UPDC REIT distributes 90% received income to unit holders

The UPDC Real Estate Investment Trust (REIT) has distributed a total of N2.33 billion representing 90 percent of its received income to its unit holders for the period ended December 31, 2014.

Having made an interim distribution of N0.56k to unit holders for the 13-month period ended June 30, 2014 in December 4, 2014, the company last week made a final distribution of N0.31K to unit holders on April 28, 2015.

The distribution was approved by unit holders at the first annual general meeting of the UPDC REIT held Lagos.

Olumayowa Ogunwemimo, managing director of FSDH Asset Management, who is the Fund Manager to the REIT, said in order to meet unit holders’ expectation of regular income distribution, FSDH Asset Management Limited (FSDH AM) sought and received the Securities and Exchange Commission’s (SEC) approval to conduct an interim audit of the UPDC REIT for the first 13 months period ended June 30, 2014.

The full-year audit of the UPDC REIT, which is 19 months period ended December 31, 2014, was done to enable the REIT pay the final distribution for the year ending December 31, 2014.

REIT is mandated to distribute 90 percent of its received income to unit holders, she said. In this regard, the total sum of N2.33 billion represents 90 percent of the distributable income for the period ended December 31, 2014.

Ogunwemimo said going forward, the REIT will maintain a 12 month financial year calendar and unit holders should always expect to receive distribution.

However, unit holders expressed their satisfaction over the distribution and advised the fund manager to maintain the good distribution as promised.

FSDH Asset Management Limited commenced the management of the UPDC REIT, a REIT promoted by UACN Properties Development Company, in July 2013.

HOPE MOSES-ASHIKE