Home Business Property UPDC REIT announces dividend payments

UPDC REIT announces dividend payments

4 min read
access bank

UPDC Real Estate Investment Trust (UPDC REIT), the largest real estate investment trust in Nigeria by market capitalisation on the Nigerian Exchange Limited, has announced a 2021 final distribution of one kobo per unit and 2022 interim distribution of 17 kobo per unit to its unitholders.

According to REIT Fund Manager, Stanbic IBTC Asset Management, distributions will be paid to unitholders whose names appear in the register of members at the close of business on 30th September 2022 for the 2021 final distribution and 4th October 2022 for the 2022 interim dividend.

What the REIT Fund Manager is saying

The fund manager stated: “On 27th October 2022, the 2021 final distribution and 2022 interim distribution will be paid electronically to unitholders whose names appear on the register of members as of 30th September 2022 and as of 4th October 2022 respectively, and these are to members who have completed the e-dividend registration and mandated the Registrar to pay their distributions directly into their bank accounts”.

“Unitholders who are yet to complete the e-dividend registration are advised to download the registrar’s e-dividend mandate activation form which is also available on their website; complete and submit it to the registrar or the respective banks of shareholders.

“Unitholders of the UPDC REIT are encouraged to download and complete the data update form on the REIT webpage here or contact the REIT Registrars, First Registrar.”

 What you should know

  • Stanbic IBTC Asset Management Limited released the UPDC REIT’s financial report for the half year 2022 on 1st August 2022. The report shows that the REIT recorded a net profit of ₦540.61 million from ₦583.20 million recorded for the same period in the previous year, representing a seven percent decline in profit, and this was largely due to a significant increase in total operating expenses during the period in view.
  • The distributable income of ₦457.19 million amounts to a distribution of 17 kobo per unit for the first half of 2022.
  • The rental income for the period grew by four percent from ₦627.01 million the previous year to ₦652.54 million, this was largely due to the recovery of outstanding rents
  • About 60% of the rental income impaired as reported in the 2021 audited financial statement has been recovered as we continue to see the impact of COVID-19 wane.
  • The rating of the UPDC REIT was reviewed in Q1 2022, and this resulted in an update in the national scale long-term issuer rating of the REIT to A-(NG) from BBB(NG) previously assigned by the rating agency, Global Credit Rating (GCR), with the outlook accorded as stable.
  • Concurrently, GCR assigned UPDC REIT a national scale short-term issuer rating of A2(NG). The update was because of the change in the criteria for rating Real Estate Investment Trusts and other commercial property companies in January 2022 by GCR.
Load More Related Articles
Load More By Breezynews
Load More In Property

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Delta: APC campaign spokesman carpets Ojougboh over governorship election

The Director Communications and Media Strategy of the All Progressives Congress (APC) camp…