT (“Al-’Aqar” atau “Tabung Amanah”) dan anak-anak syarikatnya (“Al-‘Aqar Kumpulan” atau “ Kumpulan”) bagi tahun kewangan berakhir 31 Disember 2011.



al- aQar

perutuSan Korporat

AL-’AQAR HEALTHCARE REIT PERTUMBUHAN BERTERUSAN

Al-’Aqar telah disenaraikan di Papan Utama Bursa Securities pada 10 ogos 2006, merupakan Healthcare REIT Islam yang pertama yang diwujudkan di bawah Garis Panduan Suruhanjaya Sekuriti berkenaan Dana Pelaburan Hartanah dan Amanah Pelaburan Hartanah Islam. Al-’Aqar juga merupakan Healthcare REIT berlandaskan Syariah yang pertama disenaraikan di dunia.

Semenjak itu, bilangan hartanah telah meningkat daripada enam (6) aset kepada dua puluh tiga (23) aset dengan tumpuan utama diberikan kepada hartanah berkaitan penjagaan kesihatan seperti hospital, kolej kejururawatan, fasiliti persaraan dan warga emas. Nilai hartanah Al-‘Aqar kini telah meningkat 3 kali ganda daripada RM 486 juta pada tahun 2006 kepada RM 1.36 bilion pada tahun 2011.

Strategi pengambilalihan telah menjadi pemangkin utama bagi Al-’Aqar, kerana ia menawarkan pertambahan hasil, kekuatan pada pendapatan serta kompetitif, dan kepelbagaian geografi, peningkatan kecairan dan skala ekonomi kepada pemegang unit. Lanjutan itu, pengambilalihan ini terbukti sebagai hasil dan pertumbuhan berterusan melalui portfolio yang meningkat dengan kadar penghunian yang maksimum, seterusnya pendapatan sewa yang meningkat sebanyak 150% dari tahun 2006 dengan jumlah RM 33.6 juta kepada RM 84.5 juta pada 31 Disember 2011.

MERENTASI SEMPADAN

Usaha Al-’Aqar dalam pemerolehan harta di luar negara bermula pada tahun 2010. Pada bulan Julai 2011, Al-’Aqar selesai mengambilalih Rumah Sakit Bumi Serpong Damai dan Rumah Sakit Medika Permata Hijau, kedua-duanya terletak di Jakarta, Indonesia. Satu lagi peristiwa penting telah berjaya dicipta apabila Al-’Aqar berjaya memiliki Jeta Gardens di Australia pada bulan November 2011 selepas Berjaya melalui pelbagai cabaran.

Pengambilalihan dan pelaburan di negara-negara asing telah memberi pandangan yang lebih luas kepada Al-’Aqar. Australia dan Indonesia adalah jiran yang rapat, dengan hubungan yang sangat produktif yang merangkumi suasana politik, keselamatan, perdagangan, alam sekitar, budaya dan rangkaian tenaga kerja. Kami berpendapat bahawa perkembangan strategik hartanah ini penting bagi membolehkan Al-’Aqar untuk menimba pengalaman

asas dalam pasaran hartanah di luar negara, serta mempromosikan dana Al-‘Aqar pada negara serantau. Dengan jumlah permulaan pelaburan sebanyak RM 200 juta ia akan bertindak sebagai “pintu masuk” yang akan membawa kepada pengkembangan selanjutnya dan peluang pelaburan yang lebih besar.

Keunikan Al-‘Aqar sebagai Healthcare REIT boleh dijelaskan dalam proses pengambilalihan yang mana bagi aset Indonesia dan Australia, kesemua hartanah yang telah diperolehi melalui kemudahan pembiayaan secara Islam yang telah diatur dan ditetapkan dari Malaysia.Bagi tahun yang dirujuk, hanya Bangunan Hospital Pakar Bandar Baru Klang di Klang yang masih belum siap, manakala pengambilalihan bagi Bangunan Hospital Pakar Kluang Utama di Kluang, Johor telah Berjaya di perolehi pada Januari 2012.

Dengan selesainya pengambilalihan telah menjadikan pertambahan bilangan hartanah Al-’Aqar, daripada dua puluh (20) kepada dua pluh empat (24) buah iaitu Bangunan Hospital Pakar KPJ Seremban, Bangunan Hospital Pakar KPJ Tawakkal, Bangunan Pusat Perubatan Taiping, Bangunan Hospital Pakar Damai, Bangunan Hospital Pakar Bukit Mertajam, Bangunan Sedia Ada Tawakal, Bangunan Hospital Pakar KPJ Pulau Pinang dan dua hartanah lain yang tidak langsung dikelaskan sebagai bangunan hospital lagi memberikan sokongan yang kukuh kepada industri pelancongan kesihatan iaitu Menara dan Hotel Selesa, yang kedua yang menempatkan Kolej Kejururawatan Antarabangsa dan Sains Kesihatan KPJ (KPJIC) cawangan Selatan, institusi latihan kejururawatan dan kesihatan bagi KPJ Healthcare Bhd. Hartanah ini telah berjaya disuntik melalui pengambilalihan ke-3 dan telah lengkap dimiliki pada tahun 2010.

Hatanah utama dan awal terdiri dari Bangunan Hospital Pakar KPJ Ampang Puteri, Bangunan Hospital Pakar KPJ Damansara, Bangunan Hospital Pakar KPJ Johor, Bangunan Hospital Pakar KPJ Ipoh, Bangunan Hospital Pakar KPJ Selangor dan Bangunan Hospital Pakar Puteri dan semua dimiliki melalui suntikan pertama pada tahun 2006.

Lanjutan dari pengambilalihan pertama, tabung amanah telah diperkukuhkan lagi dengan lebih banyak hartanah dengan suntikan lima (5) hospital di tahun 2008, menjadikan jumlah hartanah kepada sebelas (11) hartanah iaitu Bangunan Hospital Pakar KPJ Perdana, Bangunan Hospital Pakar Kuantan, Bangunan Pusat Perubatan Selangor, Bangunan Hospital Pakar KPJ Kajang dan Bangunan Pusat Perubatan Kedah.



HealtHcare reIt

al- aQar

Al-’Aqar kini beroperasi dengan kekuatan semasa sebanyak dua puluh empat (24) hartanah dan jumlah kasar luas lantai semua hospital yang berukuran berukuran pada 62,939 meter persegi, serta tambahan 92,178 meter persegi dari segi hartanah berkaitan penjagaan kesihatan. Kedua-dua hospital dan portfolio penjagaan kesihatan menunjukkan prestasi yang baik pada tahun, dengan penghunian keseluruhan 100% menjelang akhir tahun 2011.

PENJENAMAAN SEMULA - AL-’AQAR HEALTHCARE REIT

Satu lagi acara penting bagi Al-’Aqar yang berlaku pada tahun 2011 adalah proses penjenamaan semula yang direka untuk mengubah Al-’ Aqar kepada REIT penjagaan kesihatan sepenuhnya bagi asset-aset hospital pakar yang memberikan pulangan dan aset berkaitan penjagaan kesihatan. Ia akan lebih mencerminkan strategi perniagaan semasa dan kumpulan Al-’Aqar iaitu menguruskan harta berkaitan dengan penjagaan kesihatan.

TINJAUAN PRESTASI kEWANGAN

Al-’Aqar terus meningkatkan modal bermula dari tawaran awal awam unit yang sama, yang telah dilancarkan pada tahun 2006. Al-’Aqar meningkat tambahan sebanyak 59,418,468 unit yang membawa kepada jumlah kini iaitu 639,585,468 unit yang disenaraikan pada 2 Disember 2011. Permodalan pasaran Al-’Aqar meningkat kepada RM 736 juta daripada RM 320 juta pada tahun 2006, peningkatan sebanyak 130% sejak penubuhannya.

Bagi tahun kewangan berakhir 31 Disember 2011, Kumpulan Al-’Aqar mencatatkan pendapatan sebanyak RM 79.1 juta berbanding RM 69 juta pada tahun 2010. Keuntungan memberangsangkan sebanyak RM 46.4 juta, meningkat sebanyak 10% lebih tinggi dalam pendapatan diterima berbanding tahun 2010 sebanyak RM 42.2 juta.

Pada 23 Februari 2012, Lembaga Pengarah Damansara REIT Managers Sdn Berhad mengumumkan pengagihan sebanyak 2.52 sen seunit bagi tahun berakhir 31 Disember 2011, mewakili kira-kira 99.9% pendapatan boleh diagihkan oleh Al-’Aqar bagi tahun kewangan. Ini adalah bukti komitmen mutlak Pengurus dalam memenuhi jangkaan pemegang unit Al-’Aqar untuk pengagihan yang mampan dan stabil seunit (“DPU”) pada jumlah sebanyak 7.69 sen seunit.

Sumbangan tambahan kepada perolehan Al-’Aqar telah diperoleh daripada penilaian semula hartanah mengikut Piawaian Pelaporan Kewangan 140 (FRS 140) yang memerlukan penilaian semula tahunan hartanah. Penilaian semula telah diumumkan pada 31 Disember 2011 telah meningkatkan nilai hartanah dua puluh tiga (23) asset sebanyak RM 39 juta, pada masa yang sama meningkatkan jumlah nilai pasaranAl-’Aqar sebanyak 3% kepada RM 1.36 bilion.

MEkANISME PEMBIAYAAN ISLAM

Al-’Aqar akan terus untuk mempromosikan kewangan Islam melalui pelbagai inisiatif seperti melaksanakan Mekanisme Pembiayaan Islam dengan pihak-pihak berkepentingan melalui subsidiari syarikat, yang berkaitan syarikat dan badan-badan perakaunan dengan matlamat untuk menyokong komitmen kerajaan untuk menggalakkan Kewangan Islam menjadi satu sebahagian ekonomi yang signifikan disamping menyediakan yang kompetitif untuk kelebihan negara ini.

Sebagai REIT Islam, semua pemilikan dan tujuan perakaunan hartanah sama ada di Malaysia, Indonesia dan Australia, telah dijalankan melalui Sukuk dan lain-lain instrumen kewangan Islam. Ia adalah komitmen kami kepada pemegang unit untuk memastikan bahawa semua pelaburan di bawah Al-‘Aqar Healthcare REIT adalah patuh Syariah.

