UPDC REAL ESTATE INVESTMENT TRUST FUND STATEMENT TO THE NIGERIAN EXCHANGE GROUP AND THE SHAREHOLDERS ON THE UNAUDITED IFRS RESULTS FOR THE PERIOD ENDED 31 MARCH 2026
UPDC REAL ESTATE INVESTMENT TRUST UNAUDITED REPORTS FOR THE PERIOD ENDED 31 MARCH 2026 STATEMENT OF COMPREHENSIVE INCOME | ||
Notes | 31 March 2026 | 31 March 2025 |
N'000 | N'000 | |
Rental income | 1 | 759,882 | 415,741 |
Interest income on deposit with banks | 3 | 263,865 | 306,509 |
Interest income on assets measured at FVTPL | 2 | 2,950 | 66,066 |
Net gain/(loss) on financial assets held for trading Net gain on disposal of investment property | 4 | - - | 607 - |
Revenue | 1,026,697 | 788,923 | |
Impairment charge on receivables | (28,577) | (41,001) | |
Operating expenses | 6 | (245,628) | (196,138) |
Increase in net assets attributable to unit holders Tax | 752,492 - | 551,784 - | |
Increase in net assets attributable to unit holders 752,492 | 551,784 | ||
Earnings per unit to unit holders of the Trust Earnings per unit - basic and diluted (Naira) 0.28 | 0.21 | ||
UPDC REAL ESTATE INVESTMENT TRUST UNAUDITED REPORTS FOR THE PERIOD ENDED 31 MARCH 2026 STATEMENT OF FINANCIAL POSITION | ||
Notes | 31 March 2026 | 31 March 2025 |
N'000 | N'000 | |
Assets: | ||
Cash and cash equivalents | 7 | 6,741,683 | 6,317,924 |
Financial assets held for trading | 8 | 81,204 | 73,905 |
Other assets | 10 | 392,572 | 24,141 |
Property and equipment | 12 | 889,140 | 335,830 |
Right-of-use assets | 9(i) | 41,322 | 44,386 |
Investment property | 29,594,534 | 27,467,286 | |
Total assets | 37,740,454 | 34,263,472 | |
Liabilities: | |||
Other liabilities | 13 | 128,267 | 120,311 |
Rent received in advance | 14 | 1,330,794 | 1,044,480 |
Lease liabilities | 9(ii) | 24,483 | 42,564 |
Unclaimed dividend | 26,318 | - | |
WHT payable | 388 | - | |
Total liabilities | 1,510,250 | 1,207,355 | |
Net assets attributable to unit holders of the Trust | 36,230,204 | 33,056,117 | |
Represented by: | |||
Units and reserves attributable to unit holders of the Trust | |||
Unit holders' contributions | 26,682,695 | 26,682,695 | |
Retained Profit/(loss) | 9,547,509 | 6,373,422 | |
36,230,204 | 33,056,117 |
ATTRIBUTABLE TO UNIT HOLDERS OF THE TRUST | |||
At 1 January 2025 (comparative) | 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: | |||
Distribution paid to unit holders | - | - | - |
At 31 March 2025 | 26,682,695 | 6,373,422 | 33,056,117 |
At 1 January 2026 | 26,682,695 | 8,795,017 | 35,477,712 |
Comprehensive income: | |||
Increase in net assets attributable to unit holders | - | 752,492 | 752,492 |
Transactions with unit holders in their capacity as unit holders: | |||
Distributions paid to unit holders | - | - | - |
At 31 March 2026 | 26,682,695 | 9,547,509 | 36,230,204 |
UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED REPORTS FOR THE PERIOD ENDED 31 MARCH 2026 STATEMENT OF CHANGES IN UNITS AND RESERVES
Unitholders' contributions Retained earnings/(loss)
Total
N'000
N'000
N'000
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 UPDC REAL ESTATE INVESTMENT TRUST | |||
1 Rental Income | |||
