SFS REAL ESTATE INVESTMENT TRUST FUND STATEMENT TO THE NIGERIAN EXCHANGE GROUP AND THE SHAREHOLDERS ON THE UNAUDITED IFRS RESULTS FOR THE PERIOD ENDED 30 JUNE 2026 SFS REAL ESTATE INVESTMENT TRUST FUND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 CONTENT PAGE
Statement of Comprehensive Income 3
Statement of Financial Position 4
Statement of Changes in Equity 5
Statement of Cash Flows 6
Notes to the Financial Statements 7
SFS REAL ESTATE INVESTMENT TRUST FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2026Notes | Jun-26 N'000 | Jun-25 N'000 | |
Total Income | 2 | 272,418 | 211,228 |
Admin and Other Expenses | 3 | (71,663) | (44,743) |
Net Income | 200,755 | 166,485 | |
Basic Earnings per Unit | 10.04 | 8.32 |
The notes on page 7 form an integral part of these financial statements.
3
SFS REAL ESTATE INVESTMENT TRUST FUND STATEMENT OF FINANCIAL POSITION FOR THE PERIOD ENDED 30 JUNE 2026 | ||
Assets | Jun-26 N'000 | Dec-25 N'000 |
Investment property 4 | 5,375,000 | 5,512,500 |
Investment in Securities 5 | 1,230,216 | 371,526 |
Total Non Current Assets | 6,605,216 | 5,884,026 |
Debtors and Other Assets 6 | 1,633 | 267,113 |
Cash and cash equivalents | 109,542 | 930,981 |
Total Current Assets | 111,175 | 1,198,094 |
Total Assets | 6,716,391 | 7,082,120 |
Liabilities | ||
Payables | (38,312) | (51,679) |
Unclaimed Dividend | (478,608) | (418,137) |
Deferred Income | (102,514) | (150,103) |
Total Current Liabilities | (619,434) | (619,919) |
Net Assets | 6,096,957 | 6,462,202 |
Represented By: | ||
Unitholders' Equity | 2,000,000 | 2,000,000 |
Revenue Reserve | 613,906 | 979,151 |
Revaluation reserve | 3,483,050 | 3,483,050 |
Unitholders' Equity | 6,096,957 | 6,462,202 |
The financial statements has been approved and authorised for issue by the Board of Directors on July 17, 2026 and signed on its behalf by;
………………………………………….. | …………………………………….. | ………………………………………….. |
PATRICK ILODIANYA | AKINYEMI GBENRO | DIMEJI SONOWO |
MANAGING DIRECTOR | DIRECTOR | EXECUTIVE DIRECTOR |
FRC/2013/ICAN/00000002177 | FRC/2013/CIBN/00000002091 | FRC/2013/ICAN/00000002089 |
The notes on page 7 form an integral part of these financial statements.
4
SFS REAL ESTATE INVESTMENT TRUST FUND STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2026 | |||
Balance as at January 1, 2025 | Share Capital 2,000,000 | Retained Earnings 780,664 | Total Equity 2,780,664 |
Changes in Accounting Policy | - | - | - |
Restated Balance | - | - | - |
Fair value gain on investment property | - | 3,483,050 | 3,483,050 |
Changes in Equity for the Prior Year: | - | - | - |
Distribution | - | (430,000) | (430,000) |
Total Comprehensive Income | - | 628,488 | 628,488 |
Balance as at December 31, 2025 | 2,000,000 | 4,462,202 | 6,462,202 |
Changes in Equity Current year: | - | ||
Distribution | - | (566,000) | (566,000) |
Total Comprehensive Income | - | 200,755 | 200,755 |
Balance as at June 30, 2026 | 2,000,000 | 4,096,957 | 6,096,957 |
The notes on page 7 form an integral part of these financial statements.
