The second quarter of this year saw clear disparities among real estate investment trusts in terms of asset size, borrowing, occupancy, and distributions, with «SEDCO Capital REIT» leading in terms of asset value. Second-quarter 2026 data for 15 publicly traded real estate investment trusts (REITs) revealed that their total asset value reached approximately 21.43 billion riyals, according to the funds« financial disclosures out of a total of 19 funds listed on the Saudi Stock Exchange.
According to the data, "SADCO Capital REIT« tops the list of funds in terms of asset value at approximately 3.61 billion riyals, while »Al-Jazira REIT« ranked last with assets totaling approximately 96.56 million riyals.
"SADCO Capital REIT« Leads in Assets
The assets of »SEDCO Capital REIT« reached approximately 3.61 billion riyals, with the debt-to-asset ratio reaching 50% of total assets—the highest ratio among the funds included in the survey.
The unit price stood at 7.84 riyals, compared to a net book value of 7.8267 riyals, while the cash distribution for the second quarter was 0.137 riyals per unit, totaling 25.7 million riyals, and rental income per unit was 0.33 riyals.
During the second quarter, the fund signed a memorandum of understanding to acquire an office tower in the Al-Yasmin neighborhood of Riyadh for 707 million riyals, with a yield of 9.8%, and a 3-year leaseback agreement.
»Bonyan REIT« ranked second in terms of asset size at approximately 2.90 billion riyals, with a leverage ratio of 22%. The unit price was 9.99 riyals, compared to a net book value of 8.14 riyals, while the cash distribution amounted to 0.40 riyals per unit for the first half of 2026, totaling 65.15 million riyals.
As for »Riyadh REIT,« it recorded assets of approximately 2.63 billion riyals, compared to a net asset value of approximately 1.11 billion riyals. The unit price stood at 5.05 riyals, compared to a net asset value per unit of 10 riyals, while outstanding loans totaled approximately 1.37 billion riyals.
Riyadh REIT’s portfolio includes a range of domestic and international properties, among them the JW Marriott Hotel Riyadh, the STC Academy, and the Saudi Electronic University, as well as centers and headquarters of global companies. The fund announced a distribution of 0.16 riyals per unit for the second half of 2025, totaling 27.47 million riyals.
Significant Variation in Financing Levels
Al-Khebir REIT reported assets of approximately 1.93 billion riyals, with a loan-to-value ratio of 30.51%. The unit price stood at 5.73 riyals against a net book value of 8.9856 riyals, while the cash distribution reached 0.105 riyals per unit.
The fund’s total rental income amounted to approximately 30.53 million riyals, coinciding with the renewal of the Akoun Warehouses lease for five years at an annual value of 12.5 million riyals.
Daraya REIT’s assets totaled approximately 1.69 billion riyals, compared to a net asset value of 1.03 billion riyals. The unit price stood at 5.69 riyals, compared to a reference price of 9.60 riyals, while bank facilities totaled 610 million riyals, equivalent to 36% of total assets, maturing in April 2030.
The fund comprises 24 properties, while the distribution for the first quarter of 2026 amounted to approximately 0.10 riyals per unit, for a total of 10.75 million riyals.
As for »Malakiya Gulf Real Estate REIT," its assets totaled approximately 1.59 billion riyals, compared to a net asset value of 824.97 million riyals, while the debt-to-asset ratio reached 43.99%. The unit price stood at 4.62 riyals, compared to a reference price of 7.95 riyals, and rental income for the second quarter totaled approximately 24 million riyals, with a distribution of 0.08 riyals per unit for the first quarter of 2026.
"Musharaka REIT« reported assets of approximately 1.44 billion riyals, compared to a net asset value of 613.86 million riyals. Borrowings totaled 673.98 million riyals, equivalent to 47.91% of total assets, placing the fund second in terms of the borrowing ratio among the funds under review.
The fund’s quarterly rental revenue rose to 25.69 million riyals, an increase of 10% from the previous quarter due to improved occupancy, while the distribution amounted to 0.10 riyals per unit for the first quarter of 2026.
