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Financial Forecasts
2013 2014 2015 2016 2017
Nm Nm Nm Nm Nm
Total Income 3,987 3,518 4,086 4,472 5,787
Total Expenses (251) (256) (326) (354) (357)
Profit before tax 3,736 3,262 3,760 4,118 5,430
Profit after tax 2,618 2,835 3,321 3,659 4,955
Distribution
Dividend
2,357 2,552 2,988 3,293 4,459
Earnings per unit (N) 0.87 0.95 1.11 1.22 1.65
Dividend per unit (N) 0.79 0.85 1.00 1.10 1.49
Earnings yield 8.7% 9.3% 10.75% 11.7% 15.61%
Distribution yield 7.8% 8.4% 9.7% 10.5% 14.05%
Distribution Dividend
8.7%
9.3%
10.8%
11.7%
15.6%
7.8%
8.4%
9.7%
10.5%
14.1%
0%
3%
6%
9%
12%
15%
18%
2013 2014 2015 2016 2017
Earnings Yield Distribution Yield
Earnings Yield vs Distribution
Yield
0
50
100
150
200
250
300
350
400
0
1
2
3
4
5
6
7
2013 2014 2015 2016 2017
N
b
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Total Income Profit before tax Profit after tax Total Expenses
Analysis of Net Income Growth
Earnings per unit vs. Dividends per unit (N)
0.00
0.50
1.00
1.50
2.00
2013 2014 2015 2016 2017
Earnings per unit Dividend per unit
N
M
i
l
l
i
o
n
Financial Forecasts
30
31
31
31
32
30
30
31
31
32
32
2013 2014 2015 2016 2017
N
'
B
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Financial Forecasts
2013 2014 2015 2016 2017
N'm N'm N'm N'm N'm
Total non-current assets 28,155 27,117 27,391 28,139 28,604
Total current assets 3,579 3,907 3,486 3,104 3,137
Net current assets 2,107 3,428 3,486 3,104 3,137
NET ASSETS 30,262 30,545 30,877 31,343 31,741
CAPITAL AND RESERVES
REIT Capital 30,000 30,000 30,000 30,000 30,000
Retained earnings 262 545 877 1,243 1,741
Shareholders Funds 30,262 30,545 30,877 31,243 31,741
Net Assets
0
500
1000
1500
2000
29
30
30
31
31
32
32
2013 2014 2015 2016 2017
N
B
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REIT Capital Shareholders Funds Retained Earnings
Capital and Reserves
5
Why Invest in a REIT by UPDC
Great Business Model
The Company has perfected the art of
acquiring developing managing and selling
high quality serviced commercial and
residential properties
Major emphasis is in the highly rewarding
luxury, premium and classic segments of the
real estate market in Nigeria
There has been a great deal of customer
focus via the creation of world class living and
working environments
UPDC has also adopted a focused approach
in Nigerias key economic hubs: Lagos, Abuja
and Port Harcourt
Competitive Strengths
The UPDC brand is very well known country
wide
Years of experience have turned the
Company into a real estate behemoth
Good financial relationships with Nigerias
main lenders
Established systems & processes
Strong corporate governance reminiscent of
global standards
Professional & Technical competence from
experience garnered over the years
Longstanding Reputation / Reliability
Successful track record in JV management &
delivery
UACN pedigree
Why Invest in a REIT by UPDC?
Successful Subsidiaries
UPDC Hotels Limited
Owner of Festac 77 Hotel
(Golden Tulip) with a total
share capital of N2.2 billion
Manor Gardens Property
Development Company Limited
Rewarding Joint
Ventures
Romay Gardens (with Romay
Sales Limited)
Anchorage Estate (with
Knighthood Properties Limited)
Salatu Royal Estate (with Salatu
International Limited)
Why Invest in a REIT by UPDC?
Why Invest in a REIT by UPDC?
