NAIROBI, Kenya, Jul 30 – Acorn Student Accommodation Income Real Estate Investment Trust (ASA I-REIT) posted a net profit of Sh285.2 million in the first half of 2026, up from Sh251.6 million recorded during the same period last year.
Fund manager Acorn Investment Management Limited (AIML) attributed the growth to higher rental income, improved occupancy levels and a 36.3 percent reduction in finance costs following continued debt optimization.
The REIT’s total assets rose 21.7 percent during the period following the acquisition of Qwetu Karen and Qejani Karen.
“The Management Expense Ratio improved to 0.49 percent from 0.66 percent, while the Loan-to-Value ratio remained at 22.3 percent, below the regulatory limit of 35 percent,” Acorn said in a statement.
“The ASA I-REIT will continue to focus on portfolio expansion through value-accretive acquisitions, debt optimization and operational efficiency as it grows recurring income to enhance long-term investor returns.”
Across its two REITs, AIML reported a 30 percent increase in total revenue to Sh937 million, while Assets Under Management grew to Sh30.3 billion from Sh26.8 billion in June 2025, driven by the acquisition of Qwetu Karen and Qejani Karen.
The two REITs—ASA I-REIT and ASA Development REIT (D-REIT)—now provide approximately 20,000 student accommodation beds.
“The first half of the year reflects continued execution across both REITs. During the period we expanded Assets Under Management, completed the transfer of two stabilised assets into the Income REIT, refinanced short-term debt and continued improving the operating performance of the portfolio,” said Mathew Maina, Executive Director of Acorn Investment Management Limited.
He added that the company also launched the Zinduka Programme in partnership with Absa Bank Kenya and Co-operative Bank of Kenya to expand access to Qwetu and Qejani student accommodation through structured rent financing.