5
SFS REAL ESTATE INVESTMENT TRUST FUND STATEMENT OF CASH FLOW FOR THE PERIOD ENDED 30 JUNE 2026 | ||
Jun-26 | Jun-25 | |
N'000 | N'000 | |
Cash Flow from Operating Activities | ||
Rental Income Received | 66,625 | 69,900 |
Operating Cash Payments | (27,258) | (17,526) |
(Increase)/Decrease in prepayments & receivables | 264,335 | (838) |
Increase/ (Decrease) in payables & accruals | (61,445) | (29,877) |
Net Cash Generated from Operating Activities | 242,257 | 21,659 |
Cash Flow from Investing Activities Purchase of Investment Properties | - | (1,605) |
Proceeds on Disposal of Property | 160,000 | - |
Investment in Securities | (718,168) | (606,901) |
Net Cash flow used in Investing Activities | (558,168) | (608,506) |
Cash Flow from Financing Activities Unclaimed distribution | 60,471 | (5,000) |
Distribution Paid | (566,000) | (430,000) |
Net Cash flow used in Financing Activities | (505,529) | (435,000) |
Net Increase/Decrease Cash and Cash Equivalent | (821,439) | (1,021,848) |
Cash and Cash Equivalent Beginning of period | 930,981 | 1,026,977 |
Cash and Cash Equivalent End of period | 109,542 | 5,129 |
The notes on page 7 form an integral part of these financial statements.
6
SFS REAL ESTATE INVESTMENT TRUST FUND NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30 JUNE 20261 Reporting entity
The SFS Real Estate Investment Trust Fund is a fund incorporated under the laws of Nigeria. The address of the Fund's registered office is Plot 287, Ajose Adeogun Street., Victoria Island, and Lagos. It is governed by a Trust Deed approved by the Securities and Exchange Commission. The fund's units are listed on the Floor of the Nigerian Exchange Group. Its financial statements are filed with Securities and Exchange Commission and other regulatory authorities.
The SFS Real Estate Investment Trust Fund is a close - ended Real Estate Investment Trust (REIT), primarily involved in acquiring investment properties which are held for capital appreciation.
The investment activities of the fund are managed by SFS Capital Nigeria Limited (the fund manager) while Apel Capital and Trust Limited are the Trustees.
The fund management is carried out by SFS Capital Nigeria Limited.
2 Total Income | Jun-26 N'000 | Jun-25 N'000 | |
Fixed Interest Income | 127,218 | 106,161 | |
Rental Income | 122,701 | 105,066 | |
Profit on investment property disposal | 22,500 | - | |
272,418 | 211,228 |
3 Other Operating Expenses | Jun-26 N'000 | Jun-25 N'000 | |
Manager's Fees | 32,013 | 20,522 | |
Trustee fee | 1,250 | 1,250 | |
Custodian fee | 1,160 | 1,160 | |
Registrars' fee | 133 | 276 | |
SEC fee | 6,348 | 2,712 | |
Audit Fee | 1,269 | 100 | |
Other administrative expenses | 10,982 | 7,761 | |
NGX Listing Fee | 4,936 | - | |
Insurance | 1,146 | 831 | |
CSCS depository fee | 1,186 | - | |
Annual report publication and dividend expenses | 8,740 | 8,930 | |
Fund Rating | 2,500 | 1,200 | |
71,663 | 44,743 |
4 Investment in Properties | Jun-26 | Dec-25 | |
Cost | Cost | ||
Description | N'000 | N'000 | |
Properties in Victory Park Estate Lekki | 1,080,000 | 1,080,000 | |
Properties in Sapphire Gardens Awoyaya | 480,000 | 480,000 | |
Properties in Bourdillon Court Lekki | 687,500 | 825,000 | |
Properties in Milverton Lekki | 2,295,000 | 2,295,000 | |
Properties in Cromwell Estate | 132,500 | 132,500 | |
Properties in Maben Estate | 340,000 | 340,000 | |
Properties in Victoria Crest Estate | 230,000 | 230,000 | |
Properties in Northern Foreshore Estate | 130,000 | 130,000 | |
5,375,000 | 5,512,500 |
The fair value model is used in the measurement of investment properties.
The properties were valued at N5,512,500,000 by Ubosi Eleh & Co Estate Surveyors & Valuers (FRC/2014/00000003997). Valuation was based on market value and dated 10th December 2025. A property was sold in Bourdillon Court therefore the value of the remaining properties is N5,375,000,000 as at the reporting date.
5 Investment in securities | Jun-26 | Dec-25 | |
Real Estate Related Investments | N'000 219,381 | N'000 216,054 | |
Investment in securities | 1,010,835 | 155,472 | |
1,230,216 | 371,526 |
6 Debtors and Other Assets | Jun-26 | Dec-25 | |
N'000 | N'000 | ||
Prepaid expenses | 1,212 | 1,154 | |
Other Receivables | 421 | 265,959 | |
1,633 | 267,113 |
7