Properties under the SFS Estate Investments Trust Scheme recorded 100 percent occupancy rate at half year 2023, a note sent to the Nigerian Exchange Group has revealed. The total net asset value of the properties was put at N2.40 billion with a delinquency rate of 3.6 percent.
As of 30 June 2023, SFS Estate Investment Trust Scheme announced a net income of N125.31 million, which amounted to 38.3 percent increase over N90.6 million net income made in similar period in 2022. Sources of income include fixed interest income and rental income, according to the information gleaned from its first half unaudited results for the period ended 30 June 2023.
Basic earnings per unit rose to N6.27 at half year 2023 as against N4.53 in the comparable period in 2022. However, unitholders’ equity fell by 1.8 percent to N2.4 billion in June 2023 compared to N2.45 billion as of June 2022.
The SFS Real Estate Investment Trust Fund is a fund incorporated under the laws of Nigeria. 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 filed with the Securities and Exchange Commission and other regulatory authorities.
The SFS Real Estate Investment Trust Fund is a close – ended Real Estate Investment Trust (REIT), primarily involved in acquiring investment properties which are held for capital appreciation.
The properties under its management are the Victory Park Estate at Igbokushu, Lekki; Milverton Court Estate at Osapa Lekki; Sapphire Gardens Estate Lekki; Bourdillon Court Estate at Chevron Drive Lekki, and Harold Shodipo at GRA Ikeja, all in Lagos State, Nigeria’s commercial capital.
Victory Park Estate is a residential property having 12 housing units with a yield of 8.41 percent. Tenancy type is individual and has been in existence for 13 years. Harold Shodipo has also been in existence for 13 years, but its tenants are all corporate organisations. As of June 2023, its yield was 4.32 percent with six housing units.
Milverton Court Estate has 19 housing units with a current yield of 7.82 percent as of June 2023. Aged 9 years, the housing scheme has only individual tenants.
Sapphire Gardens Estate has 6 housing units with a current yield of 7.25 percent. Aged 10 years, it has only corporate organisations as its tenants.
Bourdillon Court, a residential estate, has 8 housing units with a yield of 7.33 percent. Aged seven years, it is the newest of all the estates under the management of SFS Real Estate Investments Trust Scheme.
