A handful of real estate and other funds are out with their 2Q 2024 performance reports, including the Bonyan REIT Fund, Taleem Reit Fund, and AlBilad Saudi Sovereign Sukuk ETF.

BONYAN REIT FUND-

Bonyan REIT Fund’s dividend yield in 2Q 2024 came in at 6.9%, according to a disclosureto Tadawul (pdf). The fund distributed SAR 53.8 mn dividends in 1H 2024, consistent with its distributions over the past two years. The rental income to unit price came in at 2.3%, with assets totaling SAR 2 bn. Net asset value per unit stood at SAR 9.5 and the closing price per unit at the end of the quarter stood at SAR 8.5. The fund’s unit price ranged between SAR 10.00 and SAR 9.03 over the past year.

About the Bonyan REIT Fund: Managed by BSF Capital, Bonyan REIT is a Shariah-compliant, publicly traded, closed-end real estate investment fund. Its portfolio is made up of 13 properties (12 freehold and one leasehold) which generate periodic rental income. Its properties are spread out across the Kingdom in Abha, Madinah, Jazan, and Riyadh with an additional property in Dubai.

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TALEEM REIT FUND-

Taleem REIT Fund reported a 3% rental income to unit price ratio for assets totaling SAR 859 bn in 2Q 2024, with the fund’s net asset value per unit and unit price both standing at SAR 10.8, it said in a disclosure to Tadawul (pdf). It distributed total dividends of SAR 8.2 mn in 2Q 2024, consistently at SAR 0.2 per piece since 1Q 2019. Total expenses amounted to 4.2% — totaling SAR 9.1 mn — of the book value of total assets for the same period. The fund’s unit price ranged between SAR 12 and SAR 9 over the past year.

About the Taleem Reit Fund: Founded in 2017, Taleem Fund provides capital to education and training institutions, while generating rental income for investors. The fund began by acquiring the real estate assets of Riyadh-based Al Tarbiyah Al Islamiyah Schools. The fund is managed by BSF Capital, the investment arm of Banque Saudi Fransi. Its property portfolio includes Riyadh-based schools such as Al Tarbiyah Al Islamiyah, Arrowad International Schools, and Al Ghad National Schools, along with Al Malqa, Hittin, and Al Yasmeen in Riyadh, as well as Al Eshraq in Dammam.

ALBILAD SAUDI SOVEREIGN SUKUK-

Albilad Saudi Sovereign Sukuk ETF posted a negative return in 2Q 2024, coming in at 0.3%, while its YTD revenue settled at -3.7%, according to a disclosure to Tadawul (pdf). The ETF underperformed its 2Q benchmark by 0.3 percentage points and its YTD benchmark by 0.5 percentage points. The fund’s distributions came in at 1.8% during the first half of the year.

ALINMA HOSPITALITY REIT FUND-

Alinma Hospitality Reit Fund unit market value inched up 2.2% in 2Q 2024, while its total asset value was at SAR 1.1 bn, it said in a a disclosure to Tadawul (pdf). No information was provided on quarterly dividends, but the fund typically distributes 90% of its net income in dividends twice a year, according to its dividend policy.

ALINMA RETAIL REIT FUND-

Alinma Retail Reit Fund’s unit market value increased 1.98% in 2Q 2024, while total asset value came in at SAR 1.1 bn, it said in a a disclosure to Tadawul (pdf). The fund is set to distribute SAR 17.7 mn in dividends at SAR 0.15 per unit.

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