Al Rajhi REIT

Al Rajhi Capital announces that semiannual evaluation reports of the assets of Al Rajhi REIT Fund for the period ending on 31st December 2023., prepared by accredited valuers, Knight Frank and Barcode are available, according to the policy of Fund Asset Evaluation stated in the Terms and Conditions

• Knight Frank
• Barcode

• Earnings accrual period is the 3nd Quarter of the year 2023G.
• Total distributed dividends ‎35,828,974.74‎ SAR
• Cash distributions shall be based on ‎275,607,498 units
• The amounts of dividends distributed is ‎0.13‎ SAR per unit
• The distribution ratio is ‏2.85‏% of the net asset value as on 2023/06/30 Corresponding to 1444/12/12
• Cash distribution entitlements to unitholders shall be based on the unitholder register on the end of 2023/11/20 Corresponding to 1445/05/06
• Dividends will be paid in 14 December 2023‎

• Updating the zakat clause in the ‎terms and conditions of the Fund ‎for the purpose of filing the ‎fund’s zakat declaration. ‎Implementing the rules for ‎collecting zakat from investors in ‎investment funds.‎
• Updating the Fund’s terms and ‎conditions to reflect a change in ‎the Fund’s Board of Directors ‎after announcing the resignation ‎of Mr. Tariq Al-Suqair - a Non-‎Independent Fund Board ‎Member.‎
• A general update on the ‎experiences of the Fund’s Board ‎Members and management ‎team.‎

• Adding the Supplementary Annex No. (1) to the terms and conditions of Al Rajhi REIT Fund

• Net Asset Value at end of the period: SAR 1,186,858,074
• Total Fees & Expenses for the period: SAR (61,802,566)
• Net Profit (loss) for the period: SAR 4,007,797
• No. of outstanding Units at end of the period: 161,856,857 units
• Net Asset Value per Unit: SAR 7.75 (fair value)
• Revenue of the period: 2.7%

• Total Fees & Expenses include an amount in relation to profit on outstanding loan Facility and depreciation expense of real estate investments
• Net Asset Value per Unit: SAR 7.75  (fair value)
• Net Asset Value per Unit: SAR 7.33  (book value)
• Revenue of the period is the percentage of dividend for the period from 1 Jan 2023to 30 June 2023at Par Value: 2.7%. Noting that the total dividends for the period 1st Jan 2023 to 30th June 2023 equal to SAR 43,701,351.39
• Impairment on investment properties: SAR 19,127,891

Al Rajhi Capital announces that semiannual evaluation reports of the assets of Al Rajhi REIT Fund for the period ending on 30^th June 2023., prepared by accredited valuers, Knight Frank and Barcode are available, according to the policy of Fund Asset Evaluation stated in the Terms and Conditions

A copy of the reports can be found in the below links:

• Knight Frank
• Barcode

• Net Asset Value based on Fair Value as of 2022-12-31 Corresponding to 1444-06-07
• Eligibility of dividends shall be for unitholders in the register per Tadawul records as of 21/12/1444H corresponding to Sunday, 09/07/2023 (end of trading day on 17/12/1444H corresponding to Wednesday 5/07/2023)
• Dividend per Unit = SAR 0.12; dividend represents 1.2% of the Par value
• The Fund Manager would like to remind the unitholders to update their information with Capital Market Institution, where their accounts are being held, to ensure the direct deposit of their due distributions.

1. Riyadh Avenue:
• 1st Valuation
• 2nd Valuation
 
2. Henaki Business Center:
• 1st Valuation
• 2nd Valuation

1. Vote to increase the total assets of the Fund & the supplementary terms & conditions, through the issuance of additional units (cash), provided that the increase in the Fund capital is between (330,000,000) Saudi Riyals at the minimum, and (1,012,380,710) Saudi Riyals at the maximum. This is to complete the acquisition of the 2 Assets (Riyadh Avenue - Riyadh and Al-Henaki Business Center - Jeddah)
2. Vote on the increase of limit cap of the remuneration of each independent board members from SAR 20,000 to SAR 50,000. And to keep the compensation per meeting as is with an amount of SAR 5,000.

