Al RAJHI REIT

Al Rajhi REIT Fund

4340REITsTadawulReal Estate

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
Operating Summary
Revenue	260.26M	201.88M	159.93M	130.75M	168.86M
Interest Income	—	—	—	—	1.21M
Interest Expense	-54.84M	-52.17M	-32.69M	-21.03M	-26.52M
Pretax Income	187.25M	75.55M	113.41M	51.99M	12.45M
Income Tax	—	—	—	227.07M	—
Net Income	187.25M	75.55M	113.41M	-175.08M	12.45M
Rental Revenue	237.69M	192.07M	158.16M	130.28M	168.86M
Property Expenses	30.45M	25.46M	20.06M	16.52M	18.20M
Operating Income	176.71M	133.36M	116.36M	68.39M	102.37M
EPS (Basic)	0.68	0.27	0.70	-1.08	0.08
EPS (Diluted)	0.68	0.27	0.70	-1.08	0.08
DPS	0.55	0.54	0.66	0.56	0.56
Margins & Efficiency
Net Margin %	+71.9%	+37.4%	+70.9%	-133.9%	+7.4%
Revenue & Income
Revenue as Reported	260.26M	201.88M	159.93M	130.75M	168.86M
Revenue Growth (YoY)	+28.9%	+26.2%	+22.3%	-22.6%	+45.6%
Revenue RE	260.26M	201.88M	159.93M	130.75M	168.86M
Rental Revenue	237.69M	192.07M	158.16M	130.28M	168.86M
Other Revenue RE	1.35M	0.84M	—	—	—
Gain Assets Rev Real Estate	17.66M	—	—	—	—
Gain Investments Rev Real Estate	3.55M	2.42M	1.77M	0.47M	—
Expenses & Provisions
Total Operating Expenses RE	83.55M	68.53M	43.57M	62.36M	66.49M
Interest Expense RE	-54.84M	-52.17M	-32.69M	-21.03M	-26.52M
Other Non Oper Exp Suppl RE	—	0.04M	0.04M	4.63M	0.30M
Property Expenses	30.45M	25.46M	20.06M	16.52M	18.20M
Asset Writedown	65.39M	-5.69M	29.70M	—	-64.90M
D&A For EBITDA	47.54M	38.27M	29.93M	28.60M	29.21M
Dep Amor RE	48.36M	38.27M	29.93M	28.60M	29.21M
Profitability & Returns
EBIT	176.71M	133.36M	116.36M	68.39M	102.37M
EBIT Margin	+67.9%	+66.1%	+72.8%	+52.3%	+60.6%
EBITDA	224.24M	171.62M	146.30M	96.98M	131.58M
EBITDA Margin	+86.2%	+85.0%	+91.5%	+74.2%	+77.9%
EBT Excl RE	121.86M	81.24M	83.71M	51.99M	77.35M
Pretax Income	187.25M	75.55M	113.41M	51.99M	12.45M
Operating Income RE	176.71M	133.36M	116.36M	68.39M	102.37M
Operating Margin	+67.9%	+66.1%	+72.8%	+52.3%	+60.6%
Profit Margin	+71.9%	+37.4%	+70.9%	-133.9%	+7.4%
Net Income	187.25M	75.55M	113.41M	-175.08M	12.45M
Net Income to Common	187.25M	75.55M	113.41M	-175.08M	12.45M
Net Income Growth	+147.9%	-33.4%	—	—	-77.8%
Income Tax Expense	—	—	—	227.07M	—
Effective Tax Rate	—	—	—	+436.8%	—
Net Interest Expense RE	-54.84M	-52.17M	-32.69M	-21.03M	-25.31M
Per Share & Capital
EPS (Basic)	0.68	0.27	0.70	-1.08	0.08
EPS (Diluted)	0.68	0.27	0.70	-1.08	0.08
EPS Growth	+147.9%	-60.9%	—	—	-77.8%
Dividend Per Share	0.55	0.54	0.66	0.56	0.56
Shares Change (YoY)	—	0.7	—	—	—
Shares Outstanding (Basic)	275.61M	275.61M	161.86M	161.86M	161.86M
Shares Outstanding (Diluted)	275.61M	275.61M	161.86M	161.86M	161.86M
Dividend Growth	+0.9%	-18.2%	+17.9%	—	+5.7%
FFO	—	—	—	80.59M	106.57M
FFO Payout Ratio	—	—	—	+94.1%	+62.3%
AFFO	—	—	—	80.59M	106.57M
Payout Ratio	+79.0%	+164.4%	+72.9%	—	+533.0%
Supplemental
Int Inc RE	—	—	—	—	1.21M
Other Operating Expenses RE	4.29M	3.28M	5.85M	7.15M	6.27M

