NAIROBI, Kenya, Aug 3 – ALP REIT has posted a net profit of Sh29.9 million in its maiden interim financial results following its listing on the Nairobi Securities Exchange (NSE) in March, as the real estate investment trust prepares to expand its portfolio with the acquisition of a fourth property.
The USD-denominated Income Real Estate Investment Trust (I-REIT) reported total assets of Sh5.87 billion for the six months ended June 30, 2026, with its portfolio comprising logistics and industrial properties valued at Sh3.45 billion and Sh1.92 billion in cash earmarked for future investments.
The REIT said the available cash will be deployed towards acquiring its first pipeline asset after completing the purchase of its three seed properties.
The trust generated a net profit of Sh29.9 million during the period, reflecting two months of income-generating operations after the transfer of assets into the REIT.
Excluding one-off establishment and listing expenses, Adjusted Funds From Operations (AFFO) stood at Sh59.8 million, indicating the portfolio’s underlying operating performance.
Chief Executive Officer Raghav Gandhi said the results reflected the REIT’s initial operating period following its market debut.
“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.”
The REIT maintained a 98 percent occupancy rate, supported by tenants in its logistics and industrial assets, although rental income was recognized for only two months because the transfer of properties required regulatory and statutory approvals.
ALP REIT also reported a debt-free balance sheet, giving it flexibility to finance future acquisitions. Management said it is evaluating funding options to support the expansion of its investment pipeline.
Board Chair Abel Munda said the REIT had made progress in deploying investor capital into income-generating assets.
“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 board did not recommend an interim distribution for the period, citing the limited period of rental income recognized during the reporting window and the ongoing acquisition of a fourth property.
Under Kenya’s REIT regulations, the trust is required to distribute at least 80 percent of its distributable earnings to investors.
The REIT said it will continue pursuing investments in logistics and industrial real estate across Kenya as it seeks to grow its portfolio following its listing on the NSE.
