NREIT posts 333% profit jump to N3.19bn in Q1 2026, declares N1.92 unit payout
Nigerian Real Estate Investment Trust Fund (NREIT) reported a pre‑tax profit of N3.19 billion for Q1 2026, up 333.6% from N736.56 million a year earlier, driven by a 416.5% jump in revenue to N4.45 billion. Operating expenses surged 908.3% to N1.26 billion, pushing the expense‑to‑revenue ratio up to 28.3% from 14.5% and trimming the pre‑tax margin to 71.7% despite the profit surge. Total comprehensive income rose to N3.09 billion (+345.3%). The fund declared a quarterly distribution of N1.92 per unit for Series 1‑4 investors and N1.50 for Series 5, payable on 29 June 2026 to unitholders recorded on 23 April 2026 – the 21st straight payout since inception. Cash rose N6.79 billion to N10.62 billion, while total assets grew to N205.9 billion and net assets to N189.9 billion. NAV per unit slipped slightly to N114.60 as the unit base expanded after a Series 5 capital raise, leaving the market price of N103 about 10% below NAV.
For investors, the strong profit and distribution signal healthy cash flow, but the steep rise in costs warrants watching expense trends. The current discount to NAV may present a buying opportunity for those seeking real‑estate exposure with regular income.