Uhreit)- quarter 1 - financial statement for 2025

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED MARCH 31, 2025

Mar-25 Mar-24

Notes N'000 N'000

Total Income 2 260,444 214,400

Distribution/Admin and Other Expenses 3 (58,717) (66,223)

Financial Charges - -

Taxation

Net Income 201,727 148,177

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2025

Mar-25

Dec-24

Note

N'000

N'000

Investment properties

4

9,278,727

9,278,727

Leasehold Investment

4,497

0

Plant & equipments

51,461

56,219

Investment in Sukuk

4ii

667,165

690,000

Total noncurrent assets

10,001,849

10,024,946

Financial asset

5

396,379

405,210

Cash & cash equivalents

5ii

2,235,923

2,088,470

Trade receivables & other assets

6

205,474

109,110

Total current assets

2,837,775

2,602,790

Rent received in advance (296,158)

(367,419)

Accruals & other payables (1,653,798)

(1,573,157)

Total Current Liabilities (1,949,956)

(1,940,576)

Unitholders' Equity 9,406,353

9,406,353

Revenue Reserve 1,483,315

1,280,807

Unitholders' Equity 10,889,669

10,687,160

…………………………………………..

……………………………………..

PATRICK ILODIANYA

AKINYEMI GBENRO

MANAGING DIRECTOR

DIRECTOR

FRC/2013/ICAN/00000002177

FRC/2013/CIBN/00000002091

…………………………………………..

DIMEJI SONOWO

EXECUTIVE DIRECTOR

FRC/2013/ICAN/00000002089

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED MARCH 31, 2025

Share Capital

Retained Earnings

Total Equity

N'000

N'000

N'000

Balance as at January 1, 2024

9,406,353

828,273

10,234,626

Dividend Paid

-

(592,600)

(592,600)

Transfer from income statement

-

1,045,134

1,045,134

Balance as at December 31, 2024

9,406,353

1,280,807

10,687,160

Changes in Equity Current year:

-

Dividend

-

-

-

Total Comprehensive Income

-

201,727

201,727

Other item/Adjustment (audit adjustment)

782

782

Balance as at March 31, 2025

9,406,353

1,483,316

10,889,669

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF CASH FLOW

FOR THE PERIOD ENDED MARCH 31, 2025

Mar-25

Dec-24

Notes

N'000

N'000

Operating profit before working capital changes

7i

207,823

1,082,374

Working capital changes

7ii

(69,463)

202,063

Income tax paid

(12,139)

Net Cash Generated from Operating Activities

138,360

1,272,298

Cash Flow from Investing Activities

Disposal/(Addition) of Investment Properties

70,357

Disposal of Plant & Equipment 4,758

Purchase of Plant & household equipments

(28,733)

Development of investment properties (4,497)

-

Investment in financial asset 8,831

9,608

Net Cash flow used in Investing Activities 9,093

51,231

Cash Flow from Financing Activities

Disposal of shares

Dividend paid

(592,600)

Net Cash flow Financing Activities

-

(592,600)

Net Increase/Decrease Cash and Cash Equivalent 147,453

725,561

Cash and Cash Equivalent Beginning of period 2,088,470

1,362,909

Cash and Cash Equivalent End of period 2,235,923

2,088,470

UH REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2025

1

UH Real Estate Investment Trust is a Fund incorporated under the laws of Nigeria and commences business on February 3rd, 2009

The Fund is a hybrid REIT which provides Unit Holders access to investments in approved portfolio. 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 Stock Exchange, its financial statements are

filed with Securities and Exchange Commission and other regulatory authorities

UH REIT is a closed-ended Fund primarily involved in acquiring investment properties which are held for capital appreciation. The Fund's

activities are managed by SFS Capital Nigeria Limited situated at Plot 287 Ajose Adeogun Street, Victoria Island, Lagos. United Capital Trustees

Limited are the Trustees to the Fund

2

Total Income

Interest Income

Rental Income

Sundry Income

Mar-25

Mar-24

N'000

N'000

103,593

64,383

155,980

149,326

871

690

260,444

214,400

3

Operating Expenses

Managers Fee

Trustee Fee

Custodian Fee

Auditors Fee

Rating Agency Fee

Other Administrative Expenses

Valuation and other Professional Fees

Insurance

CSCS Eligible & Listing Fees

28,510

672

2,851

750

625

16,097

36,540

625

2,891

750

625

20,687

2,677

2,861

6,534

1,245

58,717

66,223

4

Investment Properties

Description

Property at Macdonald, Ikoyi

Property at Sapara Williams, Ikoyi

Property at Olusegun Aina

Property at Mike Akhigbe, Abuja

Property at Sinari Daranijo

Property at Parkview, Ikoyi

Property at Rumens, Ikoyi

Property at Michael Olawale, Lekki

Property at Apo Dutse, Abuja

Victoria crest V Estate

Mar-24

N'000

1,143,143

1,733,876

227,950

418,422

2,692,455

1,703,461

1,703,461

665,701

665,701

248,720

248,720

445,000

445,000

9,278,727

9,278,727

4ii

Real Estate Related: Investment in FGN Sukuk

Mar-25

N'000

Dec-24

N'000

7

Cashflow Reconciliation

Operating profit before working capital changes

Profit before tax

Adjustments: Depreciation

201,727

1,045,134

6,097

23,381

207,823

1,068,515

5

Financial Assets

N'000

N'000

396,379

405,210

5ii

Cash & Cash Equivalents

Term Deposits

Tbills

Cash

193,436

112,683

2,037,677

1,972,021

4,811

3,766

2,235,923

2,088,470

6

Debtors and Other Assets

Trade Receivables

Prepaid Expenses

199,920

103,452

5,554

5,658

205,474

109,110

7ii

Working Capital Changes

Net decrease/(increase) in receivables and other assets

Net (decrease)/increase in other liabilities & provisions

Net (decrease)/increase in accruals & other payables

Net (decrease)/increase in rent received in advance (noncurrent)

(78,842)

1,821

(71,261)

79,382

80,641

120,185

675

(69,463)

202,063