# SFS REIT income rises as property holdings and cash reserves decline

> The unaudited nine-month results show higher income alongside lower net asset value, property holdings and cash.

- **Source date:** 2026-10-20
- **Original source:** [BusinessDay](https://businessday.ng/companies/article/sfs-reit-income-surges-50-to-n467m-despite-falling-asset-value/)
- **Reading time:** 1 min read
- **Language:** English
- **URL:** https://voltformer.com/news/ng-sfs-reit-nine-month-income-nav-liquidity-20261020
- **Markdown:** https://voltformer.com/news/ng-sfs-reit-nine-month-income-nav-liquidity-20261020.md

SFS Real Estate Investment Trust reported unaudited total income of ₦467.31 million for the nine months to September 2026, up 49.7% year on year. Net income increased 37.3% to ₦347.19 million.

At 30 September, net asset value was ₦6.24 billion, down 3.4% from ₦6.46 billion at end-2025. Investment property fell 6.2% to ₦5.17 billion after disposals and a new acquisition. Cash and cash equivalents declined to ₦18.24 million from ₦930.98 million at end-2025; during the period the trust invested ₦1.10 billion in securities, spent ₦200 million on property and paid ₦566 million in distributions.

[BusinessDay](https://businessday.ng/companies/article/sfs-reit-income-surges-50-to-n467m-despite-falling-asset-value/)

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