Al RAJHI REIT

Al Rajhi REIT Fund

4340StocksTadawulReal Estate

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	126.98M	152.83M	85.88M	94.91M	79.70M
Real Estate Asset Acquisitions	-0.00B	-0.06B	-1.00B	-0.10B	-0.00B
Real Estate Asset Sales	—	125.85M	—	—	—
Investing & Financing
Investing Cash Flow	14.24M	-4.89M	-972.24M	-117.43M	-3.90M
Dividends Paid	-141.21M	-147.94M	-124.23M	-82.63M	-75.79M
Operating Activities
Operating Cash Flow	126.98M	152.83M	85.88M	94.91M	79.70M
Net Income	147.39M	187.25M	75.55M	113.41M	-175.08M
Change Accounts Receivable RE	-12.29M	-8.15M	-37.21M	-6.67M	-10.76M
Change in Working Capital	-51.43M	-18.31M	-31.89M	-4.69M	-10.52M
Change Other Net Oper Assets RE	-34.47M	-16.32M	10.42M	0.34M	-0.24M
Other Operating Activities RE	35.02M	23.86M	—	—	—
Depreciation & Amortization	50.02M	47.54M	38.27M	29.93M	28.60M
Cash Interest Paid	15.55M	30.98M	—	—	—
Asset Writedown Cfre	-49.63M	-65.39M	5.69M	-29.70M	227.07M
Investing Activities
Investing Cash Flow	14.24M	-4.89M	-972.24M	-117.43M	-3.90M
Invest In Securities RE	16.21M	-66.30M	30.48M	-18.68M	-1.54M
Sale Real Estate Assets	—	125.85M	—	—	—
Acquisition Real Estate Assets	-0.00B	-0.06B	-1.00B	-0.10B	-0.00B
Net Sale Acquisition Real Estate Assets	-0.00B	0.06B	-1.00B	-0.10B	-0.00B
Gain Assets Cfre	—	-17.66M	—	—	—
Loss (Gain) on Sale of Investments	-6.62M	-4.90M	-3.26M	-1.77M	-0.47M
Financing Activities
Common Dividends Paid	-141.21M	-147.94M	-124.23M	-82.63M	-75.79M
Issuance of Common Stock	—	—	1.01B	—	—
Long-Term Debt Issued	—	—	—	105.15M	—
Total Debt Issued	—	—	—	105.15M	—
Net Debt Issued (Repaid)	—	—	—	105.15M	—
Free Cash Flow & Returns
Levered Free Cash Flow	99.04M	131.96M	67.36M	81.37M	72.62M
Unlevered Free Cash Flow	130.65M	166.24M	99.96M	101.80M	85.76M
Operating Cash Flow Growth	-16.9%	+78.0%	-9.5%	+19.1%	-11.6%
Net Cash Flow	1	—	—	—	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	126.98M	152.83M	85.88M	94.91M	79.70M
Real Estate Asset Acquisitions	-0.00B	-0.06B	-1.00B	-0.10B	-0.00B
Real Estate Asset Sales	—	125.85M	—	—	—
Investing & Financing
Investing Cash Flow	14.24M	-4.89M	-972.24M	-117.43M	-3.90M
Dividends Paid	-141.21M	-147.94M	-124.23M	-82.63M	-75.79M
Operating Activities
Operating Cash Flow	126.98M	152.83M	85.88M	94.91M	79.70M
Net Income	147.39M	187.25M	75.55M	113.41M	-175.08M
Change Accounts Receivable RE	-12.29M	-8.15M	-37.21M	-6.67M	-10.76M
Change in Working Capital	-51.43M	-18.31M	-31.89M	-4.69M	-10.52M
Change Other Net Oper Assets RE	-34.47M	-16.32M	10.42M	0.34M	-0.24M
Other Operating Activities RE	35.02M	23.86M	—	—	—
Depreciation & Amortization	50.02M	47.54M	38.27M	29.93M	28.60M
Cash Interest Paid	15.55M	30.98M	—	—	—
Asset Writedown Cfre	-49.63M	-65.39M	5.69M	-29.70M	227.07M
Investing Activities
Investing Cash Flow	14.24M	-4.89M	-972.24M	-117.43M	-3.90M
Invest In Securities RE	16.21M	-66.30M	30.48M	-18.68M	-1.54M
Sale Real Estate Assets	—	125.85M	—	—	—
Acquisition Real Estate Assets	-0.00B	-0.06B	-1.00B	-0.10B	-0.00B
Net Sale Acquisition Real Estate Assets	-0.00B	0.06B	-1.00B	-0.10B	-0.00B
Gain Assets Cfre	—	-17.66M	—	—	—
Loss (Gain) on Sale of Investments	-6.62M	-4.90M	-3.26M	-1.77M	-0.47M
Financing Activities
Common Dividends Paid	-141.21M	-147.94M	-124.23M	-82.63M	-75.79M
Issuance of Common Stock	—	—	1.01B	—	—
Long-Term Debt Issued	—	—	—	105.15M	—
Total Debt Issued	—	—	—	105.15M	—
Net Debt Issued (Repaid)	—	—	—	105.15M	—
Free Cash Flow & Returns
Levered Free Cash Flow	99.04M	131.96M	67.36M	81.37M	72.62M
Unlevered Free Cash Flow	130.65M	166.24M	99.96M	101.80M	85.76M
Operating Cash Flow Growth	-16.9%	+78.0%	-9.5%	+19.1%	-11.6%
Net Cash Flow	1	—	—	—	—