UPDC Real Estate Investment Trust (REIT) has reported a N752.4 million increase in net assets attributable to unit holders for its unaudited Q1 2026 financial statements. This represents a 36.37% year-on-year growth from N551.7 million in the corresponding period of 2025.
The robust growth was primarily fueled by a surge in top-line performance. Rental income for the period ended March 31, 2026, climbed to N759.8 million, marking an impressive 82.78% increase from N415.7 million recorded in Q1 2025.
On the balance sheet, investment properties constituted the largest portion of total assets, valued at N29.5 billion. Total assets saw an increase from N34.2 billion in Q1 2025 to N37.7 billion during the reporting period, a rise of 10.15%.
The trust, managed by SFS Capital, recorded N1.3 billion in rent received in advance, an increase from N1.04 billion in the prior year, which represents its largest obligation. Total liabilities settled at N1.5 billion.
Driving the Numbers
A detailed review of the financial statements reveals that, in addition to rental income of N759.8 million, UPDC REIT earned N263.8 million in interest from bank deposits. This interest income saw a slight decrease of 13.91% year-on-year from N306.5 million.
Combined revenue from rental operations, bank deposits, and assets measured at Fair Value Through Profit or Loss (FVTPL) reached N1.02 billion, an increase of 30.14% from N788.9 million in the prior period.
After accounting for an impairment charge of N28.5 million and operating expenses totaling N245.6 million (up from N196.1 million in Q1 2025), the increase in net assets attributable to unit holders concluded at N752.4 million. Earnings per share also saw an uplift, rising from N0.21 in Q1 2025 to N0.28 in Q1 2026.
Total assets grew to N37.7 billion from N34.2 billion. This growth was largely attributed to investment properties valued at N29.5 billion and cash and equivalents amounting to N6.7 billion.
Total liabilities increased by 25.09% to N1.5 billion. The most significant liability for the Trust remains rent received in advance, standing at N1.3 billion.