Memandangkan ketidakpastian dalam ekonomi dan di dunia, langkah-langkah telah diambil untuk mengekalkan Pasaran Modal Islam Malaysia, Al-’Aqar Capital Sdn Bhd, anak syarikat milik penuh Al-’ Aqar mengekalkan menerima penilaian yang menggalakkan iaitu AAA, AA2 dan AAA (bg) dari Agensi Penarafan Malaysia bertauliah, Rating Agency Malaysia melalui penerbitan sehingga RM 300 juta dalam nilai nominal Kertas Komersial Ijarah (ICP) dan / atau Nota Jangka Sederhana Islam (IMTN) di bawah ‘Program Sukuk Ijarah’. Ini membolehkan Al-’Aqar untuk mengekalkan portfolio perkembangan melalui kos paling rendah yang digunakan dalam pinjaman sedia ada atau untuk membiayai sebahagian daripada pengambilalihan.

AL-’AQAR HEALTHCARE REIT MENEMPA SEJARAH

Sebagai pengiktirafan kepada statusnya sebagai REIT Islam yang pertama yang disenaraikan di dunia, Al-’Aqar melalui anak syarikat sepenuhnya, Al-’ Aqar Capital Sdn Bhd telah dianugerahkan ”Deal of the year Awards in the Real Estate

perutuSan Korporat



HealtHcare reIt

al- aQar

Al-’Aqar kini beroperasi dengan kekuatan semasa sebanyak dua puluh empat (24) hartanah dan jumlah kasar luas lantai semua hospital yang berukuran berukuran pada 62,939 meter persegi, serta tambahan 92,178 meter persegi dari segi hartanah berkaitan penjagaan kesihatan. Kedua-dua hospital dan portfolio penjagaan kesihatan menunjukkan prestasi yang baik pada tahun, dengan penghunian keseluruhan 100% menjelang akhir tahun 2011.

PENJENAMAAN SEMULA - AL-’AQAR HEALTHCARE REIT

Satu lagi acara penting bagi Al-’Aqar yang berlaku pada tahun 2011 adalah proses penjenamaan semula yang direka untuk mengubah Al-’ Aqar kepada REIT penjagaan kesihatan sepenuhnya bagi asset-aset hospital pakar yang memberikan pulangan dan aset berkaitan penjagaan kesihatan. Ia akan lebih mencerminkan strategi perniagaan semasa dan kumpulan Al-’Aqar iaitu menguruskan harta berkaitan dengan penjagaan kesihatan.

TINJAUAN PRESTASI kEWANGAN

Al-’Aqar terus meningkatkan modal bermula dari tawaran awal awam unit yang sama, yang telah dilancarkan pada tahun 2006. Al-’Aqar meningkat tambahan sebanyak 59,418,468 unit yang membawa kepada jumlah kini iaitu 639,585,468 unit yang disenaraikan pada 2 Disember 2011. Permodalan pasaran Al-’Aqar meningkat kepada RM 736 juta daripada RM 320 juta pada tahun 2006, peningkatan sebanyak 130% sejak penubuhannya.

Bagi tahun kewangan berakhir 31 Disember 2011, Kumpulan Al-’Aqar mencatatkan pendapatan sebanyak RM 79.1 juta berbanding RM 69 juta pada tahun 2010. Keuntungan memberangsangkan sebanyak RM 46.4 juta, meningkat sebanyak 10% lebih tinggi dalam pendapatan diterima berbanding tahun 2010 sebanyak RM 42.2 juta.

Pada 23 Februari 2012, Lembaga Pengarah Damansara REIT Managers Sdn Berhad mengumumkan pengagihan sebanyak 2.52 sen seunit bagi tahun berakhir 31 Disember 2011, mewakili kira-kira 99.9% pendapatan boleh diagihkan oleh Al-’Aqar bagi tahun kewangan. Ini adalah bukti komitmen mutlak Pengurus dalam memenuhi jangkaan pemegang unit Al-’Aqar untuk pengagihan yang mampan dan stabil seunit (“DPU”) pada jumlah sebanyak 7.69 sen seunit.

Sumbangan tambahan kepada perolehan Al-’Aqar telah diperoleh daripada penilaian semula hartanah mengikut Piawaian Pelaporan Kewangan 140 (FRS 140) yang memerlukan penilaian semula tahunan hartanah. Penilaian semula telah diumumkan pada 31 Disember 2011 telah meningkatkan nilai hartanah dua puluh tiga (23) asset sebanyak RM 39 juta, pada masa yang sama meningkatkan jumlah nilai pasaranAl-’Aqar sebanyak 3% kepada RM 1.36 bilion.

MEkANISME PEMBIAYAAN ISLAM

Al-’Aqar akan terus untuk mempromosikan kewangan Islam melalui pelbagai inisiatif seperti melaksanakan Mekanisme Pembiayaan Islam dengan pihak-pihak berkepentingan melalui subsidiari syarikat, yang berkaitan syarikat dan badan-badan perakaunan dengan matlamat untuk menyokong komitmen kerajaan untuk menggalakkan Kewangan Islam menjadi satu sebahagian ekonomi yang signifikan disamping menyediakan yang kompetitif untuk kelebihan negara ini.

Sebagai REIT Islam, semua pemilikan dan tujuan perakaunan hartanah sama ada di Malaysia, Indonesia dan Australia, telah dijalankan melalui Sukuk dan lain-lain instrumen kewangan Islam. Ia adalah komitmen kami kepada pemegang unit untuk memastikan bahawa semua pelaburan di bawah Al-‘Aqar Healthcare REIT adalah patuh Syariah.

Memandangkan ketidakpastian dalam ekonomi dan di dunia, langkah-langkah telah diambil untuk mengekalkan Pasaran Modal Islam Malaysia, Al-’Aqar Capital Sdn Bhd, anak syarikat milik penuh Al-’ Aqar mengekalkan menerima penilaian yang menggalakkan iaitu AAA, AA2 dan AAA (bg) dari Agensi Penarafan Malaysia bertauliah, Rating Agency Malaysia melalui penerbitan sehingga RM 300 juta dalam nilai nominal Kertas Komersial Ijarah (ICP) dan / atau Nota Jangka Sederhana Islam (IMTN) di bawah ‘Program Sukuk Ijarah’. Ini membolehkan Al-’Aqar untuk mengekalkan portfolio perkembangan melalui kos paling rendah yang digunakan dalam pinjaman sedia ada atau untuk membiayai sebahagian daripada pengambilalihan.

AL-’AQAR HEALTHCARE REIT MENEMPA SEJARAH

Sebagai pengiktirafan kepada statusnya sebagai REIT Islam yang pertama yang disenaraikan di dunia, Al-’Aqar melalui anak syarikat sepenuhnya, Al-’ Aqar Capital Sdn Bhd telah dianugerahkan ”Deal of the year Awards in the Real Estate

perutuSan Korporat



al- aQar

Deal of the year Category” oleh Islamic Finance News (IFN) pada 2009. Terdahulu, Al-‘Aqar telah memenangi anugerah yang sama bagi kategori REIT Islam Pertama. Tambahan, bagi tahun kewangan berakhir 2009, Al-‘Aqar telah memenangi “RAM League Awards 2009”, “RAM Award of Distinction 2008, Blueprint Awards, New Real Estate Benchmark Deal category”.

Al-‘Aqar sebagai Healthcare REIT Islam yang pertama di Malaysia telah memenangi Anugerah Kewangan Islam, Kategori Urus Niaga Paling Inovatif oleh Euromoney, majalah terkemuka industry serta permodalan yang memfokuskan kepada pasaran perbankan profesional di seluruh dunia. Anugerah yang diterima adalah pengiktirafan ke atas penerbitan sebanyak RM300 Program Sukuk Ijarah oleh Al-’Aqar Capital Sdn Bhd.

Pada 28 November 2011, Al-’Aqar menerima Anugerah Mata Berlian untuk Komitmen, Kualiti dan Kecemerlangan oleh Pengurusan yang dianugerahkan oleh otherways Consulting yang berpangkalan di Paris dalam satu acara yang gilang-gemilang yang diadakan di Grand Hotel Kempinski di Geneva. Anugerah itu diterima sebagai pengiktirafan pada pencapaian korporat yang diperolehi dari jumlah undi mengenai konsep Keunggulan, Inovasi, Kualiti Komitmen dan Kecemerlangan dalam pengurusan dan Kepuasan Pelanggan, Kepimpinan, Keputusan Perniagaan dan Pengurusan Kualiti.

TINJAUAN POSITIF UNTUk AL-’AQAR HEALTHCARE REIT

Pasaran hartanah dijangka berkembang pada kadar yang sederhana tahun depan dengan harga yang mungkin perubahan kecil yang disebabkan oleh persekitaran ekonomi global yang rapuh dengan krisis hutang Euro yang berterusan dan kelemahan yang berlaku dalam ekonomi Amerika Syarikat (AS).

Dalam Bajet Malaysia 2012, Perdana Menteri Malaysia telah mengumumkan beberapa cadangan dalam Bajet 2012 yang berkaitan dengan perumahan dan sektor hartanah untuk menarik pelaburan asing dan tempatan dalam pasaran modal.

Walaupun ketidak tentuan jangka masa terdekat, kami akan berhati-hati optimistik mengenai prospek jangka panjang kami. Memandangkan populasi kritikal-penuaan, kemewahan yang semakin meningkat, dan peningkatan permintaan untuk penjagaan kesihatan yang lebih canggih dan infrastruktur, Al-’Aqar bersedia untuk menjadi benefisiari

yang berpotensi dalam industri penjagaan kesihatan yang semakin meningkat dengan portfolio hartanah penjagaan kesihatan yang berkualiti tinggi.

Dengan pengendali penjagaan kesihatan seperti KPJ Healthcare Berhad semakin meningkatkan penggunaan strategi aset-ringan untuk menyalurkan sumber-sumber ke dalam aktiviti teras mereka, ini membolehkan untuk Al-’Aqar untuk mengambilalih dan berkembang melalui hartanah yang berpotensi.

