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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

UPDC REIT

UPDCREIT · Nigerian Exchange · Company statements

On this page
Company details
Legal name
UPDC Real Estate Investment Trust
Listing
UPDCREIT on the Nigerian Exchange, active · ISIN NGUPDCREIT01 (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

  • Revenue

    NGN 5.12 billion

    5,122,783 NGN thousands · p21

    −6.3% vs 2024

  • Operating profit / (loss)

    Not reported in this filing

  • Profit / (loss) for the year

    NGN 4.33 billion

    4,334,898 NGN thousands · p21

    −7.7% vs 2024

  • Total assets

    NGN 36.3 billion

    36,289,778 NGN thousands · p20

    +8.6% vs 2024

  • Total equity

    Not reported in this filing

  • Cash from operations

    NGN 2.35 billion

    2,354,032 NGN thousands · p23

    +10.5% vs 2024

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
Rental income1 1,736,703 1,435,865
Interest income on cash at bank2 1,206,691 767,778
Interest income on assets measured at fair value through profit or loss3 68,290 330,710
Fair value gain on investment property4 2,101,793 2,540,998
Net gain/(loss) on financial assets held for trading5 7,906 (16,465)
Net gain on disposal of scrap Items/investment property6 1,400 410,000
Revenue7 5,122,783 5,468,886
Impairment charge on receivables (73,430) (102,460)
Operating expenses (714,455) (668,808)
Increase in net assets attributable to unit holders8 4,334,898 4,697,618
Notes and alternative reported figures (8)
  1. “Rental income” is an issuer-specific line, not mapped to a shared definition: Note 6; within the printed 'Revenue'.
  2. “Interest income on cash at bank” is an issuer-specific line, not mapped to a shared definition: Within the printed 'Revenue'.
  3. “Interest income on assets measured at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Note 7; within the printed 'Revenue'.
  4. “Fair value gain on investment property” is an issuer-specific line, not mapped to a shared definition: Note 15; within the printed 'Revenue'.
  5. “Net gain/(loss) on financial assets held for trading” is an issuer-specific line, not mapped to a shared definition: Note 8; within the printed 'Revenue'.
  6. “Net gain on disposal of scrap Items/investment property” is an issuer-specific line, not mapped to a shared definition: Note 9; within the printed 'Revenue'.
  7. “Revenue”: mapping to a shared definition is uncertain. Printed 'Revenue': rental income, interest income, the fair value gain on investment property and net gains on trading assets and disposals together.
  8. “Increase in net assets attributable to unit holders”: mapping to a shared definition is uncertain. Printed 'Increase in net assets attributable to unit holders': the Trust's result for the year (no tax line is printed).

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 5,778,873 5,693,472
Financial assets held for trading1 84,252 76,330
Other assets 66,731 69,248
Property and equipment 721,278 318,285
Right of use assets 44,110 28,012
Investment property 29,594,534 27,240,747
Total assets 36,289,778 33,426,094
Other liablities 121,822 152,603
Rent received in advance2 666,475 703,376
Lease liabilities3 23,766 41,364
Total liabilities 812,063 897,343
Net assets attributable to unit holders of the Trust4 35,477,715 32,528,751
Unit holders' contributions5 26,682,695 26,682,695
Retained earnings 8,795,020 5,846,056
Notes and alternative reported figures (5)
  1. “Financial assets held for trading” is an issuer-specific line, not mapped to a shared definition: Note 12.
  2. “Rent received in advance” is an issuer-specific line, not mapped to a shared definition: Note 18.
  3. “Lease liabilities” is an issuer-specific line, not mapped to a shared definition: Note 13; unclassified statement of financial position.
  4. “Net assets attributable to unit holders of the Trust”: mapping to a shared definition is uncertain. Net assets attributable to unit holders (total assets less total liabilities); the Trust presents unit holders' funds in place of equity.
  5. “Unit holders' contributions” is an issuer-specific line, not mapped to a shared definition: Note 19; units attributable to unit holders.

