ALP REIT Reports Maiden Interim Results and Announces Intention to Acquire First Pipeline Asset after posting its first financial results since being listed on the Nairobi Securities Exchange (NSE) in March 2026.
ALP REIT is Kenya’s first USD-denominated Income Real Estate Investment Trust (I-REIT). For the six months ended 30 June 2026, the REIT reported total assets worth USD 45.18 million.
The assets include USD 26.53 million worth of logistics and industrial properties and USD 14.74 million in cash. The available cash will support the acquisition of the REIT’s first pipeline property after the successful acquisition of its three initial properties.
Strong property occupancy
ALP REIT reported a net profit of USD 0.23 million during the period. However, the REIT only recorded two months of rental income because the transfer of its properties was still being completed.
After excluding one-time costs related to establishing and listing the REIT, its Adjusted Funds From Operations (AFFO) stood at USD 0.46 million. This shows that the properties are already generating positive cash flow.
The REIT’s initial property portfolio recorded a strong 98% occupancy rate, supported by a diverse group of tenants operating from modern logistics and industrial facilities.
Debt-free balance sheet
ALP REIT also maintained a debt-free balance sheet, giving it greater flexibility to finance future expansion and acquire more properties.
The REIT Manager is currently reviewing different funding options to support the acquisition of additional properties as part of its growth strategy.
Raghav Gandhi, Chief Executive Officer of ALP REIT Management Limited, said the first financial results were an important milestone for the REIT. He noted that although the results covered only two months of rental income, the properties had shown strong occupancy and cash-generating potential.
The company said it remains focused on providing sustainable USD income, controlled growth, and long-term value for its investors.
No interim distribution announced
ALP REIT will not make an interim distribution to investors for the period ended 30 June 2026.
The decision follows the REIT’s limited rental income during the reporting period and the ongoing acquisition of its fourth property.
ALP REIT said it will continue to follow Kenya’s REIT regulations, including the requirement to distribute at least 80% of distributable earnings.
Focus on logistics and industrial property
ALP REIT continues to focus on acquiring and managing high-quality logistics and industrial properties across Kenya.
The REIT targets properties supported by long-term leases, reliable tenants, and sustainable building standards.
With its strong occupancy rate, debt-free position, available cash, and plans to acquire more properties, ALP REIT is positioning itself for further growth in Kenya’s real estate investment market.