NREIT

NREIT is a naira-denominated REIT with a diversified portfolio of 120+ assets (industrial and corporate residential) generating dollar-linked rental income, which underpins its exceptional H1 2026 performance — total income of ₦7.97bn representing 355% YoY growth versus ₦1.74bn in H1 2025, with a PBT margin of approximately 76%. At ₦113 per unit, the trust trades at a modest 7.16x trailing EPS and just 0.99x book value (NAV/unit of ₦114.58), offering a margin of safety relative to our blended fair value base of ₦122.62, with an 8.5% upside to base and a bull case of ₦144.92. The combination of below-NAV pricing, dollar-linked income streams, active unit issuance (Series 6 offer underway), and regular quarterly distributions makes NREIT a structurally sound income vehicle at current levels.

Verdict published 2026-09-05 · fundamentals through Q2-2026 · reviewed as the data changes