According to a statement released on Tuesday, this impressive growth was propelled by consistent rental income, strategic sales of properties, and healthy interest income generated throughout the year.
The REIT's gross revenue also experienced a significant upswing, climbing to N554.91 million from N395.42 million in the preceding year, representing a robust 40.32 per cent increase.
The Fund Manager attributed this positive trajectory to effective asset management practices, a stable and reliable tenant base, and a focused approach to optimizing the property portfolio. Properties situated in prime areas such as Chevron, Victoria Garden City (VGC), Awoyaya, and Osapa-London maintained high occupancy rates and consistent rental collections throughout 2024, significantly bolstering the REIT's overall financial results.
In light of this strong performance, SFS REIT has declared a dividend payout of N21.50 per unit for its investors. This marks a significant 48.28 per cent increase compared to the N14.50 dividend distributed in 2023, further rewarding unit holders for their investment.
Other key financial highlights for the year include a net asset value of N2.78 billion, demonstrating a healthy 7.21 per cent growth, and an impressive total return of 98.27 per cent, which encompasses both the attractive dividend payouts and capital appreciation of the REIT's units.
The Fund Manager commented on the results, stating, “This year’s performance reflects our strategy of disciplined asset management and sustainable income generation. We remain focused on enhancing returns while preserving investor capital.”
Further underscoring its financial strength, SFS Real Estate Investment Trust Fund reported a substantial 32 per cent increase in its revenue reserve, which rose to N783.88 million in December 2024, up from N593.57 million recorded in December 2023. This growth in reserves positions the REIT for continued stability and potential future growth opportunities.