LAGOS, Nigeria — UPDC Real Estate Investment Trust reported an N752.4 million increase in net assets attributable to unit holders for the first quarter of 2026, driven by an 82.78 percent surge in rental income, according to unaudited financial statements released on April 21, 2026.
Okay News reports that rental income for the period ended March 31, 2026, rose to N759.8 million from N415.7 million in the corresponding period of 2025.
Total revenue for the quarter climbed 30.14 percent to N1.02 billion from N788.9 million year-on-year. Interest income on bank deposits declined 13.91 percent to N263.8 million from N306.5 million, with fixed deposit placements accounting for 98.3 percent of total interest earnings.
Operating expenses increased to N245.6 million from N196.1 million in the prior period. After accounting for an impairment charge of N28.5 million, the increase in net assets attributable to unit holders settled at N752.4 million, up 36.37 percent from N551.7 million a year earlier. Earnings per unit rose to N0.28 from N0.21.
Total assets stood at N37.7 billion, up 10.15 percent from N34.2 billion in the first quarter of 2025. Investment properties valued at N29.5 billion accounted for the bulk of assets, while cash and equivalents totalled N6.7 billion.
Total liabilities rose 25.09 percent to N1.5 billion, with rent received in advance at N1.3 billion representing the largest obligation. Unitholders’ contributions remained at N26.6 billion, while retained profit increased 49.80 percent to N9.5 billion.
The fund, managed by SFS Capital, trades on the Nigerian Exchange under the ticker “UPDCREIT” with a year-to-date return of 12.32 percent and a unit price of N7.75.
