Alpha Integrated REIT M1GU
Financials
Alpha Integrated REIT Annual Report 2025
Explore the statements
21 tablesStatements of Financial Position
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment properties$’000 | 1,025,615 | 992,929 | 1,025,615 | 992,929 | PDF p. 115 |
| Subsidiaries$’000 | – | – | 1,400 | * | PDF p. 115 |
| Fixed assets$’000 | 28 | – | – | – | PDF p. 115 |
| Subtotal$’000 | 1,025,643 | 992,929 | 1,027,015 | 992,929 | PDF p. 115 |
| Current assets | |||||
| Derivative assets$’000 | - | 707 | - | 707 | PDF p. 115 |
| Trade and other receivables$’000 | 15,267 | 12,459 | 15,015 | 12,459 | PDF p. 115 |
| Cash and cash equivalents$’000 | 16,853 | 18,482 | 16,181 | 18,482 | PDF p. 115 |
| Subtotal$’000 | 32,120 | 31,648 | 31,196 | 31,648 | PDF p. 115 |
| Statement of Financial Position | |||||
| Total assets$’000 | 1,057,763 | 1,024,577 | 1,058,211 | 1,024,577 | PDF p. 115 |
| Current liabilities | |||||
| Trade and other payables$’000 | 24,137 | 18,577 | 24,388 | 18,586 | PDF p. 115 |
| Tax payable$’000 | 3 | 584 | 3 | 584 | PDF p. 115 |
| Borrowings$’000 | 74,935 | 8,000 | 74,935 | 8,000 | PDF p. 115 |
| Derivatives liabilities$’000 | 59 | 117 | 59 | 117 | PDF p. 115 |
| Lease liabilities$’000 | 2,095 | 1,963 | 2,095 | 1,963 | PDF p. 115 |
| Total current liabilities$’000 | 101,229 | 29,241 | 101,480 | 29,250 | PDF p. 115 |
| Non-current liabilities | |||||
| Trade and other payables$’000 | 16,300 | 14,088 | 16,300 | 14,088 | PDF p. 115 |
| Borrowings$’000 | 272,342 | 340,994 | 272,342 | 340,994 | PDF p. 115 |
| Derivatives liabilities$’000 | 624 | 288 | 624 | 288 | PDF p. 115 |
| Lease liabilities$’000 | 74,620 | 75,066 | 74,620 | 75,066 | PDF p. 115 |
| Total non-current liabilities$’000 | 363,886 | 430,436 | 363,886 | 430,436 | PDF p. 115 |
| Statement of Financial Position | |||||
| Total liabilities$’000 | 465,115 | 459,677 | 465,366 | 459,686 | PDF p. 115 |
| Net assets$’000 | 592,648 | 564,900 | 592,845 | 564,891 | PDF p. 115 |
| Represented by | |||||
| Unitholders’ funds$’000 | 592,648 | 564,900 | 592,845 | 564,891 | PDF p. 115 |
| Units issued (’000)count (’000) | 1,125,055 | 1,125,055 | 1,125,055 | 1,125,055 | PDF p. 115 |
| Net asset value (“NAV”) per Unit ($)$ per Unit | 0.53 | 0.50 | 0.53 | 0.50 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
* Less than $1,000
Statements of Total Return
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Statement of Total Return | |||||
| Gross revenue$’000 | 120,076 | 113,308 | 120,076 | 113,308 | PDF p. 116 |
| Property expenses$’000 | (52,354) | (55,856) | (52,354) | (55,856) | PDF p. 116 |
| Net property income$’000 | 67,722 | 57,452 | 67,722 | 57,452 | PDF p. 116 |
| Finance income$’000 | 119 | 148 | 119 | 148 | PDF p. 116 |
| Finance costs$’000 | (17,064) | (17,862) | (17,064) | (17,862) | PDF p. 116 |
| Finance costs relating to lease liabilities$’000 | (3,253) | (3,241) | (3,253) | (3,241) | PDF p. 116 |
| Net finance costs$’000 | (20,198) | (20,955) | (20,198) | (20,955) | PDF p. 116 |
| Manager’s fees and REIT Management expenses$’000 | (4,859) | (4,749) | (4,751) | (4,749) | PDF p. 116 |
| Trustee’s fees$’000 | (383) | (379) | (383) | (379) | PDF p. 116 |
| Donation$’000 | (1) | (1) | (1) | (1) | PDF p. 116 |
| Other trust expenses$’000 | (3,162) | (7,768) | (3,064) | (7,768) | PDF p. 116 |
| Subtotal$’000 | (8,405) | (12,897) | (8,199) | (12,897) | PDF p. 116 |
