UPDC REAL ESTATE INVESTMENT TRUST : QUARTER 1 – FINANCIAL STATEMENT FOR 2026

UPDC REAL ESTATE INVESTMENT TRUST UNAUDITED REPORTS FOR THE PERIOD ENDED 31 MARCH 2026

STATEMENT OF COMPREHENSIVE INCOME

Notes

31 March 2026

31 March 2025

N’000

N’000

Rental income

1

759,882

415,741

Interest income on deposit with banks

3

263,865

306,509

Interest income on assets measured at FVTPL

2

2,950

66,066

Net gain/(loss) on financial assets held for trading

Net gain on disposal of investment property

4

–

–

607

–

Revenue

1,026,697

788,923

Impairment charge on receivables

(28,577)

(41,001)

Operating expenses

6

(245,628)

(196,138)

Increase in net assets attributable to unit holders

Tax

752,492

–

551,784

–

Increase in net assets attributable to unit holders 752,492

551,784

Earnings per unit to unit holders of the Trust

Earnings per unit – basic and diluted (Naira) 0.28

0.21

UPDC REAL ESTATE INVESTMENT TRUST UNAUDITED REPORTS FOR THE PERIOD ENDED 31 MARCH 2026

STATEMENT OF FINANCIAL POSITION

Notes

31 March 2026

31 March 2025

N’000

N’000

Assets:

Cash and cash equivalents

7

6,741,683

6,317,924

Financial assets held for trading

8

81,204

73,905

Other assets

10

392,572

24,141

Property and equipment

12

889,140

335,830

Right-of-use assets

9(i)

41,322

44,386

Investment property

29,594,534

27,467,286

Total assets

37,740,454

34,263,472

Liabilities:

Other liabilities

13

128,267

120,311

Rent received in advance

14

1,330,794

1,044,480

Lease liabilities

9(ii)

24,483

42,564

Unclaimed dividend

26,318

–

WHT payable

388

–

Total liabilities

1,510,250

1,207,355

Net assets attributable to unit holders of the Trust

36,230,204

33,056,117

Represented by:

Units and reserves attributable to unit holders of the Trust

Unit holders’ contributions

26,682,695

26,682,695

Retained Profit/(loss)

9,547,509

6,373,422

36,230,204

33,056,117

ATTRIBUTABLE TO UNIT HOLDERS OF THE TRUST

At 1 January 2025 (comparative)

26,682,695

5,846,056

32,528,751

Comprehensive income:

Increase in net assets attributable to unit holders

–

551,784

551,784

Net reclassification adjustments for realised loss:

Prior Year Adjustment

(24,418)

(24,418)

Transactions with unit holders in their capacity as unit holders:

Distribution paid to unit holders

–

–

–

At 31 March 2025

26,682,695

6,373,422

33,056,117

At 1 January 2026

26,682,695

8,795,017

35,477,712

Comprehensive income:

Increase in net assets attributable to unit holders

–

752,492

752,492

Transactions with unit holders in their capacity as unit holders:

Distributions paid to unit holders

–

–

–

At 31 March 2026

26,682,695

9,547,509

36,230,204

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026

UPDC REAL ESTATE INVESTMENT TRUST

1 Rental Income

31 March 2026

N’000

31 March 2025

N’000

Rental Income

759,882

415,741

Total rental income

759,882

415,741

2 Interest income on assets measured at fair value through profit or loss

31 March 2026

N’000

31 March 2025

N’000

FGN SUKUK bonds (13.0% FGN SUKUK 2031)

2,950

2,950

Treasury bills

–

31,907

WHT Waiver on Tbills

–

31,209

2,950

66,066

3 Interest income on deposit with banks

31 March 2026

N’000

31 March 2025

N’000

Interest earned on fixed deposit placements

259,494

302,654

Credit interest on bank balance (other income)

4,371

3,855

263,865

306,509

4 Net gain/(loss) on financial assets held for trading

31 March 2026

N’000

31 March 2025

N’000

Fair value (gain)/loss on held for trading instruments

–

607

–

607

5 Net gain on disposal of investment property

31 March 2026

N’000

31 March 2025

N’000

Gain on disposal of investment property

–

–

–

–

6 Operating expenses

31 March 2026

N’000

31 March 2025

N’000

Fund manager’s fee

34,603

33,232

Property maintenance expenses

32,615

38,868

Registrar’s fees

125

2,820

Trustees’ fees

2,163

2,049

Audit fees

4,375

4,011

Professional fees

9,988

10,833

Custodian fees

6,488

6,231

Printing, advert and travels

–

265

SEC fees

17,076

15,457

Property manager’s fees

32,012

23,359

Insurance premium

9,261

8,828

Depreciation on office equipment (notes 12)

32,155

33,098

Depreciation on furniture & fittings (see note 12)

34,755

7,228

Depreciation on right of use assets (notes 9i)

