May 8, 2020

REIT Market Update: SFS Real Estate Investment Trust

Muhammad Okunade

SFS REIT (formerly Skye Shelter fund) has published its Key Performance Metrics for the month of March 2020. The REIT currently holds 7 residential properties in its portfolio with a net asset value of  2.274bn down from 2.376bn at the end of last year. The 2 properties within SFS REIT’s portfolio which are in Abuja are up for sale, while the other 5 in Lagos (1 in Ikeja and 4 along the Lekki Corridor) are fully tenanted with a weighted average yield of 5.3% and a rent delinquency rate of 2.1%.

Data Source: SFS REIT Unaudited Financial Statement for Q1:2020, SFS REIT Key Performance Metrics for March 2020

The document was published in line with The Nigerian Stock Exchange’s (NSE) directive for listed REITs and Closed-End Funds to regularly submit key performance metrics. The directive was aimed at promoting transparency, disclosure, visibility and liquidity of listed REITs and Closed-End Funds in the market. The directive will also make it easier for existing and potential investors to access information required to make investment decisions thereby contributing to the growth of these products. ​

SFS REIT accounts for 1.386bn of the total market capitalization of the 3 listed REITs in Nigeria. UPDC REIT accounts for9.072bn while Union Homes REIT  holds the largest share with 10.175bn. More can be found on our REIT Dashboard.

View the full report here and download other financial reports available on our website here

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