31 March 2026 N'000 | 31 March 2025 N'000 | ||
Rental Income | 759,882 | 415,741 | |
Total rental income | 759,882 | 415,741 | |
2 Interest income on assets measured at fair value through profit or loss | |||
31 March 2026 N'000 | 31 March 2025 N'000 | ||
FGN SUKUK bonds (13.0% FGN SUKUK 2031) | 2,950 | 2,950 | |
Treasury bills | - | 31,907 | |
WHT Waiver on Tbills | - | 31,209 | |
2,950 | 66,066 | ||
3 Interest income on deposit with banks | |||
31 March 2026 N'000 | 31 March 2025 N'000 | ||
Interest earned on fixed deposit placements | 259,494 | 302,654 | |
Credit interest on bank balance (other income) | 4,371 | 3,855 | |
263,865 | 306,509 | ||
4 Net gain/(loss) on financial assets held for trading | |||
31 March 2026 N'000 | 31 March 2025 N'000 | ||
Fair value (gain)/loss on held for trading instruments | - | 607 | |
- | 607 | ||
5 Net gain on disposal of investment property | |||
31 March 2026 N'000 | 31 March 2025 N'000 | ||
Gain on disposal of investment property | - | - | |
- | - | ||
6 Operating expenses | |||
31 March 2026 N'000 | 31 March 2025 N'000 | ||
Fund manager's fee | 34,603 | 33,232 | |
Property maintenance expenses | 32,615 | 38,868 | |
Registrar's fees | 125 | 2,820 | |
Trustees' fees | 2,163 | 2,049 | |
Audit fees | 4,375 | 4,011 | |
Professional fees | 9,988 | 10,833 | |
Custodian fees | 6,488 | 6,231 | |
Printing, advert and travels | - | 265 | |
SEC fees | 17,076 | 15,457 | |
Property manager's fees | 32,012 | 23,359 | |
Insurance premium | 9,261 | 8,828 | |
Depreciation on office equipment (notes 12) | 32,155 | 33,098 | |
Depreciation on furniture & fittings (see note 12) | 34,755 | 7,228 | |
Depreciation on right of use assets (notes 9i) | 2,788 | 2,144 | |
Interest expense on lease | 717 | 1,200 | |
General and other operating expenses | 26,509 | 3,324 | |
WHT on Fixed Income Instrument | - | 3,191 | |
245,628 | 196,138 | ||
7 Balances with banks | ||
31 March 2026 N'000 | 31 March 2025 N'000 | |
Current account balances with commercial banks | 147,296 | 6,317,924 |
Current account balances with commercial banks | 6,594,386 | - |
6,741,683 | 6,317,924 | |
Current | 6,741,683 | 6,317,924 |
Non-Current | - | - |
6,741,683 | 6,317,924 | |
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 2026 N'000 | 31 March 2025 N'000 | |
FGN bonds (13.0% FGN SUKUK 2031) | 81,204 | 73,905 |
81,204 | 73,905 | |
Current | - | - |
Non-Current | 81,204 | 73,905 |
81,204 | 73,905 | |
9(i) Right-of-use assets | ||
31 March 2026 N'000 | 31 March 2025 N'000 | |
Opening balance as at 1 January 2026 | 68,426 | 41,178 |
Additions during the period | - | 18,518 |
Closing balance as at 31 March 2026 | 68,426 | 59,696 |
Depreciation | ||
Opening balance as at 1 January 2026 | 24,317 | 13,166 |
Charge for the period | 2,788 | 2,144 |
Closing balance as at 31 March 2026 | 27,104 | 15,310 |
Net book value as at 31 March 2026 | 41,322 | 44,386 |
9(ii) Lease liabilities | ||
31 March 2026 N'000 | 31 March 2025 N'000 | |
Opening balance as at 1 January 2026 | 23,766 | 41,364 |
Additions | - | - |
Interest expense | 717 | 1,200 |
Closing balance as at 31 March 2026 | 24,483 | 42,564 |