| Net income$’000 | 39,119 | 23,600 | 39,325 | 23,600 | PDF p. 116 |
| Net change in fair value of financial derivatives$’000 | (919) | (2,306) | (919) | (2,306) | PDF p. 116 |
| Net change in fair value of investment properties$’000 | 25,779 | (9,339) | 25,779 | (9,339) | PDF p. 116 |
| Total return for the year before taxation and distribution$’000 | 63,979 | 11,955 | 64,185 | 11,955 | PDF p. 116 |
| Tax expense$’000 | (4) | (584) | (4) | (584) | PDF p. 116 |
| Total return for the year after taxation and before distribution$’000 | 63,975 | 11,371 | 64,181 | 11,371 | PDF p. 116 |
| Earnings per Unit (cents) | |||||
| Basic and dilutedcents per Unit | 5.69 | 1.01 | 5.70 | 1.01 | PDF p. 116 |
Definitions & sources
Original report: PDF p. 116 ↗
Consolidated Statement of Cash Flows
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return for the year before taxation and distribution$’000 | 63,979 | 11,955 | PDF p. 125 |
| Cash flows from operating activities; Adjustments for | |||
| Net change in fair value of financial derivatives$’000 | 919 | 2,306 | PDF p. 125 |
| Net change in fair value of investment properties$’000 | (25,779) | 9,339 | PDF p. 125 |
| Net finance costs$’000 | 20,198 | 20,955 | PDF p. 125 |
| Operating activities — subtotal after adjustments | |||
| Subtotal$’000 | 59,317 | 44,555 | PDF p. 125 |
| Cash flows from operating activities | |||
| Change in trade and other receivables$’000 | (2,540) | (4,936) | PDF p. 125 |
| Change in trade and other payables$’000 | 4,835 | (4,161) | PDF p. 125 |
| Cash generated from operations$’000 | 61,612 | 35,458 | PDF p. 125 |
| Interest on late payment of rent received$’000 | 34 | 88 | PDF p. 125 |
| Net cash from operating activities$’000 | 61,646 | 35,546 | PDF p. 125 |
| Cash flows from investing activities | |||
| Capital expenditure on investment properties$’000 | (2,173) | (13,755) | PDF p. 125 |
| Payment of upfront land premium$’000 | (369) | (7,979) | PDF p. 125 |
| Interest income received$’000 | 85 | 60 | PDF p. 125 |
| Net cash used in investing activities$’000 | (2,457) | (21,674) | PDF p. 125 |
| Cash flows from financing activities | |||
| Proceeds from borrowings$’000 | 5,000 | 233,000 | PDF p. 125 |
| Repayment of borrowings$’000 | (8,000) | (198,000) | PDF p. 125 |
| Transaction costs paid$’000 | - | (2,949) | PDF p. 125 |
| Payment of lease liabilities$’000 | (1,995) | (1,856) | PDF p. 125 |
| Finance costs relating to lease liabilities$’000 | (3,253) | (3,241) | PDF p. 125 |
| Finance costs paid$’000 | (16,343) | (15,400) | PDF p. 125 |
| Distributions paid$’000 | (36,227) | (23,009) | PDF p. 125 |
| Net cash used in financing activities$’000 | (60,818) | (11,455) | PDF p. 125 |
| Cash flows | |||
| Net increase in cash and cash equivalents$’000 | (1,629) | 2,417 | PDF p. 125 |
| Cash and cash equivalents at beginning of the year$’000 | 18,482 | 16,065 | PDF p. 125 |
| Cash and cash equivalents at end of the year$’000 | 16,853 | 18,482 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Significant non-cash transactions: During 2024, 13,266,912 Units amounting to approximately $4,880,000 were issued by the Trust as part payment of distributions in respect of period from 1 July 2023 to 31 December 2023, pursuant to the Distribution Reinvestment Plan.
The accompanying notes form an integral part of these financial statements.