• Net Asset Value based on Fair Value as of 2022-12-31 Corresponding to 1444-06-07
• Eligibility of dividends shall be for unit-holders in the register per Tadawul records as of 25/10/1444H corresponding to Monday, 15/05/2023 (end of trading day on 21/10/1444H corresponding to Thursday 11/05/2023)
• Dividend per Unit = SAR 0.15; dividend represents 0.15% of the Par value
• The Fund Manager wishes to remind the unit holders to update their information with Capital Market Institution, where their accounts are being held, to ensure the direct deposit of their due distributions.

1. Vote to increase the total assets of the Fund & the supplementary terms & conditions, through the issuance of additional units (cash), provided that the increase in the Fund capital is between (330,000,000) Saudi Riyals at the minimum, and (1,012,380,710) Saudi Riyals at the maximum. This is to complete the acquisition of the 2 Assets (Riyadh Avenue - Riyadh and Al-Henaki Business Center - Jeddah)
2. Vote on the increase of limit cap of the remuneration of each independent board members from SAR 20,000 to SAR 50,000. And to keep the compensation per meeting as is with an amount of SAR 5,000.

• Net Asset Value at end of the period: SAR 1,260,541,568
• Total Fees & Expenses for the period: SAR 76,259,893
• Net Profit (loss) for the period: SAR 113,410,901
• No. of outstanding Units at end of the period: 161,856,857 units
• Net Asset Value per Unit: SAR 8.33 (fair value)
• Revenue of the period: 6.6%

• Total Fees & Expenses include an amount in relation to profit on outstanding loan Facility and depreciation expense
• Funds from Operations (FFO) amounts to SAR 113,640,540
• Total Asset: 2,186,582,095
• Total dividends is the dividends amount for the period 1st Jan 2022 to 31st Dec 2022
• Total Dividends: SAR 106,825,526
• Total Income: SAR 159,965,892
• Impairment on investment properties: SAR 29,704,902
• The return for the period was calculated by Annualized Dividend Yield at Par Value for the period
• The return of total income to total asset: 7.31%
• Net Asset Value per Unit: SAR 7.79 (book value)
• Net Asset Value per Unit: SAR 8.33 (fair value)

• Net Asset Value based on Fair Value as of 01/12/1443H corresponding to 30/06/2022
• Eligibility of dividends shall be for unit-holders in the register per Tadawul records as of 23/07/1444H corresponding to Tuesday, 14/02/2023 (end of trading day on 21/07/1444H corresponding to Sunday 12/02/2023)
• Dividend per Unit = SAR 0.33; dividend represents 3.3% of the Par value
• The Fund Manager wishes to remind the unit holders to update their information with Capital Market Institution, where their accounts are being held, to ensure the direct deposit of their due distributions.

• Jones Lang LaSalle
• Century 21

• Changing the policy of distributing cash dividends from semi-annual, paid at the end of February and August, to quarterly cash dividends for the financial periods ending in March, June, September and December, where the payment of the dividends will be during the following quarter, starting from the first quarter of 2023.
• Cash dividends will be distributed at the end of February 2023 for the half year ending in 2022.

• Changing the policy of distributing cash dividends from semi-annual, paid at the end of February and August, to quarterly cash dividends for the financial periods ending in March, June, September and December, where the payment of the dividends will be during the following quarter, starting from the first quarter of 2023.
• Cash dividends will be distributed at the end of February 2023 for the half year ending in 2022.

1. The increase the sharia compliant facility availed from Al Rajhi Bank for the purpose of acquisition from SAR 600,000,000 to SAR 900,000,000 conditional to not exceeding 50% from the fund’s total assets.
2. Reduction of profit spread on total financing from Al Rajhi Bank, and hedging against interest rates for a facility amounting SAR 193.7 Mn. Where 50% from the total financing (Approximately SAR 448) will have a fixed cost at a rate of 4.52% until the end of 2025G.

