UH REAL ESTATE INVESTMENT TRUST : UHREIT)- QUARTER 1 - FINANCIAL STATEMENT FOR 2024

	UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF COMPREHENSIVE INCOME
	FOR THE PERIOD ENDED MARCH 31, 2024
		Mar-24
	Notes	N'000
Total Income	2	214,400
Distribution/Admin and Other Expenses	3	(66,223)
Financial Charges		-
Taxation
Net Income		148,176
Basic Earnings per Share		0.79

The notes form an integral part of these financial statements.

Mar-23 N'000

212,438

(55,785)

-

156,653

0.83

	UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF FINANCIAL POSITION
	AS AT MARCH 31, 2024
		Mar-24
	Note	N'000
Assets
Investment properties	4	9,539,084
Plant & equipments		64,831
Investment in Sukuk	4ii	500,000
Total noncurrent assets		10,103,915
Financial asset	5	408,440
Cash & cash equivalents	5ii	1,464,634
Trade receivables & other assets	6	168,732
Total current assets		2,041,805
Total assets		12,145,720
Liabilities
Rent received in advance		(234,284)
Accruals & other payables		(903,000)
Total Current Liabilities		(1,137,285)
Net Assets		11,008,435
Represented By:
Unitholders' Equity		9,406,353
Revenue Reserve		1,602,082
Unitholders' Equity		11,008,435

Dec-23

N'000

9,539,084

50,860

500,000

10,089,944

414,818

1,362,909

107,289

1,885,016

11,974,960

(287,362)

(1,452,972)

(1,740,334)

10,234,626

9,406,353

828,273

10,234,626

The financial statements have been approved and authorised for issue by the Board of Directors on April 18, 2024 and signed on its behalf by;

PATRICK ILODIANYA	AKINYEMI GBENRO	DIMEJI SONOWO
MANAGING DIRECTOR	DIRECTOR	EXECUTIVE DIRECTOR
FRC/2013/ICAN/00000002177	FRC/2013/CIBN/00000002091	FRC/2013/ICAN/00000002089

The notes form an integral part of these financial statements.

	UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF CHANGES IN EQUITY
	FOR THE PERIOD ENDED MARCH 31, 2024
	Share Capital	Retained Earnings
	N'000	N'000
Balance as at January 1, 2023	9,406,353	567,211
Dividend Paid	-	(395,067)
Transfer from income statement	-	656,129
Balance as at December 31, 2023	9,406,353	828,273
Changes in Equity Current year:
Dividend	-
Total Comprehensive Income	-	148,176
Other item/Adjustment (audit adjustment)		625,632
Balance as at March 31, 2024	9,406,353	1,602,082

Total Equity

N'000

9,973,564

(395,067)

656,129

10,234,626

-

-

148,176

625,632

11,008,435

UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED MARCH 31, 2024
		Mar-24
	Notes	N'000
Cash Flow from Operating Activities
Operating profit before working capital changes	7i	150,154
Working capital changes	7ii	(666,229)
Income tax paid
Net Cash Generated from Operating Activities		(516,075)
Cash Flow from Investing Activities
Disposal of Plant & Equipment
Purchase of Plant & household equipments		(13,971)
Development of investment properties		-
Investment in money market		6,378
Net Cash flow used in Investing Activities		(7,592)
Cash Flow from Financing Activities
Disposal of shares		625,392
Dividend paid
Net Cash flow Financing Activities		625,392
Net Increase/Decrease Cash and Cash Equivalent		101,725
Cash and Cash Equivalent Beginning of period		1,362,909
Cash and Cash Equivalent End of period		1,464,634

The notes form an integral part of these financial statements.

Dec-23

N'000

698,595

215,019

(20,679)

892,935

(219,025)

(15,591)

-

563,717

329,101

(395,067)

(395,067)

826,969

535,940

1,362,909

UH REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2024

1 UH Real Estate Investment Trust is a Fund incorporated under the laws of Nigeria and commences business on February 3rd, 2009

The Fund is a hybrid REIT which provides Unit Holders access to investments in approved portfolio. It is governed by a Trust Deed approved by the Securities and Exchange Commission. The Fund's units are listed on the floor of the Nigerian Stock Exchange, its financial statements are filed with Securities and Exchange Commission and other regulatory authorities

UH REIT is a closed-ended Fund primarily involved in acquiring investment properties which are held for capital appreciation. The Fund's activities are managed by SFS Capital Nigeria Limited situated at Plot 287 Ajose Adeogun Street, Victoria Island, Lagos. United Capital Trustees Limited are the Trustees to the Fund

	Mar-24		Mar-23
2 Total Income	N'000		N'000
Interest Income	64,383	54,384
Rental Income	149,326	130,124
Sundry Income	690		27,930
	214,400	212,438

3 Operating Expenses

	Managers Fee	36,540	23,894
	Trustee Fee	625	625
	Custodian Fee	2,891	2,389
	Auditors Fee	750	750
	Rating Agency Fee	625	625
	Other Administrative Expenses	20,687	22,176
	Valuation and other Professional Fees		213
	Insurance	2,861	2,363
	CSCS Eligible & Listing Fees	1,245		2,750
		66,223	55,785
4	Investment Properties	Mar-24		Dec-23
	Description	N'000		N'000
	Property at Macdonald, Ikoyi	1,143,143	1,143,143
	Property at Sapara Williams, Ikoyi	1,733,876	1,733,876
	Property at Olusegun Aina	341,924	341,924
	Property at Mike Akhigbe, Abuja	418,422	418,422
	Property at Sinari Daranijo	2,692,455	2,692,455
	Property at Parkview, Ikoyi	84,202	84,202
	Property at Rumens, Ikoyi	1,703,461	1,703,461
	Property at Michael Olawale, Lekki	665,701	665,701
	Property at Apo Dutse, Abuja	310,900	310,900
	Victoria crest V Estate	445,000		445,000
		9,539,085	9,539,085
4ii Real Estate Related: Investment in FGN Sukuk
500,000	500,000
		N'000		N'000
5	Financial Assets	408,440	414,818
5ii	Cash & Cash Equivalents
	Term Deposits	1,460,855	1,343,188
	Cash	3,779		19,721
		1,464,634	1,362,909

6 Debtors and Other Assets

	Trade Receivables	162,838	101,364
	Prepaid Expenses	5,894		5,925
		168,732	107,289
		Mar-24		Dec-23
7	Cashflow Reconciliation	N'000		N'000
	Operating profit before working capital changes
	Profit before tax	148,176	676,808
	Adjustments: Depreciation	5,150		21,787
		153,326	698,595
7ii	Working Capital Changes
	Net decrease/(increase) in receivables and other assets	(61,443)	4,122
	Net (decrease)/increase in other liabilities & provisions
	Net (decrease)/increase in accruals & other payables	(555,122)	228,028
	Net (decrease)/increase in rent received in advance (noncurrent)	(49,665)		(17,131)
		(666,229)	215,019