Uhreit)- year end - financial statement for 2025

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED DECEMBER 31, 2025

Dec-25

Dec-24

N'000

N'000

Total Income 2 1,392,885

1,265,637

Distribution/Admin and Other Expenses 3 (223,368)

(220,503)

Financial Charges -

Taxation

-

Net Income 1,169,516

1,045,134

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF FINANCIAL POSITION

AS AT DECEMBER 31, 2025

Dec-25

N'000

Dec-24

N'000

Assets

Investment properties 25,610,000

9,278,727

Leasehold Investment 18,756

0

Plant & equipments 39,845

56,219

Investment in Sukuk 463,860

690,000

Total noncurrent assets 26,132,461

10,024,946

Financial asset 390,420

405,210

Cash & cash equivalents 2,350,576

2,088,470

Trade receivables & other assets 95,033

109,110

Total current assets 2,836,029

2,602,790

Rent received in advance (442,798)

(367,419)

Accruals & other payables (671,051)

(1,573,157)

Total Current Liabilities (1,113,848)

(1,940,576)

Unitholders' Equity 9,406,353

9,406,353

Revenue Reserve 18,448,288

1,280,807

Unitholders' Equity 27,854,641

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 DECEMBER 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

-

(950,042)

(950,042)

Total Comprehensive Income

-

1,169,516

1,169,516

Revaluation Reserves

-

-

16,955,948

Other item/Adjustment (audit adjustment)

(7,941)

(7,941)

Balance as at December 31, 2025

9,406,353

1,492,341

27,854,641

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF CASH FLOW

FOR THE PERIOD ENDED DECEMBER 31, 2025

Dec-25

N'000

Dec-24

N'000

Cash Flow from Operating Activities

Operating profit before working capital changes 1,193,073

1,082,374

Working capital changes (586,512)

202,063

Income tax paid

(12,139)

Net Cash Generated from Operating Activities 606,561

1,272,298

Cash Flow from Investing Activities

Disposal/(Addition) of Investment Properties

(718)

70,357

Disposal of Plant & Equipment

(7,184)

Purchase of Plant & household equipments

(18,756)

(28,733)

Development of investment properties

-

Investment in financial asset

14,790

9,608

Net Cash flow used in Investing Activities

(11,867)

51,231

Cash Flow from Financing Activities

Disposal of shares

Audit Adjustment

Dividend paid

Net Cash flow Financing Activities

625,392

(7,941)

(950,042)

(332,590)

-

(592,600)

(592,600)

Net Increase/Decrease Cash and Cash Equivalent 262,104

725,561

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

1,362,909

Cash and Cash Equivalent End of period 2,350,574

2,088,470

UH REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED DECEMBER 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

Dec-25

Dec-24

N'000

N'000

357,813

231,524

723,593

454,604

311,479

40,089

1,392,885

726,217

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

106,135.92

113,508

2,500.00

2,500

10,613.59

10,588

3,000

3,000

2,500

2,500

80,925

52,569

430

10,729

11,219

6,534

1,245

223,368

197,129

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

Dec-25

Dec-24

N'000

N'000

3,150,000

1,143,143

4,020,000

1,733,875

900,000

227,950

1,800,000

418,421

6,930,000

2,692,456

-

5,050,000

1,703,461

2,700,000

665,701

600,000

248,720

460,000

445,000

25,610,000

9,278,727

4ii

Real Estate Related: Investment in FGN Sukuk

Dec-25

N'000

Dec-24

N'000

7

Cashflow Reconciliation

Operating profit before working capital changes

Profit before tax

Adjustments: Depreciation

1,169,516

1,045,134

23,557

23,381

1,193,073

1,068,515

5

Financial Assets

N'000

N'000

390,420

405,210

5ii

Cash & Cash Equivalents

Term Deposits

Tbills

Cash

375,539

112,683

1,950,565

1,972,021

24,472

3,766

2,350,576

2,088,470

6

Debtors and Other Assets

Trade Receivables

Prepaid Expenses

89,502

103,452

5,532

5,658

95,033

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)

240,217

1,821

79,382

(902,106)

120,185

75,379

675

(586,512)

202,063