UH REAL ESTATE INVESTMENT TRUST : UHREIT)- QUARTER 2 - FINANCIAL STATEMENT FOR 2023

	UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF COMPREHENSIVE INCOME
	FOR THE PERIOD ENDED JUNE 30, 2023
		Jun-23
	Notes	N'000
Total Income	2	414,207
Distribution/Admin and Other Expenses	3	(103,623)
Financial Charges		-
Taxation
Net Income		310,584
Basic Earnings per Share		1.65

The notes form an integral part of these financial statements.

Jun-22 N'000

298,589

(109,914)

-

188,675

1.00

	UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF FINANCIAL POSITION
	AS AT JUNE 30, 2023
		Jun-23
	Note	N'000
Assets
Investment properties	4	9,094,084
Plant & equipments		56,891
Investment in Sukuk	4ii	500,000
Total noncurrent assets		9,650,975
Financial asset	5	420,354
Cash & cash equivalents	5ii	1,222,324
Trade receivables & other assets	6	147,432
Total current assets		1,790,110
Total assets		11,441,086
Liabilities
Rent received in advance		(135,443)
Accruals & other payables		(1,416,562)
Total Current Liabilities		(1,552,005)
Net Assets		9,889,081
Represented By:
Unitholders' Equity		9,406,353
Revenue Reserve		482,727
Unitholders' Equity		9,889,081

Dec-22

N'000

9,320,059

57,056

500,000

9,877,115

978,535

535,940

111,411

1,625,886

11,503,001

(150,900)

(1,378,537)

(1,529,437)

9,973,564

9,406,353

567,211

9,973,564

The financial statements have been approved and authorised for issue by the Board of Directors on July 19, 2023 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 JUNE 30, 2023
	Share Capital	Retained Earnings
	N'000	N'000
Balance as at January 1, 2022 (Restated)	9,406,353	495,685
Dividend Paid	-	(359,323)
Transfer from income statement	-	430,849
Balance as at December 31, 2022	9,406,353	567,211
Changes in Equity Current year:
Dividend	-	(395,067)
Total Comprehensive Income	-	310,584
Other item/Adjustment (audit adjustment)	-	-
Balance as at June 30, 2023	9,406,353	482,728

Total Equity

N'000

9,902,038

(359,323)

430,849

9,973,564

-

(395,067)

310,584

-

9,889,081

UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED JUNE 30, 2023
		Jun-23
	Notes	N'000
Cash Flow from Operating Activities
Operating profit before working capital changes	7i	322,243
Working capital changes	7ii	(25,112)
Income tax paid
Net Cash Generated from Operating Activities		297,131
Cash Flow from Investing Activities
Disposal of Plant & Equipment		225,975
Purchase of Plant & household equipments		165
Development of investment properties		-
Investment in money market		558,181
Net Cash flow used in Investing Activities		784,320
Cash Flow from Financing Activities
Disposal of shares
Dividend paid		(395,067)
Net Cash flow Financing Activities		(395,067)
Net Increase/Decrease Cash and Cash Equivalent		686,384
Cash and Cash Equivalent Beginning of period		535,940
Cash and Cash Equivalent End of period		1,222,324

The notes form an integral part of these financial statements.

Dec-22

N'000

459,494

67,773

(8,898)

518,369

112,000

(29,754)

-

(443,708)

(361,462)

(359,323)

(359,323)

(202,416)

738,356

535,940

UH REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED JUNE 30, 2023

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

	Jun-23		Jun-22
2 Total Income	N'000		N'000
Interest Income	111,533	56,214
Rental Income	251,702	240,485
Sundry Income	50,973		1,890
	414,207	298,589

3 Operating Expenses

	Managers Fee	48,966	49,287
	Trustee Fee	1,250	1,250
	Custodian Fee	4,897	4,929
	Auditors Fee	1,500	1,500
	Rating Agency Fee	1,250	1,250
	Other Administrative Expenses	37,921	43,425
	Valuation and other Professional Fees	213	774
	Insurance	4,877	4,750
	CSCS Eligible & Listing Fees	2,750		2,750
		103,623	109,914
4	Investment Properties	Jun-23		Dec-22
	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	341,924	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	84,202	196,202
	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
		9,094,085	9,320,059
4ii Real Estate Related: Investment in FGN Sukuk
500,000	500,000
		N'000		N'000
5	Financial Assets	420,354	978,535
5ii	Cash & Cash Equivalents
	Term Deposits	1,199,417	534,657
	Cash	22,907		1,283
		1,222,324	535,940

6 Debtors and Other Assets

	Trade Receivables	144,529	106,122
	Prepaid Expenses	2,903		5,289
		147,432	111,411
		Jun-23		Dec-22
7	Cashflow Reconciliation	N'000		N'000
	Operating profit before working capital changes
	Profit before tax	310,584	439,747
	Adjustments: Depreciation	11,658		19,747
		322,243	459,494
7ii	Working Capital Changes
	Net decrease/(increase) in receivables and other assets	(36,021)	(6,124)
	Net (decrease)/increase in other liabilities & provisions
	Net (decrease)/increase in accruals & other payables	38,025	129,584
	Net (decrease)/increase in rent received in advance (noncurrent)	(27,116)		(55,687)
		(25,112)	67,773