Non-current lease liabilities | 24,483 | 42,564 |
10 Other assets | ||
31 March 2026 N'000 | 31 March 2025 N'000 | |
Financial: | ||
Rent receivables | 685,307 | 261,228 |
ECL provision | (324,577) | (263,571) |
Net rent receivables | 360,730 | (2,343) |
Non financial: | ||
Prepaid expenses | 27,782 | 26,484 |
Other receivables | 4,060 | - |
31,842 | 26,484 | |
Total other assets | 392,572 | 24,141 |
Opening Balance | (296,000) | (222,570) |
Impairment Charge for the period | (28,577) | (41,001) |
Closing Balance | (324,577) | (263,571) |
11 Investment property | ||
31 March 2026 N'000 | 31 March 2025 N'000 | |
Beginning balance (1 January 2026) | 29,594,534 | 27,240,747 |
Additions | - | - |
Improvements | - | 226,539 |
Disposals | - | - |
Fair value gain | - | - |
Closing balance at 31 March 2026 (Non-Current) | 29,594,534 | 27,467,286 |
Office Equipm | ent | Fixtures and | fittings | Under Constructi on | Total | |
N'000 | N'000 | N'000 | N'000 | |||
Cost | ||||||
At 1 January 2026 | 713,927 | 609,488 | 203,876 | 1,527,291 | ||
Additions | 30,700 | 204,073 | - | 234,773 | ||
Reclassifications | - | - | - | - | ||
Disposals | - | - | - | |||
At 31 March 2026 | 744,627 | 813,561 | 203,876 | 1,762,064 | ||
Accumulated Depreciation | ||||||
At 1 January 2026 | 559,022 | 246,991 | 806,013 | |||
Charge for the year | 32,155 | 34,755 | 66,911 | |||
At 31 March 2026 | 591,177 | 281,746 | - | 872,924 | ||
Net book amount at 1 January 2026 | 154,905 | 362,497 | 721,278 | |||
Net book amount at 31 March 2026 | 153,450 | 531,814 | 203,876 | 889,140 |
Office Equipm | ent | Fixtures and | fittings | Under Constructi on | Total | |
Property and Equipment (continued) | N'000 | 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 | (27,003) | 27,003 | - | - | ||
Disposals | - | - | - | - | ||
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 |
13 Other liabilities | |||
31 March 2026 N'000 | 31 March 2025 N'000 | ||
Financial liabilities: | |||
Fund manager's fee payable | 34,603 | 32,168 | |
Custodian fees payable | 6,488 | 6,032 | |
Caution deposits | 9,050 | 4,844 | |
Accrued expenses | 71,968 | 80,867 | |
Other payables SEC Supervisory fees | - 6,158 | (3,600) - | |
128,267 | 120,311 | ||
Current Non-Current | 128,267 - | 120,311 - | |
128,267 | 120,311 |
Assets
Assets
14 Rent received in advance | ||
31 March 2026 N'000 | 31 March 2025 N'000 | |
Rent received in advance (unearned rent) | 1,330,794 | 1,044,480 |
1,330,794 | 1,044,480 | |
Current | 1,171,099 | 928,649 |
Non-Current | 159,695 | 115,831 |
1,330,794 | 1,044,480 | |
15 Unit holders' contribution | ||
31 March 2026 N'000 | 31 March 2025 N'000 | |
Authorised | ||
3,000,000,000 units of N10 each Issued and fully paid | 30,000,000 | 30,000,000 |
2,668,269,500 units of N10 each | 26,682,695 | 26,682,695 |
16 Earnings/(loss) per unit | ||
31 March 2026 N'000 | 31 March 2025 N'000 | |
(i) Basic | ||
Profit after tax attributable to unit holders of the Trust (N'000) | 752,492 | 551,784 |
Number of ordinary units in issue (000) | 2,668,270 | 2,668,270 |
Basic earnings per unit (Naira) | 0.28 | 0.21 |