• Total Fees & Expenses include an amount in relation to profit on outstanding loan Facility and depreciation expense
• Net Asset Value per Unit: SAR 8.3 (fair value)
• Net Asset Value per Unit: SAR 7.83 (book value)
• Revenue of the period is the percentage of dividend for the period from 1 Jan 2022 to 30 June 2022 at Par Value: 3.3%. Noting that the total dividends for the period 1st Jan 2022 to 30th June 2022 equal to SAR 53,412,762.81

• Net Asset Value based on Fair Value as of 27/05/1443H corresponding to 31/12/2021
• Eligibility of dividends shall be for unit-holders in the register per Tadawul records as of 13/01/1444H corresponding to Thursday, 11/08/2022 (end of trading day on 11/01/1444H corresponding to Tuesday 09/08/2022)
• Dividend per Unit = SAR 0.33; dividend represents 3.3% of the Par value
• The Fund Manager wishes to remind the unit holders to update their bank accounts to ensure depositing the outstanding dividend to their accounts directly.

• Jones Lang LaSalle
• Century 21

• Appointment of Ibrahim Ahmed Al Bassam & Co (PKF) as an auditor for Al Rajhi REIT Fund instead of Alluhaid & Alyahya Chartered Accountants.

• Appointment of Ibrahim Ahmed Al Bassam & Co (PKF) as an auditor for Al Rajhi REIT Fund instead of Alluhaid & Alyahya Chartered Accountants.

• Net Asset Value at end of the period: SAR 1,245,863,350
• Total Fees & Expenses for the period: SAR 83,393,275
• Net Profit (loss) for the period: SAR (175,077,857)
• No. of outstanding Units at end of the period: 161,856,857 units
• Net Asset Value per Unit: SAR 8.01 (fair value)
• Revenue of the period: 5.6%

• Total Fees & Expenses include an amount in relation to profit on outstanding loan Facility and depreciation expense
• Funds from Operations (FFO) amounts to SAR 80,586,183
• Total Asset: 2,061,500,228
• Total dividends is the dividends amount for the period 1st Jan 2021 to 31st Dec 2021
• Total Income: SAR 135,383,569
• Impairment on investment properties: SAR 227,068,151
• The return for the period was calculated by Annualized Dividend Yield at Par Value for the period
• The return of total income to total asset: 6.56%
• Total Dividends: SAR 90,639,840
• Net Asset Value per Unit: SAR 7.70 (book value)
• Net Asset Value per Unit: SAR 8.01 (fair value)

1. Updating Al Rajhi REIT Terms & Conditions in according to annex (2) of the amended real estate investment funds regulation
2. The updated terms and condition can be founded in the below link:

1. The disapproval of releasing the locked up units owned by Al Khaleej Training and Education Company (The master tenant of Baraem Rowad Al Khaleej Intl Kindergarten, Riyadh, Rowad Al Khaleej International Schools in Riyadh, Rowad Al Khaleej International Schools in Dammam) amounting 26,404,494 units, as the lockup period stated in the Terms and Conditions is (3) years beginning from 06/01/2020G. in return of submitting promissory notes as a guarantee to pay the rent for the entire remaining period of the lease contract, the lease term is 15 years starting from December 24th, 2019G.

• Jones Lang LaSalle
• Century 21

1. Vote to releasing the locked up units owned by Al Khaleej Training and Education Company (The master tenant of Baraem Rowad Al Khaleej Intl Kindergarten, Riyadh, Rowad Al Khaleej International Schools in Riyadh, Rowad Al Khaleej International Schools in Dammam) amounting 26,404,494 units, as the lockup period stated in the Terms and Conditions is (3) years beginning from 06/01/2020G. in return of submitting promissory notes as a guarantee to pay the rent for the entire remaining period of the lease contract, the lease term is 15 years starting from December 24th, 2019G.

