UPDC REIT Records N1.09bn Profit Boosted by Rental and Interest Income

UPDC Real Estate Investment Trust (REIT) recorded a tax profit of N1.09 billion for the first half of 2025, slightly lower than the N1.11 billion reported for the same period in 2024. The REIT's earnings were supported by a 22% increase in rental income and a 25% surge in interest income from bank deposits.

Operating expenses rose modestly, while impairments decreased. UPDC REIT maintained a strong balance sheet with total assets rising to N33.77 billion, driven by investment properties.

The net asset value stood at N32.8 billion, with earnings per unit slightly down at N0.41 compared to N0.42 in the previous year.