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ALP REIT Posts Maiden Interim Profit, Moves to Acquire Fourth Logistics Asset
Kenya’s first US dollar-denominated Income REIT reports a strong start following its Nairobi Securities Exchange listing.
ALP REIT, Kenya’s first US dollar-denominated Income Real Estate Investment Trust (I-REIT), has reported a positive start to its journey as a listed investment vehicle, posting a maiden interim net profit of USD 0.23 million while outlining plans to acquire its first pipeline asset.
The unaudited results for the six months ended 30 June 2026 are the REIT’s first financial performance update since listing on the Nairobi Securities Exchange (NSE) in March this year.
The trust closed the period with total assets of USD 45.18 million, including USD 26.53 million in institutional-grade logistics and industrial properties and USD 14.74 million held in cash for future investments. The available cash will now fund the acquisition of a fourth property, expanding the REIT’s growing logistics portfolio.
Strong Fundamentals Despite Limited Rental Income
Although the reporting period captured only two months of rental income, ALP REIT maintained 98% occupancy across its seed portfolio, reflecting strong demand for high-quality logistics and industrial space.
The limited rental income resulted from the time required to complete asset transfers and secure the necessary regulatory and statutory approvals after the REIT’s listing.
Excluding one-off establishment and listing expenses, the REIT generated Adjusted Funds From Operations (AFFO) of USD 0.46 million, highlighting the portfolio’s underlying cash-generating ability.
Equally notable was the REIT’s debt-free balance sheet, which management says provides the flexibility to finance future acquisitions while maintaining financial stability.
ALP REIT Posts Maiden Interim Profit, Moves to Acquire Fourth Logistics Asset
Expansion Plans Underway
ALP REIT Chief Executive Officer Raghav Gandhi said the maiden results provide an encouraging foundation for the trust’s long-term growth strategy.
“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,” Gandhi said.
“As we complete the seed portfolio, we remain focused on delivering sustainable US dollar income, disciplined growth and long-term value for our unitholders.”
The REIT manager is currently evaluating several financing options to support additional acquisitions as it seeks to expand its portfolio of logistics and industrial assets across Kenya.
Focused on Long-Term Value
Board Chair Abel Munda described the first half of the year as a significant milestone in establishing the 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,” he said.
“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 did not recommend an interim distribution for the period, noting that the trust recognised only two months of rental income while the acquisition of the fourth asset remains underway. However, ALP REIT said it will continue to comply with Kenya’s REIT regulations, including the requirement to distribute at least 80% of distributable earnings.
Capitalizing on Kenya’s Growing Logistics Market
ALP REIT’s strategy centres on acquiring and actively managing institutional-grade logistics and industrial real estate supported by long-term leases, high-quality tenants and sustainable building standards.
As demand for modern warehousing and logistics facilities continues to grow alongside Kenya’s expanding manufacturing, trade and e-commerce sectors, the REIT is positioning itself to deliver stable US dollar-denominated income while creating long-term value for investors.
Its maiden financial results suggest that the strategy is gaining traction, with high occupancy levels, a strong balance sheet and an active acquisition pipeline laying the foundation for future growth.
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