UPDC REAL ESTATE INVESTMENT TRUST : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

STATEMENT OF COMPREHENSIVE INCOME

Notes

30 Sept 2022	30 Sept 2021
N '000	N '000

Income from investment property	1
Interest income	2
Net gain/(loss) on financial assets held for trading	3
Net income
Operating expenses	4
Profit before tax
Tax
Profit after tax

Earnings per unit attributable to unit holders of the Trust Earnings per unit - basic and diluted (Naira)

966,801	931,137
262,806	318,503
(56,081)	(7,470)
1,173,526	1,242,170
(435,705)	(345,864)
737,821	896,306
-	-
737,821	896,306

0.28 0.34

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

STATEMENT OF FINANCIAL POSITION

	Notes	30 Sept 2022	30 Sept 2021
		N'000	N'000
Assets:
Bank balances	5	2,154,283	2,700,007
Financial assets held for trading	6	1,625,123	2,780,837
Other assets	8	60,101	264,499
Investment property	7	22,456,413	26,550,941
Property and equipment	9	30,474	47,523
Fixtures and fittings	10	23,891	40,842
Right of use assets	11	17,557	19,003
Total assets		26,367,842	32,403,652
Liabilities:
Accounts payable	12	119,724	214,916
Rent received in advance	13	564,731	369,422
Lease liabilities	11	16,536	12,517
Total liabilities		700,991	596,855
Net assets attributable to unit holders of the Trust		25,666,851	31,806,797
Represented by:
Units and reserves attributable to unit holders of the Trust
Unit holders' contributions		26,682,695	26,682,695
Retained earnings		(1,015,844)	5,124,102
		25,666,851	31,806,797

The financial statements have been approved and signed on behalf of the Board of Directors of the Fund Manager on 28 October, 2022 by:

Oladele Sotubo (Director of the Fund Manager)

Emmanuel Adebayo (Financial Controller of the Fund Manager)

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

STATEMENT OF CHANGES IN UNITS AND RESERVES	ATTRIBUTABLE TO UNIT HOLDERS OF THE TRUST
	Unitholders'	Retained	Total
	contributions	earnings
	N'000	N'000	N'000
At 31 December 2021
26,682,695	(1,753,665)	24,929,030
Comprehensive income
Profit for the year	-	737,821	737,821
		737,821	737,821
Transactions with unit holders in their capacity as unit holders:
Distributions paid to unit holders	-	-	-
	-	737,821	737,821
At 30 September 2022
26,682,695	(1,015,844)	25,666,851

UPDC REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

	30 Sept 2022		30 Sept 2021
	N'000		N'000
1 Income from investment property
Rental Income	966,801	931,137
	966,801	931,137
2 Interest income
Placements with banks	134,553	65,990
Bonds	45,273	68,765
Treasury bills	-	5,439
Commercial papers	-	38,126
FGN promissory notes	82,980		140,183
	262,806	318,503
3 Net gain/(loss) on financial assets held for trading
Fair value gain on held for trading instruments	(56,081)	(7,470)
	(56,081)	(7,470)

30 Sept 2022

N'000

30 Sept 2021

N'000

4 Operating expenses
Fund manager's fee	88,333	86,573
Property maintenance expenses	98,552	74,899
Registrar's fees	22,100	1,146
Trustees' fees	3,225	3,825
Audit fees	7,608	3,542
Professional fees	16,258	13,640
Custodian fees	16,562	13,569
Statutory charges & fees	41,085	1,158
Property manager's fees	35,778	28,643
Insurance premium	13,794	11,742
Depreciation	40,348	49,915
Other operating expenses	52,063		57,212
	435,705	345,864

30 Sept 2022

N'000

30 Sept 2021

N'000

5 Bank balances
- Current account with banks in Nigeria	121,235	163,057
- Fixed deposit	2,033,048	2,536,950
	2,154,283	2,700,007
6 Financial assets held for trading	30 Sept 2022		30 Sept 2021
	N'000		N'000
Corporate bonds	218,315	455,585
FGN bonds	194,066	-
FGN promissory note	1,212,741	2,325,252
	1,625,123	2,780,837
7 Investment property
Beginning balance	21,480,000	26,522,225
Additions	929,119	-
Renovation	47,294	28,716
	22,456,413	26,550,941