Nigeria Real Estate Investment Trust has reported a pre-tax profit of N25.06 billion for 2025, rising significantly from N3.1 billion recorded in the 2024 financial year.
Its audited financial statement, published on the Nigerian Exchange, reported N17.3 billion in revaluation gains on investment properties, contributing the most to the year’s overall performance.
Rental income rose to N4.4 billion, up 174.8% from N1.6 billion, while ‘Mudaraba’ transactions increased to N5.8 billion from N2.06 billion in the previous year.
The trust, managed by Chapel Hill Denham, made two acquisitions worth N135 billion in 2025, while Net Asset Value per unit jumped to N115.16 from N107.76 per unit.
Key highlights
- Top-line income: N27.6 billion vs N3.6 billion
- Gross income: N27.6 billion vs N4.04 billion
- Total expenses: N2.5 billion, up 174.98% YoY
- Pre-tax profit: N25.06 billion, up from N3.1 billion
- Total assets: N197.08 billion, up 231.02% YoY
- Members’ funds: N161.1 billion, up 200.59% YoY
Driving the Numbers
According to the trust, of the N135 billion acquisition total, a corporate residential estate in Maitama, Abuja, valued at N124 billion and acquired in October 2025, accounted for the majority.
The remaining portion came from an industrial warehouse in the Lagos Free Zone, acquired for N11 billion in December 2025.
- After accounting for mudaraba transactions of N5.8 billion, revaluation gains on investment property of N17.3 billion, and rental income of N4.4 billion, gross profit rose to N27.6 billion.
- This represents a 582.5% increase year-on-year from N4.04 billion recorded in the previous year.
However, total expenses also increased, reaching N2.5 billion from N932.8 million, with management fees of N1.6 billion accounting for the largest share.
- As a result, pre-tax profit came in at N25.06 billion, rising from N3.1 billion in the prior year.
- With no tax recorded, profit after tax remained unchanged at N25.06 billion.
On the balance sheet, total assets stood at N197 billion, with investment property of N187.4 billion accounting for the bulk.
Total liabilities rose to N14.06 billion from N2.3 billion, driven largely by other payables of N11.06 billion.
On the equity side, members’ funds increased to N161.1 billion from N53.6 billion, while retained earnings reached N21.7 billion from N514 million.
What you should know
- The trust’s units, listed on the Nigerian Exchange as NREIT, have remained largely flat since their listing in December 2025.
- According to the fund manager, the portfolio currently consists of a corporate residential property in Abuja valued at N137.1 billion and four industrial facilities in the Lagos Free Zone worth N50.3 billion.
- Chapel Hill Denham serves as the fund manager, while Stanbic IBTC acts as the trustee.
