Union Homes Real Estate Investment Trust : UH REAL ESTATE INVESTMENT TRUST (UHREIT)- QUARTER 3 - FINANCIAL STATEMENT FOR 2022

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF COMPREHENSIVE INCOME

	FOR THE PERIOD ENDED 30TH SEPTEMBER 2022
		Sep-22
	Notes	N'000
Total Income	2	447,852
Distribution/Admin and Other Expenses	3	(155,836)
Financial Charges		-
Taxation
Net Income		292,016
Basic Earnings per Share		1.55

The notes form an integral part of these financial statements.

Sep-21 N'000

430,671

(134,004)

-

296,667

1.58

	UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF FINANCIAL POSITION
	AS AT 30TH SEPTEMBER 2022
		Sep-22
	Note	N'000
Assets
Investment properties	4	9,432,058
Plant & equipments		58,134
Investment in Sukuk	4ii	500,000
Total noncurrent assets		9,990,192
Financial asset	5	425,868
Cash & cash equivalents	5ii	884,237
Trade receivables & other assets	6	97,622
Total current assets		1,407,727
Total assets		11,397,919
Liabilities
Rent received in advance		(134,160)
Accruals & other payables		(1,429,365)
Total Current Liabilities		(1,563,525)
Net Assets		9,834,394
Represented By:
Unitholders' Equity		9,406,353
Revenue Reserve		428,041
Unitholders' Equity		9,834,394

Dec-21

N'000

9,432,059

47,050

500,000

9,979,109

539,456

738,356

105,287

1,383,099

11,362,208

(206,588)

(1,248,953)

(1,455,541)

9,906,667

9,406,353

500,314

9,906,667

The financial statements have been approved and authorised for issue by the Board of Directors on October 19, 2022 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 30TH SEPTEMBER 2022
	Share Capital	Retained Earnings
	N'000	N'000
Balance as at January 1, 2021 (Restated)	9,406,353	452,518
Dividend Paid	-	(349,916)
Transfer from income statement	-	397,712
Balance as at December 31, 2021	9,406,353	500,314
Changes in Equity Current year:
Dividend	-	(359,323)
Total Comprehensive Income	-	292,016
Other item/Adjustment (audit adjustment)		(4,966)
Balance as at September 30, 2022	9,406,353	428,041

Total Equity

N'000

9,858,871

(349,916)

397,712

9,906,667

-

(359,323)

292,016

(4,966)

9,834,394

UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 30TH SEPTEMBER 2022
		Sep-22
	Notes	N'000
Cash Flow from Operating Activities
Operating profit before working capital changes	7i	305,161
Working capital changes	7ii	97,539
Income tax paid
Net Cash Generated from Operating Activities		402,700
Cash Flow from Investing Activities
Disposal of Plant & Equipment
Purchase of Plant & household equipments		(11,084)
Development of investment properties		-
Investment in money market		113,588
Net Cash flow used in Investing Activities		102,504
Cash Flow from Financing Activities
Disposal of shares
Dividend paid		(359,323)
Net Cash flow Financing Activities		(359,323)
Net Increase/Decrease Cash and Cash Equivalent		145,881
Cash and Cash Equivalent Beginning of period		738,356
Cash and Cash Equivalent End of period		884,237

The notes form an integral part of these financial statements.

Dec-21

N'000

416,772

283,632

(4,772)

695,632

-

(29,736)

-

273,645

243,909

(349,916)

(349,916)

589,625

148,731

738,356

UH REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

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

	Sep-22		Sep-21
2 Total Income	N'000		N'000
Interest Income	78,804	62,489
Rental Income	366,013	361,934
Sundry Income	3,035		6,249
	447,852	430,672

3 Operating Expenses

	Managers Fee	73,874	73,528
	Trustee Fee	1,875	1,875
	Custodian Fee	7,387	7,353
	Auditors Fee	2,250	2,250
	Rating Agency Fee	1,875	1,875
	Other Administrative Expenses	57,907	35,788
	Valuation and other Professional Fees	774
	Insurance	7,144	8,300
	CSCS Eligible & Listing Fees	2,750		3,035
		155,836	134,004
4	Investment Properties	Sep-22		Dec-21
	Description	N'000		N'000
	Property at Macdonald, Ikoyi	1,143,143	1,143,143
	Property at Sapara Williams, Ikoyi	1,733,876	1,733,875
	Property at Olusegun Aina	455,899	455,900
	Property at Mike Akhigbe, Abuja	418,422	418,422
	Property at Sinari Daranijo	2,692,455	2,692,455
	Property at Parkview, Ikoyi	308,202	308,202
	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
		9,432,059	9,432,059
4ii Real Estate Related: Investment in FGN Sukuk
500,000	500,000
		N'000		N'000
5	Financial Assets	425,868	539,456
5ii	Cash & Cash Equivalents
	Term Deposits	880,468	733,939
	Cash	3,769		4,417
		884,237	738,356

6 Debtors and Other Assets

	Trade Receivables	90,283	64,067
	Prepaid Expenses	7,339		6,177
		97,622	70,244
		Sep-22		Dec-21
7	Cashflow Reconciliation	N'000		N'000
	Operating profit before working capital changes
	Profit before tax	292,016	402,484
	Adjustments: Depreciation	13,145		14,288
		305,161	416,772
7ii	Working Capital Changes
	Net decrease/(increase) in receivables and other assets	7,665	(33,747)
	Net (decrease)/increase in other liabilities & provisions	84,001	13,633
	Net (decrease)/increase in accruals & other payables	78,301	305,797
	Net (decrease)/increase in rent received in advance (noncurrent)	(72,428)		(2,051)
		97,539	283,632