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Derayah Financial Announces Q2 2020 Cash Distribution for Unitholders of Derayah REIT

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Introduction Derayah Financial announces Q2 2020 cash distribution for Unitholders of Derayah REIT as per the following:
Type of Distribution Cash distribution
Profits Maturity Period - The entitlement of cash distribution at the closing of trading on 15/07/2020G (“Entitlement Date”) shall be for the Unitholders registered in the register of the Securities Depository Center Company (Edaa) by the end of the 2nd trading day following Entitlement Date.
Total Dividends Total cash distribution is SR9,675,633
Number of Outstanding Units on which Cash Dividends will be Distributed 107507035
Amount of Profit Distributed per Unit (SAR) 0.09
Percentage of Dividend to the Unit's Initial Price (%) 0.90 %
Percentage of Dividend of the Net Assets Value (%) 0.97 %
Percentage of Dividend of the Net Assets Value as of 2019-12-31 Corresponding to 1441-05-05
Eligibility of Cash Dividends to the Unitholders as per the Unitholders Registry as of 2020-07-15 Corresponding to 1441-11-24
Dividends Payment Date Cash distribution will be paid within 13 working days from the Entitlement Date i.e. 10/08/2020G
Additional Information The Fund Manager has received additional requests from tenants to partially waive contractual rents as a result of the current pandemic. The total value of such requests has reached circa. SR24.3 million or 20.3% of the total annual rent. The Fund Manager has reviewed these requests in light of the applicable laws and contractual procedures to protect the interests of Unitholders on a commercial basis. Accordingly, the Fund Manager evaluated each request independently to ascertain the loss to the tenants due to the pandemic and managed to settle 82.8% of these requests. Negotiations are still ongoing for the remaining requests, and the Fund Manager reserves the right to take all regulatory actions deemed appropriate in case no settlement is agreed with the remaining requests. As a result of the current and expected settlements, the Fund Manager expects improved rental collection levels during the coming period.

Based on the above and on the current situation, the Fund Manager does not expect the Fund's annual expected rent to decrease by more than 5% or SR6 million. To preserve the liquidity of the Fund and as a precaution against difficult economic conditions, the Fund Manager decided to reduce the quarterly cash dividend for the second quarter of 2020 compared to the first quarter of 2020. Also as a precaution, the Fund Manager managed to reschedule the financing profits due on the Fund with a total amount of SR16 million. These measures were adopted to put the Fund on a solid foundation to continue successfully.

The Fund Manager confirms his intention to continue with the quarterly distributions in the future despite the challenges

The Fund Manager kindly reminds the Unitholders to update their information with their banks to ensure the current cash distributions are deposited directly into their accounts.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Last Price Net Change
9.75 0.09 (+0.93%)
Value Traded (SAR) Volume Traded
2,369,990.95 243,980

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