UH REAL ESTATE INVESTMENT TRUST | ||
STATEMENT OF COMPREHENSIVE INCOME | ||
FOR THE PERIOD ENDED SEPTEMBER 30, 2024 | ||
Sep-24 | ||
Notes | N'000 | |
Total Income | 2 | 726,217 |
Distribution/Admin and Other Expenses | 3 | (170,345) |
Financial Charges | - | |
Taxation | ||
Net Income | 555,872 | |
Basic Earnings per Share | 2.95 |
The notes form an integral part of these financial statements.
Sep-23 N'000
617,562
(155,058)
-
462,504
2.46
UH REAL ESTATE INVESTMENT TRUST | ||
STATEMENT OF FINANCIAL POSITION | ||
AS AT SEPTEMBER 30, 2024 | ||
Sep-24 | ||
Note | N'000 | |
Assets | ||
Investment properties | 4 | 9,454,882 |
Plant & equipments | 62,108 | |
Investment in Sukuk | 4ii | 659,100 |
Total noncurrent assets | 10,176,090 | |
Financial asset | 5 | 402,620 |
Cash & cash equivalents | 5ii | 1,371,716 |
Trade receivables & other assets | 6 | 141,269 |
Total current assets | 1,915,605 | |
Total assets | 12,091,696 | |
Liabilities | ||
Rent received in advance | (331,107) | |
Accruals & other payables | (1,562,450) | |
Total Current Liabilities | (1,893,557) | |
Net Assets | 10,198,138 | |
Represented By: | ||
Unitholders' Equity | 9,406,353 | |
Revenue Reserve | 791,785 | |
Unitholders' Equity | 10,198,138 |
Dec-23
N'000
9,539,084
50,860
500,000
10,089,944
414,818
1,362,909
107,289
1,885,016
11,974,960
(287,362)
(1,452,972)
(1,740,334)
10,234,626
9,406,353
828,273
10,234,626
The financial statements have been approved and authorised for issue by the Board of Directors on October 10, 2024 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 form an integral part of these financial statements.
UH REAL ESTATE INVESTMENT TRUST | ||
STATEMENT OF CHANGES IN EQUITY | ||
FOR THE PERIOD ENDED SEPTEMBER 30, 2024 | ||
Share Capital | Retained Earnings | |
N'000 | N'000 | |
Balance as at January 1, 2023 | 9,406,353 | 567,211 |
Dividend Paid | - | (395,067) |
Transfer from income statement | - | 656,129 |
Balance as at December 31, 2023 | 9,406,353 | 828,273 |
Changes in Equity Current year: | ||
Dividend | - | (592,600) |
Total Comprehensive Income | - | 555,872 |
Other item/Adjustment (audit adjustment) | 240 | |
Balance as at September 30, 2024 | 9,406,353 | 791,785 |
Total Equity
N'000
9,973,564
(395,067)
656,129
10,234,626
-
(592,600)
555,872
240
10,198,138
UH REAL ESTATE INVESTMENT TRUST | ||
STATEMENT OF CASH FLOW | ||
FOR THE PERIOD ENDED SEPTEMBER 30, 2024 | ||
Sep-24 | ||
Notes | N'000 | |
Cash Flow from Operating Activities | ||
Operating profit before working capital changes | 7i | 573,204 |
Working capital changes | 7ii | 100,185 |
Income tax paid | ||
Net Cash Generated from Operating Activities | 673,389 | |
Cash Flow from Investing Activities | ||
Disposal/(Addition) of Investment Properties | (72,931) | |
Disposal of Plant & Equipment | ||
Purchase of Plant & household equipments | (11,248) | |
Development of investment properties | - | |
Investment in financial asset | 12,198 | |
Net Cash flow used in Investing Activities | (71,982) | |
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 | 8,807 | |
Cash and Cash Equivalent Beginning of period | 1,362,909 | |
Cash and Cash Equivalent End of period | 1,371,716 |
The notes form an integral part of these financial statements.
Dec-23
N'000
698,595
215,019
(20,679)
892,935
(219,025)
(15,591)
-
563,717
329,100
(395,067)
(395,067)
826,969
535,940
1,362,909
UH REAL ESTATE INVESTMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED SEPTEMBER 30, 2024
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
Sep-24 | Sep-23 | ||
2 Total Income | N'000 | N'000 | |
Interest Income | 231,524 | 172,383 | |
Rental Income | 454,604 | 389,837 | |
Sundry Income | 40,089 | 55,343 | |
726,217 | 617,562 |
3 Operating Expenses
Managers Fee | 88,825 | 73,993 | ||
Trustee Fee | 1,875 | 1,875 | ||
Custodian Fee | 8,119 | 7,399 | ||
Auditors Fee | 2,250 | 2,251 | ||
Rating Agency Fee | 1,875 | 1,875 | ||
Other Administrative Expenses | 57,703 | 57,173 | ||
Valuation and other Professional Fees | 213 | |||
Insurance | 8,453 | 7,530 | ||
CSCS Eligible & Listing Fees | 1,245 | 2,750 | ||
170,345 | 155,059 | |||
4 | Investment Properties | Sep-24 | Dec-23 | |
Description | N'000 | N'000 | ||
Property at Macdonald, Ikoyi | 1,143,143 | 1,143,143 | ||
Property at Sapara Williams, Ikoyi | 1,733,876 | 1,733,876 | ||
Property at Olusegun Aina | 341,924 | 341,924 | ||
Property at Mike Akhigbe, Abuja | 418,422 | 418,422 | ||
Property at Sinari Daranijo | 2,692,455 | 2,692,455 | ||
Property at Parkview, Ikoyi | 84,202 | |||
Property at Rumens, Ikoyi | 1,703,461 | 1,703,461 | ||
Property at Michael Olawale, Lekki | 665,701 | 665,701 | ||
Property at Apo Dutse, Abuja | 310,900 | 310,900 | ||
Victoria crest V Estate | 445,000 | 445,000 | ||
9,454,883 | 9,539,085 | |||
4ii Real Estate Related: Investment in FGN Sukuk | 659,100 | 500,000 | ||
N'000 | N'000 | |||
5 | Financial Assets | 402,620 | 414,818 | |
5ii | Cash & Cash Equivalents | |||
Term Deposits | 44,485 | 1,343,188 | ||
Tbills | 1,325,611 | |||
Cash | 1,620 | 19,721 | ||
1,371,716 | 1,362,909 |
6 Debtors and Other Assets
Trade Receivables | 133,916 | 101,364 | ||
Prepaid Expenses | 7,353 | 5,925 | ||
141,269 | 107,289 | |||
Sep-24 | Dec-23 | |||
7 | Cashflow Reconciliation | N'000 | N'000 | |
Operating profit before working capital changes | ||||
Profit before tax | 555,872 | 676,808 | ||
Adjustments: Depreciation | 17,332 | 21,787 | ||
573,204 | 698,595 | |||
7ii | Working Capital Changes | |||
Net decrease/(increase) in receivables and other assets | (33,980) | 4,122 | ||
Net (decrease)/increase in other liabilities & provisions | ||||
Net (decrease)/increase in accruals & other payables | 90,420 | 228,028 | ||
Net (decrease)/increase in rent received in advance (noncurrent) | 43,745 | (17,131) | ||
100,185 | 215,019 |