UPDC’s Q1 net assets hit N752.4m
UPDC Real Estate Investment Trust (UPDC REIT) has delivered a solid first-quarter performance for 2026, reporting an increase in net assets attributable to unitholders of N752.4 million, up from N551.7
UPDC Real Estate Investment Trust (UPDC REIT) has delivered a solid first-quarter performance for 2026, reporting an increase in net assets attributable to unitholders of N752.4 million, up from N551.7 million recorded in first quarter 2025.
The growth was primarily driven by a sharp rise in rental income, which climbed 82.78 per cent to N759.8 million from N415.7 million. This strong top-line expansion helped lift total revenue to N1.02 billion, representing a 30.14 per cent increase from N788.9 million in the same period last year.
Interest income from bank deposits declined by 13.91 per cent to N263.8 million, compared to N306.5 million previously, with fixed deposit placements accounting for the bulk of earnings.
Despite higher operating expenses of N245.6 million and an impairment charge of N28.5 million, the Trust still recorded improved profitability. Earnings per share rose to 28 kobo, up from 21 kobo.
On the balance sheet, total assets grew 10.15 per cent to N37.7 billion, largely supported by investment properties valued at N29.5 billion and cash holdings of N6.7 billion. Total liabilities increased to N1.5 billion, with rent received in advance now at N1.3 billion remaining the Trust’s largest obligation.
Unitholders’ funds was stable at N26.6 billion, while retained earnings jumped nearly 50 per cent to N9.5 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.
In addition, UPDC Advisory launched a new revenue line helping institutions and wealth managers unlock value with Custodian Investment Plc acquiring a 51 per cent majority stake, placing
UPDC is on the path to sustained profitability in 2025 with a fourth consecutive year of profit growth up to share price up 208 percent. Chief Executive Officer and Managing Director UPDC, Odunayo Ojo hailed what he called a vertically-integrated property platform reaching its peak within a 28-year track record.
He stressed that they are the first Nigerian real estate firm listed as a REIT on the NGX —the largest REIT in West Africa.
“From a UAC carve-out in 1997 to a profitable, diversified platform with the first
Four pillars that together guide how the business Compounds’, he stated.
According to him beyond property development and facility management, UPDC has commenced advisory services for revenue diversification and margin expansion.
Focusing on Middle-Class, Diaspora & Institutional Focus Products and services that guide a broadening segment of the population — domestic and international — toward prosperity and Strategic Partnerships
‘’A vertically-integrated property platform with a 28-year track record has grossed record high growth and sales against their competitors between the year 2024 to 2026”.
Also beyond property development and facility management, UPDC has also commenced advisory services that guide a broadening segment of the population — domestic and international — toward prosperity.
“Firm relationships with key stakeholders — regulators, financiers, land owners, institutional clients — to ensure seamless execution of mandates”.
“Service excellence that sustains brand equity, enabling us to broaden our clientele base through referrals and repeat engagement”.
