The MoFi Real Estate Investment Fund (MoFi REIF) has announced a profit of N14.49 billion for the first half of 2026, a significant increase from the N8.21 billion recorded in the same period last year. The fund's performance was bolstered by robust rental income and gains from property revaluations, according to its unaudited financial statements released on Thursday.
Key Financial Highlights
Gross income for the period rose to N21.3 billion, up from N12.7 billion in H1 2025. Rental income contributed N10.5 billion, while gains on investment properties accounted for N8.2 billion. Operating expenses increased to N4.1 billion from N2.9 billion, driven by higher property management costs and administrative expenses.
The fund's total assets grew to N185.6 billion as of June 30, 2026, compared to N162.3 billion at the end of 2025. Net asset value per unit increased to N12.50 from N11.80, reflecting the appreciation in property values and retained earnings.
Portfolio Performance and Strategy
MoFi REIF's portfolio includes commercial, residential, and mixed-use properties across major Nigerian cities. The fund reported a 95% occupancy rate across its commercial properties, with rental renewals averaging a 12% increase. Residential properties saw an 88% occupancy rate, with rental growth of 8% year-on-year.
According to the fund manager, “The strong performance in H1 2026 reflects our strategic focus on high-demand real estate segments and disciplined cost management. We continue to identify opportunities for value-add investments and portfolio optimization.”
Impact on Investors
The fund declared an interim dividend of N0.75 per unit, payable to unit holders on record as of August 15, 2026. This represents a 25% increase over the interim dividend paid in H1 2025. The dividend payout ratio is 40% of distributable income, in line with the fund's policy.
Analysts have praised the fund's performance, noting that it outperformed the broader real estate sector, which saw average returns of 10% during the period. The fund's focus on prime locations and long-term leases has provided stable cash flows and capital appreciation.
Market Outlook
Looking ahead, MoFi REIF plans to expand its portfolio by acquiring additional properties in emerging commercial hubs. The fund is also exploring opportunities in the logistics and warehousing sector, which has seen increased demand due to e-commerce growth.
The fund manager added, “We remain optimistic about the Nigerian real estate market, despite macroeconomic challenges. Our diversified portfolio and proactive asset management position us well for sustained growth in the second half of 2026.”
