UPDC REAL ESTATE INVESTMENT TRUST : QUARTER 1 – FINANCIAL STATEMENT FOR 2022







UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022

UPDC REAL ESTATE INVESTMENT TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022

STATEMENT OF COMPREHENSIVE INCOME

Remarks

March 31, 2022

March 31, 2021

N’000

N’000

Income from investment property

1

327,860

325,800

interest income

2

90,740

81,458

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

3

30,416

net income

449.016

407,258

operating expenses

4

(158,999)

(120,420)

profit before taxes

290.017

286,838

Tax

profit after taxes

290.017

286,838

Income per Share attributable to Trust Shareholders

Earnings per unit – basic and diluted (Naira)

0.11

0.11

UPDC REAL ESTATE INVESTMENT TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022

PRESENTATION OF FINANCIAL SITUATION

Remarks

March 31, 2022

March 31, 2021

N’000

N’000

Financial assets:

bank balance

5

2,614,140

1,891,283

Financial assets held for trading

6

1,713,145

2,454,287

Other assets

8th

140,564

387,179

investment property

7

21,480,000

26.540.142

property and equipment

9

28,379

19.158

operating and office equipment

10

32,984

82,703

Rights to Use Assets

11

17,970

19,829

total assets

26.027.182

31,394,581

Liabilities:

Accounts Payable

12

123,780

116,698

Rent received in advance

13

669,083

153,229

lease liabilities

11

15,272

10,675

Total Liabilities

808.135

280,602

Net assets attributable to unitholders in the trust

25.219.047

31.113.979

Represented by:

Shares and Reserves Attributable to Shareholders in the Trust

Shareholder Contributions

26,682,695

26,682,695

retained earnings

(1,463,648)

4,431,284

25.219.047

31.113.979

The financial statements were approved on behalf of the Board of Directors of the Fund Manager on 29 April 2022 and signed by:

Oladele Sotubo (Director of Fund Manager)Emmanuel Adebayo (Financial Controller of the Fund Manager)

UPDC REAL ESTATE INVESTMENT TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022

CHANGE IN UNITS AND RESERVES

MADE AVAILABLE TO SHAREHOLDERS OF THE TRUST

Shareholders

held back

In total

posts

merits

N’000

N’000

N’000

On December 31, 2021

26,682,695

(1,753,665)

24.929.030

Comprehensive Income

net income

290.017

290.017

290.017

290.017

Transactions with Shareholders in their capacity as Shareholders:

Distributions to Shareholders

290.017

290.017

On March 31, 2022

26,682,695

(1,463,648)

25.219.047

UPDC REAL ESTATE INVESTMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022

March 31, 2022

N‘000

1 Income from investment property

rental income

327,860

327,860

2 Interest income

Bank placements

Bind

16,601

treasury bill

business papers

fixed deposits

46,783

FGN promissory notes

27,356

90,740

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

Fair value gain on instruments held for trading

30,416

30,416

March 31, 2022

March 31, 2021

N‘000

N‘000

4 Business Expenses

Fund manager’s fee

32,050

27.123

Cost of maintaining the property

20,664

40,210

Registrar Fees

7,922

550

Trustee Fees

1,075

1,050

exam fees

2.125

2.125

fees

12,420

9,821

custody fees

6.009

5,589

Statutory Duties & Fees

14,907

1.158

Property Management Fees

20,364

10,507

insurance premium

4,598

3,822

depreciation

16,136

17,065

Other operating expenses

20,729

1,400

158,999

120,420

March 31, 2022

March 31, 2021

N‘000

N‘000

5 bank balance

– Current account at banks in Nigeria

100,993

12,751

– fixed deposit

2,513,147

173,506

– Call deposit

1,705,026

2,614,140

1,891,283

6 Financial assets held for trading

March 31, 2022

March 31, 2021

N’000

N‘000

corporate bonds

295,782

439,620

FGN Bonds

198,395

FGN promissory note

1,218,968

2,014,667

1,713,145

2,454,287

March 31, 2021

N‘000

325,800 325,800

7,916

17,266

5,439

5,354 –

45,483

81,458

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Disclaimer

UPDC Real Estate Investment Trust published this content on April 29, 2022 and is solely responsible for the information contained therein. Distributed by the public, unedited and unmodified, on Apr 29, 2022 21:07:04 UTC.

Public now 2022

All the news about UPDC REAL ESTATE INVESTMENT TRUST

sales

net income

net debt

P/E
yield
capitalization 10 273 m
24.7 million
24.7 million
EV/Revenue -1
EV / sales 0
number of employees
free float 100%

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