Kami kekal komited untuk memastikan bahawa pemegang unit Al-’Aqar mendapat ganjaran yang baik daripada pelaburan mereka melalui penilaian berhati-hati supaya pelaburan yang dibuat mendapat kadar pulangan yang positif dan pelengkap kepada portfolio Tabung Amanah yang sedia ada. Pengurus sangat optimistik untuk memanfaatkan kepakaran mereka dalam mengurus hartanah penjagaan kesihatan yang mematuhi Syariah untuk berkembang ke peringkat antarabangsa.

Walaupun dengan suasana ketidakstabilan ekonom, usaha kami ke arah memberikan nilai premium kepada pemegang unit kami tetap tidak berbelah bahagi. Kami akan terus melaksanakan strategi yang tepat pada masanya untuk mengukuhkan lagi aset Al-’Aqar dan kedudukan kewangan Al-‘Aqar dan memulangkan semula kepada pemegang unit kami dengan ganjaran yang setimpal.

PENGHARGAAN

Bagi pihak Lembaga Pengarah, saya ingin mengucapkan terima kasih dan penghargaan kepada pemegang unit kami, pembiaya, rakan perniagaan, pihak berkuasa yang berkaitan dan KPJ Healthcare Berhad atas sokongan berterusan mereka. Saya juga ingin mengucapkan terima kasih kepada ahli-ahli Lembaga Pengarah di atas sumbangan yang tidak ternilai.

Kami amat berterima kasih kepada pihak Pengurusan dan pekerja di atas kesetiaan, komitmen, profesionalisme dan dedikasi berharga mereka yang tidak berbelah bahagi yang diberikan kepada Kumpulan Al-’Aqar sepanjang tahun.

kAMARUzzAMAN ABU kASSIMPengerusiDamansara REIT Managers Sdn Berhad

perutuSan Korporat



HealtHcare reIt

al- aQar

statement on Corporate governanCe

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”) entered into 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”) on 10 August 2006.

The Board of Directors of DRMSB (“Board”) is firmly committed to ensuring that the Manager implements and operates good corporate governance practices in its management 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 Estate Investment Trusts issued by the Securities Commission (“REIT Guidelines”), the Listing Requirements of Bursa Securities (“Listing Requirements”) and the Malaysian Code on Corporate Governance (“Code”).

THE MANAGER OF AL-‘AQAR HEALTHCARE REIT

Al-’Aqar Healthcare REIT is managed and administered by DRMSB, who has the 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 of properties; 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 large and geographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and business strategies.

The Manager is required to ensure that the business and operations 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 real estate investment trust industry in Malaysia. Subject to the provisions of the Deed, the Manager has full and complete powers in managing the Fund and must manage the Fund (including all assets and liabilities of Al-’Aqar) for the benefits of its Unitholders.

The Board recognises that an effective corporate governance framework is critical in order to achieve these objectives, to fulfil its duties and obligations and to ensure that Al-’Aqar continues to perform strongly.

The general functions, duties and responsibilities of the Manager include the following:

Investment Strategy – formulate and implement Al-‘Aqar’s investment strategy, including determining the location, sub-sector, market risk, type and other characteristic of Al-Àqar’s property portfolio.

Acquisition and Divestment – make recommendations to 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 the management of Al-‘Aqar ’s properties including preparing property plans on an annual basis for review by the Directors of the Manager which may contain proposals and forecasts on net income, capital expenditure, sales and valuations, explanation of major variances to previous forecasts, written commentary on key issues and underlying assumptions on rental rates, occupancy costs and any other relevant assumptions. The purpose of these plans is to explain the performance of Al-‘Aqar ’s assets.

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

Accounting Records – keep books and prepare or cause to be prepared accounts and annual reports, including annual budgets for Al-‘Aqar.

Supervisory Services – supervise day-to-day administrative service as Al-‘Aqar’s representative, including administrative services relating to meetings of Unitholders when such meetings are convened.

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

compliance Management – supervise all regulatory filings on 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.



HealtHcare reIt

al- aQar


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”) entered into 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”) on 10 August 2006.

The Board of Directors of DRMSB (“Board”) is firmly committed to ensuring that the Manager implements and operates good corporate governance practices in its management 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 Estate Investment Trusts issued by the Securities Commission (“REIT Guidelines”), the Listing Requirements of Bursa Securities (“Listing Requirements”) and the Malaysian Code on Corporate Governance (“Code”).

THE MANAGER OF AL-‘AQAR HEALTHCARE REIT

Al-’Aqar Healthcare REIT is managed and administered by DRMSB, who has the 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 of properties; and

(b) enhancing the Net Asset Value of Al-’Aqar Healthcare REIT’s units (“Units”).


The Manager is required to ensure that the business and operations 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 real estate investment trust industry in Malaysia. Subject to the provisions of the Deed, the Manager has full and complete powers in managing the Fund and must manage the Fund (including all assets and liabilities of Al-’Aqar) for the benefits of its Unitholders.

The Board recognises that an effective corporate governance framework is critical in order to achieve these objectives, to fulfil its duties and obligations and to ensure that Al-’Aqar continues to perform strongly.

The general functions, duties and responsibilities of the Manager include the following:

Investment Strategy – formulate and implement Al-‘Aqar’s investment strategy, including determining the location, sub-sector, market risk, type and other characteristic of Al-Àqar’s property portfolio.

Acquisition and Divestment – make recommendations to 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 the management of Al-‘Aqar ’s properties including preparing property plans on an annual basis for review by the Directors of the Manager which may contain proposals and forecasts on net income, capital expenditure, sales and valuations, explanation of major variances to previous forecasts, written commentary on key issues and underlying assumptions on rental rates, occupancy costs and any other relevant assumptions. The purpose of these plans is to explain the performance of Al-‘Aqar ’s assets.

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

Accounting Records – keep books and prepare or cause to be prepared accounts and annual reports, including annual budgets for Al-‘Aqar.

Supervisory Services – supervise day-to-day administrative service as Al-‘Aqar’s representative, including administrative services relating to meetings of Unitholders when such meetings are convened.

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

compliance Management – supervise all regulatory filings on 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.



al- aQar


THE DIRECTORS OF DAMANSARA REIT MANAGERS SDN BERHAD

The Manager is led and managed by experienced Board of Directors (“Board”) with a wide and varied range of expertise. This broad spectrum of skills and experience gives added strength to the leadership, thus ensuring the Manager is under the guidance of an accountable and competent Board. The Board recognised the key role they played in charting the strategic direction, development and control of the Manager and has adopted the primary responsibilities as listed in the REIT Guidelines, all of which facilitate the discharge of the Directors’ stewardship responsibilities. The Board currently has eight Directors comprising of four (4) non-independent members, three (3) independent members and one (1) executive director. This is in compliance with the requirements for at least one-third of the Board to be independent.

The Executive Director is responsible for the Manager’s operations and in ensuring that the strategies proposed by the Board are fully discussed and examined, and taking into account of the long term interests of the Unitholders. Together, the Directors possess the wide range of business, commercial and financial experience essential for the management and direction of its operations.

BOARD MEETINGS

Board meetings are scheduled at least four times per annum to review the operations of Al-’Aqar and to approve the interim and annual financial statements of Al-’Aqar Healthcare REIT. The Board met four times during the financial year ended 31 December 2011. The number of meetings attended by each Director is as follow:

Directors : Kamaruzzaman bin Abu KassimDesignation : Non-Independent Non-Executive ChairmanAttendance : 4/4

Directors : yusaini bin SidekDesignation : Non-Independent Executive DirectorAttendance : 4/4

Directors : Dr. Mohd Hafetz bin AhmadDesignation : Independent Non-Executive DirectorAttendance : 4/4

Directors : Zainah binti MustafaDesignation : Independent Non-Executive DirectorAttendance : 4/4

Directors : Dato’ Mani a/l UsillapanDesignation : Independent Non-Executive DirectorAttendance : 4/4

Directors : Datin Paduka Siti Sa’diah binti Sheikh BakirDesignation : Non-Independent Non-Executive DirectorAttendance : 4/4

Directors : Lukman bin Abu BakarDesignation : Non-Independent Non-Executive DirectorAttendance : 4/4

Directors : Abd Razak bin HaronDesignation : Non-Independent Non-Executive DirectorAttendance : 4/4

The Directors Fully Access To And Supply Of Information And Advice

The Directors have full and unrestricted access to all information pertaining to the business and affairs of Al-’Aqar, both as a full Board and in their individual capacity, to enable them to discharge their duties. There are matters specifically reserved for the Board’s decision to ensure that the direction and control of the Manager is firmly in its hands.

Prior to the Board meetings, all Directors receive the agenda together with a full set of Board papers containing information relevant 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 the issues 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 procedures are adhered to at all times during meetings and advises the Board on matters including corporate governance issues and the Directors’ responsibilities in complying with relevant legislation and regulations.

Directors’ Training

The Directors are fully cognisant of the importance and value of attending seminars, training programmes and conferences in order to update themselves on developments and changes in the REIT industry, as well as wider economic, financial and governance issues to enhance their skills, knowledge and expertise in their respective fields. All Directors have attended and completed the Mandatory Accreditation Programme prescribed by Bursa Securities, and the Board will continue to evaluate and determine the training needs of its Directors on an ongoing basis.

Throughout the financial year under review, the Directors attended various conferences, programmes and speaking engagements covering areas that included corporate governance, leadership, updates on the REIT industry and global business developments.



HealtHcare reIt

al- aQar


convictions for Offences

None of the Directors has been convicted for offences within 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 with applicable approved accounting standards in Malaysia, the provisions of the Companies Act 1965, the REIT Guidelines and 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 also strive to ensure that financial reporting presents a fair and understandable assessment of the position and prospects of 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 and risk management. The system provides reasonable but not absolute assurance against material misstatement of management and financial information or against financial losses and fraud.

Relationship with the Auditors

The Board has established a formal and transparent arrangement for maintaining an appropriate relationship with the auditors of Al-’Aqar. The Auditors report their findings to members 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 attention to the Board. The Auditors appointed must be independent of the Manager and Trustee.

RELATED PARTY TRANSACTIONS AND CONFLICT OF 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 under review.

The Manager will establish procedures that will ensure that 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 substantial Unitholders of Al-`Aqar during the financial year under review.

communication with Unitholders and Investors

The Board recognises the importance of timely dissemination of 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 announcements to Bursa Securities, including quarterly and annual results, and the corporate website.

