UPDC REAL ESTATE INVESTMENT TRUST : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

STATEMENT OF COMPREHENSIVE INCOME

	Notes
		31 Dec 2022	31 Dec 2021
		N '000	N '000
Income from investment property	1	1,261,744	1,259,006
Interest income	2	395,769	385,469
Net gain/(loss) on financial assets held for trading	3	(46,947)	(329,847)
Fair value (loss)/gain on investment property	7	552,220	(5,091,850)
Net income		2,162,786	(3,777,222)
Impairment charge on receivables		(15,371)	(141,483)
Operating expenses	4	(551,346)	(561,703)
Profit before tax		1,596,070	(4,480,408)
Tax		-	-
Profit after tax		1,596,070	(4,480,408)
Earnings per unit attributable to unit holders of the Trust
Earnings per unit - basic and diluted (Naira)		0.60	(1.68)

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

STATEMENT OF FINANCIAL POSITION

	Notes	31 Dec 2022	31 Dec 2021
		N'000	N'000
Assets:
Bank balances	5	1,977,318	2,501,503
Financial assets held for trading	6	1,605,472	1,711,152
Other assets	8	144,437	33,118
Investment property	7	23,026,444	21,480,000
Property and equipment	9	91,372	77,292
Right of use assets	10	17,351	18,177
Total assets		26,862,394	25,821,242
Liabilities:
Accounts payable	11	283,302	636,084
Rent received in advance	12	520,138	241,452
Lease liabilities	10	17,208	14,676
Total liabilities		820,649	892,212
Net assets attributable to unit holders of the Trust		26,041,745	24,929,030
Represented by:
Units and reserves attributable to unit holders of the Trust
Unit holders' contributions		26,682,695	26,682,695
Retained earnings		(640,950)	(1,753,665)
		26,041,745	24,929,030

The financial statements have been approved and signed on behalf of the Board of Directors of the Fund Manager on

31 January, 2023 by:

Oladele Sotubo (Director of the Fund Manager)

Emmanuel Adebayo (Financial Controller of the Fund Manager)

UPDC REAL ESTATE INVESTMENT TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

STATEMENT OF CHANGES IN UNITS AND RESERVES	ATTRIBUTABLE TO UNIT HOLDERS OF THE TRUST
	Unitholders'	Retained	Total
	contributions	earnings
	N'000	N'000	N'000
At 31 December 2021	26,682,695	(1,753,665)	24,929,030
Comprehensive income
Profit for the year	-	1,596,070	1,596,070
		-	-
		1,596,070	1,596,070
Transactions with unit holders in their capacity as unit holders:
Distributions paid to unit holders	-	(483,355)	(483,355)
	-	1,112,715	1,112,715
At 31 December 2022	26,682,695	(640,950)	26,041,745

UPDC REAL ESTATE INVESTMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

	31 Dec 2022		31 Dec 2021
	N'000		N'000
1 Income from investment property
Rental Income	1,261,744	1,259,006
	1,261,744	1,259,006
2 Interest income
Placements with banks	227,218	126,980
Bonds	57,607	71,625
Treasury bills	-	5,439
Commercial papers	-
FGN promissory notes	110,944		181,425
	395,769	385,469
3 Net gain/(loss) on financial assets held for trading
Fair value gain on held for trading instruments	(46,947)	(323,844)
Loss from investment in real estate development	-	(6,003)
	(46,947)	(329,847)
	31 Dec 2022		31 Dec 2021
	N'000		N'000
4 Operating expenses
Fund manager's fee	116,144	123,908
Incentive Fees	-	131,226
Property maintenance expenses	117,155	887
Registrar's fees	38,558	4,300
Trustees' fees	4,300	8,500
Audit fees	10,200	14,137
Professional fees	23,142	23,436
Custodian fees	21,820	-
AGM Expenses	-	2,564
Printing, advert and travels	2,864	3,348
SEC fees	54,717	34,567
Property manager's fees	51,587	15,290