Statements of Movements in Unitholders’ Funds
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Unitholders’ funds | |||||
| Unitholders’ funds at beginning of the year$’000 | 564,900 | 576,538 | 564,891 | 576,529 | PDF p. 119 |
| Operations | |||||
| Total return after taxation and before distribution$’000 | 63,975 | 11,371 | 64,181 | 11,371 | PDF p. 119 |
| Operations subtotal | |||||
| Subtotal$’000 | 628,875 | 587,909 | 629,072 | 587,900 | PDF p. 119 |
| Unitholders’ transactions | |||||
| Distributions to Unitholders$’000 | (36,227) | (27,862) | (36,227) | (27,862) | PDF p. 119 |
| Units issued through Distribution Reinvestment Plan$’000 | - | 4,880 | - | 4,880 | PDF p. 119 |
| Equity issue costs pursuant to: - Distribution Reinvestment Plan$’000 | - | (27) | - | (27) | PDF p. 119 |
| Net decrease in net assets resulting from Unitholders’ transactions$’000 | (36,227) | (23,009) | (36,227) | (23,009) | PDF p. 119 |
| Unitholders’ funds | |||||
| Unitholders’ funds at end of the year$’000 | 592,648 | 564,900 | 592,845 | 564,891 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
The accompanying notes form an integral part of these financial statements.
No separate statement of comprehensive income was identified in the report’s financial statements; this REIT reports Statements of Total Return. No non-controlling interest schedule is shown in the Statements of Movements in Unitholders’ Funds.
Financial highlights: gross revenue and net property income
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY | 2024FY | 2023FY | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| GROSS REVENUE ($’000)$’000 | 120,076 | 113,308 | 111,875 | PDF p. 45 |
| NET PROPERTY INCOME ($’000)$’000 | 67,722 | 57,452 | 54,974 | PDF p. 45 |
Definitions & sources
Original report: PDF p. 45 ↗
Financial highlights: distributions declared
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY | 2024FY | 2023FY | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| TOTAL DISTRIBUTION AMOUNT DECLARED TO UNITHOLDERS ($’000)$’000 | 39,715 | 32,177 | 30,530 | PDF p. 45 |
| DISTRIBUTION AMOUNT DECLARED PER UNITHOLDER (CENTS)cents per unitholder | 3.53 | 2.86 | 2.76 | PDF p. 45 |
Definitions & sources
Original report: PDF p. 45 ↗
Selected balance sheet data
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December | 2024As at 31 December | 2023As at 31 December | Source |
|---|---|---|---|---|
| Selected balance sheet data | ||||
| Total assets$’000 | 1,057,763 | 1,024,577 | 1,006,091 | PDF p. 45 |
| Borrowings, at amortised costs$’000 | 347,277 | 348,994 | 315,370 | PDF p. 45 |
| Net assets attributable to Unitholders$’000 | 592,648 | 564,900 | 576,538 | PDF p. 45 |
| Units in issue (units)units (source notation) | 1,125,055 | 1,125,055 | 1,111,788 | PDF p. 45 |
| NAV per unit ($)$ per unit | 0.53 | 0.50 | 0.52 | PDF p. 45 |
Definitions & sources
Original report: PDF p. 45 ↗
On physical page 45, the selected balance sheet table has a $’000 header but labels its quantity row “Units in issue (units)”. The printed values (1,125,055; 1,125,055; 1,111,788) are retained without scaling. The primary statement on physical page 115 explicitly labels its corresponding quantity “Units issued (’000)”. The inconsistent summary unit wording is preserved as a source discrepancy.
Borrowing profile
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December | 2024As at 31 December | 2023As at 31 December | Source |
|---|---|---|---|---|
| Borrowing profile | ||||
| Aggregate leverage (%)% | 35.8 | 37.4 | 34.3 | PDF p. 45 |
| Total borrowings$’000 (header unit) | 350,000 | 353,000 | 318,000 | PDF p. 45 |
| Proportion of total borrowings on fixed rates (%)% | 55.7 | 73.7 | 76.3 | PDF p. 45 |
| Average all-in financing costs (%)% | 4.36 | 4.42 | 3.89 | PDF p. 45 |
| Weighted average tenor of borrowings (years)years | 2.0 | 2.9 | 2.9 | PDF p. 45 |
| Interest coverage ratio (“ICR”) (times)times | 3.6 | 3.0 | 3.5 | PDF p. 45 |
| Unencumbered assets (%)% | 100 | 100 | 100 | PDF p. 45 |
Definitions & sources
Original report: PDF p. 45 ↗
Manager’s review financial performance
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY | 2024FY | 2025Variance (%) vs FY 2024 | Source |
|---|---|---|---|---|
| Financial performance | ||||
| Gross Revenue$’000 | 120,076 | 113,308 | 6.0 | PDF p. 20 |
| Net Property Income$’000 | 67,722 | 57,452 | 17.9 | PDF p. 20 |
| Finance Costs$’000 | 17,064 | 17,862 | (4.5) | PDF p. 20 |
| Adjusted Income Available for Distribution$’000 | 43,830 | 35,584 | 23.2 | PDF p. 20 |
| Adjusted Distribution per Unit (cents)cents per Unit | 3.90 | 3.15 | 23.2 | PDF p. 20 |
| Total Declared Distribution Amount$’000 | 39,715 | 32,177 | 23.4 | PDF p. 20 |
| Declared Distribution per Unit (cents)cents per Unit | 3.53 | 2.86 | 23.4 | PDF p. 20 |
Definitions & sources
Original report: PDF p. 20 ↗
$’000 header applies to the financial performance table. Table footnotes: (1) Adjusted DPU is stated before deducting capital allowances claim of S$4.1 million (0.37 cents per unit). (2) Adjusted DPU is stated before retaining circa 10% of income available for distribution to pay for internalisation costs. (3) Calculation of variances may differ due to rounding. (4) Declared DPU was after deducting capital allowances claim of $4.1 million (0.37 cents per unit). (5) Declared DPU was after retaining circa 10% of income available for distribution to pay for internalisation costs.
