This Kenya REIT tracker collects the latest net asset value (NAV), distributions and trading venue for every real estate investment trust we can confirm from its own reports. Five REITs are listed today: ALP Industrial REIT, Acorn’s ASA I-REIT and ASA D-REIT, ILAM Fahari I-REIT and LAPTRUST Imara I-REIT.
Checked on 10 November 2026 against each REIT’s half-year report, factsheet or distribution notice, linked in the table. Not investment advice.
Kenya REIT tracker: latest figures
| REIT | Where it trades | Latest NAV | Latest distribution | Portfolio | Sources |
|---|---|---|---|---|---|
| ALP Industrial REIT I-REIT (industrial, US dollar units) Manager: ALP REIT Management Limited Trustee: Co-operative Bank of Kenya | NSE Restricted Main Investment Market Segment, ticker ALP; listed 11 March 2026 | US$41.67m net assets at 30 June 2026 on 39.95m units (about US$1.04 a unit, our calculation) | Interim US$0.0207 a unit (US$930,434), record date 18 Nov 2026, paid 27 Nov 2026 | ALP North 2 (North Two and North Three, Tatu City) and ALP West 2 (Tilisi, Limuru); 0% loan-to-value per Q3 2026 factsheet | Q3 2026 factsheet H1 2026 report Distribution notice, 28 Oct 2026 |
| ASA I-REIT (Acorn) I-REIT (student housing) Manager: Acorn Investment Management Limited Trustee: Co-operative Bank of Kenya | Listed on the NSE in February 2021; unitholders approved a move to the NSE Restricted Market Segment in April 2026, due in the second half of 2026 | KSh24.44 a unit at 30 June 2026 (KSh23.75 at Dec 2025); 405,022,492 units | No H1 2026 interim; FY2025 final KSh0.57 a unit paid by May 2026; FY2025 interim KSh0.29 | 9 properties, 5,669 beds; 76% average occupancy H1 2026; 22.3% loan-to-value | H1 2026 semi-annual report 2026 AGM notice |
| ASA D-REIT (Acorn) D-REIT (student housing development) Manager: Acorn Investment Management Limited | Listed on the NSE in February 2021; D-REIT units are for professional investors | KSh29.65 a unit at 30 June 2026 (KSh29.59 at Dec 2025); 292,576,849 units | No H1 2026 distribution; KSh533.0m paid since inception | Develops purpose-built student accommodation; sold Qwetu Karen and Qejani Karen to the I-REIT for KSh2.2bn on 1 May 2026 | H1 2026 semi-annual report |
| ILAM Fahari I-REIT I-REIT (retail and office), restricted Manager: ICEA LION Asset Management Limited Trustee: Co-operative Bank of Kenya | NSE Unquoted Securities Platform, ticker FAHR (delisted from the main market 12 Feb 2024) | KSh20.53 a unit at 30 June 2026 (KSh20.71 at Dec 2025) | FY2025 first and final KSh0.65 a unit (KSh117.6m) paid April 2026; no H1 2026 interim | Two properties (a shopping centre and an office building) valued at KSh3.15bn; no borrowings | H1 2026 unaudited results |
| LAPTRUST Imara I-REIT I-REIT (mixed commercial), restricted Manager: Sterling REIT Asset Management Limited Trustee: Co-operative Bank of Kenya | NSE Restricted Sub-Segment of the Main Investment Market, ticker LAPR; listed 22 March 2023 at KSh20 | KSh17.82 a unit at Dec 2024 (latest NAV in a report on the REIT's site when checked 10 Nov 2026) | FY2024 total KSh0.82 a unit; later payouts are not yet posted on the REIT's own site | Pension Towers, CPF House, Metro Car Park, Freedom Heights Mall and service plot, Man Apartments | REIT website 2024 annual report |
Figures are copied from each REIT's own reports and notices, checked 10 Nov 2026. NAV is an accounting value, not a trading price. Not investment advice.
