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MEFIC REIT Fund Interim / Quarterly Report 2022
53456_rns_2022-10-13_c9f2f000-76d1-4d98-b087-464e81ff9ab4.pdf
Interim / Quarterly Report
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MEFIC
CAPITAL
میفل ریت
MEFIC REIT
MEFIC Quarterly Report – Q3 2022
MEFIC REIT: is a Shariah-compliant Real Estate Investment Traded Fund (REIT) that has the primary investment objective of providing its investors with periodic income by investing in income-generating assets in Saudi Arabia and GCC.
Statistics of Properties Portfolio
| Number of properties | 7 |
|---|---|
| Number of Tenants | 223 |
| Total area of the building surfaces | 137,273 |
| Total land area | 148,586 |
| Weighted Average Lease Expiry (WALE) | 1.69 |
| Occupancy Rate | 68% |
Statistics of REIT as of 30 September 2022 (Unaudited)
| Market Cap | 401,556,864 |
|---|---|
| Market Cap per unit (30 Sep 22) | 5.48 |
| Net Asset Value (NAV) | 529,679,566 |
| NAV per unit (unit price at the end of the quarter) | 7.2285 |
| Properties Value (book value) | 876,005,934 |
| Properties Value (Avg fair value) | 909,325,360 |
- As per the latest published valuation report
Property breakdown
Sector breakdown
Geographic location breakdown
MEFIC CAPITAL
ميفك ريت
MEFIC REIT
MEFIC Quarterly Report – Q3 2022
| Property Occupancy Rates on 30 September 2022 (Unaudited) | % to total value of asset (book value) | Occupancy Rate |
|---|---|---|
| Souq Sharq ( Commercial Mall in Riyadh) | 64% | 77% |
| Plaza 1 | 2% | 84% |
| Dhiyafa | 7% | 100% |
| Alandalus Building in Jeddah | 4% | 93% |
| Drnef Ajyad | 11% | 0% |
| Drnef Kuddai | 6% | 0% |
| The Pad Dubai | 6% | 100% |
| Total | 100% | 68% |
| Dividend Payment during Q3 2022* | ||
| --- | --- | |
| Total Dividend (SAR) | 3,663,840 | |
| Number of existing units to which it has been dividend | 73,276,800 | |
| Dividend value per unit | 0.05 | |
| Dividend ratio of the fund's net asset value | 0.69% | |
| Eligibility for cash dividends | Share book as of 17/10/2022 |
- This dividend is related to H1 2022
| Previous Dividends | Dividend per unit (SAR/unit) | Dividend Date | Dividend due Date | Financial period for which the Dividends due |
|---|---|---|---|---|
| First Dividend | 0.3762 | 30-Jun-19 | 29-Jul-19 | Since fund inception till 30 June 2019 |
| Second Dividend | 0.25 | 31-Mar-20 | 9-Apr-20 | H2 2019 |
| Third Dividend | 0.15 | 31-Mar-21 | 19-Apr-21 | H2 2020 |
| Fourth Dividend | 0.05 | 30 Sep 21 | 18-Oct-21 | H1 2021 |
| Fifth Dividend | 0.10 | 31 Mar 22 | 18-Apr-22 | H2 2021 |
| Sixth Dividend | 0.05 | 30 Sep 22 | 17-Oct-22 | H1 2022 |
MEFIC
CAPITAL
ميفك ريت
MEFIC REIT
MEFIC Quarterly Report – Q3 2022
| REIT KPIs during Q3 2022 (Unaudited) | |
|---|---|
| Net Income (loss) (SAR)* | 8,620,041 |
| Net Income (loss) per unit EPS (SAR/unit) | 0.12 |
| Dividende per unit DPS (SAR/unit) | 0.05 |
| Rental income to market cap | 20% |
| Dividend yield (annualized) % | 0.50% |
| Expenses/cost to rental income ** | 39.79% |
| Expenses/cost to total assets ** | 1.2% |
| Debt to Asset *** | 33% |
| Loan exposure period | NA |
| Loan due date | 28/06/2026 |
| Fund total asset | 1,031,804,616 |
- From Jan to September 2022
** Properties OPEX and REIT Expenses
*** Interest bearing debt
*** Divided of H1 2022
| Expenses and Fees charged to the fund as at 30 September 2022 (Unaudited) | Amount | Percentage to Total Assets* | Maximum Expense (SAR) |
|---|---|---|---|
| Fund Management Fees (SAR) | 2,306,158 | 0.22% | NA (% of NAV) |
| Custody Fee (SAR) | 281,889 | 0.03% | NA (% of NAV) |
| Audit Fee (SAR) | 27,500 | 0.00% | 56,500 |
| Valuation Fee (SAR) | 97,605 | 0.01% | 172,800 |
| Other fund expenses | 438,465 | 0.04% | NA |
| Total | 3,151,617 | 0.31% | 0 |
- The percentage of the most recent value of the fund's total assets
Material and immaterial Changes and Fund Updates
☐ MEFIC announced divided distribution of SAR0.05/unit to unitholders of MEFIC REIT fund. This distribution is related to H1 2022.
☐ Appointment of “Ibrahim Ahmed Al-Bassam (PKF) “ as the fund external auditor instead of “ Talal Abu-Ghazlah”
☐ Updating the fund manager’s address