Laptrust Imara I-REIT, which is promoted by the Local Authorities Pension Trusts (LapTrust), has released its unaudited financial statements for six months ended 30th June 2023, noting that profit for the half-year period stood at Kshs 99.6 million.
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Laptrust Imara I-REIT was authorized by the Capital Markets Authority (CMA) on 1st November 2022 and listed on the Restricted Sub Segment of the Main Investment Market segment of the Nairobi Securities Exchange on 22nd March 2023. This means that open trading of the securities will be restricted for a three-year period in a bid to provide the I-REIT sufficient time to build a performance track record, allowing investors to gain confidence in the asset class. In addition, the units can only be traded to persons qualifying as professional investors, confined to high net-worth individuals and institutions.
The Fund invests in various investment properties such as Pension Towers, Freedom Heights Mall, Metro Park, Nova Pioneer – Eldoret and CPF house. During the half-year period, the total value of the investment properties stood at Kshs 6.9 billion.
These Investment properties generated Kshs 167.1 million in rental and related income. Apart from rental income, the fund had other incomes such as Utilities Income and Interest income of Kshs 35.6 million and Kshs 3.6 million, respectively, thereby leading to a total operating income of Kshs 203.3 million.
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However, the fund incurred an operating expense of Kshs 103.6 million, comprised of Property expenses and fund operating expenses of Kshs 69.5 million and Kshs 34.1 million, respectively, thereby leading to a net profit of the period of Kshs 99.6 million.
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