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
Cash generated from operating activities 1,079,051 1,031,839
Interest received 1,274,981 1,098,488
Net cash generated from operating activities 2,354,032 2,130,327
Financial assets held for trading1 (7,922) 6,097
Proceeds from sale of investment property2 –3 2,200,000
Acquisition of investment property4 –3 (903,192)
Improvement of investment property5 (251,994) –6
Addition to Right of use asset7 (27,248) –6
Purchase of property and equipment (386,983) (290,353)
Asset under construction8 (203,876) –6
Net cash (used in)/generated from investing activities (875,795) 1,012,552
Distributions paid to unit holders9 (1,392,836) (1,120,673)
Net cash used in financing activities (1,392,836) (1,120,673)
Net movement in cash and cash equivalents for the year 85,401 2,022,205
Cash and cash equivalents at start of year 5,693,472 3,671,267
Cash and cash equivalents at end of year 5,778,873 5,693,472
  1. Printed “-”; reading unresolved, so no amount is shown. Printed dash (page image p23); the investing subtotal does not add for 2025 (issuer inconsistency), so arithmetic cannot confirm the nil.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (7)
  1. “Financial assets held for trading” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 12.
  2. “Proceeds from sale of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 15; 2025 printed '-'.
  3. “Acquisition of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 15; 2025 printed '-'.
  4. “Improvement of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 15; 2024 printed '-'.
  5. “Addition to Right of use asset” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 13; 2024 printed '-'.
  6. “Asset under construction” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 16; 2024 printed '-'.
  7. “Distributions paid to unit holders”: mapping to a shared definition is uncertain. Distributions paid to unit holders of the Trust.

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
Earnings / (loss) per share (per share)1 1.62 1.76
Notes and alternative reported figures (1)
  1. Earnings / (loss) per share: printed as “Earnings per unit - basic and diluted (Naira)”.

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 unit holders (1,392,836) NGN thousands Audited financial statements, p23
31 Dec 2024 Dividends paid (cash flow statement) Distributions paid to unit holders (1,120,673) NGN thousands Audited financial statements, p23

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.

  • UPDC Real Estate Investment Trust Annual Report and Financial Statements for the year ended 31 December 2025

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

    Audit: Forvis Mazars (Lagos), unmodified opinion · signed

    Auditor's sign-off: Adams Osamudiame, FCA (FRC/2021/004/00000023940), for Forvis Mazars

    Final status: Independent auditor's report of Forvis Mazars (opinion PDF p17, unmodified) is signed by hand by Adams Osamudiame, FCA (FRC/2021/004/00000023940), For: Forvis Mazars, Lagos, with an ICAN stamp, dated 30 March 2026 (PDF p19, page image). The statement of financial position states the statements were approved by the Trustees of the Fund on 27 March 2026 and carries handwritten signatures of Oluwatosin Odutayo (Executive Director) and Busola Jejelowo (Chief Executive) of Stanbic IBTC Asset Management Limited, with Olaleye Kolawole (CFO) (PDF p20, page image).

    Document date
    30 Mar 2026
    Auditor's report
    30 Mar 2026
    Board approval
    27 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    company statements · NGN thousands (printed “N'000”)
    • The auditor also issued a limited-assurance attestation on the Fund Manager's assessment of internal control over financial reporting, unmodified conclusion, 30 March 2026 (pp15-16).
    • The 2025 investing lines as printed add to (878 023), against the printed 'Net cash (used in)/generated from investing activities' (875 795), a difference of 2 228; checked on the page image (p23). The printed subtotal does tie to the net movement in cash (85 401). Figures kept as printed.
    • Unit trust presentation: no equity or tax lines; 'Net assets attributable to unit holders of the Trust' (35 477 715; 2024: 32 528 751) equals total assets less total liabilities, and the result is printed as 'Increase in net assets attributable to unit holders' (4 334 898; 2024: 4 697 618). The printed 'Revenue' includes the fair value gain on investment property (2 101 793; 2024: 2 540 998) (pp20-21).
    Technical details
    File
    47 pages, with a text layer
    SHA-256
    b2739552d6671b2b18d63cab2b3a6ce5bd42d452927420e29da0eb9f4bd95f05
    Entity as printed
    UPDC Real Estate Investment Trust (managed by Stanbic IBTC Asset Management Limited)
    Exchange copy
    retrieved 2026-10-08T17:56:09Z

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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