1. Total amount of dividend distribution = SAR 45,319,919.96
2. No. of Eligible Units = 161,856,857
3. Dividend per Unit = SAR 0.28; dividend represents 2.8% of the Par value
4. Dividend represents 3.40% of Net Asset Value (based on Fair Value as of 20/11/1442H corresponding to 30/06/2021)
5. Eligibility of dividends shall be for unit-holders in the register per Tadawul records as of 09/07/1443H corresponding to Thursday, 10/02/2022 (end of trading day on 07/07/1443H corresponding to Tuesday 08/02/2022)
6. Dividends will be paid within 15 business days post the eligibility date.

1. Vote to releasing the locked up units owned by Al Khaleej Training and Education Company (The master tenant of Baraem Rowad Al Khaleej Intl Kindergarten, Riyadh, Rowad Al Khaleej International Schools in Riyadh, Rowad Al Khaleej International Schools in Dammam) amounting 26,404,494 units, as the lockup period stated in the Terms and Conditions is (3) years beginning from 06/01/2020G. in return of submitting promissory notes as a guarantee to pay the rent for the entire remaining period of the lease contract, the lease term is 15 years starting from December 24th, 2019G.

1. Effectiveness of the change related to Appointment of Medad Alkhaer Real Estate to conduct the handover works from previous lessee “Alfouzan” and act as property and facility management for Anwar plaza and Rama plaza as announced on 23/06/1443 AH corresponding to 26/01/2022 AD.
2. Maintain the lock-up on Al-Khaleej Training and Education Company’s units until completing necessary approvals.

1. Effectiveness of the change related to Appointment of Medad Alkhaer Real Estate to conduct the handover works from previous lessee “Alfouzan” and act as property and facility management for Anwar plaza and Rama plaza as announced on 23/06/1443 AH corresponding to 26/01/2022 AD.
2. Effectiveness of releasing the lock-up on Al-Khaleej Training and Education Company’s units will take effect after completing necessary approvals.

1. Releasing the lock on units owned by Al Khaleej Training and Education Company (The master tenant of Baraem Rowad Al Khaleej Intl Kindergarten, Riyadh, Rowad Al Khaleej International Schools in Riyadh, Rowad Al Khaleej International Schools in Dammam) amounting 26,404,494 units, as the lockup period stated in the Terms and Conditions is (3) years beginning from 06/01/2020G. in return of submitting promissory notes as a guarantee to pay the rent for the entire remaining period of the lease contract, the lease term is 15 years starting from December 24th, 2019G.
2. Appointment of Medad Alkhaer Real Estate to conduct the handover works from previous lessee “Alfouzan” and act as property and facility management for Anwar plaza and Rama plaza.

1. Releasing the lock on units owned by Al Khaleej Training and Education Company (The master tenant of Baraem Rowad Al Khaleej Intl Kindergarten, Riyadh, Rowad Al Khaleej International Schools in Riyadh, Rowad Al Khaleej International Schools in Dammam) amounting 26,404,494 units, as the lockup period stated in the Terms and Conditions is (3) years beginning from 06/01/2020G. in return of submitting promissory notes as a guarantee to pay the rent for the entire remaining period of the lease contract, the lease term is 15 years starting from December 24th, 2019G.
2. Appointment of Medad Alkhaer Real Estate to conduct the handover works from previous lessee “Alfouzan” and act as property and facility management for Anwar plaza and Rama plaza

1. Luluwah warehouse amount of SAR 9,375,262
2. Blue tower amount of SAR 12,331,513

1. Termination of lease agreement of Rama Plaza from the date of 01/07/1442 Hijri.
2. Termination of lease agreement of Anwar Plaza from the date of 01/01/1443 Hijri, and the tenant will be obligated to pay a penalty for terminating the lease agreement with an amount of SAR 4,633,200.
3. The Master Tenant will continue in the lease agreement of Al Narjis Plaza with the same terms of the agreement.
4. The Master Tenant will settle the net due amount of SAR 29,408,010 by payment of SAR 15Mn and scheduling the rest of amounts on four quarterly payments.
5. Finalizing the dispute in the properties of Narjis Plaza, Anwar Plaza and Rama Plaza.

