UNION HOMES REAL ESTATE INVESTMENT TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2018

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1 STATEMENT OF COMPREHENSIVE INCOME Sep-18 Sep-17 Notes Total Income 2 420, ,244 Distribution/Admin and Other Expenses 3 (153,096) (165,555) Financial Charges - - Taxation - Net Income 267, ,689 Basic Earnings per Share

2 STATEMENT OF FINANCIAL POSITION Assets Sep-18 Dec-17 Note Investment properties 4 11,592,602 11,308,813 Plant & equipments 33,725 41,234 Investment in Sukuk 4ii 300, ,000 Total noncurrent assets 11,926,327 11,650,047 Financial asset 5 489, ,676 Cash & cash equivalents 5ii 657, ,392 Trade receivables & other assets 6 262, ,179 Total current assets 1,409,879 1,657,247 Total assets 13,336,206 13,307,294 Liabilities Rent received in advance (103,696) (111,179) Accruals & other payables (298,078) (468,022) Provisions (146,139) (20,013) Total Current Liabilities (547,913) (599,214) Net Assets 12,788,293 12,708,080 Represented By: Unitholders' Equity 12,500,989 12,500,989 Revenue Reserve 287, ,091 Unitholders' Equity 12,788,293 12,708, PATRICK ILODIANYA AKINYEMI GBENRO DIMEJI SONOWO MANAGING DIRECTOR DIRECTOR EXECUTIVE DIRECTOR FRC/2013/ICAN/ FRC/2013/CIBN/ FRC/2013/ICAN/ th October, 2018

3 STATEMENT OF CHANGES IN EQUITY Share Capital Retained Earnings Total Equity Balance as at January 1, ,500, ,410 12,691,399 Changes in Accounting Policy - - Restated Balance - - Changes in Equity for the Prior Year: - Dividend - (187,514) (187,514) Transfer from income statement - 267, ,727 Other item/adjustment (audit adjustment) 16,681 16,681 Balance as at September 30, ,500, ,304 12,788,293

4 STATEMENT OF CASH FLOW Sep-18 Dec-17 Notes Cash Flow from Operating Activities Operating profit before working capital changes 7i 278, ,234 Working capital changes 7ii 11,011 50,998 Income tax paid (30,292) Net Cash Generated from Operating Activities 289, ,940 Cash Flow from Investing Activities Investment in Sukuk Purchase of PPE (3,338) (2,624) Purchase of household equipments Development of investment properties (283,789) (454,077) Investment in money market 425, ,344 Net Cash flow used in Investing Activities 138,197 (212,357) Cash Flow from Financing Activities Dividend Paid (187,514) - Net Cash flow used in Financing Activities (187,514) Net Increase/Decrease Cash and Cash Equivalent 240, ,583 Cash and Cash Equivalent Beginning of period 417, ,809 Cash and Cash Equivalent End of period 657, ,392

5 NOTES TO THE FINANCIAL STATEMENTS 1 Reporting entity Union Homes Real Estate Investment Trust is a Fund incorporated under the laws of Nigeria and commenced business on February 3rd, The Fund is a hybrid REIT which provides Unit Holders access to investments in approved portfolio. It is governed by a Trust Deed approved by the Securities and Exchange Commission. The Fund's units are listed on the floor of the Nigerian Stock Exchange, its financial statements are file with Securities and Exchange Commission and other regulatory authorities. UH REIT is a close-ended Fund primarily involved in acquiring investment properties which are held for capital appreciation. Th Fund's activities are managed by SFS Capital Nigeria Limited situated at Plot 287 Ajose, Adeogun Street, Victoria Island, Lagos. United Capital Trustees Limited are the Trustees to the Fund. 2 Total Income Sep-18 Sep-17 Interest Income 161, ,206 Rental Income 207, ,090 Sundry Income 51,945 6, , ,244 3 Other Operating Expenses AGM Expense 1,875 1,875 Managers Fees 95,705 93,173 Trustee fee 1,875 1,875 Custodian fee 9,570 9,317 Registrars fee Auditors Fee 2,247 2,750 Rating agency fee 1,875 1,875 Other administrative expenses 29,655 41,614 Valuation and other professional fees 1,300 Insurance 7,973 10,223 CSCS eligibility fee 3,260 3, , ,555 4 Investment Properties Sep-18 Dec-17 Description Property at Macdonald, Ikoyi 1,143,143 1,139,143 Property at Sapara Williams, VI 1,731,071 1,715,714 Property at Olusegun Aina, Ikoyi 455, ,899 Property at Mike Akhigbe, Abuja 330, ,000 Property at Sinari Daranijo, VI 2,474,289 2,214,302 Property at Parkview, Ikoyi 308, ,202 Property at Rumens, Ikoyi 1,703,461 1,699,952 Property at Apo Dutse, Abuja 310, ,900 Property at Michael Olawale, Lekki 665, ,701 Property at Onipanu 785, ,000 Property at Awolowo Road, Ikoyi 508, ,000 Property at Opebi, Ikeja 356, ,000 Property at Ogoaro, Garki 820, ,000 11,592,602 11,308,813 4ii Real Estate Related: Investment in FGN Sukuk 300, ,000

6 NOTES TO THE FINANCIAL STATEMENTS 5 Financial Assets Sep-18 Dec-17 Investment in treasury bills 489, ,926 Investment in commercial paper 27, , ,676 5ii Cash & cash equivalents Call & term deposit 656, ,567 Cash 1,418 6, , ,392 6 Debtors and Other Assets Trade Receivables 254, ,286 Prepaid expenses 8,226 6, , ,179 i 7 Cashflow reconciliation Operating profit before working capital changes Profit before tax 267, ,998 Adjustments: Depreciation 10,782 11,945 Investment properties written off 2, , ,234 ii Working Capital Changes Net decrease/(increase) in receivables &other assets 62,246 27,492 Net (decrease)/increase in other liabilities & provisions 126,126 (4,271) Net (decrease)/increase in accruals and other payables (169,945) 8,665 Net (decrease)/increase in rent received in advance (7,416) 19,112 11,011 50,998