Updc Real Estate Investment TrustNSENG: UPDCREIT

Quarter 1 - financial statement for 2025

Apr 30, 2025 at 5:36 PM UTC · Issued by Updc Real Estate Investment Trust

UPDC REAL ESTATE INVESTMENT TRUST ANNUAL REPORTS AND FINANCIAL STATEMENT FOR THE PERIOD ENDED 31 MARCH 2025

	Notes	31 March 2025	31 March 2024
		N'000	N'000
Rental income	1	415,741	349,737
Interest income on deposit with banks	3	306,509	214,159
Interest income on assets measured at fair value through profit or loss	2	66,066	2,975
Net gain/(loss) on financial assets held for trading	4	607	348
Net gain on disposal of investment property	5	-	410,000
Revenue		788,923	977,218
Impairment charge on receivables	10	(41,001)	(7,625)
Operating expenses	6	(196,138)	(180,076)
Increase in net assets attributable to unit holders Tax		551,784 -	789,517 -
Increase in net assets attributable to unit holders		551,784	789,517
Earnings per unit to unit holders of the Trust
Earnings per unit - basic and diluted (Naira)	16	0.21	0.30

Notes	31 March 2025	31 March 2024
	N'000	N'000
Assets: Cash and cash equivalents 7	6,317,924	6,574,564
Financial assets held for trading 8	73,905	95,107
Other assets 10	24,141	99,691
Property and equipment 12	335,830	119,199
Right of use assets 9(i)	44,386	31,710
Investment property 11	27,467,286	23,796,557
Total assets	34,263,472	30,716,828
Liabilities: Other liablities 13	120,311	136,347
Rent received in advance 14	1,044,480	800,530
Lease liabilities 9(ii)	42,564	38,629
Total liabilities	1,207,355	975,505
Net assets attributable to unit holders of the Trust	33,056,117	29,741,323
Represented by:
Units and reserves attributable to unit holders of the Trust Unit holders' contributions 15	26,682,695	26,682,695
Retained Profit/(loss)	6,373,422	3,058,628
	33,056,117	29,741,323

UPDC REAL ESTATE INVESTMENT TRUST UNAUDITED REPORTS FOR THE PERIOD ENDED 31 MARCH 2025 STATEMENT OF CHANGES IN UNITS AND RESERVES ATTRIBUTABLE TO UNIT HOLDERS OF THE TRUST

	Unitholders' contributions	Retained earnings/(loss)	Total
	N'000	N'000	N'000
At 1 January 2024	26,682,695	2,269,111	28,951,806
Comprehensive income:
Increase in net assets attributable to unit holders	-	789,517	789,517
Transactions with unit holders in their capacity as unit holders:
Distribution paid to unit holders	-	-	-

At 31 March 2024	26,682,695	3,058,628	29,741,323
At 1 January 2025	26,682,695	5,846,056	32,528,751
Comprehensive income
Increase in net assets attributable to unit holders	-	551,784	551,784
Net reclassification adjustments for realised loss			-
Prior Year Adjustment		(24,418)	(24,418)
Transactions with unit holders in their capacity as unit holders:		527,366	527,366
Distributions paid to unit holders	-	-	-
	-	527,366	527,366
Dividend paid	-		-
Fair value reclassification to statement of comprehensive income	-	-	-
At 31 March 2025	26,682,695	6,373,422	33,056,117

	31 March 2025 N'000	31 March 2024 N'000
1 Rental Income
Rental Income	415,741	349,737
	415,741	349,737
2 Interest income on assets measured at fair value through profit or loss
Held for trading assets:
Bonds	2,950	2,975
Treasury bills	31,907	-
FGN Promissory notes	-	-
WHT Waiver on Tbill	31,209
	66,066	2,975
3 Interest income on deposit with banks
Interest earned on placements	302,654	204,584
Credit interest on bank balance	3,855	9,575
	306,509	214,159
Credit interest relates to interest earned on bank balances during the period
4 Net gain/(loss) on financial assets held for trading
Trading income	-	-
Fair value (gain)/loss on held for trading instruments	607	348
	607	348
5 Net gain on disposal of investment property
Gain on disposal of investment property (Sale of UAC complex)	-	410,000
	-	410,000
	31 March 2025	31 March 2024
	N'000	N'000
6 Operating expenses
Fund manager's fee	33,232	31,959
Property maintenance expenses	38,868	57,850
Registrar's fees	2,820	2,794
Trustees' fees	2,049	1,069
Audit fees	4,011	4,044
Professional fees	10,833	16,452
Custodian fees	6,231	5,992
Printing, advert and travels	265	267
SEC fees	15,457	14,864
Property manager's fees	23,359	9,588
Insurance premium	8,828	8,495
Depreciation on property & equipment (see note 19)	33,098	19,271
Depreciation on right of use assets (Note 16)	2,144	1,233
Interest expense on lease	1,200	842
Depreciation on furniture & fittings (see note 19)	7,228	-
Other operating expenses	3,324	5,356
WHT on Fixed Income Instrument	3,191	-
	196,138	180,076

7	Balances with banks 31 March 2025 N'000	31 March 2024 N'000
	- Current account with banks in Nigeria
	Balances with banks 6,317,924	6,574,564
	6,317,924	6,574,564
	Current 6,317,924 Non-Current -	6,574,564 -
	6,317,924	6,574,564
	Balances with banks represents call account balances and fixed deposits with commercial banks.

