Al Mashaar REIT posts SAR 2.77 mln FFO, SAR 0.4 mln net profit in 9M 2021

Logo of Al Mashaar REIT Fund

Al Mashaar REIT Fund reported a net profit of SAR 0.4 million (SAR 0.05/unit) in Q3 2021, against a net loss of SAR 2.04 million a year earlier, Muscat Capital, the fund manager, said in a bourse statement today, Oct. 17.

Funds from operations (FFO) stood at SAR 2.77 million during the three-month period, against an FFO loss of SAR 0.32 million in Q3 2020.

Quarterly Financial Results Highlights (SAR mln)
Item	Q3 2020	Q3 2021	Variation
Rental Revenue	-- *	4.65	--
Operating Expenses	(0.32)	(1.88)	(492%)
FFO	(0.32)	2.77	--
Net Profit	(2.04)	0.40	--
Number of Units (mln)	57.24	57.24	--
FFO per Unit (SAR)	(0.01)	0.05	--
Profit per Unit (SAR)	(0.04)	0.01	--

*There was no rental revenue in Q3 2020, due to the COVID-19 pandemic

Al Mashaar REIT reported positive performance as it resumed to generate rental revenue as the market has gradually returned to normal conditions amid increased occupancy rates in the fund’s assets.

The fund also reported depreciation expenses of SAR 2.43 million in Q3 2021, compared to SAR 1.73 million a year earlier.

Interim Financial Results Highlights (SAR mln)
Item	September 2020	September 2021	Variation
Rental Revenue	19.2	11.4	(41%)
Operating Expenses	*(13.6)	(3.9)	+71%
FFO	5.6	7.5	+33%
Net Profit	(14.9)	(5.6)	+63%
Number of Units (mln)	57.2	57.2	--
FFO per Unit (SAR)	0.10	0.13	+33%
Profit per Unit (SAR)	(0.26)	(0.10)	+63%

*The corresponding period included doubtful debt provisions of SAR 11.4 mln

The following table illustrates Al Mashaar REIT Fund’s balance sheet highlights as of Sept. 30, 2021:

Balance Sheet (SAR mln)
Item	September 2020	September 2021	Variation
Assets	541.7	653.1	+21%
Liabilities	0.4	157.5 *	(40614%)
Net Assets Attributable to Unitholders	57.2	57.2	--
Net Assets/Unit (SAR)	9.46	8.66	(8%)

*During the current period, the fund secured SAR 150 million loans to buy new real estate assets.

Q3 2021 Statement

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