UPDC REAL ESTATE INVESTMENT TRUST FUND

STATEMENT TO THE NIGERIAN EXCHANGE GROUP AND THE SHAREHOLDERS ON THE UNAUDITED IFRS RESULTS FOR THE PERIOD ENDED 30 JUNE 2026

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED REPORTS FOR THE PERIOD ENDED

30 JUNE 2026

STATEMENT OF COMPREHENSIVE INCOME

Notes

30 June 2026

30 June 2025

N’000

N’000

Rental income

1

1,576,774

837,145

Interest income on deposit with banks

Interest income on assets measured at fair value through

3

607,930

633,860

profit or loss

2

5,933

63,066

Net gain/(loss) on financial assets held for trading

4

–

2,743

Other income

6,427

–

Revenue

2,197,064

1,536,814

Impairment charge/(reversal) on receivables

10

81,877

(48,846)

Operating expenses

6

(559,684)

(389,155)

Increase in net assets attributable to unit holders

1,719,257

1,098,813

Tax

–

–

Increase in net assets attributable to unit holders

1,719,257

1,098,813


Earnings per unit to unit holders of the Trust

Earnings per unit – basic and diluted (Naira) 16 0.64 0.41

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED REPORTS FOR THE PERIOD ENDED

30 JUNE 2026

STATEMENT OF FINANCIAL POSITION

Notes

30 June 2026

31 December 2025

N’000

N’000

Assets:

Cash and cash equivalents

7

7,148,979

5,778,873

Financial assets held for trading

8

78,221

84,252

Other assets

10

29,245

66,731

Property and equipment

12

637,361

721,278

Right of use assets

9(i)

38,534

44,110

Investment property

11

30,835,914

29,594,534

Total assets

38,768,254

36,289,778

Liabilities:

Other liabilities

13

855,342

121,822

Rent received in advance

14

1,571,272

666,475

Lease liabilities

9(ii)

25,200

23,766

Total liabilities

2,451,814

812,063

Net assets attributable to unit holders of the Trust

36,316,440

35,477,715

Represented by:

Units and reserves attributable to unit holders of the

Trust

Unit holders’ contributions

15

26,682,695

26,682,695

Retained Profit/(loss)

9,633,745

8,795,020

36,316,440

35,477,715

The financial statements has been approved and authorised for issue by the Board of Directors on July 29, 2026 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 on page 5 form an integral part of these financial statements.

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED REPORTS FOR THE PERIOD ENDED 30

JUNE 2026

STATEMENT OF CHANGES IN UNITS AND RESERVES

Unitholders’ contributions

Retained earnings/(loss)

Total

ATTRIBUTABLE TO UNIT HOLDERS OF THE TRUST

N’000

N’000

N’000

At 1 January 2025

26,682,695

5,846,056

32,528,751

Comprehensive income:

Increase in net assets attributable to unit holders

–

4,334,898

4,334,898

Prior Year Adjustment:

–

*Withholding tax on fixed deposit placement

–

(24,418)

(24,418)

*Lease liability adjustments

–

31,320

31,320

–

4,341,800

4,341,800

Transactions with unit holders in their capacity as unit holders:

Distributions paid to unit holders

–

(1,392,836)

(1,392,836)

At 31 December 2025

26,682,695

8,795,020

35,477,715

At 1 January 2026

26,682,695

8,795,020

35,477,715

Comprehensive income:

Increase in net assets attributable to unit holders

–

1,719,257

1,719,257

–

1,719,257

1,719,257

Transactions with unit holders in their capacity as unit holders: Distributions paid to unit holders

–

(880,532)

(880,532)

–

838,725

838,725


At 30 June 2026 26,682,695 9,633,745 36,316,440

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026

UPDC REAL ESTATE INVESTMENT TRUST

(All figures are in thousands of Nigerian Naira, N’000, unless otherwise stated)

30 June 2026 30 June 2025 N’000 N’000

  1. Rental Income

    Rental Income 1,576,774 837,145

    1,576,774 837,145

  2. Interest income on assets measured at fair value through profit or loss Held for trading assets:

Bonds (FGN SUKUK 2031)

5,933

5,966

Treasury bills

–

31,907

FGN Promissory notes

–

–

WHT Waiver on T-bills

–

25,193

5,933

63,066

3 Interest income on deposit with banks

Interest earned on placements

600,762

625,345

Credit interest on bank balance

7,168

8,515

Credit interest relates to interest earned on bank balances during the period.

