UPDC Real Estate Investment Trust reported a N752.4 million ‘increase attributable to unit holders’ in its unaudited Q1 2026 financial statements, up from N551.7 million in the corresponding period of 2025.
The growth was largely driven by stronger top-line performance, with rental income for the period ended March 31, 2026 rising to N759.8 million, up 82.78% from N415.7 million year-on-year.
On the balance sheet, investment properties stood at N29.5 billion, accounting for the bulk of total assets, which increased from N34.2 billion in Q1 2025 to N37.7 billion during the period.
The trust, managed by SFS Capital, recorded N1.3 billion in rent received in advance, up from N1.04 billion, representing its largest obligation, as total liabilities settled at N1.5 billion.
Key highlights (Q1 2026 vs Q1 2025)
- Rental income: N759.8 million, up 82.78% from N415.7 million
- Interest income on deposits with banks: N263.8 million vs N306.5 million
- Revenue: N1.02 billion, up 30.14% from N788.9 million
- Operating expenses: N245.6 million vs N196.1 million
- Increase in net assets attributable to unit holders: N752.4 million, up 36.37% YoY
- Earnings per share: N0.28 vs N0.21
- Total assets: N37.7 billion, up 10.15% YoY
- Rent received in advance: N1.3 billion vs N1.04 billion
Driving the numbers
A closer look at the company’s books shows that, in addition to rental income of N759.8 million, it earned N263.8 million in interest from bank deposits, down 13.91% year-on-year.
- Of this, interest from fixed deposit placements accounted for 98.3% of total interest income, while credit interest on bank balances contributed the remainder.
Combined income from rental operations, bank deposits, and assets measured at FVTPL yielded N1.02 billion in revenue, rising from N788.9 million in the prior period.
- After recording an impairment charge of N28.5 million and operating expenses of N245.6 million, the increase in net assets attributable to unit holders’ settled at N752.4 million, with earnings per share rising from N0.21 to N0.28.
On the balance sheet, total assets increased to N37.7 billion from N34.2 billion, driven largely by investment properties valued at N29.5 billion and cash and equivalents of N6.7 billion.
Total liabilities climbed 25.09% to N1.5 billion, with rent received in advance at N1.3 billion representing the Trust’s largest obligation.
On the equity side, unitholders’ contributions remained stable at N26.6 billion, while retained profit rose 49.80% year-on-year to N9.5 billion.
Market reaction
The fund’s equity on the Nigerian Exchange, trading under the ticker “UPDCREIT,” has a year-to-date return of 12.32% and is currently priced at N7.75 per share, with over 30 million units traded.
Despite this positive price performance, the market has yet to reflect the Trust’s Q1 2026 earnings release, suggesting investors may still be digesting the results.
