Jadwa Investment, a leading investment management and advisory firm in Saudi Arabia, said its real estate investment trust (REIT) fund has reported a rental income of SR101.9 million ($28 million) for the first nine months, up 3 per cent over last year's figures.
The Saudi fund also reported a 6 per cent jump in its rental income for the third quarter which rose to SR35.3 million from last year's figures of SR33.4 million.
The operating expenses remained flat year-on-year at SR4 million in Q3.
The fund manager had earlier projected a 4% drop in Jadwa Saudi REIT's total annual rental income, or nearly SR5 million for the current year, as it received in mid-2020 requests to temporarily reduce rents for tenants of commercial properties.
In July, Jadwa had announced the signing of a new lease contract for the retail component under the hotel property Aber Al Yasmin, thus increasing the occupancy rate of the property to 100 per cent.