Nigeria Real Estate Investment Trust (NREIT) has reported a pre-tax profit of N6.05 billion in H1 2026, representing a 328.17% year-on-year increase from N1.41 billion recorded in H1 2025. According to the financial report released on the Nigerian Exchange (NGX) on September 4, 2026, the REIT’s post-tax profit also increased by 328.17% to N6.05 billion, compared with N1.41 billion in the corresponding period of 2025. NREIT also declared a distribution of N1.72 per unit to unitholders whose names appeared in the Register of Unitholders as of the close of business on July 29, 2026. The distribution is scheduled for payment on September 8, 2026, subject to the deduction of applicable withholding tax. Key Highlights (H1 2026 vs. H1 2025)
Total income: N7.97 billion (Up 357.26% YoY from N1.74 billion). Revenue was not separately disclosed.
Total assets: N215.83 billion (Up 9.55% from N197.01 billion as of December 2025). Investment property: N187.43 billion (Unchanged from N187.43 billion as of December 2025). Cash and cash equivalents: N12.09 billion (Up 215.55% from N3.83 billion as of December 2025). Net assets: N189.83 billion (Up 3.76% from N182.95 billion as of December 2025). Number of units: 1.657 billion units (Up 4.29% from 1.589 billion units as of December 2025).
NAV per unit: N114.58 (Down 0.50% from N115.16 as of December 2025). Driving the numbers
NREIT’s earnings growth in the first half of 2026 was driven by a sharp increase in total income, which rose to N7.97 billion from N1.74 billion in the corresponding period of 2025.
Operating expenses also rose significantly, reaching N1.92 billion from N329.81 million, an increase of about 481.87% YoY. This meant costs grew faster than total income during the period. Operating expenses represented about 24.1% of total income in H1 2026, compared with about 18.9% in H1 2025. Despite the higher cost base, the expansion in income was large enough to lift pre-tax profit to N6.05 billion, which is about 75.9% of total income, compared with about 81.1% in the prior-year period. NREIT also recorded an FX loss of N140.20 million, compared with a N22.25 million loss in H1 2025. Consequently, total comprehensive income came in at N5.91 billion, compared with N1.39 billion in the same period of 2025. Balance sheet
On the balance sheet, investment property remained unchanged at N187.43 billion between December 2025 and June 2026.
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However, other receivables increased to N16.31 billion from N5.75 billion, while cash and cash equivalents rose to N12.09 billion from N3.83 billion. Total liabilities increased to N26.00 billion from N14.06 billion, with other payables rising to N18.42 billion from N11.07 billion and distribution payable increasing to N7.58 billion from N3.00 billion. Net assets increased by 3.76% to N189.83 billion, while the number of units increased by about 4.29% to 1.657 billion units. Against this backdrop, net asset value per unit slipped slightly to N114.58 from N115.16 at the end of December 2025. Market reaction
NREIT closed at N113.00 per share on Friday, September 4, 2026, compared with its opening price for the year of N103.00, representing a YTD return of 9.71%. NREIT was listed on December 31st, 2025, and currently the 48th most valuable stock on the NGX with a market capitalization of N187 billion
