Key Union Homes UHREIT Highlights:

• March 2022: Union Homes Real Estate Investment Trust (Nigeria) declares a final dividend of ₦1.91 per share.

• May, 2022: Notice of Change of Union Home REIT Name to UHREIT.

 

At the beginning of May, Union Homes REIT released its first quarter financial statement for the period ended March 31, 2023, in which it reported a net income of ₦157 million, a 44.48% increase from the first quarter of 2022. Despite a 2.37% reduction in value of investment properties against the same period, the 16.68% growth in financial assets against Q1:2022 somewhat offset the loss leading to a 1.03% growth in net assets. The improved performance is also a result of 771% growth in net cash generated from operating activities. 

 

 

As at March 2023, Union Homes REIT had a market capitalization of ₦9.2 billion, with a stable trading price of ₦36.6 after a 9.96% drop in March, 2021. Managed by SFS Capital, the final dividend grew by 9.94% to ₦2.1 per share as at May, 2023.

 

The financial report released by UHREIT for the quarter indicates a positive start to the year for the institution. This result is in keeping with its 2022 FY performance, which bodes well for the rest of the year. UHREIT has consistently registered a profit since 2018, and we expect a similar performance for FY:2023.

We love your feedback! Let us know what you think about UHREIT’s Earning Report Overview by sending an email to [email protected].

Subscribe to ei Pro to access affordable real estate data such as; transaction comparables, sales rates, yields, supply drivers, and information on key real estate market participants who are active in the market.