This statement was approved by the Board on 23 February 2012.



HealtHcare reIt

al- aQar


convictions for Offences

None of the Directors has been convicted for offences within 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 with applicable approved accounting standards in Malaysia, the provisions of the Companies Act 1965, the REIT Guidelines and 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 also strive to ensure that financial reporting presents a fair and understandable assessment of the position and prospects of 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 and risk management. The system provides reasonable but not absolute assurance against material misstatement of management and financial information or against financial losses and fraud.

Relationship with the Auditors

The Board has established a formal and transparent arrangement for maintaining an appropriate relationship with the auditors of Al-’Aqar. The Auditors report their findings to members 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 attention to the Board. The Auditors appointed must be independent of the Manager and Trustee.

RELATED PARTY TRANSACTIONS AND CONFLICT OF 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 under review.

The Manager will establish procedures that will ensure that 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 substantial Unitholders of Al-`Aqar during the financial year under review.

communication with Unitholders and Investors

The Board recognises the importance of timely dissemination of 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 announcements to Bursa Securities, including quarterly and annual results, and the corporate website.

This statement was approved by the Board on 23 February 2012.



al- aQar

penYata tadbIr urus Korporat

Al-‘Aqar Healthcare Real Estate Investment Trust (“Al-‘Aqar Healthcare REIT” atau “Dana Amanah”) ditubuhkan pada tarikh 28 Jun 2006 sesuai dengan Surat Ikatan Amanah (“Surat Ikatan”) yang ditandatangani antara Damansara REIT Managers Sdn Berhad (“DRMSB” atau “Pengurus”) dan AmanahRaya Trustee Berhad (“Pemegang Amanah”). Al-‘Aqar Healthcare REIT telah didaftarkan pada Papan Utama Bursa Securities Malaysia Berhad (“Bursa Sekuriti”) sejak 10 ogos 2006.

Lembaga Pengarah DRMSB (“Lembaga Pengarah”) adalah komited sepenuhnya untuk memastikan Pihak Pengurusan melaksanakan dan mengendalikan tadbir urus korporat yang baik dalam pengurusan Amanah. Dalam merangka sistem tadbir urus korporat, Lembaga Pengarah telah dibimbing dengan langkah-langkah yang ditetapkan dalam Garis Panduan Amanah Pelaburan 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 Healthcare REIT diurus dan ditadbir oleh DRMSB, yang mempunyai tujuan utama:

(a) menyediakan Pemegang unit Amanah (“Pemegang Unit”) dengan pengagihan wang yang kukuh dengan potensi untuk pertumbuhan mampan, terutamanya daripada pemilikan hartanah; dan

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

Matlamat ini akan tercapai dengan mengoptimakan prestasi dan mempertingkatkan kualiti keseluruhan portfolio hartanah yang meluas dan pelbagai kedudukan geografikal yang mematuhi Syariah dan melalui pelbagai pelaburan yang dibenarkan dan strategi-strategi perniagaan.

Pihak Pengurusan dituntut untuk memastikan bahawa perniagaan dan pengendalian Al-‘Aqar Healthcare REIT dilaksanakan dan dikelolakan secara beradab, teliti dan cekap, dan selaras dengan amalan-amalan perniagaan yang diterima pakai oleh industri Amanah Pelaburan Hartanah di Malaysia. Tertakluk kepada peruntukan-peruntukan yang ada dalam Surat Ikatan, Pengurus mempunyai kuasa pengurusan yang mutlak dan mesti mengurus Al-‘Aqar Healthcare REIT (termasuk semua aset dan tanggungan Al-‘Aqar Healthcare REIT) demi kepentingan Pemegang-pemegang unitnya.

Lembaga Pengarah mengenalpasti bahawa rangkakerja tadbir urus korporat yang berkesan amat penting kearah mencapai matlamat ini, untuk memenuhi kewajipan dan tangungjawab dan untuk memastikan bahawa Al-‘Aqar Healthcare REIT terus kukuh dalam perlaksanaannya.

Fungsi umum, tugas dan tanggungjawab Pengurus adalah seperti berikut:

Strategi Pelaburan - Merumuskan dan melaksanakan strategi pelaburan Al-‘Aqar Healthcare REIT, termasuk menentukan lokasi, sub-sektor, risiko pasaran, jenis dan ciri-ciri lain portfolio hartanah Al-‘Aqar Healthcare REIT.

Pengambilalihan dan Pemberhentian Pelaburan - Membuat cadangan kepada dan menyelaras bersama Pemegang Amanah dan melaksana pengambilalihan aset-aset baru dan pemberhentian pelaburan-pelaburan sedia ada Al-‘Aqar Healthcare REIT.

Pengurusan Aset - Menyelia dan mengurus selia pengurusan hartanah Al-‘Aqar Healthcare REIT termasuk menyediakan perancangan hartanah secara tahunan untuk kaji semula oleh Lembaga Pengarah bagi pihak Pengurusan yang boleh mengandungi cadangan dan anggaran keatas pendapatan bersih, perbelanjaan modal, jualan dan penilaian-penilaian, penjelasan tentang perbezaan besar untuk anggaran terdahulu, ulasan bertulis pada isu-isu utama dan andaian-andaian dasar kadar sewa, kos-kos kepenghunian dan mana-mana andaian-andaian lain yang berkaitan. Tujuan perancangan ini adalah untuk memperjelaskan prestasi aset-aset Al-‘Aqar Healthcare REIT.

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

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

Perkhidmatan Penyeliaan - Menyelia khidmat pentadbiran harian sebagai wakil Al-‘Aqar Healthcare REIT, termasuk khidmat pentadbiran berkaitan perihal mesyuarat apabila mesyuarat pemegang unit bersidang.

Perhubungan Pelabur - Menyelaras, berkomunikasi dan berhubungan dengan Pemegang unit/Pelabur.

Pematuhan Pengurusan - Menyelia semua pemfailan regulatori bagi pihak Al-‘Aqar Healthcare REIT, dan memastikan Al-‘Aqar Healthcare REIT mematuhi segala peruntukan-peruntukan yang boleh digunakan seperti yang telah ditetapkan oleh Akta Suruhanjaya Sekuriti, Garis Panduan REIT SC, Tuntutan Penyenaraian Bursa, Surat Ikatan Amanah, dan semua kontrak yang berkaitan.



HealtHcare reIt

al- aQar

penYata tadBIr uruS Korporat

LEMBAGA PENGARAH DAMANSARA REIT MANAGERS SDN BERHAD

Pihak Pengurusan diketuai dan diurus oleh ahli-ahli lembaga pengarah berpengalaman (“Lembaga Pengarah”) dengan kepakaran yang luas dan berbagai-bagai. Spektrum yang luas melalui kemahiran-kemahiran dan pengalaman yang ada menambahkan kekuatan untuk kepimpinan, demikian menjamin Pihak Pengurusan adalah di bawah bimbingan Lembaga Pengarah yang bertanggungjawab dan cekap. Lembaga Pengarah sedar peranan penting mereka dalam mencarta arah strategik, pembangunan dan kawalan Pengurusan dan memikul tanggung jawab utama sebagaimana yang tersenarai didalam Garis Panduan REIT, kesemuanya telah memudahkan perlaksanaan tugas dan tanggungjawab Lembaga Pengarah. Lembaga Pengarah kini mempunyai tujuh orang anggota yang terdiri daripada empat (4) ahli bukan bebas, tiga (3) ahli bebas dan satu (1) ahli pengarah eksekutif.

Pengarah Eksekutif bertanggungjawab dalam operasi Pihak Pengurusan dan untuk memastikan strategi- strategi yang dicadangkan oleh Lembaga Pengarah adalah sepenuhnya dibincangkan dan diperiksa, dan mengambil kira segala kepentingan jangka panjang Pemegang unit. Bersama, Ahli Lembaga Pengarah memiliki pengalaman luas dalam pelbagai bidang perniagaan, perdagangan dan kewangan yang penting bagi pengurusan dan halatuju operasinya.

MESYUARAT LEMBAGA PENGARAH

Mesyuarat Lembaga Pengarah dijadualkan sekurang-kurangnya empat kali setiap tahun untuk mengkaji semula operasi Al-‘Aqar Healthcare REIT dan untuk meluluskan penyata-penyata kewangan interim dan tahunan Al-‘Aqar Healthcare REIT. Lembaga Pengarah bermesyuarat sebanyak empat kali disepanjang tahun kewangan berakhir 31 Disember 2011. Bilangan mesyuarat yang dihadiri oleh Ahli Lembaga Pengarah adalah seperti berikut:

Pengarah : Kamaruzzaman bin Abu KassimJawatan : Pengerusi Bukan Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : yusaini bin SidekJawatan : Pengarah Bukan Bebas EksekutifKehadiran : 4/4

Pengarah : Dr. Mohd Hafetz bin AhmadJawatan : Pengarah Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Zainah binti MustafaJawatan : Pengarah Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Dato’ Mani a/l UsillapanJawatan : Pengarah Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Datin Paduka Siti Sa’diah binti Sheikh BakirJawatan : Pengarah Bukan Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Lukman bin Abu BakarJawatan : Pengarah Bukan Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Abd Razak bin HaronJawatan : Non-Independent Non-Executive DirectorKehadiran : 4/4

Akses Menyeluruh Ahli Lembaga Pengarah kepada Maklumat dan Nasihat

Ahli Lembaga Pengarah mempunyai akses sepenuhnya dan tanpa batas keatas semua maklumat yang berkaitan perniagaan dan hal-ehwal Al-‘Aqar Healthcare REIT, selaku Ahli Lembaga Pengarah dan kuasa individu masing-masing, bagi membolehkan mereka menjalankan tugas. Terdapat perkara- perkara khusus untuk keputusan Lembaga Pengarah demi memastikan halatuju dan kawalan Pengurusan adalah kemas dan terkawal.

Sebelum mesyuarat Lembaga Pengarah, semua Pengarah menerima agenda mesyuarat berserta satu set lengkap kertas kerja Lembaga Pengarah yang mengandungi maklumat-maklumat berkaitan. Ini membolehkan Pengarah untuk mendapatkan penghuraian/penerangan lanjut, jika perlu, agar menerima taklimat yang betul sebelum mesyuarat.