What stands out in the Kenya REIT tracker
- Only ALP has paid an interim distribution in 2026 so far. Its trustee, Co-operative Bank of Kenya, approved US$0.0207 a unit on 28 October 2026, payable on 27 November to holders on the register on 18 November. Our ALP dividend story has the dates.
- Acorn’s ASA I-REIT skipped its interim payout for the first half of 2026 and kept its distributable earnings of KSh187.2 million in the fund, saying debt costs more than the distribution yield. NAV rose to KSh24.44 a unit.
- ILAM Fahari’s NAV slipped to KSh20.53 a unit at 30 June 2026 from KSh20.71 in December, after it paid a first and final 2025 distribution of 65 cents a unit in April.
- Most Kenyan REITs are not open to small investors on the main market. Fahari trades on the NSE’s Unquoted Securities Platform, and ALP and LAPTRUST Imara are on restricted segments. Our REITs in Kenya guide explains who can buy what.
Each REIT in brief
ALP Industrial REIT owns logistics warehouses and reports in US dollars. Its half-year report shows net assets of US$41.67 million on 39.95 million units at 30 June 2026, about US$1.04 a unit by our calculation, and its Q3 2026 factsheet shows a loan-to-value ratio of 0%.
ASA I-REIT, managed by Acorn Investment Management, owns student accommodation. Its semi-annual report lists nine properties with 5,669 beds, 76% occupancy and a loan-to-value ratio of 22.3%. Unitholders approved a move to the NSE Restricted Market Segment in April 2026.
ASA D-REIT is Acorn’s development REIT for student accommodation. Its semi-annual report shows NAV of KSh 29.65 a unit and KSh 533.0 million paid to unitholders since it started.
ILAM Fahari I-REIT, managed by ICEA LION Asset Management, holds two properties valued at KSh 3.15 billion and has no borrowings, according to its H1 2026 results.
LAPTRUST Imara I-REIT listed on 22 March 2023 at KSh 20 a unit. Its 2024 annual report shows NAV of KSh 17.82 a unit and a total 2024 distribution of 82 cents a unit.
Borrowing and payouts
Debt is the clearest dividing line in the Kenya REIT tracker. ASA I-REIT carries borrowings equal to 22.3% of its property value and kept its first-half distributable earnings in the fund instead of paying an interim distribution, saying its cost of debt is higher than its distribution yield. ALP and Fahari report no borrowings, which leaves more of their rental income free for unitholders but also limits how fast they can buy new property.
NAV versus price
NAV is the value of the REIT’s property and cash minus its debts, divided by the units in issue, as reported by the manager. The price you pay on the exchange can be above or below NAV. Fahari’s own report says its unit price “is market driven and may not necessarily be equal to the NAV”.
How we keep the Kenya REIT tracker current
We update a row when a REIT publishes half-year or full-year results, a distribution notice or a factsheet. The newest LAPTRUST Imara report we could find on its own website and its manager’s website was the 2024 annual report, so its row shows that year’s NAV until a newer official report appears.
See also: our guide to REITs in Kenya, the real estate hub and the Nairobi property price tracker.
Frequently asked questions
Which REITs are listed in Kenya?
The REITs we can confirm are ALP Industrial REIT (NSE, US dollar units), ASA I-REIT and ASA D-REIT by Acorn, ILAM Fahari I-REIT (NSE Unquoted Securities Platform) and LAPTRUST Imara I-REIT (NSE restricted segment).
Which Kenyan REIT pays the most?
Payouts vary by year and unit price, so compare the latest distribution per unit with what you would pay per unit. In 2026 ALP has declared an interim distribution, Fahari paid 65 cents a unit for 2025, and Acorn’s I-REIT paid 57 cents a unit as its 2025 final.
Can I buy REIT units with a small amount?
Only where units are open to non-professional investors. Restricted REITs and D-REITs require professional investors, which the regulations define to include anyone investing at least KSh5 million.
