MUSHARAKA REIT

Musharaka REIT Fund

4335REITsTadawulMarket closed

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021	2020Dec 31, 2020
Operations
Operating Cash Flow	4.70M	6.15M	56.01M	41.02M	54.51M
Real Estate Asset Acquisitions	—	-2.40M	-260.29M	-95.93M	-122.47M
Investing & Financing
Investing Cash Flow	73.49M	8.12M	-273.21M	-67.18M	-57.19M
Dividends Paid	-17.60M	-23.76M	-52.80M	-52.33M	-61.60M
Operating Activities
Operating Cash Flow	4.70M	6.15M	56.01M	41.02M	54.51M
Net Income	-22.29M	-8.35M	10.90M	29.87M	36.08M
Change Accounts Receivable RE	-1.87M	-14.18M	8.81M	-24.52M	-9.48M
Change in Working Capital	-3.58M	-2.42M	-1.29M	-13.65M	-17.45M
Change Other Net Oper Assets RE	-3.29M	9.77M	-12.37M	0.28M	2.74M
Other Operating Activities RE	-8.49M	-5.11M	1.62M	-5.12M	5.20M
Depreciation & Amortization	31.30M	31.01M	28.69M	23.53M	23.25M
Other Amortization	1.91M	4.28M	2.63M	1.86M	1.55M
Cash Interest Paid	49.51M	44.72M	13.87M	9.67M	11.74M
Asset Writedown Cfre	5.86M	-15.00M	8.44M	4.70M	—
Investing Activities
Investing Cash Flow	73.49M	8.12M	-273.21M	-67.18M	-57.19M
Invest In Securities RE	52.90M	-8.65M	-35.00M	—	55.34M
Other Investing Activities RE	10.74M	9.90M	11.60M	28.75M	—
Acquisition Real Estate Assets	—	-2.40M	-260.29M	-95.93M	-122.47M
Net Sale Acquisition Real Estate Assets	—	-2.40M	-260.29M	-95.93M	-122.47M
Loss (Gain) on Sale of Investments	—	-147.50K	-30.00K	-63.10K	-219.05K
Financing Activities
Common Dividends Paid	-17.60M	-23.76M	-52.80M	-52.33M	-61.60M
Long-Term Debt Issued	—	320.74M	254.88M	101.63M	118.86M
Total Debt Issued	—	320.74M	254.88M	101.63M	118.86M
Long-Term Debt Repaid	-11.05M	-334.36M	-11.52M	-10.17M	-10.60M
Total Debt Repaid	-11.05M	-334.36M	-11.52M	-10.17M	-10.60M
Net Debt Issued (Repaid)	-11.05M	-13.62M	243.36M	91.46M	108.26M
Other Financing Activities RE	—	—	—	—	-11.74M
Free Cash Flow & Returns
Levered Free Cash Flow	72.10M	19.80M	30.28M	53.90M	52.22M
Unlevered Free Cash Flow	105.65M	50.08M	47.82M	62.78M	61.72M
Operating Cash Flow Growth	-23.5%	-89.0%	+36.5%	-24.7%	-22.8%
Net Cash Flow	49.55M	-23.11M	-26.65M	12.97M	32.24M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021	2020Dec 31, 2020
Operations
Operating Cash Flow	4.70M	6.15M	56.01M	41.02M	54.51M
Real Estate Asset Acquisitions	—	-2.40M	-260.29M	-95.93M	-122.47M
Investing & Financing
Investing Cash Flow	73.49M	8.12M	-273.21M	-67.18M	-57.19M
Dividends Paid	-17.60M	-23.76M	-52.80M	-52.33M	-61.60M
Operating Activities
Operating Cash Flow	4.70M	6.15M	56.01M	41.02M	54.51M
Net Income	-22.29M	-8.35M	10.90M	29.87M	36.08M
Change Accounts Receivable RE	-1.87M	-14.18M	8.81M	-24.52M	-9.48M
Change in Working Capital	-3.58M	-2.42M	-1.29M	-13.65M	-17.45M
Change Other Net Oper Assets RE	-3.29M	9.77M	-12.37M	0.28M	2.74M
Other Operating Activities RE	-8.49M	-5.11M	1.62M	-5.12M	5.20M
Depreciation & Amortization	31.30M	31.01M	28.69M	23.53M	23.25M
Other Amortization	1.91M	4.28M	2.63M	1.86M	1.55M
Cash Interest Paid	49.51M	44.72M	13.87M	9.67M	11.74M
Asset Writedown Cfre	5.86M	-15.00M	8.44M	4.70M	—
Investing Activities
Investing Cash Flow	73.49M	8.12M	-273.21M	-67.18M	-57.19M
Invest In Securities RE	52.90M	-8.65M	-35.00M	—	55.34M
Other Investing Activities RE	10.74M	9.90M	11.60M	28.75M	—
Acquisition Real Estate Assets	—	-2.40M	-260.29M	-95.93M	-122.47M
Net Sale Acquisition Real Estate Assets	—	-2.40M	-260.29M	-95.93M	-122.47M
Loss (Gain) on Sale of Investments	—	-147.50K	-30.00K	-63.10K	-219.05K
Financing Activities
Common Dividends Paid	-17.60M	-23.76M	-52.80M	-52.33M	-61.60M
Long-Term Debt Issued	—	320.74M	254.88M	101.63M	118.86M
Total Debt Issued	—	320.74M	254.88M	101.63M	118.86M
Long-Term Debt Repaid	-11.05M	-334.36M	-11.52M	-10.17M	-10.60M
Total Debt Repaid	-11.05M	-334.36M	-11.52M	-10.17M	-10.60M
Net Debt Issued (Repaid)	-11.05M	-13.62M	243.36M	91.46M	108.26M
Other Financing Activities RE	—	—	—	—	-11.74M
Free Cash Flow & Returns
Levered Free Cash Flow	72.10M	19.80M	30.28M	53.90M	52.22M
Unlevered Free Cash Flow	105.65M	50.08M	47.82M	62.78M	61.72M
Operating Cash Flow Growth	-23.5%	-89.0%	+36.5%	-24.7%	-22.8%
Net Cash Flow	49.55M	-23.11M	-26.65M	12.97M	32.24M