Satu rekod semua pertimbangan Lembaga Pengarah tentang isu perbincangan dan kesimpulan yang diperolehi dalam melaksanakan tugas dan tanggungjawab dicatatkan dalam minit setiap mesyuarat, yang disediakan oleh Setiausaha Syarikat.

Semua Pengarah mempunyai akses penuh perkhidmatan dan nasihat Setiausaha Syarikat yang memastikan bahawa prosedur Lembaga Pengarah dipatuhi sepanjang masa mesyuarat dan menasihat Lembaga Pengarah mengenai hal-hal termasuk isu-isu tadbir urus korporat dan tanggungjawab Pengarah dalam mematuhi undang-undang dan peraturan yang berkenaan.

Latihan Ahli Lembaga Pengarah

Ahli Lembaga Pengarah sedar sepenuhnya kepentingan dan nilai menghadiri seminar, program latihan dan persidangan dalam rangka mengemaskini diri tentang perkembangan dan perubahan dalam industri REIT, serta perkembangan ekonomi, kewangan dan isu-isu tadbir urus yang lebih meluas bagi meningkatkan kemahiran, pengetahuan dan kepakaran dalam bidang masing-masing. Semua Pengarah telah menghadiri dan tamat Program Akreditasi Mandatori yang ditetapkan oleh Bursa Sekuriti, dan Lembaga Pengarah akan terus menilai dan menentukan keperluan latihan untuk Ahli Lembaga Pengarah secara berterusan.



HealtHcare reIt

al- aQar


LEMBAGA PENGARAH DAMANSARA REIT MANAGERS SDN BERHAD

Pihak Pengurusan diketuai dan diurus oleh ahli-ahli lembaga pengarah berpengalaman (“Lembaga Pengarah”) dengan kepakaran yang luas dan berbagai-bagai. Spektrum yang luas melalui kemahiran-kemahiran dan pengalaman yang ada menambahkan kekuatan untuk kepimpinan, demikian menjamin Pihak Pengurusan adalah di bawah bimbingan Lembaga Pengarah yang bertanggungjawab dan cekap. Lembaga Pengarah sedar peranan penting mereka dalam mencarta arah strategik, pembangunan dan kawalan Pengurusan dan memikul tanggung jawab utama sebagaimana yang tersenarai didalam Garis Panduan REIT, kesemuanya telah memudahkan perlaksanaan tugas dan tanggungjawab Lembaga Pengarah. Lembaga Pengarah kini mempunyai tujuh orang anggota yang terdiri daripada empat (4) ahli bukan bebas, tiga (3) ahli bebas dan satu (1) ahli pengarah eksekutif.

Pengarah Eksekutif bertanggungjawab dalam operasi Pihak Pengurusan dan untuk memastikan strategi- strategi yang dicadangkan oleh Lembaga Pengarah adalah sepenuhnya dibincangkan dan diperiksa, dan mengambil kira segala kepentingan jangka panjang Pemegang unit. Bersama, Ahli Lembaga Pengarah memiliki pengalaman luas dalam pelbagai bidang perniagaan, perdagangan dan kewangan yang penting bagi pengurusan dan halatuju operasinya.

MESYUARAT LEMBAGA PENGARAH

Mesyuarat Lembaga Pengarah dijadualkan sekurang-kurangnya empat kali setiap tahun untuk mengkaji semula operasi Al-‘Aqar Healthcare REIT dan untuk meluluskan penyata-penyata kewangan interim dan tahunan Al-‘Aqar Healthcare REIT. Lembaga Pengarah bermesyuarat sebanyak empat kali disepanjang tahun kewangan berakhir 31 Disember 2011. Bilangan mesyuarat yang dihadiri oleh Ahli Lembaga Pengarah adalah seperti berikut:

Pengarah : Kamaruzzaman bin Abu KassimJawatan : Pengerusi Bukan Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : yusaini bin SidekJawatan : Pengarah Bukan Bebas EksekutifKehadiran : 4/4

Pengarah : Dr. Mohd Hafetz bin AhmadJawatan : Pengarah Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Zainah binti MustafaJawatan : Pengarah Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Dato’ Mani a/l UsillapanJawatan : Pengarah Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Datin Paduka Siti Sa’diah binti Sheikh BakirJawatan : Pengarah Bukan Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Lukman bin Abu BakarJawatan : Pengarah Bukan Bebas Bukan EksekutifKehadiran : 4/4

Pengarah : Abd Razak bin HaronJawatan : Non-Independent Non-Executive DirectorKehadiran : 4/4

Akses Menyeluruh Ahli Lembaga Pengarah kepada Maklumat dan Nasihat

Ahli Lembaga Pengarah mempunyai akses sepenuhnya dan tanpa batas keatas semua maklumat yang berkaitan perniagaan dan hal-ehwal Al-‘Aqar Healthcare REIT, selaku Ahli Lembaga Pengarah dan kuasa individu masing-masing, bagi membolehkan mereka menjalankan tugas. Terdapat perkara- perkara khusus untuk keputusan Lembaga Pengarah demi memastikan halatuju dan kawalan Pengurusan adalah kemas dan terkawal.

Sebelum mesyuarat Lembaga Pengarah, semua Pengarah menerima agenda mesyuarat berserta satu set lengkap kertas kerja Lembaga Pengarah yang mengandungi maklumat-maklumat berkaitan. Ini membolehkan Pengarah untuk mendapatkan penghuraian/penerangan lanjut, jika perlu, agar menerima taklimat yang betul sebelum mesyuarat.

Satu rekod semua pertimbangan Lembaga Pengarah tentang isu perbincangan dan kesimpulan yang diperolehi dalam melaksanakan tugas dan tanggungjawab dicatatkan dalam minit setiap mesyuarat, yang disediakan oleh Setiausaha Syarikat.

Semua Pengarah mempunyai akses penuh perkhidmatan dan nasihat Setiausaha Syarikat yang memastikan bahawa prosedur Lembaga Pengarah dipatuhi sepanjang masa mesyuarat dan menasihat Lembaga Pengarah mengenai hal-hal termasuk isu-isu tadbir urus korporat dan tanggungjawab Pengarah dalam mematuhi undang-undang dan peraturan yang berkenaan.

Latihan Ahli Lembaga Pengarah

Ahli Lembaga Pengarah sedar sepenuhnya kepentingan dan nilai menghadiri seminar, program latihan dan persidangan dalam rangka mengemaskini diri tentang perkembangan dan perubahan dalam industri REIT, serta perkembangan ekonomi, kewangan dan isu-isu tadbir urus yang lebih meluas bagi meningkatkan kemahiran, pengetahuan dan kepakaran dalam bidang masing-masing. Semua Pengarah telah menghadiri dan tamat Program Akreditasi Mandatori yang ditetapkan oleh Bursa Sekuriti, dan Lembaga Pengarah akan terus menilai dan menentukan keperluan latihan untuk Ahli Lembaga Pengarah secara berterusan.



al- aQar


Sepanjang tahun kewangan dalam ulasan, Ahli Lembaga Pengarah telah menghadiri pelbagai persidangan, program dan ceramah yang merangkumi topik-topik tadbir urus korporat, kepimpinan, maklumat baru industri REIT dan perkembangan perniagaan global.

Tuduhan kesalahan

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

kEBERTANGGUNGJAWABAN DAN AUDIT

Laporan Kewangan dan Audit

Kesemua Ahli Lembaga Pengarah bertanggungjawab untuk memastikan bahawa penyata kewangan Amanah disusun rapi selaras dengan piawaian perakaunan yang berkenaan yang diluluskan di Malaysia, peruntukan-peruntukan dalam Akta Syarikat 1965, Garis Panduan REIT dan Surat Ikatan. Dalam membentangkan penyata kewangan, Pihak Pengurusan telah menggunakan dasar perakaunan yang tepat, yang diterapkan secara konsisten dan disokong dengan penilaian dan anggaran yang munasabah dan cermat. Pengarah juga berusaha untuk memastikan bahawa penyata kewangan menghasilkan penilaian kedudukan dan prospek Al-‘Aqar Healthcare REIT yang saksama dan mudah difahami. Penyata kewangan interim dipantau dan diluluskan oleh Lembaga Pengarah sebelum diserahkan kepada pihak berkuasa yang berkenaan.

Kawalan Dalaman

Lembaga Pengarah bertanggungjawab untuk memelihara sistem kawalan dalaman yang meliputi kawalan kewangan dan pengendalian dan pengurusan risiko. Sistem memberikan maklumat munasabah tanpa memberi jaminan muktamad terhadap tersilap bentang bahan maklumat pengurusan dan kewangan atau terhadap kerugian kewangan dan penipuan.

Hubungan dengan Juruaudit

Lembaga Pengarah telah menerapkan panduan rasmi dan telus untuk menjalin hubungan yang bersesuaian dengan juruaudit Al-‘Aqar Healthcare REIT. Juruaudit melaporkan penemuan mereka kepada Ahli Lembaga Pengarah sebagai sebahagian dari proses audit keatas penyata kewangan berdasarkan undang-undang setiap tahun kewangan. Dari masa ke masa, juruaudit mengemukakan hal-hal yang memerlukan perhatian Lembaga Pengarah. Juruaudit yang dilantik mestilah bebas dari Pengurus dan Pemegang Amanah.

URUSNIAGA-URUSNIAGA PIHAk BERkAITAN DAN PERCANGGAHAN kEPENTINGAN

Percanggahan Kepentingan

Selain dari kepentingan Pengarah dalam Al-‘Aqar Healthcare REIT (seperti yang tertera dalam Penyata Kepentingan Lembaga Pengarah pihak Pengurus) dan urusniaga dengan syarikat-syarikat yang berkaitan dengan Pengurus (seperti yang tertera dalam nota penyata kewangan), tiada percanggahan kepentingan telah timbul semasa tahun kewangan dalam ulasan.

Pengurus akan menetapkan prosedur yang akan memastikan bahawa urusniaga pihak berkaitan dan percanggahan kepentingan diberi perhatian selaras dengan Garis Panduan REIT SC, Surat Ikatan dan Tuntutan Penyenaraian Bursa.