• Occupancy rate: 61%
• Total rental income SAR 2,657,344

• Occupancy rate: 43.6%
• Rental income: SAR 1,207,400

• Net Asset Value at end of the period: SAR 1,307,003,347
• Total Fees & Expenses for the period: SAR (51,296,050)
• Net profit (loss) for the period: SAR (159,257,780)
• Number of outstanding units at the end of period: 161,856,857 units
• Net Asset Value per Unit: SAR 8.24
• Revenue of the period 5.6%

• Total Fees & Expenses include an amount in relation to profit on outstanding loan Facility and depreciation expense
• Net Asset Value per Unit: SAR 8.24 (fair value)
• Net Asset Value per Unit: SAR 8.08 (book value)
• Revenue of the period is the Annualized Dividend Yield at Par Value for the period: 5.6%
• Annualized Dividend Yield has been calculated on the par value
• Total Dividends: SAR 45,319,919.96
• Funds from Operations (FFO) amounts to SAR 45,817,806 for the period ended 30th June 2021; equivalent to SAR 0.28 per unit
• Total dividends paid are for the period 1st Jan 2021 to 30th June 2021

• Jones Lang LaSalle
• Century 21

• Total amount of dividend distribution = SAR 45,319,919.96
• No. of Eligible Units = 161,856,857
• Dividend per Unit = SAR 0.28; dividend represents 2.8% of the Par value
• Dividend represents 2.87% of Net Asset Value (based on Fair Value as of 16/05/1442H corresponding to 31/12/2020)
• Eligibility of dividends shall be for unit-holders in the register per Tadawul records as of 04/01/1443H corresponding to Thursday, 12/08/2021 (end of trading day on 02/01/1443H corresponding to Tuesday 10/08/2021)
• Dividends will be paid within 15 business days post the eligibility date

• Meshel Alshenaifi (Chairman and Independent member)
• Assem Raqaban (Non-independent member)
• Ahmed Al Mohsen (Non-independent member)
• Tarik Alsugair (Non-independent member)
• Saoud bin Mohamed bin Abdulghani Sulaymani (Independent member)
• Abdulaziz Alomair (Independent member)

• Total amount of dividend distribution = SAR 45,319,919.96
• No. of Eligible Units = 161,856,857
• Dividend per Unit = SAR 0.28; dividend represents 2.8% of the Par value
• Dividend represents 2.86% of Net Asset Value (based on Fair Value as of 09/11/1441H corresponding to 30/06/2020)
• Eligibility of dividends shall be for unit-holders in the register per Tadawul records as of 29/06/1442H corresponding to Thursday, 11/02/2021 (end of trading day on 27/06/1442H corresponding to Tuesday 09/02/2021)
• Dividends will be paid within 15 business days post the eligibility date.

• Meshel Alshenaifi (Chairman and Independent member)
• Assem Raqaban (Non-independent member)
• Ahmed Al Mohsen (Non-independent member)
• Tarik Alsugair (Non-independent member)
• Feras Alsaid (Independent member)
• Saoud bin Mohamed bin Abdulghani Sulaymani (Independent member)

• Meshel Alshenaifi (Chairman and Independent member)
• Ahmed Al Mohsen (Non-independent member)
• Tarik Alsugair (Non-independent member)
• Feras Alsaid (Independent member)
• Saoud bin Mohamed bin Abdulghani Sulaymani (Independent member)

• Meshel Alshenaifi (Chairman & Independent member)
• Abdulaziz A. Al-Sabt (Non-independent member)
• Ahmed Al Mohsen (Non-independent member)
• Tarik Alsugair (Non-independent member)
• Feras Alsaid (Independent member)
• Saoud bin Mohamed bin Abdulghani Sulaymani (Independent member)

• Abdulaziz A. Al-Sabt (non-independent member)
• Ahmed Al Mohsen (non-independent member)
• Tarik Alsugair (non-independent member)
• Feras Alsaid (Independent member)
• Meshel Alshenaifi (Independent member)
• Saoud bin Mohamed bin Abdulghani Sulaymani (Independent member)

• Total Income: SAR 86,055,067
• Total Fees & Expenses: SAR 45,219,309
• Profit for the period before impairment: SAR 40,835,759
• Provision of Impairment on Investment Properties: SAR (58,493,639)
• Net Profit (Loss) for the period after impairment: SAR (17,657,880)
• Net Asset Value: SAR 1,526,791,307
• No. of Units: 161,856,857 units
• Net Asset Value per Unit: SAR 9.76 (fair value)
• Total Dividends: SAR 45,319,919.96
• Dividend per unit: SAR 0.28
• Annualized Dividend Yield at par value: 5.6%.

