Riyadh - Mubasher: Alinma Capital, the fund manager for Alinma Retail REIT, has issued a corrective announcement concerning the fund’s quarterly statement for the period ending 31 March 2026.
The correction follows the identification of inaccurate data in a previous disclosure published on 15 April. The fund manager confirmed that the quarterly report has been republished with verified figures to ensure transparency and accuracy for investors, noting that the initial errors had no financial impact on the fund’s standing.
The correction addresses discrepancies found in the original announcement released on the Saudi Exchange (Tadawul) and the manager’s official website.
Alinma Capital clarified that while the quarterly figures are unaudited, the revised statement was necessary to rectify data points that were previously misstated.
This move aligns with regulatory requirements for precise financial reporting within the Saudi Real Estate Investment Traded Fund (REIT) sector.
In Q1-26 Alinma Retail REIT generated a total rental income of SAR 26.11 million. After deducting property operating expenses, the net rental income was recorded at SAR 23.99 million.
The fund achieved a net profit of SAR 10.60 million in Q1-26, a figure that excludes non-cash expenses such as depreciation and provisions.
As of 31 March 2026, the fund’s total asset value stood at SAR 1.47 billion, with a net asset value (NAV) of SAR 752.11 million.
The fund’s portfolio comprises eight real estate assets primarily located in the Kingdom of Saudi Arabia. These include three retail centers under the Al Makan Mall brand in Hafar Al-Batin, Tabuk, and Dawadmi, as well as five office buildings in Riyadh: Signature, Sifir, Aljawharah, Jazel, and Bin Jalawi.
Occupancy levels across the portfolio remain diverse; while several office assets in Riyadh reported full occupancy, the Al Makan Mall in Tabuk saw a lower occupancy rate of 4%. The Signature building, held under a usufruct agreement, maintained an occupancy rate of 84%.
In terms of unit valuation, the net asset value per unit was SAR 6.37 on a book value basis, while the market price per unit at the close of the quarter was SAR 4.62. The fund maintains a disciplined leverage strategy with a borrowing ratio of 45% of total assets.
The existing loan facility, which matures on 30 November 2030, was utilized to fund the acquisition of the income-generating office assets in the Riyadh market.
Total fund expenses and fees for the first quarter amounted to SAR 15.51 million, representing approximately 1.057% of total assets. This includes management fees of SAR 1.40 million and financing costs totaling SAR 10.13 million.
Alinma Capital continues to follow a dividend policy of distributing at least 90% of net profits annually. Most recently, the fund distributed SAR 0.17 per unit for the second half of 2025, following a SAR 0.18 per unit distribution for the first half of that year.
This corrective disclosure ensures that the market is provided with a reliable baseline for the fund’s performance heading into the remainder of the 2026 fiscal year.
By clarifying the unaudited figures and addressing the previous inaccuracies, Alinma Capital maintains its commitment to the disclosure standards required by the Capital Market Authority (CMA) and Tadawul.