Kontrak-kontrak yang Penting

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

Komunikasi dengan Pemegang Unit dan Pelabur Lembaga

Pengarah mengakui pentingnya penyebaran maklumat yang bertepatan waktu kepada para Pemegang unit dan memastikan mereka mendapat maklumat yang cukup bagi setiap perkembangan penting dalam Al-‘Aqar Healthcare REIT.

Maklumat tersebut dihebahkan melalui laporan tahunan, dan pelbagai penyataan dan pengumuman Amanah kepada Bursa Sekuriti, termasuk keputusan suku tahun dan tahunan dan laman web korporat.

Penyata ini telah diluluskan oleh Lembaga Pengarah pada 25 Februari 2011.



HealtHcare reIt

al- aQar

Damansara REIT Managers Sdn Berhad (“DRMSB”), the Manager of Al-‘Aqar Healthcare Real Estate Investment Trust (Al-‘Aqar Healthcare REIT) have pleasure in submitting their report to the Unitholders of Al-‘Aqar Healthcare REIT together with the audited financial statements of Al-‘Aqar Group for the financial year ended 31 December 2011.

manager’s reportfor the fInanCIal Year ended 31 deCember 2011

THE TRUST, THE MANAGER AND MAIN ACTIVITIES

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”).

Second acquisition in year 2008 inclusive of KPJ Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building, Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital and Kedah Medical Centre Building.

Third acquisition 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. Two additional properties are not hospital-related but are complementary to the health tourism industry, namely Selesa Tower and KPJ International College.

During the Extraordinary General Meeting dated 17 December 2010, the unitholders of Al-‘Aqar Healthcare REIT agreed on the proposed acquisition of Bandar Baru Klang Specialist Hospital Building, Kluang Utama Specialist Hospital Building and two (2) hospital building in Indonesia namely Rumah Sakit Medica Permata Hijau and Rumah Sakit Bumi Serpong Damai located in Jakarta. Both acquisitions of property in Indonesia has been acquired by a Special Purpose Companies i.e. Crossborder Aim (M) Sdn Bhd and Crossborder Hall (M) Sdn Bhd.

Another significant acquisition exercise for Al-‘Aqar that took place on 19 August 2011 via proposed acquisition of Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village from Jeta Gardens Waterford Trust via Al-‘Aqar Australia Pty Ltd as the Special Purpose Company.

Together with the agenda of proposed acquisition of Jeta Gardens, the unitholders of Al-‘Aqar in the Extraordinary General Meeting approved the change of name of the fund from Al-‘Aqar KPJ REIT to Al-‘Aqar Healthcare REIT. This is to better reflect the current business strategy of Al-‘Aqar and its Group of Companies.

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.



HealtHcare reIt

al- aQar



THE TRUST, THE MANAGER AND MAIN ACTIVITIES

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”).

Second acquisition in year 2008 inclusive of KPJ Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building, Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital and Kedah Medical Centre Building.

Third acquisition 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. Two additional properties are not hospital-related but are complementary to the health tourism industry, namely Selesa Tower and KPJ International College.

During the Extraordinary General Meeting dated 17 December 2010, the unitholders of Al-‘Aqar Healthcare REIT agreed on the proposed acquisition of Bandar Baru Klang Specialist Hospital Building, Kluang Utama Specialist Hospital Building and two (2) hospital building in Indonesia namely Rumah Sakit Medica Permata Hijau and Rumah Sakit Bumi Serpong Damai located in Jakarta. Both acquisitions of property in Indonesia has been acquired by a Special Purpose Companies i.e. Crossborder Aim (M) Sdn Bhd and Crossborder Hall (M) Sdn Bhd.

Another significant acquisition exercise for Al-‘Aqar that took place on 19 August 2011 via proposed acquisition of Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village from Jeta Gardens Waterford Trust via Al-‘Aqar Australia Pty Ltd as the Special Purpose Company.

Together with the agenda of proposed acquisition of Jeta Gardens, the unitholders of Al-‘Aqar in the Extraordinary General Meeting approved the change of name of the fund from Al-‘Aqar KPJ REIT to Al-‘Aqar Healthcare REIT. This is to better reflect the current business strategy of Al-‘Aqar and its Group of Companies.

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.



al- aQar


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.


For the period ended 31 December 2011, the Al-‘Aqar Healthcare REIT has declared an income distribution of 7.69 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.

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.



HealtHcare reIt

al- aQar

DANA AMANAH, PENGURUS DAN AkTIVITI UTAMA

Al-‘Aqar Healthcare REIT adalah sebuah dana amanah pelaburan hartanah yang berpangkalan di Malaysia, telah ditubuhkan pada 28 Jun 2006 dengan termeterainya Surat Ikatan bertarikh 27 Jun 2006 diantara Pengurus (Damansara REIT Managers Sdn Berhad) 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 HospitalPakar 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 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 di luar kategori hospital tetapi pelengkap industri pelancongan kesihatan, iaitu Menara Selesa dan Kolej Antarabangsa KPJ.

Pada mesyuarat Agung Luar Biasa yang diadakan pada 17 Disember 2010, para pemegang unit Al-’Aqar Healthcare REIT telah memberi persetujuan terhadap cadangan pengambilalihan Bangunan Hospital Pakar Bandar Baru Klang, Bangunan Hospital Pakar Kluang Utama dan dua (2) bangunan hospital pakar di Indonesia iaitu Rumah Sakit Medika Permata Hijau and Rumah Sakit Bumi Serpong Damai yang kedua-duanya berlokasi di Jakarta.

Antara acara penting yang dijalankan pada 19 ogos 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 di bawahnya.

Pihak Pengurus telah diperbadankan di Malaysia dan adalah syarikat milik penuh Damansara Assets Sdn Bhd yang merupakan anak syarikat kumpulan Johor Corporation. Aktiviti utama Pengurus adalah pengurusan amanah pelaburan hartanah. Tiada sebarang perubahan ketara di dalam aktiviti utama di sepanjang tempoh ini. Aktiviti utama Al-‘Aqar Healthcare REIT adalah melabur dalam hartanah yang berlandaskan syariah dengan objektif utamanya untuk menyediakan pengagihan pendapatan yang stabil dan berpotensi untuk mengekalkan pertumbuhan jangka masa panjang dan peningkatan modal.

laporan pengurusbagI tahun Kewangan beraKhIr 31 dIsember 2011




HealtHcare reIt

al- aQar

DANA AMANAH, PENGURUS DAN AkTIVITI UTAMA

Al-‘Aqar Healthcare REIT adalah sebuah dana amanah pelaburan hartanah yang berpangkalan di Malaysia, telah ditubuhkan pada 28 Jun 2006 dengan termeterainya Surat Ikatan bertarikh 27 Jun 2006 diantara Pengurus (Damansara REIT Managers Sdn Berhad) 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 HospitalPakar 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 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 di luar kategori hospital tetapi pelengkap industri pelancongan kesihatan, iaitu Menara Selesa dan Kolej Antarabangsa KPJ.

Pada mesyuarat Agung Luar Biasa yang diadakan pada 17 Disember 2010, para pemegang unit Al-’Aqar Healthcare REIT telah memberi persetujuan terhadap cadangan pengambilalihan Bangunan Hospital Pakar Bandar Baru Klang, Bangunan Hospital Pakar Kluang Utama dan dua (2) bangunan hospital pakar di Indonesia iaitu Rumah Sakit Medika Permata Hijau and Rumah Sakit Bumi Serpong Damai yang kedua-duanya berlokasi di Jakarta.

Antara acara penting yang dijalankan pada 19 ogos 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 di bawahnya.

Pihak Pengurus telah diperbadankan di Malaysia dan adalah syarikat milik penuh Damansara Assets Sdn Bhd yang merupakan anak syarikat kumpulan Johor Corporation. Aktiviti utama Pengurus adalah pengurusan amanah pelaburan hartanah. Tiada sebarang perubahan ketara di dalam aktiviti utama di sepanjang tempoh ini. Aktiviti utama Al-‘Aqar Healthcare REIT adalah melabur dalam hartanah yang berlandaskan syariah dengan objektif utamanya untuk menyediakan pengagihan pendapatan yang stabil dan berpotensi untuk mengekalkan pertumbuhan jangka masa panjang dan peningkatan modal.





al- aQar


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 2011, Al-‘Aqar Healthcare REIT telah mengisytiharkan pengagihan pendapatan sebanyak 7.69 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.

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.



HealtHcare reIt

al- aQar

propertY portfolIoportFolIo HartanaH

NO PROPERTY APPROX. AREA(sq metre)

