Union Homes Real Estate Investment Trust : UH REAL ESTATE INVESTMENT TRUST (UHREIT)- QUARTER 4 - FINANCIAL STATEMENT FOR 2022

UH REAL ESTATE INVESTMENT TRUST

STATEMENT OF COMPREHENSIVE INCOME

	FOR THE PERIOD ENDED DECEMBER 31, 2022
		Dec-22
	Notes	N'000
Total Income	2	651,299
Distribution/Admin and Other Expenses	3	(218,554)
Financial Charges		-
Taxation
Net Income		432,745
Basic Earnings per Share		2.30

The notes form an integral part of these financial statements.

Dec-21 N'000

578,992

(180,182)

-

398,810

2.12

	UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF FINANCIAL POSITION
	AS AT DECEMBER 31, 2022
		Dec-22
	Note	N'000
Assets
Investment properties	4	9,320,059
Plant & equipments		57,054
Investment in Sukuk	4ii	500,000
Total noncurrent assets		9,877,113
Financial asset	5	512,004
Cash & cash equivalents	5ii	1,002,470
Trade receivables & other assets	6	114,470
Total current assets		1,628,944
Total assets		11,506,057
Liabilities
Rent received in advance		(150,907)
Accruals & other payables		(1,380,028)
Total Current Liabilities		(1,530,935)
Net Assets		9,975,122
Represented By:
Unitholders' Equity		9,406,353
Revenue Reserve		568,769
Unitholders' Equity		9,975,122

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 January 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 DECEMBER 31, 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	-	432,745
Other item/Adjustment (audit adjustment)		(4,966)
Balance as at December 31, 2022	9,406,353	568,770

Total Equity

N'000

9,858,871

(349,916)

397,712

9,906,667

-

(359,323)

432,745

(4,966)

9,975,122

UH REAL ESTATE INVESTMENT TRUST
	STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED DECEMBER 31, 2022
		Dec-22
	Notes	N'000
Cash Flow from Operating Activities
Operating profit before working capital changes	7i	452,493
Working capital changes	7ii	41,496
Income tax paid
Net Cash Generated from Operating Activities		493,989
Cash Flow from Investing Activities
Disposal of Plant & Equipment		112,000
Purchase of Plant & household equipments		(10,004)
Development of investment properties		-
Investment in money market		27,452
Net Cash flow used in Investing Activities		129,448
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		264,114
Cash and Cash Equivalent Beginning of period		738,356
Cash and Cash Equivalent End of period		1,002,470

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 DECEMBER 31, 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

	Dec-22		Dec-21
2 Total Income	N'000		N'000
Interest Income	118,796	93,670
Rental Income	488,936	478,183
Sundry Income	43,567		7,139
	651,299	578,992

3 Operating Expenses

	Managers Fee	98,769	98,345
	Trustee Fee	2,500	2,500
	Custodian Fee	9,877	9,834
	Auditors Fee	3,000	3,000
	Rating Agency Fee	2,500	2,500
	Other Administrative Expenses	88,892	50,247
	Valuation and other Professional Fees	774
	Insurance	9,537	10,721
	CSCS Eligible & Listing Fees	2,705		3,035
		218,554	180,182
4	Investment Properties	Dec-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	196,202	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
		9,320,059	9,432,059
4ii Real Estate Related: Investment in FGN Sukuk
500,000	500,000
		N'000		N'000
5	Financial Assets	512,004	539,456
5ii	Cash & Cash Equivalents
	Term Deposits	1,001,187	733,939
	Cash	1,283		4,417
		1,002,470	738,356

6 Debtors and Other Assets

	Trade Receivables	108,335	64,067
	Prepaid Expenses	6,135		6,177
		114,470	70,244
		Dec-22		Dec-21
7	Cashflow Reconciliation	N'000		N'000
	Operating profit before working capital changes
	Profit before tax	432,745	402,484
	Adjustments: Depreciation	19,748		14,288
		452,493	416,772
7ii	Working Capital Changes
	Net decrease/(increase) in receivables and other assets	(9,183)	(33,747)
	Net (decrease)/increase in other liabilities & provisions	110,532	13,633
	Net (decrease)/increase in accruals & other payables	(4,172)	305,797
	Net (decrease)/increase in rent received in advance (noncurrent)	(55,681)		(2,051)
		41,496	283,632