NREIT H1 Profit Rises 328% to ₦6.05bn as Income Jumps

Nigeria Real Estate Investment Trust Fund (NREIT) reported a sharp improvement in first-half 2026 earnings, with profit before and after tax rising 328.2% to ₦6.05 billion, compared with ₦1.41 billion in H1 2025.

The growth was driven by total income of ₦7.97 billion, up 357.2% from ₦1.74 billion a year earlier. However, operating expenses also increased substantially, reaching ₦1.92 billion from ₦329.81 million in the prior-year period.

NREIT’s balance sheet expanded during the period. Total assets stood at ₦215.83 billion at June 30, compared with ₦197.01 billion at December 2025, while net assets attributable to unitholders increased to ₦189.83 billion from ₦182.95 billion. Cash and cash equivalents more than tripled to ₦12.09 billion.

However, the increase in units outstanding partly offset the growth in net assets. Units rose to 1.657 billion from 1.589 billion, while net asset value per unit declined to ₦114.58 from ₦115.16.

The filing also shows ₦7.58 billion in distributions payable at June 30, compared with ₦3.00 billion at year-end, highlighting the fund's distribution obligations.

Investors will be watching whether the sharp increase in income can be sustained, particularly as NREIT expands its asset base, while the significant rise in operating expenses and decline in NAV per unit remain key considerations.