27.8 million riyals income »Al-Inmaa REIT«
The total assets of »Al-Inmaa Retail REIT« amounted to approximately 1.43 billion riyals, with a loan-to-value ratio of 46%. The unit price stood at 4.82 riyals against a net book value of 6.09 riyals, while the cash distribution amounted to 0.19 riyals per unit.
The fund generated rental income of 27.76 million riyals, while net profit before depreciation and provisions amounted to approximately 12.46 million riyals.
In the education sector, "Taaleem REIT" had assets of approximately 1.08 billion riyals, with a debt ratio of 27.62%. The unit price stood at 10.76 riyals against a net asset value of 14.99 riyals. The fund’s most recent announced distribution was 0.18 riyals per unit for the first quarter of 2026, totaling 9.18 million riyals, while its portfolio consists of 7 educational properties, which recorded an occupancy rate of 100%.
Some Funds Are Debt-Free, While Others Have High Leverage
The assets of »Al-Inmaa Hotel REIT« totaled approximately 1.02 billion riyals, with a unit price of 8.28 riyals against a net asset value of 9.87 riyals; the fund had no debt.
Its portfolio generated rental revenue of 18.55 million riyals, while net rental income before depreciation reached 16.58 million riyals.
In contrast, MIFAC REIT’s debt-to-asset ratio stood at approximately 33.76% of its total assets of 922.1 million riyals. The unit price stood at 3.41 riyals, compared to a net book value of 6.9954 riyals, and the fund did not announce any distributions for the second quarter.
MIFAC REIT also reported a net loss of 3.17 million riyals for the period ending in June 2026, while the occupancy rate of its real estate portfolio stood at 66%.
Al-Ma’athar REIT’s assets totaled approximately 714.9 million riyals, compared to a net asset value of 500.65 million riyals. Bank loans totaled 197.83 million riyals, equivalent to 27.67% of assets, while the unit price was 9 riyals compared to a net asset value of 8.16 riyals.
The fund owns 15 properties, and the overall occupancy rate of its portfolio stood at 99.63%.
Assets of »Al-Aziziyah REIT"
"Al-Aziziyah REIT« reported assets of 382.38 million riyals, with a loan-to-value ratio of 39.20%. The unit price was 5.10 riyals, compared to a net book value of 3.91 riyals and a fair value of 5.04 riyals.
The fund’s total expenses for the second quarter amounted to approximately 20.06 million riyals, impacted by the recognition of an impairment provision for real estate investments totaling 13.86 million riyals.
At the smaller end of the spectrum in terms of asset size, Al Jazeera REIT’s total assets amounted to approximately 96.56 million riyals, compared to a net asset value of 90.75 million riyals. The unit price stood at 7.69 riyals, with no leverage reported, while the occupancy rate for the Al-Khamra warehouses in Jeddah reached 91.48%. The fund did not announce any dividend distributions for the second quarter of 2026.
»Al-Istithmar REIT Diversified"
The total assets of "Al-Istithmar REIT Diversified« amounted to approximately $161.73 million, with a leverage ratio of 45.76%. The unit price reached $6.98, compared to a net asset value of $8.33.
During the period, the fund signed an agreement to guarantee a minimum net operating profit for the »Somerset Downtown Al-Khobar« asset of 17.5 million riyals annually for a period of four years.
The fund was not included in the total assets of 21.43 billion riyals, as its asset data is denominated in U.S. dollars, which prevents it from being directly aggregated with riyal-denominated assets without specifying an approved exchange rate.
Real Estate: Between Expansion and Financing
Data for the second quarter of 2026 reveals wide disparities among Saudi REITs, not only in terms of asset size, but also in borrowing levels, net asset values, market prices, occupancy rates, distributions, and rental income.
Borrowing ratios ranged from zero for "Al-Inmaa Hotel REIT« and 50% for »SEDCO Capital REIT,« while some funds, such as »Taaleem REIT« and »Al-Ma’athar REIT," showed high occupancy rates, and occupancy reached 66% for "MIFAC REIT«.
