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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

NREIT

NREIT · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
Nigeria Real Estate Investment Trust
Listing
NREIT on the Nigerian Exchange, active · ISIN NGCHDNREIT00 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

  • Gross Income

    NGN 27.6 billion

    27,631,552 NGN thousands · p22

    +582.5% vs 2024

    Real estate investment trust: the fund's total income line as printed ('Gross Income', p22).

  • Rental and other operating income

    NGN 4.43 billion

    4,431,688 NGN thousands · p22

    +174.8% vs 2024

    Rental income of the property portfolio as printed (p22).

  • Profit after tax

    NGN 25.1 billion

    25,066,477 NGN thousands · p22

    +704.5% vs 2024

    Printed 'Profit after tax' (p22).

  • Total assets

    NGN 197 billion

    197,008,485 NGN thousands · p21

    +231.0% vs 2024

    Printed 'Total assets' (p21).

  • Net assets

    NGN 183 billion

    182,945,751 NGN thousands · p21

    +219.9% vs 2024

    Printed 'Net assets' (p21), the fund's key measure.

  • NAV per unit (naira per unit)

    115.16

    115.16 NGN thousands · p21

    +6.9% vs 2024

    Printed 'NAV per unit (naira per unit)' (p21).

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Profit share on Mudaraba transaction1 5,875,268 2,067,451
Revaluation gain on Investment Property2 17,324,440 –3
Rental and other operating income4 4,431,688 1,612,601
Income subtotal5 27,631,396 3,680,052
Other Income6 156 39,703
Profit from disposal of subsidiary7 –8 21,442
Dividend Income9 –8 307,585
Gross Income10 27,631,552 4,048,782
Operating expenses (2,565,075) (932,815)
Total Expense11 (2,565,075) (932,815)
Profit before tax 25,066,477 3,115,967
Income tax expense –12 –12
Profit after tax 25,066,477 3,115,967
Other comprehensive income –13 3,050,000
Total comprehensive income for the period 25,066,477 6,165,967
Non-controlling interest14 –15 –15
Owners of the Fund16 25,066,477 6,165,967
Non-controlling interest14 –15 –15
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_7nzkx16ph0af.income_subtotal.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_7nzkx16ph0af.gross_income.
  3. Printed “-”, read as nil: subtotal_arithmetic: is.profit_for_year.
  4. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
  5. Printed “-”; reading unresolved, so no amount is shown. Printed dash; no printed subtotal confirms a nil reading.
Notes and alternative reported figures (11)
  1. “Profit share on Mudaraba transaction” is an issuer-specific line, not mapped to a shared definition: Note 8: profit share on Islamic (Mudaraba) investments.
  2. “Revaluation gain on Investment Property” is an issuer-specific line, not mapped to a shared definition: Note 8: fair value gain on investment property.
  3. “Rental and other operating income” is an issuer-specific line, not mapped to a shared definition: Note 8.
  4. “Income subtotal” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of Mudaraba profit share, revaluation gain and rental income.
  5. “Other Income” is an issuer-specific line, not mapped to a shared definition: Note 9.
  6. “Profit from disposal of subsidiary” is an issuer-specific line, not mapped to a shared definition: Gain on disposal of a subsidiary.
  7. “Dividend Income” is an issuer-specific line, not mapped to a shared definition: Note 9.
  8. “Gross Income” is an issuer-specific line, not mapped to a shared definition: Total income before expenses.
  9. “Total Expense” is an issuer-specific line, not mapped to a shared definition: Total expenses (operating expenses only).
  10. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Nil in both years.
  11. “Owners of the Fund” is an issuer-specific line, not mapped to a shared definition: TCI attribution.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash and cash equivalents 3,831,367 5,417,123
Investment property 187,430,100 35,000,000
Investment in subsidiary1 –2 –2
Other receivables3 5,747,018 19,099,015
Total assets 197,008,485 59,516,138
Other payables4 11,065,798 1,639,914
Distribution payable 2,996,936 692,048
Total liabilities 14,062,734 2,331,962
Net assets 182,945,751 57,184,176
Member's funds5 161,174,810 53,620,098
Revaluation Reserve –6 3,050,000
Retained earnings 21,770,941 514,078
Net assets attributable to unitholders7 182,945,751 57,184,176
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
Notes and alternative reported figures (5)
  1. “Investment in subsidiary” is an issuer-specific line, not mapped to a shared definition: Note 13; nil in the group columns.
  2. “Other receivables” is an issuer-specific line, not mapped to a shared definition: Note 14.
  3. “Other payables” is an issuer-specific line, not mapped to a shared definition: Note 15.
  4. “Member's funds” is an issuer-specific line, not mapped to a shared definition: Note 17: unitholders' contributed capital.
  5. “Net assets attributable to unitholders”: mapping to a shared definition is uncertain. Total of 'Capital and reserves' (member's funds, revaluation reserve, retained earnings), printed as 'Net assets attributable to unitholders'; equal to net assets; no non-controlling interest is printed.