EXISTING USE NET BOOk VALUE VALUATION DATE OF VALUATION APPROX. AGE BUILDING TENURE DATE EXPIRY OF THE LEASE

BIL HARTANAHKELUASAN TANAH

(meter persegi)KEGUNANAN SEMASA

NILAI BUKU BERSIH

NILAI TARIKH PENILAIANANGGARAN USIA

BANGUNANPEGANGAN TARIKH TAMAT

1ST ACQUISITION

1. KPJ AMPANG PUTERI SPECIALIST HoSPITAL 39,360 Private Hospital 129,000,000 130,000,000 31/12/2011 1995 99 31/12/2012

2. KPJ DAMANSARA SPECIALIST HoSPITAL 41,354 Private Hospital 110,500,000 110,600,000 31/12/2011 1998 Freehold 31/12/2012

3. KPJ JoHoR SPECIALIST HoSPITAL 20,234 Private Hospital 109,335,943 111,300,000 31/12/2011 1980 99 31/12/2012

4. PUTERI SPECIALIST HoSPITAL 12,173.34 Private Hospital 39,000,000 39,200,000 31/12/2011 1986 99 31/12/2012

5. KPJ SELANGoR SPECIALIST HoSPITAL 19,459.11 Private Hospital 62,100,000 62,500,000 31/12/2011 1996 99 31/12/2012

6. KPJ IPoH SPECIALIST HoSPITAL 32,217.76 Private Hospital 69,000,000 69,500,000 31/12/2011 1980 999 31/12/2012

2ND ACQUISITION

1. KPJ PERDANA SPECIALIST HoSPITAL 13,628 Private Hospital 42,400,000 44,400,000 31/12/2011 2002 66 28/02/2014

2. KUANTAN SPECIALIST HoSPITAL 6,708 Private Hospital 20,100,000 20,400,000 31/12/2011 1983 Freehold 28/02/2014

3. SENToSA MEDICAL CENTRE 9,931 Private Hospital 26,500,000 26,900,000 31/12/2011 1993 Freehold 28/02/2014

4. KPJ KAJANG SPECIALIST HoSPITAL 17,758 Private Hospital 43,500,000 44,100,000 31/12/2011 2006 Freehold 28/02/2014

5. KEDAH MEDICAL CENTRE 20,748 Private Hospital 49,100,000 49,800,000 31/12/2011 1987 Freehold 28/02/2014

3RD ACQUISITION

1. DAMAI SPECIALIST HoSPITAL 3,713.0 Private Hospital 14,100,000 14,900,000 31/12/2011 1993 99 11/06/2012

2. KPJ PENANG SPECIALIST HoSPITAL 17,524.9 Private Hospital 57,100,000 59,000,000 31/12/2011 2008 Freehold 13/10/2012

3. TAWAKAL HoSPITAL 11,141.4 Private Hospital 37,000,000 42,600,000 31/12/2011 1983 99 14/05/2012

4. KPJ TAWAKKAL SPECIALIST HoSPITAL 31,228.3 Private Hospital 110,000,000 116,650,000 31/12/2011 2010 99 05/07/2013

5. KPJ SEREMBAN SPECIALIST HoSPITAL 14,651.6 Private Hospital 54,000,000 57,800,000 31/12/2011 2004 99 13/10/2012

6. TAIPING MEDICAL CENTRE 3,641.8 Private Hospital 9,300,000 9,550,000 31/12/2011 1993 99 30/04/2012

7. KPJ INTERNATIoNAL CoLLEGE 11,939.7 Nursing College 17,000,000 18,400,000 31/12/2011 2007 Freehold 30/04/2012

8. SELESA ToWER 70,691.0 Hotel and office 91,800,000 99,500,000 31/12/2011 1995 Freehold 14/05/2012

9. BUKIT MERTAJAM SPECIALIST HoSPITAL 3,917.1 Nursing College 14,100,000 16,200,000 31/12/2011 2011 Freehold 13/10/2012

4TH ACQUISITION

1. RUMAH SAKIT BUMI SERPoNG DAMAI 22,112 Private Hospital 50,270,000 51,400,000 31/12/2011 2008 20 25/07/2014

2. RUMAH SAKIT MEDIKA PERMATA HIJAU 5,026 Private Hospital 21,140,000 21,700,000 31/12/2011 1992 20 25/07/2014

5TH ACQUISITION

1. JETA GARDENS 5,630 Age Care & Retirement Village 131,909,000 140,358,147 31/12/2011 2007 Freehold 01/11/2014

TOTAL / JUMLAH 155,117 1,311,754,943 1,356,758,147



HealtHcare reIt

al- aQar






NILAI BUKU BERSIH



1ST ACQUISITION







2ND ACQUISITION






3RD ACQUISITION










4TH ACQUISITION



5TH ACQUISITION


TOTAL / JUMLAH 155,117 1,311,754,943 1,356,758,147



al- aQar





NILAI BUKU BERSIH



1ST ACQUISITION







2ND ACQUISITION






3RD ACQUISITION










4TH ACQUISITION



5TH ACQUISITION


TOTAL / JUMLAH 155,117 1,311,754,943 1,356,758,147



HealtHcare reIt

al- aQar

KpJ ampang puterI speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ ampang puterINo. 1, Jalan Mamanda 9, Taman Dato’ Ahmad Razali, 68000 Ampang, Selangor.

1.

KpJ damansara speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ damansaraNo 119, Jalan SS 20/10 Damansara Utama, 47400 Petaling Jaya, Selangor.

2.

KpJ Johor speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ JohorNo. 39-B, Jalan Abdul Samad, 80100 Johor Bahru.

3.

puterI speCIalIst hospItal buIldIngbangunan hospItal paKar puterINo. 33, Jalan Tun Abdul Razak (Susur 5),80000 Johor Bahru, Johor.

4.

KpJ selangor speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ selangorLot 1, Jalan Singa 20/1, Section 20, 40300 Shah Alam, Selangor.

5.


1ST ACQUISITION



HealtHcare reIt

al- aQar

KpJ ampang puterI speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ ampang puterINo. 1, Jalan Mamanda 9, Taman Dato’ Ahmad Razali, 68000 Ampang, Selangor.

1.

KpJ damansara speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ damansaraNo 119, Jalan SS 20/10 Damansara Utama, 47400 Petaling Jaya, Selangor.

2.

KpJ Johor speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ JohorNo. 39-B, Jalan Abdul Samad, 80100 Johor Bahru.

3.

puterI speCIalIst hospItal buIldIngbangunan hospItal paKar puterINo. 33, Jalan Tun Abdul Razak (Susur 5),80000 Johor Bahru, Johor.

4.

KpJ selangor speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ selangorLot 1, Jalan Singa 20/1, Section 20, 40300 Shah Alam, Selangor.

5.


1ST ACQUISITION



al- aQar

KpJ Ipoh speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ IpohNo. 26, Jalan Raja DiHilir, 30350 Ipoh, Perak.

6.

KpJ perdana speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ perdanaNo. PT 37 and PT 600, Jalan Bayam,Section 14, 15200 Kota Bharu, Kelantan.

1.

1ST ACQUISITION (con’t)


2ND ACQUISITION

Kuantan speCIalIst hospItal buIldIngbangunan hospItal paKar KuantanNo. 51 Jalan Alor Akar, Taman Kuantan, 25250 Kuantan, Pahang.

2.

sentosa medICal Centre buIldIngbangunan pusat perubatan sentosaNo. 36 Jalan Chemur Damai Complex, 50400 Kuala Lumpur.

3.

KpJ KaJang speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ KaJangJalan Cheras, 43000 Kajang, Selangor Darul Ehsan.

4.



HealtHcare reIt

al- aQar


Kedah medICal Centre buIldIngbangunan pusat perubatan KedahPumpong, 05250 Alor Setar, Kedah Darul Aman.

5.

damaI speCIalIst hospItal buIldIngbangunan hospItal paKar damaILorong Tepus 1, off Jalan Damai, 88300 Kota Kinabalu, Sabah.

1.

KpJ penang speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ penangPT 799, Jalan Perda Utama, Bandar Perda, 14000 Bukit Mertajam, Pulau Pinang.

2.

tawaKal hospItal buIldIngbangunan hospItal tawaKalNo. 202A, Jalan Pahang, 53200 Kuala Lumpur.

3.

KpJ tawaKKal speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ tawaKKalJalan Pahang Barat/ Jalan Sarikei, 53000 Kuala Lumpur.

4.

2ND ACQUISITION (con’t)

3RD ACQUISITION



HealtHcare reIt

al- aQar


Kedah medICal Centre buIldIngbangunan pusat perubatan KedahPumpong, 05250 Alor Setar, Kedah Darul Aman.

5.

damaI speCIalIst hospItal buIldIngbangunan hospItal paKar damaILorong Tepus 1, off Jalan Damai, 88300 Kota Kinabalu, Sabah.

1.

KpJ penang speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ penangPT 799, Jalan Perda Utama, Bandar Perda, 14000 Bukit Mertajam, Pulau Pinang.

2.

tawaKal hospItal buIldIngbangunan hospItal tawaKalNo. 202A, Jalan Pahang, 53200 Kuala Lumpur.

3.

KpJ tawaKKal speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ tawaKKalJalan Pahang Barat/ Jalan Sarikei, 53000 Kuala Lumpur.

4.

2ND ACQUISITION (con’t)

3RD ACQUISITION



al- aQar


KpJ InternatIonal College buIldIngbangunan KoleJ antarabangsa KpJPT 17010, Persiaran Seriemas, Kota Seriemas, 71800 Nilai, Negeri Sembilan.

7.

selesa towermenara selesaHotel Selesa and Metropolis Tower (Selesa Tower), Jalan Dato’ Abdullah Tahir/ Jalan Tebrau, 80300 Johor Bahru.

8.

buKIt mertaJam speCIalIst hospItal buIldIngbangunan hospItal paKar buKIt mertaJamNo. 565, Jalan Sungai Rambai, 14000 Bukit Mertajam, Pulau Pinang.

9.

KpJ seremban speCIalIst hospItal buIldIngbangunan hospItal paKar KpJ serembanLot 6219 & 6220, Jalan Toman 1, Kemayan Square, 70200 Seremban, Negeri Sembilan.

5.

taIpIng medICal Centre buIldIngbangunan pusat perubatan taIpIngNo. 39, 41, 43, 45, 47 & 49, Jalan Medan Taiping 2, Medan Taiping, 34000 Taiping, Perak.

6.

3RD ACQUISITION (con’t)



HealtHcare reIt

al- aQar


rumah saKIt bumI serpong damaI buIldIngbangunan rumah saKIt bumI serpong damaIJl. Letnan Soetopo, Kavling Komersil III-1A No. 7,Bumi Serpong Damai, Tangerang, 15330 Banten, Indonesia.

1.

rumah saKIt medIKa permata hIJau buIldIngbangunan rumah saKIt medIKa permata hIJauJalan Raya Kebayoran Lama No. 64,Sukabumi Selatan, Kebon Jeruk,Jakarta Barat, Indonesia.

2.

Jeta gardensJeta gardens27 Clarendon Avenue,Bethania and 86 Albert Street,Waterford.

1.

4TH ACQUISITION

5TH ACQUISITION



HealtHcare reIt

al- aQar


rumah saKIt bumI serpong damaI buIldIngbangunan rumah saKIt bumI serpong damaIJl. Letnan Soetopo, Kavling Komersil III-1A No. 7,Bumi Serpong Damai, Tangerang, 15330 Banten, Indonesia.

1.

rumah saKIt medIKa permata hIJau buIldIngbangunan rumah saKIt medIKa permata hIJauJalan Raya Kebayoran Lama No. 64,Sukabumi Selatan, Kebon Jeruk,Jakarta Barat, Indonesia.

2.

Jeta gardensJeta gardens27 Clarendon Avenue,Bethania and 86 Albert Street,Waterford.

1.

