UPDC Real Estate Investment Trust (UPDC REIT) began 2026 strongly, as higher rental income drove performance.
The Trust reported ₦752.4 million attributable to unit holders in Q1 2026, up from ₦551.7 million in 2025.
Rental operations drove this growth, and they remain the Trust’s core earnings engine.
UPDC REIT Starts 2026 Strong With Higher Rental Income
Rental income rose to ₦759.8 million, marking an 82.78% increase from ₦415.7 million last year.
This growth reflects improved occupancy and stronger lease activity across the property portfolio.
Meanwhile, total revenue climbed to ₦1.02 billion from ₦788.9 million in Q1 2025.
In addition, the Trust earned ₦263.8 million from bank deposits, although this fell from ₦306.5 million previously.
Most of this interest, about 98%, came from fixed deposit placements.
However, operating costs increased to ₦245.6 million from ₦196.1 million in the prior year.
The Trust also booked an impairment charge of ₦28.5 million during the period.
Even so, earnings per unit improved to ₦0.28, up from ₦0.21.
Strong Balance Sheet Growth
On the balance sheet, total assets expanded to ₦37.7 billion, rising 10.15% year-on-year.
Investment properties accounted for ₦29.5 billion, while cash holdings added ₦6.7 billion.
At the same time, total liabilities rose 25.09% to ₦1.5 billion.
Rent received in advance increased to ₦1.3 billion and remained the largest liability.
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Furthermore, unitholders’ contributions stayed steady at ₦26.6 billion.
Retained profit also climbed sharply to ₦9.5 billion, up 49.80% year-on-year.
Market Performance And Investor Sentiment
Managed by SFS Capital, UPDC REIT continues to trade on the Nigerian Exchange.
It lists under UPDCREIT and delivers a 12.32% year-to-date return.
The unit price closed at ₦7.75, with over 30 million units traded.
However, investors still digest the Q1 2026 results despite the positive performance.
