UPDC REIT reward shareholders with N2.33 billion
The UPDC REIT has declared a total of N0.87k distribution to unitholders for the 19 months period ended December 31, 2014.
Besides, an interim distribution of N0.56k was earlier made to unitholders for the 13-month period ended June 30, 2014 while a final distribution of 0.31k was also paid to unitholders for the 19 months period ended December 31, 2014.
This distribution was approved by the unitholders at the 1st yearly general meeting of the REIT which held in Lagos on tuesday.
Reviewing the company’s performance, the Managing Director of FSDH Asset Management (Fund Manager to the REIT)Mrs. Olumayowa Ogunwemimo, explained that 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 for the 19 months period ended December 31, 2014, according to her was done to enable the REIT pay the final distribution for the year ending December 31, 2014.
She added that, going forward, the REIT would maintain a 12 month financial year calendar and unit holders should always expect to receive distribution.
She assured shareholders that the company would continue to ensure the fund maintains the quality of the real estate assets in its portfolio, as well as invest in high yielding investments grade real estate related assets in order to deliver on its promise to generate and distribute competitive returns to unit holders.