Kenya’s first USD-denominated Income Real Estate Investment Trust (I-REIT) ALP REIT plans to spend at least $14.74 million to acquire first pipeline asset after reporting its maiden interim results.
The REIT which was listed on Nairobi Securities Exchange early this year has reported a net profit of $230,000 for the half year period ended June 30, 2026, representing two months of yielding operations.
“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,” said Raghav Gandhi, ALP REIT Management Limited Chief Executive Officer.
Excluding one-off establishment and listing costs incurred during the launch phase, ALP REIT said Adjusted Funds From Operations (AFFO) amounted to $460,000, reflecting the underlying cash-generating capacity of the portfolio.
Total assets stood at $45.18 million, comprising institutional-grade logistics and industrial real estate valued at $26.53 million and $14.74 million in cash available for future investment.
The firm says the seed portfolio maintained 98% occupancy, supported by a diversified tenant base occupying modern institutional-grade industrial real estate.
“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,” added Abel Munda, Independent Non-Executive Director and Chair of the Board.
The ALP REIT plans to continues focusing 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
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 firm said it will continue to comply with the REIT Regulations, including the requirement to distribute at least 80% of distributable earnings.