4TH ACQUISITION

5TH ACQUISITION



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

56

60

61

62

63

64

65

67

68

70

71

Selesa Tower- Johor Bahru

The Directors of Damansara REIT Managers Sdn Bhd (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 Fund and of the "Group" for the financial year ended 31 December 2011.

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 on 10 August 2006.

Our key objective of Al-‘Aqar Healthcare REIT 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 achieve 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 period ended 31 December 2011, the Fund has declared an income distribution of 7.69 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 Asset 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.

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 growth type 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 (i.e. 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 will enable the returns to unitholders to increase.

MANAgErS' rEporTFor ThE yEAr ENdEd 31 dECEMbEr 2011

56 AnnuAl RepoRt | LAPORAN TAHuNAN 2011

AL- AQAR HeALtHCARe ReItHealtHcare reIt

al- aQar

The Directors of Damansara REIT Managers Sdn Bhd (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 Fund and of the "Group" for the financial year ended 31 December 2011.

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 on 10 August 2006.

Our key objective of Al-‘Aqar Healthcare REIT 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 achieve 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 period ended 31 December 2011, the Fund has declared an income distribution of 7.69 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 Asset 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.

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 growth type 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 (i.e. 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 will enable the returns to unitholders to increase.




al- aQar


direcTorS of The manager

The Directors who served on the Board of Damansara REIT Managers Sdn Bhd (the "Manager"), since the date of the last report and at the date of this report are:

Kamaruzzaman bin Abu KassimYusaini bin Sidek Dr Mohd Hafetz bin Ahmed Zainah binti Mustafa Dato' Mani a/l usilappan Datin Paduka Siti Sa'diah Sheikh Bakir Lukman bin Abu Bakar Abd Razak bin Haron

direcTorS' benefiTS

During and at the end of the year ended 31 December 2011, no arrangement subsisted 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 as shown in the notes to the financial statements of the Fund) 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 2011 are as follows:

2011 2010 no. of units RM no. of units RM

The manager's directors and shareholders:Kamaruzzaman bin Abu Kassim

- Direct 10,000 11,200 10,000 11,200 Dr Mohd Hafetz bin Ahmad

- Direct 2,400 2,688 2,400 2,688 - Indirect 230 258 230 258

Datin Paduka Siti Sa'diah Sheikh Bakir- Direct 99,035 110,919 99,035 110,919 - Indirect 2,500 2,800 2,500 2,800

57AnnuAl RepoRt | LAPORAN TAHuNAN 2011


al- aQar

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 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 2011 other than as disclosed in the Statement of changes in net asset value.

SignificanT evenTS

Significant corporate events during the current financial year are as follows:

(a) 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:

(i) 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

(ii) 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 an issue price of RM0.98 per unit.

On 26 July 2011, the proposed acquisition of RSBSD building and RSMPH building have been completed with the full settlement of the purchase consideration and the execution of the sale and purchase deed and transfer form in accordance with the laws of the Republic of Indonesia. The proposed acquisition for BBKSH Building and KuSH Building is still pending completion.

(b) On September 22, 2010 and subsequently on February 2, 2011, AmInvestment Bank Bhd, on behalf of the Board of Directors of the Manager announced the proposed acquisition by Al-’Aqar Australia Pty Ltd, a wholly-owned subsidiary of the Fund (represented by the trustee of the Fund, Amanahraya Trustees Bhd (“Trustee”)), of Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village (collectively the “Properties”) from Jeta Gardens Waterford Trust (“JGWT”) represented by its trustee, Jeta Gardens (Qld) Pty Ltd (“JGPL”), for a total purchase consideration of Australian Dollar (“AuD”) equivalent of RM131,909,000 to be satisfied partly by cash of RM65,954,500 and the remaining RM65,954,500 by the issuance of new units in the Fund.

On 29 November 2011, the proposed acquisition of Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village were completed with the full settlement of the purchase consideration and the release of the registered mortgage over the Properties by the National Australia Bank Limited to Al-'Aqar Australia Pty Ltd.




al- aQar

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 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 2011 other than as disclosed in the Statement of changes in net asset value.

SignificanT evenTS

Significant corporate events during the current financial year are as follows:

(a) 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:

(i) 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

(ii) 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 an issue price of RM0.98 per unit.

On 26 July 2011, the proposed acquisition of RSBSD building and RSMPH building have been completed with the full settlement of the purchase consideration and the execution of the sale and purchase deed and transfer form in accordance with the laws of the Republic of Indonesia. The proposed acquisition for BBKSH Building and KuSH Building is still pending completion.

(b) On September 22, 2010 and subsequently on February 2, 2011, AmInvestment Bank Bhd, on behalf of the Board of Directors of the Manager announced the proposed acquisition by Al-’Aqar Australia Pty Ltd, a wholly-owned subsidiary of the Fund (represented by the trustee of the Fund, Amanahraya Trustees Bhd (“Trustee”)), of Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village (collectively the “Properties”) from Jeta Gardens Waterford Trust (“JGWT”) represented by its trustee, Jeta Gardens (Qld) Pty Ltd (“JGPL”), for a total purchase consideration of Australian Dollar (“AuD”) equivalent of RM131,909,000 to be satisfied partly by cash of RM65,954,500 and the remaining RM65,954,500 by the issuance of new units in the Fund.

On 29 November 2011, the proposed acquisition of Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village were completed with the full settlement of the purchase consideration and the release of the registered mortgage over the Properties by the National Australia Bank Limited to Al-'Aqar Australia Pty Ltd.




al- aQar

(c) Pursuant to the Extraordinary General Meeting of the unitholders held on 19 August 2011, the name of the Fund was changed from Al-'Aqar KPJ REIT to Al-'Aqar Healthcare REIT.

Signed on behalf of the Board in accordance with a resolution of the Directors of the Manager.

Kamaruzzaman bin abu Kassim yusaini bin Sidek




al- aQar

We, 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 Healthcare REIT (the “Fund”) and its subsidiaries (the “Group”) as set out on pages 65 to 99 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, applicable Financial Reporting Standards in Malaysia 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 (formerly known as Al-'Aqar KPJ REIT) as at 31 December 2011 and of the results and the cash flows for the year then ended.

The supplementary information set out in Note 28 on page 98, 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.



Kuala Lumpur, Malaysia24 February 2012

STATEMENT by ThE MANAgErSTo ThE uNIThoLdErS oF AL-’AQAr hEALThCArE rEIT (ForMErLy kNowN AS AL-’AQAr kpJ rEIT)



al- aQar

We, 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 Healthcare REIT (the “Fund”) and its subsidiaries (the “Group”) as set out on pages 65 to 99 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, applicable Financial Reporting Standards in Malaysia 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 (formerly known as Al-'Aqar KPJ REIT) as at 31 December 2011 and of the results and the cash flows for the year then ended.

The supplementary information set out in Note 28 on page 98, 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.




STATEMENT by ThE MANAgErSTo ThE uNIThoLdErS oF AL-’AQAr hEALThCArE rEIT (ForMErLy kNowN AS AL-’AQAr kpJ rEIT)



al- aQar

STATuTory dECLArATIoN

I, Yusaini Bin Sidek, being the Executive Director of the Damansara REIT Managers Sdn Berhad (the “Manager”) primarily responsible for the financial management of Al-'Aqar Healthcare REIT (formerly known as Al-'Aqar KPJ REIT), do solemnly and sincerely declare that the financial statements set out on pages 65 to 99 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, l960.

Subscribed and solemnly declared by the abovenamed in Kuala Lumpur on 24 February 2012.

Before me,

jasni bin yusoff yusaini bin SidekCommissioner for Oaths



al- aQar

TruSTEE’S rEporTTo ThE uNIT hoLdErS oF AL-’AQAr hEALThCArE rEIT (ForMErLy kNowN AS AL-’AQAr kpJ rEIT)

We, Amanahraya Trustees Berhad, have acted as Trustee of Al-'Aqar Healthcare REIT (formerly known as Al-'Aqar KPJ REIT) for the financial year ended 31 December 2011. In our opinion, Damansara REIT Managers Sdn Berhad, the Manager, has managed Al-'Aqar Healthcare REIT (formerly known as Al-'Aqar KPJ REIT) in accordance with the limitations imposed on the investment powers of the management company and the Trustee under the Deed, other provision 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

(formerly known as Al-'Aqar KPJ 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 (formerly known as Al-'Aqar KPJ REIT) as declared by the Manager is in accordance with the investment objective of Al-'Aqar Healthcare REIT (formerly known as Al-'Aqar KPJ REIT).

Your faithfully amanahraya Trustees berhad

habsah binti bakar Chief Executive Officer




al- aQar

TruSTEE’S rEporTTo ThE uNIT hoLdErS oF AL-’AQAr hEALThCArE rEIT (ForMErLy kNowN AS AL-’AQAr kpJ rEIT)

We, Amanahraya Trustees Berhad, have acted as Trustee of Al-'Aqar Healthcare REIT (formerly known as Al-'Aqar KPJ REIT) for the financial year ended 31 December 2011. In our opinion, Damansara REIT Managers Sdn Berhad, the Manager, has managed Al-'Aqar Healthcare REIT (formerly known as Al-'Aqar KPJ REIT) in accordance with the limitations imposed on the investment powers of the management company and the Trustee under the Deed, other provision 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

(formerly known as Al-'Aqar KPJ 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 (formerly known as Al-'Aqar KPJ REIT) as declared by the Manager is in accordance with the investment objective of Al-'Aqar Healthcare REIT (formerly known as Al-'Aqar KPJ REIT).

Your faithfully amanahraya Trustees berhad

habsah binti bakar Chief Executive Officer




al- aQar

We have acted as the Syariah Adviser of Al-'Aqar Healthcare REIT (formerly known as Al-'Aqar KPJ 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 of the 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 2011.

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 gadotChairman - Syariah CommitteeAl-‘Aqar Healthcare REIT

24 February 2012

SyArIAh CoMMITTEE rEporTTo ThE uNIThoLdErS oF AL-‘AQAr hEALThCArE rEIT

(ForMErLy kNowN AS AL-‘AQAr kpJ rEIT)



al- aQar

h e a lthc al- aqar healthcare reit e r e i t annual report | laporan tahunan 2011 health care rei t...

Documents