SFS Real Estate Investment Trust has announced an expansion for the fiscal year 2024, showing a significant rise of 50.26 percent in net income, amounting to N477.09 million.
On Tuesday, the company released a statement attributing this performance to consistent rental revenue, well-executed asset sales, and earnings from interests.
The REIT’s gross income rose to N554.91 million, compared to N395.42 million in the prior year, indicating a 40.32 percent growth.
The fund manager credited this expansion to effective asset management, a steady tenant pool, and strategic portfolio optimization. Assets located in key areas such as Chevron, Victoria Garden City, Awoyaya, and Osapa-London sustained high occupancy levels and regular rent collection over the course of the year, thereby strengthening the REIT’s fiscal outcomes.
Following the performance, SFS REIT announced a dividend payout of N21.50 per unit, which represents a 48.28 percent increase compared to the N14.50 paid out in 2023.
Notable highlights for the year encompass a net asset value of ₦2.78 billion, indicating a 7.21 percent increase, along with an overall return of 98.27 percent, which incorporates both dividend distributions and capital gains.
The Fund Manager commented, “Our performance this year demonstrates our approach to prudent asset management and generating steady income. Our priority continues to be improving yields while safeguarding investors’ capital.”
According to The PUNCH, the SFS Real Estate Investment Trust Fund saw an increase in its revenue reserves, rising by 32 percent to N783.88 million in December 2024, compared to N593.57 million in December 2023.
Provided by Syndigate Media Inc. (
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