Uhreit)- quarter 2 - financial statement for 2025

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED JUNE 30, 2025

Jun-25

Jun-24

Notes N'000

N'000

Total Income 2 548,649

493,108

Distribution/Admin and Other Expenses 3 (116,061)

(114,383)

Financial Charges -

Taxation

-

Net Income 432,588

378,726

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2025

Jun-25

Dec-24

Note

N'000

N'000

Investment properties

4

9,278,727

9,278,727

Leasehold Investment

16,106

0

Plant & equipments

45,654

56,219

Investment in Sukuk

4ii

657,308

690,000

Total noncurrent assets

9,997,796

10,024,946

Financial asset

5

396,565

405,210

Cash & cash equivalents

5ii

1,114,881

2,088,470

Trade receivables & other assets

6

193,212

109,110

Total current assets

1,704,658

2,602,790

Rent received in advance (258,446)

(367,419)

Accruals & other payables (1,282,243)

(1,573,157)

Total Current Liabilities (1,540,688)

(1,940,576)

Unitholders' Equity 9,406,353

9,406,353

Revenue Reserve 755,412

1,280,807

Unitholders' Equity 10,161,765

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 JUNE 30, 2025

Balance as at January 1, 2024

Dividend Paid

Transfer from income statement

Balance as at December 31, 2024

Changes in Equity Current year:

Dividend

Total Comprehensive Income

Other item/Adjustment (audit adjustment)

Balance as at June 30, 2025

Share Capital

Retained Earnings

Total Equity

N'000

N'000

N'000

9,406,353

828,273

10,234,626

-

(592,600)

(592,600)

-

1,045,134

1,045,134

9,406,353

1,280,807

10,687,160

-

(950,042)

-

(950,042)

-

432,588

432,588

(7,941)

(7,941)

9,406,353

755,412

10,161,765

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF CASH FLOW

FOR THE PERIOD ENDED JUNE 30, 2025

Jun-25

Dec-24

Notes

N'000

N'000

Operating profit before working capital changes

7i

444,490

1,082,374

Working capital changes

7ii

(451,297)

202,063

Income tax paid

(12,139)

Net Cash Generated from Operating Activities

(6,807)

1,272,298

Cash Flow from Investing Activities

Disposal/(Addition) of Investment Properties

70,357

Disposal of Plant & Equipment

(1,339)

Purchase of Plant & household equipments

(16,106)

(28,733)

Development of investment properties

-

Investment in financial asset

8,645

9,608

Net Cash flow used in Investing Activities

(8,800)

51,231

Cash Flow from Financing Activities

Disposal of shares

Audit Adjustment

(7,941)

-

Dividend paid

(950,042)

(592,600)

Net Cash flow Financing Activities

(957,982)

(592,600)

Net Increase/Decrease Cash and Cash Equivalent (973,589)

725,561

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

1,362,909

Cash and Cash Equivalent End of period 1,114,881

2,088,470

UH REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED JUNE 30, 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

Jun-25

Jun-24

N'000

N'000

210,969

155,243

335,959

298,377

1,721

39,489

548,649

493,108

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

Jun-25

Dec-24

N'000

N'000

1,143,143

1,143,143

1,733,876

1,733,875

227,950

227,950

418,422

418,421

2,692,455

2,692,456

-

1,703,461

1,703,461

665,701

665,701

248,720

248,720

445,000

445,000

9,278,727

9,278,727

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

53,830

1,250

5,383

1,500

1,250

40,970

63,010

1,250

5,538

1,500

1,250

34,938

5,344

5,653

6,534

1,245

116,061

114,383

4ii

Real Estate Related: Investment in FGN Sukuk

Jun-25

N'000

Dec-24

N'000

7

Cashflow Reconciliation

Operating profit before working capital changes

Profit before tax

Adjustments: Depreciation

432,588

1,045,134

11,903

23,381

444,490

1,068,515

5

Financial Assets

N'000

N'000

396,565

405,210

5ii

Cash & Cash Equivalents

Term Deposits

Tbills

Cash

98,253

112,683

1,003,101

1,972,021

13,527

3,766

1,114,881

2,088,470

6

Debtors and Other Assets

Trade Receivables

Prepaid Expenses

190,325

103,452

2,887

5,658

193,212

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)

(51,409)

1,821

(108,973)

79,382

(290,914)

120,185

675

(451,297)

202,063