Alpha Integrated Real Estate Investment Trust reported a 19.4% year-on-year rise in income available for distribution to S$22.84 million for the six months ended Jun 30, driven by higher occupancies, positive rental reversions and tighter cost control.

Gross revenue grew 5.2% YoY to S$62.42 million, while net property income climbed 10.8% to S$37.16 million. Distribution per unit increased to 2.03 Singapore cents from 1.70 cents a year earlier. The trust did not disclose payment dates for the interim distribution.

Segmentally, the portfolio’s committed occupancy rose to 95.0% from 85.7% a year ago, underpinning a 10.9% positive rental reversion. Leasing activity totalled more than 62,000 sq m in 1H 2026, including 23,000 sq m of new take-ups, while 77% of leases expiring in FY2026 were renewed ahead of schedule. The weighted average lease expiry remained stable at 2.5 years.

Financing costs fell as AI-REIT trimmed its all-in funding rate to 3.76% from 4.13% and lifted its interest-coverage ratio to 4.2 times. Aggregate leverage eased to 34.9%, leaving additional debt headroom. The trust has secured the early refinancing of a S$75.0 million facility due in March 2027, extending average debt maturity to 2.4 years on a pro-forma basis.

Looking ahead, management intends to pursue further portfolio growth, focus on high-quality industrial assets catering to technology, artificial-intelligence and advanced-manufacturing tenants, and continue optimising its capital structure to support sustainable distribution growth.

Chief Executive Officer Karen Lee said the first-half performance reflected the benefits of internalisation, stronger lease management and cost discipline, and noted that the upcoming loan refinancing enhances financial flexibility for the next growth phase. Chairman Bhavik Doshi added that the REIT’s improved fundamentals position it to capture demand from technology-driven occupiers and to sustain returns for unitholders.