2,788

2,144

Interest expense on lease

717

1,200

General and other operating expenses

26,509

3,324

WHT on Fixed Income Instrument

–

3,191

245,628

196,138

7 Balances with banks

31 March 2026

N’000

31 March 2025

N’000

Current account balances with commercial banks

147,296

6,317,924

Current account balances with commercial banks

6,594,386

–

6,741,683

6,317,924

Current

6,741,683

6,317,924

Non-Current

–

–

6,741,683

6,317,924

8 Financial assets held for trading

31 March 2026 N’000

31 March 2025 N’000

FGN bonds (13.0% FGN SUKUK 2031)

81,204

73,905

81,204

73,905

Current

–

–

Non-Current

81,204

73,905

81,204

73,905

9(i) Right-of-use assets

31 March 2026 N’000

31 March 2025 N’000

Opening balance as at 1 January 2026

68,426

41,178

Additions during the period

–

18,518

Closing balance as at 31 March 2026

68,426

59,696

Depreciation

Opening balance as at 1 January 2026

24,317

13,166

Charge for the period

2,788

2,144

Closing balance as at 31 March 2026

27,104

15,310

Net book value as at 31 March 2026

41,322

44,386

9(ii) Lease liabilities

31 March 2026 N’000

31 March 2025 N’000

Opening balance as at 1 January 2026

23,766

41,364

Additions

–

–

Interest expense

717

1,200

Closing balance as at 31 March 2026

24,483

42,564

Non-current lease liabilities

24,483

42,564

10 Other assets

31 March 2026 N’000

31 March 2025 N’000

Financial:

Rent receivables

685,307

261,228

ECL provision

(324,577)

(263,571)

Net rent receivables

360,730

(2,343)

Non financial:

Prepaid expenses

27,782

26,484

Other receivables

4,060

–

31,842

26,484

Total other assets

392,572

24,141

Opening Balance

(296,000)

(222,570)

Impairment Charge for the period

(28,577)

(41,001)

Closing Balance

(324,577)

(263,571)

11 Investment property

31 March 2026

N’000

31 March 2025

N’000

Beginning balance (1 January 2026)

29,594,534

27,240,747

Additions

–

–

Improvements

–

226,539

Disposals

–

–

Fair value gain

–

–

Closing balance at 31 March 2026 (Non-Current)

29,594,534

27,467,286

Office Equipm

ent

Fixtures and

fittings

Under

Constructi on

Total

N’000

N’000

N’000

N’000

Cost

At 1 January 2026

713,927

609,488

203,876

1,527,291

Additions

30,700

204,073

–

234,773

Reclassifications

–

–

–

–

Disposals

–

–

–

At 31 March 2026

744,627

813,561

203,876

1,762,064

Accumulated Depreciation

At 1 January 2026

559,022

246,991

806,013

Charge for the year

32,155

34,755

66,911

At 31 March 2026

591,177

281,746

–

872,924

Net book amount at 1 January 2026

154,905

362,497

721,278

Net book amount at 31 March 2026

153,450

531,814

203,876

889,140

Office Equipm

ent

Fixtures and

fittings

Under

Constructi on

Total

Property and Equipment (continued)

N’000

N’000

N’000

N’000

Cost

At 1 January 2025

727,654

208,778

–

936,432

Additions

3,227

54,645

–

57,872

Reclassifications

(27,003)

27,003

–

–

Disposals

–

–

–

–

At 31 March 2025

703,878

290,426

–

994,304

Accumulated Depreciation

At 1 January 2025

422,611

195,537

–

618,148

Charge for the year

33,098

7,228

–

40,326

At 31 March 2025

455,709

202,765

–

658,474

Net book amount at 1 January 2025

305,043

13,241

–

318,284

Net book amount at 31 March 2025

248,169

87,661

–

335,830

13 Other liabilities

31 March 2026

N’000

31 March 2025

N’000

Financial liabilities:

Fund manager’s fee payable

34,603

32,168

Custodian fees payable

6,488

6,032

Caution deposits

9,050

4,844

Accrued expenses

71,968

80,867

Other payables

SEC Supervisory fees

–

6,158

(3,600)

–

128,267

120,311

Current

Non-Current

128,267

–

120,311

–

128,267

120,311

14 Rent received in advance

31 March 2026

N’000

31 March 2025

N’000

Rent received in advance (unearned rent)

1,330,794

1,044,480

1,330,794

1,044,480

Current

1,171,099

928,649

Non-Current

159,695

115,831

1,330,794

1,044,480

15 Unit holders’ contribution

31 March 2026

N’000

31 March 2025

N’000

Authorised

3,000,000,000 units of N10 each

Issued and fully paid

30,000,000

30,000,000

2,668,269,500 units of N10 each

26,682,695

26,682,695

16 Earnings/(loss) per unit

31 March 2026

N’000

31 March 2025

N’000

(i) Basic

Profit after tax attributable to unit holders of the Trust (N’000)

752,492

551,784

Number of ordinary units in issue (000)

2,668,270

2,668,270

Basic earnings per unit (Naira)

0.28

0.21