Uhreit)- quarter 1 - financial statement for 2026

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED MARCH 31, 2026

Mar-26

Mar-25

Notes N'000

N'000

Total Income 2 402,057

260,444

Distribution/Admin and Other Expenses 3 (116,494)

(58,717)

Financial Charges -

Taxation

-

Net Income 285,563

201,727

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2026

Mar-26

Dec-25

Note

N'000

N'000

Cash & cash equivalents

4

3,250,283

2,417,072

Financial assets held to maturity

4ii

399,395

392,675

Trade and other receivables

5

70,474.00

67,633.00

Plant & equipments

82,687

58,601

Total current asset

3,802,839

2,935,981

Investment properties

6

25,275,675 25,725,000

Investment in Sukuk

6ii

490,000 490,000

Total noncurrent assets

25,765,675 26,215,000

Rent received in advance (363,020)

(442,798)

Accruals & other payables (951,998)

(761,254)

Total Current Liabilities (1,315,017)

(1,204,052)

Unitholders' Equity 9,406,353

9,406,353

Revenue Reserve 18,847,143

18,540,575

Unitholders' Equity 28,253,497

27,946,929

…………………………………………..

……………………………………..

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, 2026

Share Capital

Retained Earnings

Total Equity

N'000

N'000

N'000

Balance as at January 1, 2025

9,406,353

1,280,807

10,234,626

Dividend Paid

-

(957,982)

(957,982)

Transfer from income statement

-

1,146,779

1,146,779

Retained earnings (non-distributable)

17,070,948

17,070,948

Balance as at December 31, 2025

9,406,353

18,540,552

27,946,905

Changes in Equity Current year:

Dividend

-

-

-

-

Total Comprehensive Income

-

285,563

285,563

Other item/Adjustment (audit adjustment)

21,028

21,028

Balance as at March 31, 2026

9,406,353

18,847,144

28,253,497

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF CASH FLOW

FOR THE PERIOD ENDED MARCH 31, 2026

Mar-26

Dec-25

Notes

N'000

N'000

Operating profit before working capital changes

7i

291,051

1,795,752

Working capital changes

7ii

129,130

(695,046)

Income tax paid

(25)

Net Cash Generated from Operating Activities

420,180

1,100,681

Cash Flow from Investing Activities

Net (purchase)/disposal of investment properties

449,325

199,308

Disposal of Plant & Equipment

Purchase of Plant & household equipments

(29,574)

(25,940)

Development of investment properties

-

Investment in financial asset

(6,720)

12,535

Net Cash flow used in Investing Activities

413,032

185,903

Cash Flow from Financing Activities

Disposal of shares

Dividend paid

(957,982)

Net Cash flow Financing Activities

-

(957,982)

Net Increase/Decrease Cash and Cash Equivalent 833,212

328,602

Cash and Cash Equivalent Beginning of period 2,417,072

2,088,470

Cash and Cash Equivalent End of period 3,250,283

2,417,072

UH REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2026

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-26

Mar-25

N'000

N'000

104,541

103,593

196,917

155,980

100,600

871

402,057

260,444

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

68,923

28,510

625

672

6,892

2,851

750

750

625

625

29,113

16,097

2,580

-

2,649

2,677

4,337

6,534

116,494

58,717

4

Cash & Cash Equivalents

Term Deposits

Tbills

Cash

3,244,373

2,392,600

5,910

24,472

3,250,283

2,417,072

4ii

Financial Assets

5

Debtors and Other Assets

Trade Receivables

Prepaid Expenses

62,105

62,105

8,369

5,528

70,474

67,633

6

Investment Properties

Description

Property at Macdonald, Ikoyi

Property at Sapara Williams, Ikoyi

Property at Mike Akhigbe, Abuja

Property at Olusegun Aina

Property at Rumens, Ikoyi

Property at Sinari Daranijo

Property at Parkview, Ikoyi

Property at Apo Dutse, Abuja

Property at Michael Olawale, Lekki

Victoria crest V Estate

Mar-26

Dec-25

N'000

N'000

2,700,000

3,150,000

4,020,675

4,020,000

1,800,000

1,800,000

900,000

900,000

5,050,000

5,050,000

6,930,000

6,930,000

-

-

600,000

600,000

2,700,000

2,700,000

575,000

575,000

25,275,675

25,725,000

6ii

Real Estate Related: Investment in FGN Sukuk

Mar-26

N'000

Dec-25

N'000

7

Cashflow Reconciliation

Operating profit before working capital changes

Net income before tax

Adjustments: Depreciation

Fair value adjustment

285,563

5,487

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)

(2,841)

14,081

21,005

146,875

190,744

(851,002)

(79,778)

(5,000)

129,130

(695,046)