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MEFIC REIT Fund reported a net loss of SAR 39.2 million for the fiscal year 2020, compared to a net profit of SAR 28 million a year earlier.
Occupancy rates decreased by 83% in the fourth quarter of 2020 compared to 90.35% in the same quarter last year.
The number of real estate portfolio assets reached about seven by the end of 2020, compared to eight in 2019, after the fund sold the usufruct rights of the Plaza 2 property for SAR 78 million.
The number of tenants reached 239 in Q4 2020, compared to 203 in the corresponding quarter of 2019.
|
Financial Indicators (FY2020) |
|
|
Net Asset Value (SAR mln) |
696.8 |
|
Net Asset Value per Unit (SAR) |
9.51 |
|
Book Value of Real Estate |
1050.2 |
|
Fair Value of Real Estate |
1063.9 |
|
Rental Income based on Unit Price |
13.8% |
|
Ratio of Expenses to Rental Income |
20.09% |
|
Ratio of Expenses to Total Assets |
1.2% |
|
Debt to Total Assets Ratio |
29% |
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