UH REAL ESTATE INVESTMENT TRUST : UHREIT)- QUARTER 3 - FINANCIAL STATEMENT FOR 2023

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF COMPREHENSIVE INCOME

	FOR THE PERIOD ENDED SEPTEMBER 30, 2023
		Sep-23
	Notes	N'000
Total Income	2	617,562
Distribution/Admin and Other Expenses	3	(155,058)
Financial Charges		-
Taxation
Net Income		462,504
Basic Earnings per Share		2.46

The notes form an integral part of these financial statements.

Sep-22 N'000

447,852

(155,836)

-

292,016

1.55

	UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF FINANCIAL POSITION
	AS AT SEPTEMBER 30, 2023
		Sep-23
	Note	N'000
Assets
Investment properties	4	9,094,084
Plant & equipments		53,917
Investment in Sukuk	4ii	500,000
Total noncurrent assets		9,648,001
Financial asset	5	414,284
Cash & cash equivalents	5ii	1,575,363
Trade receivables & other assets	6	141,172
Total current assets		2,130,819
Total assets		11,778,820
Liabilities
Rent received in advance		(274,339)
Accruals & other payables		(1,463,480)
Total Current Liabilities		(1,737,819)
Net Assets		10,041,001
Represented By:
Unitholders' Equity		9,406,353
Revenue Reserve		634,647
Unitholders' Equity		10,041,001

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 October 18, 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 SEPTEMBER 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	-	462,504
Other item/Adjustment (audit adjustment)
Balance as at September 30, 2023	9,406,353	634,648

Total Equity

N'000

9,902,038

(359,323)

430,849

9,973,564

-

(395,067)

462,504

-

10,041,001

UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED SEPTEMBER 30, 2023
		Sep-23
	Notes	N'000
Cash Flow from Operating Activities
Operating profit before working capital changes	7i	479,376
Working capital changes	7ii	161,749
Income tax paid
Net Cash Generated from Operating Activities		641,125
Cash Flow from Investing Activities
Disposal of Plant & Equipment		225,975
Purchase of Plant & household equipments		3,139
Development of investment properties		-
Investment in money market		564,251
Net Cash flow used in Investing Activities		793,365
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		1,039,423
Cash and Cash Equivalent Beginning of period		535,940
Cash and Cash Equivalent End of period		1,575,363

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 SEPTEMBER 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

	Sep-23		Sep-22
2 Total Income	N'000		N'000
Interest Income	172,383	56,214
Rental Income	389,837	240,485
Sundry Income	55,343		1,890
	617,562	298,589

3 Operating Expenses

	Managers Fee	73,993	49,287
	Trustee Fee	1,875	1,250
	Custodian Fee	7,399	4,929
	Auditors Fee	2,251	1,500
	Rating Agency Fee	1,875	1,250
	Other Administrative Expenses	57,173	43,425
	Valuation and other Professional Fees	213	774
	Insurance	7,530	4,750
	CSCS Eligible & Listing Fees	2,750		2,750
		155,059	109,914
4	Investment Properties	Sep-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	414,284	978,535
5ii	Cash & Cash Equivalents
	Term Deposits	1,572,747	534,657
	Cash	2,616		1,283
		1,575,363	535,940

6 Debtors and Other Assets

	Trade Receivables	133,723	106,122
	Prepaid Expenses	7,449		5,289
		141,172	111,411
		Sep-23		Dec-22
7	Cashflow Reconciliation	N'000		N'000
	Operating profit before working capital changes
	Profit before tax	462,504	439,747
	Adjustments: Depreciation	16,872		19,747
		479,376	459,494
7ii	Working Capital Changes
	Net decrease/(increase) in receivables and other assets	(29,761)	(6,124)
	Net (decrease)/increase in other liabilities & provisions
	Net (decrease)/increase in accruals & other payables	68,071	129,584
	Net (decrease)/increase in rent received in advance (noncurrent)	123,439		(55,687)
		161,749	67,773