Uhreit)- quarter 3 - financial statement for 2025

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED SEPTEMBER 30, 2025

Sep-25

Sep-24

N'000

N'000

Total Income 2 790,754

726,217

Distribution/Admin and Other Expenses 3 (169,063)

(170,345)

Financial Charges -

Taxation

-

Net Income 621,691

555,872

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2025

Sep-25

N'000

Dec-24

N'000

Assets

Investment properties

9,419,187

9,278,727

Leasehold Investment

16,106

0

Plant & equipments

45,669

56,219

Investment in Sukuk

674,390

690,000

Total noncurrent assets

10,155,353

10,024,946

Financial asset

390,284

405,210

Cash & cash equivalents

1,328,594

2,088,470

Trade receivables & other assets

113,832

109,110

Total current assets

1,832,711

2,602,790

Rent received in advance (412,820)

(367,419)

Accruals & other payables (1,224,375)

(1,573,157)

Total Current Liabilities (1,637,195)

(1,940,576)

Unitholders' Equity 9,406,353

9,406,353

Revenue Reserve 944,515

1,280,807

Unitholders' Equity 10,350,868

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 SEPTEMBER 30, 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

-

(950,042)

(950,042)

Total Comprehensive Income

-

621,691

621,691

Other item/Adjustment (audit adjustment)

(7,941)

(7,941)

Balance as at September 30, 2025

9,406,353

944,515

10,350,868

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF CASH FLOW

FOR THE PERIOD ENDED SEPTEMBER 30, 2025

Sep-25

N'000

Dec-24

N'000

Cash Flow from Operating Activities

Operating profit before working capital changes 639,424

1,082,374

Working capital changes (292,495)

202,063

Income tax paid

(12,139)

Net Cash Generated from Operating Activities 346,929

1,272,298

Cash Flow from Investing Activities

Disposal/(Addition) of Investment Properties

(140,460)

70,357

Disposal of Plant & Equipment

(7,184)

Purchase of Plant & household equipments

(16,106)

(28,733)

Development of investment properties

-

Investment in financial asset

14,926

9,608

Net Cash flow used in Investing Activities

(148,825)

51,231

Cash Flow from Financing Activities

Disposal of shares

Audit Adjustment

Dividend paid

Net Cash flow Financing Activities

(7,941)

(950,042)

(957,982)

-

(592,600)

(592,600)

Net Increase/Decrease Cash and Cash Equivalent (759,878)

725,561

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

1,362,909

Cash and Cash Equivalent End of period 1,328,592

2,088,470

UH REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED SEPTEMBER 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

Sep-25

Sep-24

N'000

N'000

274,983

231,524

511,799

454,604

3,971

40,089

790,754

726,217

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

Sep-25

Dec-24

N'000

N'000

1,143,143

1,143,143

1,733,876

1,733,875

227,950

227,950

418,421

418,421

2,692,455

2,692,456

-

1,703,461

1,703,461

806,162

665,701

248,720

248,720

445,000

445,000

9,419,187

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

79,600.31

1,875.00

7,960.03

2,250

1,875

60,921

88,825

1,875

8,119

2,250

1,875

57,703

8,047

8,453

6,534

1,245

169,063

170,345

4ii

Real Estate Related: Investment in FGN Sukuk

Sep-25

N'000

Dec-24

N'000

7

Cashflow Reconciliation

Operating profit before working capital changes

Profit before tax

Adjustments: Depreciation

621,691

1,045,134

17,733

23,381

639,424

1,068,515

5

Financial Assets

N'000

N'000

390,284

405,210

5ii

Cash & Cash Equivalents

Term Deposits

Tbills

Cash

120,194

112,683

1,197,670

1,972,021

10,730

3,766

1,328,594

2,088,470

6

Debtors and Other Assets

Trade Receivables

Prepaid Expenses

106,596

103,452

7,236

5,658

113,832

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)

10,887

1,821

45,401

79,382

(348,782)

120,185

675

(292,495)

202,063