Thu Feb 25, 2018 16:30
OSOOL & BAKHEET Investment Company announces the availability of the Annual Report of Al Ma`athar REIT containing the audited annual financial results for the period from 09/07/2017 to 31/12/2017. OSOOL & BAKHEET Investment Company announces the availability of the Annual Report of Al Ma`athar REIT containing the audited annual financial results for the period from 09/07/2017 to 31/12/2017. – Net Asset Value at the end of 31/12/2017 SAR 624,259,379. – Total Expenses & fees for the period from 09/07/2017 to 31/12/2017 SAR 9,941,299 include: • Operating expenses including leasehold contracts expenses during the period. • Depreciation on the real estate assets • Amortization of leasehold contracts. • Costs of fund establishment (none recurring). – Net profit for the period from 09/07/2017 to 31/12/2017 SAR 10,559,379*. – Issued units 61,370,000 unit. – Net Asset Value Per Unit SAR 10.17. – Total Revenue for the period from 09/07/2017 to 31/12/2017 SAR 20,500,678**. With total return of 3.34%*. That means the total return for the period on a yearly basis is 8.66%** compared to 8.51%* which is the target total return according to the Terms & Conditions for 2017. The increase in total revenue is due to the improving of AlMa`athar property yield which resulted from the increase in short term rents. ** REIT started to collect rent income during August 2017 when ownerships of the assets have been transferred to the Fund. * Calculated based on the net asset value of the REIT at the time of initiation. And calculated based on the period started at the time when assets ownerships transferred to the REIT till the end of 2017, period is equal to (4.63 months) Clarification: All the amounts “received by previous owners” (the sellers of real estate assets) at 31 December 2017, and mentioned in the annual financial statements, were received by the REIT at the beginning of 2018. That after the completion of all settlements that related to the REIT assets.
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