Jadwa REIT Saudi Fund reported SAR 101.9 million in rental income in the first nine months of 2020, up by 3% year-on-year (YoY), the fund’s financials showed.
|
Fund’s Interim Financials |
|||
|
Item |
9M 2019 |
9M 2020 |
Change % |
|
Net Income (SAR mln) |
99.0 |
101.9 |
+3% |
The fund also reported SAR 35.3 million in rental income in Q3 2020, up by 6% YoY from SAR 33.4 million in Q3 2019.
Operating expenses remained flat YoY at SAR 4 million in Q3 2020.
|
Income Statement (SAR mln) |
|||
|
Item |
Q3 2019 |
Q3 2020 |
Variation (%) |
|
Rental Income |
33.4 |
35.3 |
+6% |
|
Total Expenses |
(4.0) |
(4.0) |
-- |
|
Operating Income |
29.4 |
31.3 |
+6% |
|
No. of Units |
158.0 |
158.0 |
-- |
|
Operating Income/ Unit |
0.19 |
0.20 |
+6% |
The fund manager expected Jadwa Saudi REIT's projected rents to decrease by around 4% of the fund’s total annual rental income, or nearly SAR 5 million for the current year, as it received in July requests to temporarily reduce rents for tenants of commercial properties.
On July 5, 2020, Jadwa Investment Co. announced signing a new lease contract for the retail component under the hotel property Aber Al Yasmin, increasing the occupancy rate of the property to 100%.
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