• Total Fees & Expenses include an amount in relation to profit on outstanding loan facility
• Funds from Operations (FFO) amounts to SAR 55,228,105 for the period ended 30th June 2020; equivalent to SAR 0.34 per unit
• Annualized Dividend Yield has been calculated on the par value
• Total dividends paid are for the period 1st Jan 2020 to 30th June 2020

• Total amount of dividend distribution = SAR 45,319,919.96
• No. of Eligible Units = 161,856,857
• Dividend per Unit = SAR 0.28; dividend represents 2.8% of the Par value
• Dividend represents 2.82% of Net Asset Value (based on Fair Value as of 05/05/1441H corresponding to 31/12/2019)
• Eligibility of dividends shall be for unit-holders in the register per Tadawul records as of 23/12/1441H corresponding to Thursday, 13/08/2020 (end of trading day on 21/12/1441H corresponding to Tuesday 11/08/2020)
• Dividends will be paid within 15 business days post the eligibility date.

• Appointment of Alluhaid & Alyahya Chartered Accountants as an auditor for Al Rajhi REIT Fund instead of PKF Al-Bassam & Al-Nemer Allied Accountants.
• to be SR 55,000 annually.

Currently Blue Tower Building, AlKhobar and Luluah warehouse, Riyadh are leased on triple net basis to Rawaj Real Estate Company at an annual rent of SAR 18.3 Mn and SAR 13.6 Mn respectively. Both these assets together contribute SAR 31.9 Mn i.e. 19.4% of total revenue of the fund.

The impact caused by the event:

The Fund Manager is ascertaining the validity of this email notice and believes that the lessee does not have right to terminate these leases. The Fund Manager will take all possible actions including legal action to protect the interest of unit holders.

As the situation is still evolving, the financial impact on fund’s dividend can’t be ascertained at this time. The Fund Manager shall periodically update the unitholders of any material development arising in this matter in due course of time

The impact caused by the event:

Fund Manager expects the business to be negatively affected by the continued economic fluctuations in global and local markets. It is presently difficult to determine the full impact on the fund’s performance, as there is still uncertainty over the timeframe for COVID-19 precautionary measures,

Fund Manager is currently studying the situation and considering various options to protect the interest of unitholders in accordance with the Kingdom’s related laws and regulations.

The Fund Manager will continue to follow up on the developments and will announce any material developments in due course of time.

• Total amount of dividend distribution = SAR 33,989,939.97
• No. of Eligible Units = 161,856,857
• Dividend per Unit = SAR 0.21; dividend represents 2.1% of the Par value
• Dividend represents 2.11% of Net Asset Value (based on Fair Value as of 05/05/1441H corresponding to 31/12/2019)
• Eligibility of dividends shall be for unit-holders in the register per Tadawul records as of 19/06/1441H corresponding to Thursday, 13/02/2020 (end of trading day on 17/06/1441H corresponding to Tuesday 11/02/2020)
• Dividends will be paid within 15 business days post the eligibility date.

• Units offered: 16,853,933 units
• Units subscribed: 13,251,754 units
• Coverage: 78.63 %
• No. of subscribers: 16,031
• Amount subscribed: SAR 116,615,435.20

• increase the Total Asset value of the Fund from SAR (1,724,075,691) to maximum SAR (2,411,396,405) by acquiring new real estate assets.
• Approve the Fund’s revised terms and conditions. These includes increase in the total value of the Fund's assets, the size of the Fund, the number of units of the Fund, the definitions and risks of the Fund, the mechanism to increase the total value of the Fund's assets and the allocation mechanism.