The Skye Shelter Fund, a close-ended Real Estate Investment Trust Scheme is reporting 6% fall in net income to NGN148.8 million for the full year 2016 compared to NGN158.5 million reported in the same period in the financial year 2015.
The Real estate company said its interest income for the period was NGN89.3 million in contrast to NGN122.4 million posted in the previous year while rental income increased to NGN100.0 million from NGN77.1 million recorded in the year before.
Total income for 2016 was NGN203.0 million compared to NGN208.6 million in the fiscal year 2015 while operating expenses rose to NGN54.2 million from NGN48.3 million in 2015.
The Skye Shelter Fund said its total assets for the period under review was NGN2.6 billion against NGN2.6 billion in the year 2015 while total liabilities was NGN2.3 billion versus NGN2.3 billion in the year before.
The Skye Shelter Fund (The Fund) is a close-ended Real Estate Investment Trust Scheme. The Fund is intended as a platform for pooling resources together from various classes of investors interested in exploring investment opportunities in the real estate sector. The target investors are typically Pension Fund Administrators, Investment Managers, Endowment Funds, Insurance Companies, International Investors, and Savvy Individual Investors interested in the stability and returns associated with Real estate investing.
The Skye Shelter Fund has continued to record significant performance. The Fund is the first Real Estate Investment Trust (REIT) in Nigeria listed on the Nigeria Stock Exchange (NSE). The Fund started through an Initial Public Offer of 20 million units of N100.00 each on 23 July 2007 and was officially listed on the Nigerian Stock Exchange on 28 February 2008 at a price of N100.00 The Fund closed the year at a price of N111.01, recording a resilient 11% capital appreciation on the floor of the NSE, despite sharp decline in the NSE index within the same period.