UPDC remains the first and only listed real estate company on The Nigerian Stock
Exchange
Over 50 years experience developing real estate assets across the three major
economic hubs of the country and has over the years acquired significant land
holdings in several prime locations such as Ikoyi
Today, UPDC is the leading private developer in the Nigerian real estate industry
with an asset base of over N60 billion
Turnover of over N10 billion as at 31 December 2011
Very well positioned to reap the benefits of a largely under tapped market due to the
following facts:
Estimated Current untapped market of over N13 trillion housing
units, commercial properties and associated infrastructural facilities
High growth potential: Estimated population by 2050 is 289million
1
and 264
million
2
Highly experienced and motivated management with an extensive knowledge of the
real estate market and the Nigerian market
CLEAR MARKET LEADER
Source
1:Encarta 2: United States Census Bureau
Select Developments by UPDC
TRENCHARD
PLACE, IKOYI, LAGOS
Luxury residential development
36 housing units (2 Blocks of 18 units)
20 units of 3-Bedroom Flats
10 units of 4-Bedroom Flats
6 units of 4-Bedroom Penthouses
NIGER TOWERS, IKOYI, LAGOS
Luxury residential development
54 housing units (3 Blocks of 18 units)
24 units of 3-Bedroom Flats
24 units of 4-Bedroom Flats
6 units of 4-Bedroom Penthouses
Select Developments by UPDC
BOURDILLON
COURT, IKOYI, LAGOS
Luxury residential development
32 housing units
8 units of 3-Bedroom Flats
16 units of 4-Bedroom Flats
8 units of 4-Bedroom Terrace Houses
8 THOMPSON AVENUE
IKOYI, LAGOS
Luxury residential development
2 housing units
4 units of 3-Bedroom Flats
8 units of 4-Bedroom Flats
Select Developments by UPDC
ROMAY GARDENS. LEKKI, LAGOS
JV with Romay Gardens with Romay Sales
Limited
Residential estate with 82 housing units
26 units of 4-Bedroom Semi-detached
16 units of 4-Bedroom Town Houses (Type A)
28 units of 4-Bedroom Town Houses (Type B)
12 units of 3-Bedroom Flats
UPDC ESTATE, LEKKI, LAGOS
Residential estate with 81 housing units:
8 units of 4-Bedroom Detached Bungalows
32 units of 3-Bedroom Detached Bungalows
20 units of 3 & 4-Bedroom Semi-detached
Houses
21 units of 5-Bedroom Detached Houses
26 units of 4-Bedroom Semi-detached
Houses, etc
Select Developments by UPDC
SALATU ROYAL ESTATE , WUSE II
ABUJA
JV with Salatu Int. Ltd
Residential estate with 68 housing units:
10 units of 4-Bedroom Semi-detached
26 units of 3-Bedroom Terrace Houses
32 units of 3-Bedroom Flats
HILLVIEW ESTATE , GADUWA, ABUJA
Residential estate with 65 housing units:
8units of 5-Bedroom Detached House
12units of 4-Bedroom Semi-detached
30units of 4-Bedroom Flats
2units of 3-Bedroom Flats
6
Ongoing Projects
Cameron Green, Ikoyi.
Vintage
Garden
s
NAFF Estate,
Port-Harcourt
Vintage Gardens NAAF Estate, PH.
Napeir Gardens Lekki
Land Size is 1.7Hectars.
Development Vehicle = Joint Venture
Total Units for UPDCPLC = 100
4 bedroom detached bungalow = 50 units
4 Bedroom detached duplex = 50 units
Project Status: 100% Complete.
Napier Gardens Lekki
Grandvill
e Ikeja GRA
Luxury 5 Bedroom
Town Houses.
Grandville Ikeja
Metro City Project Status
The
Pinnacle
Maitama, Abuja
The Pinnacle is a 27
units, luxuriously finished
apartments, consisting of 1
bedroom studio, 3 bedroom
flats and 4 bedroom
maisonettes.
Aerial View
Typical Front View
Play Area
Pool Area
Festival Mall Festac
Located adjacent Golden Tulip Hotel.
Land Size is 3.27Hectars.
Proposed GBA is 12,180 sqm.
Proposed GLA is 9,480 sqm
Space Utilization:
Anchor = 3,800 sqm
Cinema = 1,100 Sqm
Restaurants, Pubs & line Shops = 4,586 Sqm
Overal efficiency = 78%
Festival Mall Festac
7
Contacts
Contacts
Sponsor Fund Manager Issuing Houses
UPDC Plc FSDH Asset
Management Limited
Stanbic IBTC Bank PLC BGL Plc
Hakeem Ogunniran
Managing Director
+234-1-7408574
+234 803 402 1256
hogunniran@updcplc.com
Olumayowa Ogunwemimo
Managing Director
+234-1-2702888
+234 802 321 7850
mogunwemimo@fsdhgroup.co
m
Oyinda Akinyemi
Head, Equity Capital Markets
+234-1-4228121
+234 803 301 1896
oyinda.akinyemi@stanbicibtc.com
Sesan Adetiloye
Head, Structured Finance
+234 1 462 2601-9
+234 708 207 3395
sesan.adetiloye@bglgroupng.com
Folasade Ogunde
Finance Director
+234-1-7408574
+234 807 472 8953
fogunde@updcplc.com
Adaobi Ekweanya
Head, Business Development
+234-1-2704885
+234 803 359 7178
aekweanya@fsdhgroup.com
Folajuwon Bisiriyu
Equity Capital Markets
+234 1 4228134
+234 706 418 6633
folajuwon.bisiriyu@stanbicibtc.com
Rotimi Oduntan
Structured Finance
+234 1 462 2601-9
+234 806 936 6540
rotimi.oduntan@bglgroupng.com
4th Floor
UAC House
1-5 Odunlami Street
Lagos Island
Lagos
5th Floor
UAC House
1-5 Odunlami Street
Lagos Island
Lagos
I.B.T.C. Place
Walter Carrington Crescent
Victoria Island
Lagos
Millennium House
12A Catholic Mission Street
Lagos Island
Lagos