607,930

633,860

4 Net gain/(loss) on financial assets held for trading

Fair value gain/(loss) on held for trading instruments

–

2,743

–

2,743

5 Net gain on disposal of investment property

Gain on disposal of investment property

–

–

–

–

6 Operating expenses

Fund manager’s fee

71,170

67,004

Property maintenance expenses

110,170

77,765

Registrar’s fees

5,375

5,644

Trustees’ fees

4,448

2,150

Audit fees

8,750

7,500

Professional fees

32,878

22,779

Custodian fees

13,344

12,563

Printing, advert and travels

2,868

798

SEC fees

35,311

31,165

Property manager’s fees

78,648

47,454

Insurance premium

18,521

17,656

Depreciation on property & equipment (see note 14)

85,002

67,726

Depreciation on right of use assets (see note 9)

5,575

4,287

Interest expense on lease

1,434

2,450

Depreciation on furniture & fittings (see note 14)

70,313

17,880

EGM

12,623

–

WHT on credit interest

3,253

4,334

559,684

389,155

7 Cash and cash equivalents

30 June 2026

31 Dec 2025

– Current account with banks in Nigeria

Balances with banks

49,641

5,778,873

Placements with banks (fixed deposits and T-bills)

7,099,338

–

7,148,979

5,778,873

Current

7,148,979

5,778,873

Non-Current

–

–

7,148,979

5,778,873

Balances with banks represent call account balances and fixed deposits with commercial banks. The

bank deposits are short term in nature and can be withdrawn at short notice.

8 Financial assets held for trading

30 June 2026

31 Dec 2025

FGN bond

78,221

84,252

78,221

84,252

Current

–

–

Non-Current (FGN SUKUK)

78,221

84,252

78,221

84,252

9 Leases

30 June 2026

31 Dec 2025

9(i) Right-of-use assets

Opening balance as at 1 January 2026

68,426

41,178

Additions during the period

–

27,248

Closing balance

68,426

68,426

Depreciation:

Opening balance as at 1 January 2026

24,317

13,166

Charge for the period

5,575

11,150

Closing balance

29,892

24,316

Net book value

38,534

44,110

9(ii) Lease liabilities

Opening balance as at 1 January 2026

23,766

41,364

Interest expense

1,434

4,991

Repayments during the period

–

(22,589)

Closing balance

25,200

23,766

Non-current lease liabilities

25,200

23,766

9(iii) Amounts recognised in the statement of profit or loss

Depreciation charge of right-of-use assets

5,575

11,150

Interest expense

1,434

4,991

10 Other assets

30 June 2026

31 Dec 2025

Financial:

Rent receivables

223,764

325,688

Other receivables

1,083

–

ECL provision

(214,123)

(296,000)

10,724

29,688

Non-financial:

Prepaid expenses

18,521

37,043

29,245

66,731

*Prepaid expenses include prepaid insurance for the year.

ECL provision movement:

Opening Balance

(296,000)

(222,570)

Impairment charge/(reversal) for the period

81,877

(73,430)

Closing Balance

(214,123)

(296,000)

11 Investment property

30 June 2026

31 Dec 2025

Beginning balance

29,594,534

27,240,747

Additions

1,241,380

–

Improvements Disposals

Disposals

–

251,994

-0

Fair value gain

–

2,101,793

30,835,914

29,594,534

Non-Current

30,835,914

29,594,534

Office equipment

Fixtures &

fittings

Assets

Under Constru ction

Total

12 Property and equipment

N’000

N’000

N’000

N’000

Cost:

At 1 January 2026

713,927

609,488

203,876

1,527,291

Additions

39,309

32,089

–

71,398

At 30 June 2026

753,236

641,577

203,876

1,598,689

Accumulated depreciation:

At 1 January 2026

559,022

246,991

–

806,013

Charge for the period

85,002

70,313

–

155,315

At 30 June 2026

644,024

317,304

–

961,328

Net book amount at 1 January 2026

154,905

362,497

203,876

721,278

Net book amount at 30 June 2026

109,213

324,272

203,876

637,361

13 Other liabilities

30 June 2026

31 Dec 2025

Financial liabilities:

Caution deposits

9,250

9,050

Accrued audit fees

8,750

17,500

Accrued expenses

811,024

95,272

Unclaimed Distribution

26,318

–

*This include; management fees, trustee fees, registrar fees, property managers

fee, custody fees, regulatory fees

855,342

121,822

14 Rent received in advance

30 June 2026

31 Dec 2025

Rent received in advance (unearned rent)

1,571,272

666,475

1,571,272

666,475

  1. Unit holders’ contribution Authorised

    3,000,000,000 units of N10 each 30,000,000 30,000,000

    Issued and fully paid

    2,668,269,500 units of N10 each 26,682,695 26,682,695

  2. Earnings/(loss) per unit

(i) Basic

Basic earning/(loss) per unit is calculated by dividing the net (loss)/profit after tax

attributable to unitholders of the trust by number of units in issue during the year

30 June 2026

30 June 2025

Profit after tax attributable to unit holders of the Trust (N’000)

1,719,257

1,098,813

Number of ordinary units in issue (‘000)

2,668,270

2,668,270

Basic earnings per unit (expressed in Naira per unit)

0.64

0.41

(ii) Diluted

The Trust does not have potential units with convertible options and therefore there is no dilutive impact on the profit attributable to unit holders.

Diluted earnings per unit (expressed in Naira per unit) 0.64 0.41

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UPDC Real Estate Investment Trust published this content on July 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 30, 2026 at 00:50 UTC.