Alpha Integrated REIT H1 DPU rises 19.4% to 2.03 cents

Higher occupancy, positive rental reversions and lower financing costs supported distributable income.

Alpha Integrated REIT’s (AI-REIT) distribution per unit increased 19.4% YoY to 2.03 cents for the first half of 2026.

Gross revenue rose 5.2% to $62.4m from $59.3m a year earlier, whilst net property income increased 10.8% to $37.2m.

The total amount declared for distribution grew 19.4% to $22.8m, supported by higher occupancy, positive rental reversions, cost savings following management internalisation and lower financing expenses.

AI-REIT’s committed portfolio occupancy reached 95% as of end-June, its highest level in five years and up from 85.7% a year earlier.

Tenant retention stood at 92.7%, whilst average rental reversion was positive at 10.9%.

The REIT recorded more than 62,000 sqm of leasing activity during the period, including over 23,000 sqm of new leases. It also renewed more than 77% of leases due to expire in FY2026.

Its portfolio weighted average lease expiry stood at 2.5 years.

Aggregate leverage declined to 34.9% from 35.8% at end-2025, whilst the interest coverage ratio improved to 4.2 times from 3.6 times.

All-in financing costs fell to 3.76% from 4.13% due to proactive capital management and a more favourable interest-rate environment.

AI-REIT also secured the refinancing of a $75m loan due in March 2027. The facility will be refinanced in July for another three years.

The refinancing is expected to extend the REIT’s average debt maturity from 1.9 years to 2.4 years on a pro forma basis. Following its completion, AI-REIT will have no debt maturities in 2027.

The comparative DPU of 1.70 cents for H1 2025 was reported after approximately 10% of distributable income was retained for internalisation costs. The retained amount was subsequently distributed in the second half of 2025.

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