ALP REIT, Kenya’s first USD-denominated Income Real Estate Investment Trust (I-REIT), today announced its unaudited interim financial results for the period ended 30 June 2026, representing the REIT’s first financial results since its successful listing on the Nairobi Securities Exchange in March 2026.
The REIT closed the period with total assets of USD 45.18 million, comprising institutional-grade logistics and industrial real estate valued at USD 26.53 million and USD 14.74 million in cash available for future investment. The cash will now be utilised to acquire the first pipeline asset following the acquisition of the three seed assets.
The REIT reported net profit of USD 0.23 million, representing two months of yielding operations. Excluding one-off establishment and listing costs incurred during the launch phase, Adjusted Funds From Operations (AFFO) amounted to USD 0.46 million, reflecting the underlying cash-generating capacity of the portfolio.
The seed portfolio maintained 98 percent occupancy, supported by a diversified tenant base occupying modern institutional-grade industrial real estate. During the period, the REIT recognised only two months of rental income, as the REIT Manager and Trustee worked through the modalities of assets transfer, including regulatory and statutory approvals.
The REIT maintained a debt-free balance sheet, providing significant financial flexibility and headroom to fund future growth. The REIT Manager is evaluating a range of funding options to support the REIT’s acquisition pipeline.
Commenting on the results, Raghav Gandhi, Chief Executive Officer of ALP REIT Management Limited, said: “These maiden results mark an important milestone for ALP REIT following its successful listing earlier this year. While this reporting period reflects only two months of property income, the portfolio has demonstrated strong occupancy, resilient cash generation and a robust balance sheet. As we complete the seed portfolio, we remain focused on delivering sustainable USD income, disciplined growth and long-term value for our unitholders.”
Abel Munda, Independent Non-Executive Director and Chair of the Board, commented: “The first half of 2026 represents a significant milestone in the establishment of ALP REIT. The Board is encouraged by the successful deployment of capital into a portfolio of institutional-grade logistics assets and by the REIT’s strong underlying operating performance. With a robust balance sheet and the fourth asset acquisition progressing, we remain confident in the REIT’s ability to deliver sustainable income and long-term value for our unitholders.”
The REIT Manager has not recommended an interim distribution for the period ended 30 June 2026, as the REIT recognized only two months of rental income during the reporting period and the acquisition of the fourth asset remains in progress. The REIT will continue to comply with the REIT Regulations, including the requirement to distribute at least 80 percent of distributable earnings.
The ALP REIT continues to focus on acquiring and actively managing institutional-grade logistics and industrial real estate across Kenya, supported by long-term leases, high-quality tenants, and sustainable building standards.
Leave a comment