UH Real Estate Investment Trust reported a total comprehensive income of N18.2 billion, rising sharply from N1.045 billion, according to its audited statements for the 2025 financial year.
This strong growth was mainly driven by revaluation gains on investment properties, which surged to N16.4 billion, alongside stable contributions from investment income at the top line.
Investment income came in at N1.3 billion, up 9% year-on-year, largely supported by rental income, which accounted for 51.95% (N723.5 million) of the Trust’s total earnings.
The improved performance flowed to the bottom line, with earnings per unit increasing to N96.84 from N5.56, while distributions to unitholders rose to N6.10 from N5.56.
Key highlights
- Total investment income: N1.39 billion, up 9.01% YoY
- Operating expenses: N246 million vs N220.5 million
- Net realized income: N1.14 billion, up 9.73% YoY
- Other income: N625.4 million vs nil in prior year
- Fair value gain on investment properties: N16.4 billion vs nil in prior year
- Total comprehensive income: N18.21 billion, up 1,643% YoY
- Net increase in unitholders’ fund: N18.21 billion vs N1.04 billion
- Earnings per unit: N96.84 vs N5.56
- Distributable earnings per unit: N6.10 vs N5.56
Driving the numbers
A closer look at investment income of N1.3 billion shows that, beyond rental income of N723.5 million, interest income contributed N357.8 million, property disposals added N307.1 million, and sundry income stood at N4.3 million.
- Operating expenses also increased as expected, rising to N246 million from N220.5 million in the prior year, with management fees of N107.6 million accounting for the largest share.
After expenses, net income before tax came in at N1.14 billion, up from N1.05 billion, and following a minimal tax charge of N25,000, net income after tax remained at N1.14 billion.
Other income stood at N625.3 million, driven largely by gains on swaps, and when combined with a revaluation gain of N16.4 billion on investment properties, lifted total comprehensive income to N18.2 billion.
On the balance sheet, total assets rose to N29.1 billion from N12.6 billion, with investment properties of N26.2 billion making up the bulk of the portfolio.
Encouragingly, total liabilities declined to N1.2 billion from N1.9 billion, reflecting improved financial positioning.
On the equity side, unitholders’ funds increased significantly to N27.9 billion, up from N10.6 billion in the previous year.
Market reaction
Although the market is yet to respond strongly to the positive financials, the Trust’s equity on the Nigerian Exchange has gained 4.69% month-to-date, currently priced at N72.50.
Year-to-date, the stock is up 39.83% on the Nigerian Exchange as of pre-market open on March 30, 2026.