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
Operating Summary
Revenue	260.26M	201.88M	159.93M	130.75M	168.86M
Interest Income	—	—	—	—	1.21M
Interest Expense	-54.84M	-52.17M	-32.69M	-21.03M	-26.52M
Pretax Income	187.25M	75.55M	113.41M	51.99M	12.45M
Income Tax	—	—	—	227.07M	—
Net Income	187.25M	75.55M	113.41M	-175.08M	12.45M
Rental Revenue	237.69M	192.07M	158.16M	130.28M	168.86M
Property Expenses	30.45M	25.46M	20.06M	16.52M	18.20M
Operating Income	176.71M	133.36M	116.36M	68.39M	102.37M
EPS (Basic)	0.68	0.27	0.70	-1.08	0.08
EPS (Diluted)	0.68	0.27	0.70	-1.08	0.08
DPS	0.55	0.54	0.66	0.56	0.56
Margins & Efficiency
Net Margin %	+71.9%	+37.4%	+70.9%	-133.9%	+7.4%
Revenue & Income
Revenue as Reported	260.26M	201.88M	159.93M	130.75M	168.86M
Revenue Growth (YoY)	+28.9%	+26.2%	+22.3%	-22.6%	+45.6%
Revenue RE	260.26M	201.88M	159.93M	130.75M	168.86M
Rental Revenue	237.69M	192.07M	158.16M	130.28M	168.86M
Other Revenue RE	1.35M	0.84M	—	—	—
Gain Assets Rev Real Estate	17.66M	—	—	—	—
Gain Investments Rev Real Estate	3.55M	2.42M	1.77M	0.47M	—
Expenses & Provisions
Total Operating Expenses RE	83.55M	68.53M	43.57M	62.36M	66.49M
Interest Expense RE	-54.84M	-52.17M	-32.69M	-21.03M	-26.52M
Other Non Oper Exp Suppl RE	—	0.04M	0.04M	4.63M	0.30M
Property Expenses	30.45M	25.46M	20.06M	16.52M	18.20M
Asset Writedown	65.39M	-5.69M	29.70M	—	-64.90M
D&A For EBITDA	47.54M	38.27M	29.93M	28.60M	29.21M
Dep Amor RE	48.36M	38.27M	29.93M	28.60M	29.21M
Profitability & Returns
EBIT	176.71M	133.36M	116.36M	68.39M	102.37M
EBIT Margin	+67.9%	+66.1%	+72.8%	+52.3%	+60.6%
EBITDA	224.24M	171.62M	146.30M	96.98M	131.58M
EBITDA Margin	+86.2%	+85.0%	+91.5%	+74.2%	+77.9%
EBT Excl RE	121.86M	81.24M	83.71M	51.99M	77.35M
Pretax Income	187.25M	75.55M	113.41M	51.99M	12.45M
Operating Income RE	176.71M	133.36M	116.36M	68.39M	102.37M
Operating Margin	+67.9%	+66.1%	+72.8%	+52.3%	+60.6%
Profit Margin	+71.9%	+37.4%	+70.9%	-133.9%	+7.4%
Net Income	187.25M	75.55M	113.41M	-175.08M	12.45M
Net Income to Common	187.25M	75.55M	113.41M	-175.08M	12.45M
Net Income Growth	+147.9%	-33.4%	—	—	-77.8%
Income Tax Expense	—	—	—	227.07M	—
Effective Tax Rate	—	—	—	+436.8%	—
Net Interest Expense RE	-54.84M	-52.17M	-32.69M	-21.03M	-25.31M
Per Share & Capital
EPS (Basic)	0.68	0.27	0.70	-1.08	0.08
EPS (Diluted)	0.68	0.27	0.70	-1.08	0.08
EPS Growth	+147.9%	-60.9%	—	—	-77.8%
Dividend Per Share	0.55	0.54	0.66	0.56	0.56
Shares Change (YoY)	—	0.7	—	—	—
Shares Outstanding (Basic)	275.61M	275.61M	161.86M	161.86M	161.86M
Shares Outstanding (Diluted)	275.61M	275.61M	161.86M	161.86M	161.86M
Dividend Growth	+0.9%	-18.2%	+17.9%	—	+5.7%
FFO	—	—	—	80.59M	106.57M
FFO Payout Ratio	—	—	—	+94.1%	+62.3%
AFFO	—	—	—	80.59M	106.57M
Payout Ratio	+79.0%	+164.4%	+72.9%	—	+533.0%
Supplemental
Int Inc RE	—	—	—	—	1.21M
Other Operating Expenses RE	4.29M	3.28M	5.85M	7.15M	6.27M