The bank deposits are short term in nature and can be withdrawn at short notice. No impairment losses are recognised on the balance as the fund manager concludes that the risk of default is low and there is no material significant increase in credit risk

8	Financial assets held for trading	31 March 2025	31 March 2024
		N'000	N'000
	FGN bonds	73,905	95,107
	FGN promissory note	-	-
		73,905	95,107
	Current Non-Current	-73,905	-95,107
		73,905	95,107
9	Leases	31 March 2025	31 March 2024
		N'000	N'000
9(i)	Right-of-use assets
	Opening balance as at 1 January 2025	41,178	41,178
	Additions during the year	18,518	-
	Closing balance as at 31 March 2025	59,696	41,178
	Depreciation
	Opening balance as at 1 January 2025	13,166	8,235
	Charge for the year	2,144	1,233
	Closing balance as at 31 March 2025	15,310	9,468
	Net book value as at 31 March 2025	44,386	31,710

9(ii)	Lease liabilities	31 March 2025 N'000	31 March 2024 N'000
	Opening balance as at 1 January 2025	41,364	37,787
	Additions	-	-
	Interest expense	1,200	842
	Closing balance as at 31 March 2025	42,564	38,629
	Non-current lease liabilities	42,564	38,629
		42,564	38,629
9(iii)	Amounts recognised in the statement of profit or loss	31 March 2025	31 March 2024
		N'000	N'000
	Depreciation charge of right-of-use assets	2,144	1,233
	Interest expense	1,200	842
		31 March 2025	31 March 2024
		N'000	N'000
10	Other assets
	Financial:
	Rent receivables Other assets - financial ECL provision	261,228 -(263,571)	201,941 -(127,735)
	Non financial:	(2,343)	74,206
	Prepaid expenses	26,484	25,485
		26,484	25,485
		24,141	99,691
	Current Non-Current	24,141 -	99,691 -
		24,141	99,691
	ECL provision
	Opening Balance	(222,570)	(120,110)
	Impairment Charge for the year	(41,001)	(7,625)
	Closing Balance	(263,571)	(127,735)

11 Investment property		31 March 2025 N'000	31 March 2024 N'000
Beginning balance		27,240,747	25,586,557
Additions		-	-
Improvement Disposals		226,539	(1,790,000)
Fair value gain		-	-
Non-Current		27,467,286	23,796,557
Details of the investment property is in note 4.2. Non-Current		27,467,286	23,796,557
12 Property and equipment	Office equipment	Fixtures & fittings	Total
	N'000	N'000	N'000
Cost At 1 January 2025	727,654	208,778	936,432
Additions	3,227	54,645	57,872
Reclassifications Disposals	(27,003) -	27,003 -	- -
At 31 March 2025	703,878	290,426	994,304
Accumulated depreciation At 1 January 2025	422,611	195,537	618,148
Charge for the year	33,098	7,228	40,326
At 31 March 2025	455,709	202,765	658,474
Net book amount at 1 January 2025	305,043	13,241	318,284
Net book amount at 31 March 2025	248,169	87,661	335,830
Property and equipment continued	Office equipment	Furnitures & fittings	Total
	N'000	N'000	N'000
Cost
At 1 January 2024	454,499	191,580	646,079
Additions	273,155	17,198	290,353
At 31 December 2024	727,654	208,778	936,432
Accumulated depreciation
At 1 January 2024	329,685	183,255	512,940
Charge for the year	92,926	12,282	105,208
At 31 December 2024	422,611	195,537	618,148
Net book amount at 1 January 2024	124,814	8,325	133,139
Net book amount at 31 December 2024	305,043	13,241	318,284

13 Other liabilities	31 March 2025 N'000	31 March 2024 N'000
Financial liabilities:
Fund manager's fee payable	32,168	38,569
Custodian fees payable	6,032	5,978
Caution deposits	4,844	4,300
Accrued expenses	80,867	64,124
Other Payables	(3,600)	23,160
SEC Supervisory Fees Payable	-	-
	120,311	136,131
Non financial Liabilities
VAT Payable	-	215
	-	215
	120,311	136,347
Current	120,311	136,347
Non-Current	-	-
	120,311	136,347
	31 March 2025	31 March 2024
	N'000	N'000
14 Rent received in advance
Rent received in advance	1,044,480	800,530
	1,044,480	800,530
Current	928,649	762,577
Non-Current	115,831	37,953
	1,044,480	800,530
15 Unit holders' contribution
Authorised
3,000,000,000 units of N10 each	30,000,000	30,000,000
Issued and fully paid 2,668,269,500 units of N10 each	26,682,695	26,682,695
16 Earnings/(loss) per unit

Basic

Basic earnings/(loss) per unit is calculated by dividing the net (loss) / profit after tax attributable to the unit holders of the Trust by number of units in issue during the year.

	31 March 2025	31 March 2024
Profit after tax attributable to unit holders of the Trust (N'000)	551,784	789,517
Number of ordinary units in issue (000)	2,668,270	2,668,270
Basic earnings per unit (expressed in Naira per share)	0.21	0.30

Diluted

The Trust does not have potential units with convertible options and therefore there is no dilutive impact on the profit attributable to

Diluted earnings per unit (expressed in Naira per unit) 0.21 0.30

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