Chapel Hill Denham's Nigeria Real Estate Investment Trust (NREIT) has announced a substantial increase in its financial performance, recording a pre-tax profit of N25.06 billion for the 2025 financial year. This marks a significant jump from the N3.1 billion profit reported in 2024.
The trust's audited financial statement, published on the Nigerian Exchange, revealed that revaluation gains on investment properties contributed N17.3 billion to the year's performance. Rental income also saw a considerable rise, increasing by 174.8% to N4.4 billion from N1.6 billion in the previous year. Mudaraba transactions grew to N5.8 billion, up from N2.06 billion in 2024.
During 2025, NREIT made two acquisitions totaling N135 billion. The Net Asset Value per unit increased to N115.16 from N107.76 per unit.
Key financial highlights for 2025 include a top-line income of N27.6 billion, compared to N3.6 billion in 2024. Gross income stood at N27.6 billion, an increase from N4.04 billion. Total expenses rose by 174.98% to N2.5 billion.
The significant acquisitions driving these numbers include a corporate residential estate in Maitama, Abuja, valued at N124 billion and acquired in October 2025, which accounted for the majority of the acquisition total. An industrial warehouse in the Lagos Free Zone, acquired for N11 billion in December 2025, made up the remainder.
After accounting for mudaraba transactions of N5.8 billion and revaluation gains on investment property of N17.3 billion, alongside N4.4 billion in rental income, the gross profit reached N27.6 billion. This represents a 582.5% increase year-on-year from N4.04 billion in the prior year.
However, total expenses also increased, reaching N2.5 billion from N932.8 million, with management fees of N1.6 billion being the largest component. Consequently, the pre-tax profit was N25.06 billion, a substantial increase from N3.1 billion in the previous year. With no tax recorded, the profit after tax remained at N25.06 billion.
On the balance sheet, total assets reached N197.08 billion, with investment property valued at N187.4 billion forming the largest portion. Members' funds increased to N161.1 billion, up 200.59% year-on-year.
