Logo of Al Rajhi REIT Fund
The average occupancy rates for Al Rajhi REIT Fund’s properties stabilized at their lowest levels of 90% in Q2 2023, but declined 2% year-on-year (YoY).
The decrease was attributed to lower occupancy levels seen in two properties in Riyadh.
Anwar Plaza, a commercial and administrative retail center in Riyadh, fell to 5.3% in the second quarter of the year, compared to 44% a year earlier.
Rama Plaza declined by 3.7% to 58.3% by the end of Q2 2023. The property, located in Riyadh, has 30 commercial units and 15 administrative offices.
On the other hand, the occupancy levels for the rest of the properties remained stable at the same levels YoY.
The following table shows occupancy rates for the fund's properties since the Q1 2022:
|
Occupancy Rates of Fund’s Properties |
|||||||
|
Property |
|
2022 |
2023 |
||||
|
Category |
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 |
|
|
Oasis Mall |
Retail |
100% |
100% |
100% |
100% |
100% |
100% |
|
Rowad Alkhaleej International - Riyadh |
Educational |
100% |
100% |
100% |
100% |
100% |
100% |
|
Baraem Rowad AlKhaleej International |
Educational |
100% |
100% |
100% |
100% |
100% |
100% |
|
Rowad Alkhaleej International |
Educational |
100% |
100% |
100% |
100% |
100% |
100% |
|
NMC Specialty Hospital |
Healthcare |
100% |
100% |
100% |
100% |
100% |
100% |
|
Lulu Central Warehouses |
warehouse |
100% |
100% |
100% |
100% |
100% |
100% |
|
LuLu Hypermarket - Riyadh |
Retail |
100% |
100% |
100% |
100% |
100% |
100% |
|
Anwar Plaza - Riyadh |
Retail |
53% |
44% |
43% |
43% |
5.3% |
5.3% |
|
Narjes Plaza - Riyadh |
Retail |
100% |
100% |
100% |
100% |
100% |
100% |
|
Rama Plaza - Riyadh |
Retail |
37% |
62% |
57% |
57% |
56.9% |
58.3% |
|
Al Faris International School - Riyadh |
Educational |
100% |
100% |
100% |
100% |
100% |
100% |
|
Panda - Khamis Mushait |
Retail |
100% |
100% |
100% |
100% |
100% |
100% |
|
Hyper Panda - Al Marwa, Jeddah |
Retail |
100% |
100% |
100% |
100% |
100% |
100% |
|
Panda - Al Rawdah, Jeddah |
Retail |
100% |
100% |
100% |
100% |
100% |
100% |
|
Panda - Madain Al-Fahd, Jeddah |
Retail |
100% |
100% |
100% |
100% |
100% |
100% |
|
Al Andalus Center - Jeddah |
Office |
58% |
58% |
59% |
61% |
59.5% |
58% |
|
Blue Tower, Al Khobar |
Office |
100% |
100% |
100% |
100% |
100% |
100% |
|
Al Louloua Warehouses, Riyadh |
warehouse |
100% |
100% |
100% |
100% |
100% |
100% |
|
Jarir Bookstores- Riyadh |
Retail |
90% |
90% |
90% |
90% |
94.5% |
90% |
|
Average Occupancy Rates |
|
91% |
92% |
92% |
92% |
90% |
90% |
The fund’s real estate portfolio consists of 19 properties, with two properties - Riyadh Avenue, Riyadh and Al-Henaki Business Center, Jeddah – currently undergoing acquisition procedures.
The majority of these properties, accounting for 52% of the fund’s total assets of 12 properties, are located in Riyadh. Jeddah follows closely, comprising 30% of the fund’s total assets, representing five properties.
The fund's real estate investments primarily focus on the retail sector, accounting for 43% of the acquisitions. The office sector follows closely at 26%.
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