Pension-listed REIT, LAPTRUST Imara I-REIT, has posted a net loss of KSh 280.32Mn for the year ended 31 December 2025, deepening from a KSh 204.30Mn loss in the prior year.
- •The decline was driven by a sharp collapse in rental income and a third consecutive fair value markdown on its property portfolio eroded earnings across all key lines.
- •Rental and related income fell 39.4% to KSh 290.58Million from KSh 479.06Million in FY2024, the single most consequential revenue deterioration in the trust's three-year listed history.
- •The decline was partially cushioned by a near-doubling of other operating income to KSh 190.43Mn, bringing total operating income to KSh 481.01Mn, down 17% year-on-year.
Operating expenses declined 11.2% to KSh 263.34Mn, reflecting some cost discipline, but the reduction was insufficient to prevent operating profit from falling 23.1% to KSh 217.67Mn. Interest income also contracted sharply to KSh 42.11Mn from KSh 70.73Mn, compressing profit before fair value changes by 26.6% to KSh 259.78Mn.
Authorised by the Capital Markets Authority in November 2022 and listed on the NSE in March 2023, LAPTRUST Imara I-REIT was structured as Kenya's first pension fund-originated REIT
The dominant drag on reported earnings, as in both prior years, was the fair value loss on investment property. The trust recorded a KSh 540.10Mn markdown in FY2025, following losses of KSh 558.18Mn in FY2024 and KSh 187.36Mn in FY2023. The cumulative fair value reserve deficit now stands at KSh 1.29Bn, equivalent to 18.6% of the KSh 6.92Bn trust capital raised at listing. Investment property on the balance sheet is now valued at KSh 5.70Bn, down from KSh 6.71Bn at inception.
Total equity contracted 7.7% to KSh 5.95Bn, implying a NAV per unit of approximately KSh 17.20 against a listed unit price of KSh 20.00, a 14% discount. Top analysts in Nairobi had already flagged the NAV erosion in its H1 2025, noting Imara recorded the worst net operating income performance among Kenya REITs in that period.
On a more constructive note, the trust remains ungeared, and cash improved materially to KSh 317.70Mn from KSh 202.79Mn, supported by operating cash generation of KSh 284.17Mn. Distributable income came in at KSh 207.83Mn, supporting a final distribution of KSh 0.60 per unit payable by 30 April 2026, subject to unitholder approval at the AGM.
Authorised by the Capital Markets Authority in November 2022 and listed on the NSE in March 2023, LAPTRUST Imara I-REIT was structured as Kenya's first pension fund-originated REIT, holding seven properties across office, retail, residential, and education assets. It is now the sole REIT quoted on the NSE's main investment market following the delisting of ILAM Fahari I-REIT.
