Jadwa REIT Saudi Fund posts SAR 101.9 mln rental income in 9M 2020
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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