ALP REIT reported total assets of USD 45.18 million for the six months to June 30, 2026, its first financial results since listing on the Nairobi Securities Exchange in March. The trust is Kenya’s first US dollar denominated Income Real Estate Investment Trust.
Financial Summary
| Metric | Value |
|---|---|
| Total assets | USD 45.18 million |
| Property assets | USD 26.53 million |
| Cash on hand | USD 14.74 million |
| Net profit | USD 0.23 million |
| Adjusted Funds From Operations (AFFO) | USD 0.46 million |
| Seed portfolio occupancy | 98% |
| Rental income recognised | 2 months |
| Interim distribution | None declared |
| Balance sheet debt | None |
Property assets comprised USD 26.53 million in institutional grade logistics and industrial real estate. Cash holdings of USD 14.74 million are designated for the acquisition of the REIT’s first pipeline asset following the transfer of its three seed properties.
Net profit for the period was USD 0.23 million, covering two months of income generating operations. Excluding one off establishment and listing costs, AFFO stood at USD 0.46 million.
Portfolio And Occupancy
The seed portfolio, ALP North in Tatu City and ALP West in Tilisi, recorded 98% occupancy during the period. The REIT recognised rental income for two of the six months under review, as the REIT Manager and Trustee completed regulatory and statutory approvals required to transfer the seed assets into the trust.
The REIT held no debt as of June 30. The REIT Manager is evaluating funding options to support acquisition of a fourth asset, ALP North Three, whose transfer into the trust remained in progress at period end.
The REIT Manager did not recommend an interim distribution for the period, citing the two months of recognised rental income and the pending fourth asset acquisition.
Management Comments
Raghav Gandhi, Chief Executive Officer of ALP REIT Management Limited, said: “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.” He said the trust remains focused on “delivering sustainable USD income, disciplined growth and long-term value for our unitholders.”
Abel Munda, Independent Non-Executive Director and Chair of the Board, said: “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 cited the balance sheet and the progressing fourth asset acquisition as grounds for confidence in the trust’s ability to deliver long term value.
Listing Background
ALP REIT listed on the NSE on March 11, 2026, as the first industrial REIT in East Africa and the first dollar denominated security to trade on the exchange. The offer raised USD 29.55 million and was oversubscribed at 115%. The UK government anchored the raise with USD 24 million, committed through the Private Infrastructure Development Group and the MOBILIST programme.
