UH Real Estate Investment Trust (UH REIT) has announced a net income of N518.50 million for the first half of 2026, representing a significant 19.86% increase from N432.59 million recorded in the same period of 2025. This growth was primarily fueled by stronger rental and interest income streams.
The fund's total income for the six months ended June 30, 2026, rose by 36.19% to N747.23 million, up from N548.65 million in H1 2025. Consequently, basic earnings per unit saw an improvement, reaching N2.76 from N2.30 in the prior year.
During the period, UH REIT paid out N1.04 billion in dividends, an N86.12 million or 9.0% increase compared to the N957.98 million paid in 2025. This reflects a consistent return to unitholders.
The income growth was broad-based across all three revenue streams. Rental income remained the primary driver, contributing N393.52 million, a 5.23% increase, and accounting for 52.7% of total income.
Interest income followed with N251.86 million, up 19.4%, representing 33.7% of total income. Sundry income experienced a sharp jump of 5,818.07% to N101.85 million from just N1.721 million in H1 2025, contributing 13.6% to the total.
On the expenditure side, distribution, administrative, and other expenses nearly doubled, rising by 97.05% year-on-year to N228.73 million from N116.06 million. Managers’ fees constituted the largest single cost item at N139.56 million, up from N53.83 million, representing approximately 61% of total operating expenses.
Other administrative expenses stood at N58.51 million, an increase from N40.97 million. Custodian fees rose to N13.96 million from N5.38 million. Additionally, CSCS eligible and listing fees were N4.34 million, while insurance costs amounted to N5.78 million. Trustee, auditors’, and rating agency fees remained flat at N1.25 million, N1.50 million, and N1.25 million, respectively.
Despite the significant rise in expenses, the robust income growth was sufficient to deliver a nearly 20% increase in net income for the period.
As of June 30, 2026, UH REIT’s total assets were N28.66 billion, a slight decrease of 1.69% from N29.15 billion at the end of 2025. Investment properties remained the dominant asset class at N25.28 billion, or about 88% of total assets, reflecting a marginal decline of 1.74% from N25.73 billion.
This decline in investment properties followed a fair value markdown on the Fund’s Macdonald, Ikoyi property, which fell to N2.70 billion from N3.15 billion. Cash and cash equivalents stood at N2.38 billion, a 1.63% decrease from N2.42 billion, primarily comprising N2.37 billion in Treasury Bills and a small residual cash balance. Investment in FGN Sukuk was held steady at N490 million.
Total current liabilities increased to N1.22 billion from N1.20 billion, driven by higher accruals and other payables, which rose to N907.01 million from N761.25 million. Conversely, rent received in advance declined to N310.05 million from N442.80 million.
Net assets attributable to unitholders were N27.44 billion, down 1.81% from N27.95 billion at year-end 2025. Unitholders’ equity remained flat at N9.41 billion, while revenue reserves declined to N18.04 billion from N18.54 billion.
In terms of market performance, the stock began the year with a share price of N51.85 and sharply rose to N94.85 per share on January 28, 2026, before experiencing a steady decline. Nevertheless, it has gained 35% on its year-opening price, positioning it 64th on the Nigerian Exchange (NGX) in terms of year-to-date performance.
