ALP Industrial REIT, the first US dollar denominated real estate investment trust listed in Kenya, has approved an interim distribution of US$930,434 (KSh120.92 million), payable on 27 November 2026.
Unitholders receive US$0.0207 per unit
Each unit earns US$0.0207 (KSh2.69). Eligibility depends on the unit register at close of business on 18 November.
Co-operative Bank of Kenya, the trustee, approved the payout after a recommendation from ALP REIT Management Limited. The notice, dated 28 October, refers to financial statements as at 30 September that have not been audited. It does not disclose earnings for the period.
The decision follows a June call to retain income
In its first results since listing, the REIT Manager did not recommend an interim distribution. It cited two months of recognised rental income and the pending acquisition of a fourth asset. Rental income began accruing on 1 May, once the manager and trustee completed the approvals needed to transfer the seed assets into the trust.
Chief Executive Raghav Gandhi said the portfolio showed “strong occupancy, resilient cash generation and a robust balance sheet” over that period.
June figures show US$45.18 million in assets and no debt
For the period ended June, ALP reported rental income of US$399,737 (KSh51.95 million) and net profit of US$233,087 (KSh30.29 million), after US$243,287 in establishment expenses. Total assets stood at US$45.18 million (KSh5.87 billion). They included US$26.53 million in investment properties and US$14.74 million in cash. The REIT had no outstanding borrowings.
The seed portfolio comprises ALP North Two in Tatu City, plus the Courtyard and Kyoga properties in Tilisi. Combined occupancy stood at 98%.
ALP North Three could enlarge the unit base
In July, ALP issued a supplementary offering memorandum for the proposed transfer of ALP North Three, an industrial property in Tatu City. The property covers 21,628 square metres, has full occupancy and carries a value of US$18.42 million (KSh2.39 billion).
The transaction envisaged 4,998,485 additional units issued to the promoter, which would lift total units to 44,948,485. Multiplying that figure by US$0.0207 and rounding gives the announced US$930,434. The notice does not say how much of the income came from the additional property. In June, the manager said it was evaluating funding options for the acquisition.
Listing and backers
ALP listed on the Nairobi Securities Exchange (NSE) on 11 March 2026. It is East Africa’s first industrial REIT and the first dollar denominated security to trade on the exchange. The Capital Markets Authority (CMA) approved the trust in December 2025. The restricted offer closed on 5 March and drew US$29.55 million in investor funds.
The Private Infrastructure Development Group (PIDG) anchored the raise with US$15 million (KSh1.95 billion) through InfraCo. The UK government’s MOBILIST programme also backed the offer. Under the trust’s income REIT structure, ALP must pay at least 80% of distributable income to unitholders.
The register closes on 18 November and payment follows on 27 November. The transfer of ALP North Three is the next item for unitholders to track. Read more ALP coverage on Khusoko.
