UH REIT Records ₦1.3 Billion Income Driven by Prime Lagos Assets
UH Real Estate Investment Trust (UH REIT) has reported a total income of ₦1.3 billion for the 2025 financial year, representing a 10% increase from the ₦1.2 billion recorded in the previous year. According to the company's financial results, net income grew by 11.9% to reach ₦1.16 billion after accounting for operating expenses. This performance underscores the resilience of high-end commercial and residential real estate in Lagos, particularly within the Victoria Island and Ikoyi axes.
Portfolio Performance and Revenue Drivers
The REIT’s revenue growth was anchored by its high value property portfolio, with three key assets contributing significantly to its valuation. The Sinari Daranijo property in Victoria Island remains the fund's most valuable asset, priced at ₦6.9 billion. This is followed by the Rumens and Sapara Williams properties in Ikoyi, valued at ₦5.05 billion and ₦4.02 billion, respectively.
Rental income emerged as the primary revenue stream, contributing ₦723.5 million to the total earnings. Other significant contributors included interest income, which accounted for ₦357.8 million, and sundry income at ₦311.4 million. Despite a marginal rise in operating expenses to ₦223.3 million up from ₦197.1 million in 2024 the fund maintained strong profitability margins. Management fees represented the largest expense at ₦106.1 million.
Balance Sheet Expansion and Asset Growth
The financial year 2025 saw a dramatic expansion of UH REIT's balance sheet. Total assets more than doubled, rising from ₦12.6 billion in 2024 to ₦28.9 billion. This growth was largely driven by investment properties, which are now valued at ₦25.6 billion. The fund also holds ₦2.3 billion in cash and cash equivalents, alongside Sukuk investments valued at ₦463.8 million.
Unitholders’ equity saw a corresponding surge to ₦27.8 billion, while total liabilities were reduced to ₦1.1 billion. This deleveraging and asset accumulation indicate a disciplined approach to capital management and a strategic focus on acquiring income-generating assets in premium locations.
Market Outlook and Unitholder Value
The improved financial performance translated into enhanced value for investors, with basic earnings per unit rising to ₦6.22 from ₦5.56 in 2024. Market sentiment remains bullish; as of early 2026, UH REIT units have appreciated by 82.93% on the Nigerian Exchange (NGX), trading at approximately ₦94.85.
The fund’s concentration in prime Lagos real estate continues to provide a hedge against broader economic volatility, positioning UH REIT as a significant player in Nigeria’s evolving institutional real estate investment landscape.
