Musharaka REIT posts SAR 10.1M FFO, SAR 109.9M loss in 2025

Meanwhile, the fund widened annual net losses to SAR 109.9 million (-SAR 1.25 per unit) from SAR 22.3 million (SAR -0.25 per unit) in 2024.

The deepening of year-on-year (YoY) losses was mainly due to lower rental income, driven by weaker occupancy across seven properties.

Key declines included First Ajzala Residential Complex (-4% to 92%), Seashore Residential Complex (-10% to 41%), Pearl Residential Complex (-8% to 64%), Kharj Plaza (-2% to 93%), Al Orouba Plaza Complex (-3% to 96%), Al Faisaliah Plaza Commercial Complex (-8% to 90%), and Al Jubail Plaza Commercial Complex (-1% to 96%).

This was partly offset by higher occupancy at Tehran Hotel Apartments (+33% to 84%) and Verdun Tower (+9% to 82%), while four assets remained fully occupied.

Finance income from lease contracts declined to SAR 10.2 million from SAR 10.7 million in 2024. Impairment loss on investment properties rose sharply to SAR 91.9 million last year, compared with SAR 5.9 million in 2024. Income from time deposits fell to SAR 1.7 million from SAR 2.2 million.

This was partly offset by operating expenses, which fell to SAR 20.3 million in 2025 from SAR 22.9 million. Finance costs declined to SAR 52.3 million from SAR 56.7 million in 2024. Other income increased to SAR 1.5 million, from SAR 0.9 million in 2024.

Net book value per unit stood at SAR 6.98, while the market value of net assets per unit reached SAR 8.9.

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