Al Rajhi REIT Fund reported net losses of SAR 17.7 million (SAR 0.11/unit) for the first half of 2020, versus net profit of SAR 30.1 million in year-earlier period, Al Rajhi Capital, the fund manager said in a bourse statement.
Funds from operations (FFO) stood at SAR 54.1 million in H1 2020, compared to SAR 37.9 million in a year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Rental Income | 56.29 | 84.96 | 50.9 % |
| Funds from Operations(FFO) | 37.92 | 54.13 | 42.8 % |
| Net Income | 30.05 | (17.66) | (158.8 %) |
| No of shares | 122.21 | 161.86 | 32.4 % |
| Operating EPS (Riyals) | 0.31 | 0.33 | 7.8 % |
| EPS (Riyals) | 0.25 | (0.11) | (144.4 %) |
These losses were driven by higher administrative fees, higher other expenses, increased amortization of real estate investments and the allocation of provisions for property impairment during the six-month period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Total Assets | 1,724.08 | 2,338.00 | 35.6 % |
| Total Debt | 456.91 | 791.25 | 73.2 % |
| Net assets attributable to the Unitholders Item | 1,242.51 | 1,526.79 | 22.9 % |
| Market value of net assets | 1,242.96 | 1,580.26 | 27.1 % |
Net asset value (NAV) stood at SAR 1.5 billion by the end of June 30, 2020, with a net book value per unit at SAR 9.43.
Net asset value as fair value stood at SAR 1.58 billion in H1 2020, with net asset value per unit as fair value at SAR 9.76.
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