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Profit before income tax1 25,066,477 3,115,967
Impact of tax charge for the year2 –3 (27,409)
Gain on revaluation4 (17,324,440) –3
Gain on disposal of PBSA5 –3 (9,468)
Other payables6 9,425,884 681,888
Distribution payable7 2,304,888 (106,990)
Other Receivable8 13,351,997 (309,399)
Cash generated from operations 32,824,806 3,344,589
Tax paid –9 –9
Net cash flow generated from operating activities 32,824,806 3,344,589
Acquisition of investment property10 (135,105,660) (31,950,000)
Proceeds from disposal of subsidiaries11 –12 –12
Acquisition of subsidiary13 –12 –12
Net cash flow used in investing activities (135,105,660) (31,950,000)
Proceeds from issue of units14 107,554,712 –15
Distributions paid to Unitholders (6,859,614) (2,812,294)
Proceeds from disposal of investment properties16 –15 950,000
Net cash flow (used in) / generated from financing activities 100,695,098 (33,812,294)
Changes in cash and cash equivalents (1,585,756) (30,467,705)
Cash and cash equivalents at the beginning of the year 5,417,123 35,884,828
Cash and cash equivalents at the end of the year 3,831,367 5,417,123
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_generated_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  4. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (12)
  1. “Profit before income tax” is an issuer-specific line, not mapped to a shared definition: Starting point of the indirect-method operating cash flows.
  2. “Impact of tax charge for the year” is an issuer-specific line, not mapped to a shared definition: Note 13; operating adjustment.
  3. “Gain on revaluation” is an issuer-specific line, not mapped to a shared definition: Note 8; operating adjustment (fair value gain on investment property).
  4. “Gain on disposal of PBSA” is an issuer-specific line, not mapped to a shared definition: Note 13; operating adjustment (disposal of the purpose-built student accommodation subsidiary).
  5. “Other payables” is an issuer-specific line, not mapped to a shared definition: Note 20(a); working capital.
  6. “Distribution payable” is an issuer-specific line, not mapped to a shared definition: Note 20(b); working capital.
  7. “Other Receivable” is an issuer-specific line, not mapped to a shared definition: Note 20(c); working capital.
  8. “Acquisition of investment property” is an issuer-specific line, not mapped to a shared definition: Note 20(e); investing.
  9. “Proceeds from disposal of subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 13(c); investing (nil in the group columns).
  10. “Acquisition of subsidiary” is an issuer-specific line, not mapped to a shared definition: Note 20(d); investing (nil in the group columns).
  11. “Proceeds from issue of units” is an issuer-specific line, not mapped to a shared definition: Note 17; financing.
  12. “Proceeds from disposal of investment properties” is an issuer-specific line, not mapped to a shared definition: Note 13; financing as printed.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Profit / (loss) attributable to shareholders (NGN thousands)1 25,066,477 3,115,967
Shares in issue at year end (shares)2 1,588,617 thousand 530,648 thousand
Notes and alternative reported figures (2)
  1. Profit / (loss) attributable to shareholders: printed as “Unitholders of the Fund”.
  2. Shares in issue at year end: printed as “Number of units ('000)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Distributions paid to Unitholders (6,859,614) NGN thousands Audited financial statements, p25
31 Dec 2024 Dividends paid (cash flow statement) Distributions paid to Unitholders (2,812,294) NGN thousands Audited financial statements, p25

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Chapel Hill Denham Nigeria Real Estate Investment Trust — Consolidated and Separate Financial Statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: KPMG Professional Services, Chartered Accountants (Elijah Oladunmoye, FCA), unmodified opinion · signed

    Auditor's sign-off: Elijah Oladunmoye, FCA, for KPMG Professional Services (handwritten signature, ICAN seal)

    Final status: Independent auditor's report on the consolidated and separate financial statements closed with a handwritten signature above 'Elijah Oladunmoye, FCA, FRC/2023/PRO/ICAN/004/00000019769, For: KPMG Professional Services, Chartered Accountants, 30 March 2026, Lagos, Nigeria' and an ICAN seal (PDF p20, page image; opinion p18). The statement of financial position states the statements were approved by the Trustees of the Fund on 30 March 2026 and is signed on behalf of the Fund Manager by Mrs. Kemi Awodein (Director) and Mr. Bolaji Balogun (Managing Director), and certified by Mr. Abidemi Oni (CFO), with handwritten signatures (PDF p21, page image).

    Document date
    30 Mar 2026
    Auditor's report
    30 Mar 2026
    Board approval
    30 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “N'000”)
    • The directory lists 'NIGERIA REAL ESTATE INV. TRUST FUND' (NGX NREIT). The statements print 'NIGERIA REAL ESTATE INVESTMENT TRUST "NREIT"' (p2, p21) and the auditor addresses 'the Unitholders of Chapel Hill Denham Nigeria Real Estate Investment Trust ("the Fund")' (p18); Chapel Hill Denham Management Limited is the Fund Manager (p7). The same fund; abbreviation and manager prefix only.
    • Cash-flow statement, GROUP 2024 (p25): the financing lines print distributions paid (2,812,294) and proceeds from disposal of investment properties 950,000, which sum to (1,862,294), but the financing total is printed (33,812,294); the printed change in cash (30,467,705) equals operating 3,344,589 + investing (31,950,000) + financing (1,862,294). Kept as printed; the cells were compared with the page image. The financing-total and change-in-cash checks fail for 2024 for this reason, and so does the nil check on the dash printed for 2024 'Proceeds from issue of units' (the dash is clear on the page image).
    • The income statement has no revenue line: income is printed as Mudaraba profit share, revaluation gain on investment property and rental and other operating income, with an unlabelled subtotal, then other income, disposal profit and dividend income to 'Gross Income' (p22). No earnings per unit is printed; NAV per unit is printed on the statement of financial position (p21). The Fund (not the group) columns are not transcribed.
    Technical details
    File
    56 pages, with a text layer
    SHA-256
    9414538865b3d746d0d6e608ec37b18cd2a7f16b66336bc16967f523e353220e
    Entity as printed
    NIGERIA REAL ESTATE INVESTMENT TRUST "NREIT"; Chapel Hill Denham Nigeria Real Estate Investment Trust ('the Fund')
    Exchange copy
    retrieved 2026-10-08T18:02:55Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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