April 21, (THEWILL) — UPDC Real Estate Investment Trust (UPDC REIT) delivered a solid first-quarter performance for 2026, reporting an increase in net assets attributable to unitholders of ₦752.4 million, up from ₦551.7 million recorded in Q1 2025.
The growth was primarily driven by a sharp rise in rental income, which climbed 82.78 percent year-on-year to ₦759.8 million from ₦415.7 million. This strong top-line expansion helped lift total revenue to ₦1.02 billion, representing a 30.14 percent increase from ₦788.9 million in the same period last year.
Interest income from bank deposits declined by 13.91 percent to ₦263.8 million, compared to ₦306.5 million previously, with fixed deposit placements accounting for the bulk of earnings.
Despite higher operating expenses of ₦245.6 million and an impairment charge of ₦28.5 million, the Trust still recorded improved profitability. Earnings per share rose to ₦0.28, up from ₦0.21 in Q1 2025.
On the balance sheet, total assets grew 10.15 percent year-on-year to ₦37.7 billion, largely supported by investment properties valued at ₦29.5 billion and cash holdings of ₦6.7 billion. Total liabilities increased to ₦1.5 billion, with rent received in advance now at ₦1.3 billion remaining the Trust’s largest obligation.
Unitholders’ funds stayed stable at ₦26.6 billion, while retained earnings jumped nearly 50 percent to ₦9.5 billion.
UPDC REIT’s units have returned 12.32 percent year-to-date, trading at ₦7.75, though the market appears yet to fully price in the latest earnings performance.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
