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Alpha Integrated Reit H2 DPU rises 20.4% to S$0.0183 on higher rent, occupancy
Alpha Integrated Reit (AI-Reit) reported a 20.4% increase in distribution per unit (DPU) to S$0.0183 for the half-year ended December 31, 2025, driven by higher rent and occupancy rates. The Reit&rsquo s net property income (NPI) grew 12.9% year-on-year, attributed to positive rental reversions and increased occupancy. Despite a mandatory cash offer from Mindarie Investment, Volare Group intends to maintain AI-Reit&rsquo s listing on the Singapore Exchange.
2nd half dividend yield is a good 3.77%...NAV increased to 53 cents...reject offer is the right move....
2nd half dividend yield is a good 3.77%...NAV increased to 53 cents...reject offer is the right move....
asianguy ( Date: 13-Feb-2026 09:47) Posted:
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luicky never merge with ESR reit
Hzwusr ( Date: 13-Feb-2026 10:08) Posted:
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Congrats to all unit holders, DPU should continue to increase with the lower interest rate forecast.
Alpha Integrated Reit H2 DPU rises 20.4% to S$0.0183 on higher rent, occupancy
The Reit&rsquo s growth in net property income is mainly from positive rental reversions and an overall increase in occupancy rate
Alpha Integrated Reit (AI-Reit), formerly known as Sabana Reit, posted a distribution per unit (DPU) of S$0.0183 for the half-year ended Dec 31, 2025, up 20.4 per cent from S$0.0152 in the year-ago period.
The increase came even as the manager claimed capital allowances of approximately S$4.1 million to retain monies to pay for part of the internalisation cost, it said in a bourse filing on Friday (Feb 13).
The internalisation of the Reit manager was fully completed in the second half of 2025.
Karen Lee, CEO of the Reit&rsquo s manager, said: &ldquo This robust performance is a testament to the resilient fundamentals of AI-Reit&rsquo s portfolio and the effective execution by the new team, which has significantly strengthened leasing momentum since coming on board.&rdquo
For FY2025, S$1.7 million of expenses were incurred and accrued in respect of the implementation of the resolutions passed to effect the internalisation.
Mindarie Investment, a wholly owned subsidiary of Swiss-based Volare Group, in December last year launched a mandatory conditional cash offer for all issued and outstanding units of the Reit at S$0.48 per unit.
The offer turned unconditional last Monday (Feb 9), after the receipt of valid acceptances for about 111.8 million units.
Volare intends to maintain the listing status of AI-Reit on the Singapore Exchange. It said there are no plans for material changes to the Reit&rsquo s business, to redeploy fixed assets, make major changes to investment policy, or end the employment of existing employees.
Revenue for H2 2025 rose 4.5 per cent year on year to S$60.7 million, from S$58.1 million previously, lifted by positive rental reversions in the Reit&rsquo s portfolio, as well as an overall increase in occupancy rate.
Why Volare do not update their stake daily , thought Volare is supposed to declare their holding in every trading day ?
The reality is someone always has to have power to run the company, the question is what do they do with it and does it benefit everyone.
I would much rather have volare control the company as an internalised managed REIT rather than the previous regime where ESR control the REIT via its role as manager. The external manager model opened up the possibility of potential conflicts which needed managing, whereas in contract the internalised model does not create such potential problems. Volare' s position as the REIT' s largest shareholder with no other income from the REIT has meant that it is aligned with other shareholders, and so far its behaviour has been consistent with this.
I would much rather have volare control the company as an internalised managed REIT rather than the previous regime where ESR control the REIT via its role as manager. The external manager model opened up the possibility of potential conflicts which needed managing, whereas in contract the internalised model does not create such potential problems. Volare' s position as the REIT' s largest shareholder with no other income from the REIT has meant that it is aligned with other shareholders, and so far its behaviour has been consistent with this.
luckyplate ( Date: 11-Feb-2026 14:37) Posted:
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volure group ..already obtain 50 % .... now .it is a major shareholder.
Like PAPA ... it can now decide.. what policy ...for the company .. is this good ?
Like PAPA ... it can now decide.. what policy ...for the company .. is this good ?
kt3152 ( Date: 11-Feb-2026 11:13) Posted:
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I remember someone said they will get the money within 7 days. No dividend...Anyway it was not part of offer....
luckyplate ( Date: 11-Feb-2026 10:43) Posted:
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those that sell can still get dividend ? since offer is extend to 24 /2 ??
BillionX ( Date: 11-Feb-2026 06:57) Posted:
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That does not look like it is going to happen. As discussed before, in situations like the first FHT offer the price dropped after because the offer failed so no one who wanted to sell at the offer price was able to get out at that price. This offer has already become successful because the acceptance condition has been reached as announced a few days ago, so everyone who wants to sell out at 48 cents can do so, so all remaining shareholders will sell only at higher prices, hence driving the price higher. This situation is more like the Great Eastern example, where after every successful offer the share price kept rising above the offer price for the same reason.
The share price touching 49 cents today suggests the same dynamic is at play here.
The share price touching 49 cents today suggests the same dynamic is at play here.
eddyeddy ( Date: 11-Feb-2026 08:19) Posted:
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Volare will not be increasing their offer - they are not allowed to under the rules. What retail investors should be holding out for is a natural increase in the share price as all the paper hands have been cleared out at 48 cents, and as the imminent results announcement hopefully confirms continued operational improvement. The share price touching 49 cents today shows the market is heading in this direction.
BillionX ( Date: 11-Feb-2026 06:57) Posted:
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Only worry is after the GO lapse , price will drop below 0.48 like many other G.O .
Offer extended to 24/2. Retail investors should hold out for a better deal.
Exactly. The fundamentals support a higher price. There is also a technical catalyst as the offer clears out all sellers at 48 cents which means the price will be pushed up once the offer closes. I previously mentioned the Great Eastern offers which had the same dynamic.
kt3152 ( Date: 10-Feb-2026 19:32) Posted:
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The dividend yield should still be quite good. No urgency to sell....
Alignment ( Date: 10-Feb-2026 19:19) Posted:
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Looks like the best result for everyone. Reached 50% but will not get to 90%.
The offer will remain open until 24 Feb. Meanwhile the FY results come out on 13 Feb, so everyone can see what that will be before deciding whether to sell. Once people can see the results I doubt there will be many more people willing to tender because they will expect the share price to rise further above the offer price.
The offer will remain open until 24 Feb. Meanwhile the FY results come out on 13 Feb, so everyone can see what that will be before deciding whether to sell. Once people can see the results I doubt there will be many more people willing to tender because they will expect the share price to rise further above the offer price.
Those who accepted will get paid within 7 days from date of announcement.
And also closing date will be extended by another 2 weeks on 24 Feb 26.
Must monitor closely the acceptance level from now on.
If cross 90% acceptance.........hmmm.
And also closing date will be extended by another 2 weeks on 24 Feb 26.
Must monitor closely the acceptance level from now on.
If cross 90% acceptance.........hmmm.
I think it means those who accepted the 0.48 offer will sell their shares since it crossed the 50% mark. If let's say it is below 50%, e.g. 45%, then it no shares will be sold, those who accepted the offer will get back their shares.
eddyeddy ( Date: 10-Feb-2026 08:57) Posted:
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