Physical p20 rendered geometry separates the superscript footnote markers from adjusted DPU values.
Distribution Statements — page 117
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Distribution reconciliation | |||||
| Amount available for distribution to Unitholders at beginning of the period$’000 | 18,683 | 15,539 | 18,683 | 15,539 | PDF p. 117 |
| Amount retained for working capital$’000 | (1,546) | (3,994) | (1,546) | (3,994) | PDF p. 117 |
| Amount available for distribution to Unitholders at beginning of the period after retention$’000 | 17,137 | 11,545 | 17,137 | 11,545 | PDF p. 117 |
| Total return for the period before tax and before distribution$’000 | 63,979 | 11,955 | 64,185 | 11,955 | PDF p. 117 |
| Non-tax deductible/(chargeable) items and others | |||||
| Trustee’s fees$’000 | 383 | 379 | 383 | 379 | PDF p. 117 |
| Net change in fair value of financial derivatives$’000 | 919 | 2,306 | 919 | 2,306 | PDF p. 117 |
| Net change in fair value of investment properties$’000 | (25,779) | 9,339 | (25,779) | 9,339 | PDF p. 117 |
| Effects of recognising rental income on a straight-line basis over the lease term$’000 | (414) | (332) | (414) | (332) | PDF p. 117 |
| Finance costs relating to lease liabilities$’000 | 3,253 | 3,241 | 3,253 | 3,241 | PDF p. 117 |
| Land rent expenses$’000 | (5,247) | (5,097) | (5,247) | (5,097) | PDF p. 117 |
| Claim on capital allowances$’000 | (4,117) | - | (4,117) | - | PDF p. 117 |
| Other items$’000 | 6,736 | 13,793 | 6,636 | 13,793 | PDF p. 117 |
| Distribution reconciliation | |||||
| Net effect of non-tax-deductible items and others$’000 | (24,266) | 23,629 | (24,366) | 23,629 | PDF p. 117 |
| Income available for distribution to Unitholders for the period before tax$’000 | 39,713 | 35,584 | 39,819 | 35,584 | PDF p. 117 |
| Tax expense$’000 | (4) | (584) | (4) | (584) | PDF p. 117 |
| Income available for distribution to Unitholders for the period after tax$’000 | 39,709 | 35,000 | 39,815 | 35,000 | PDF p. 117 |
| Total amount available for distribution to Unitholders for the period$’000 | 56,846 | 46,545 | 56,952 | 46,545 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
As printed in the source. Page 118 footnotes (1) and (2) are transcribed in source notes.
Distribution Statements — page 118
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Distributions paid | |||||
| Distribution of 1.15 cents per Unit for the period 1 July 2023 to 31 December 2023$’000 | – | (12,786) | – | (12,786) | PDF p. 118 |
| Distribution of 1.34 cents per Unit for the period 1 January 2024 to 30 June 2024$’000 | – | (15,076) | – | (15,076) | PDF p. 118 |
| Distribution of 1.52 cents per Unit for the period 1 July 2024 to 31 December 2024$’000 | (17,101) | - | (17,101) | - | PDF p. 118 |
| Distribution of 1.70 cents per Unit for the period 1 January 2025 to 30 June 2025$’000 | (19,126) | - | (19,126) | - | PDF p. 118 |
| Subtotal$’000 | (36,227) | (27,862) | (36,227) | (27,862) | PDF p. 118 |
| Distribution reconciliation | |||||
| Income available for distribution to Unitholders at end of the period$’000 | 20,619 | 18,683 | 20,725 | 18,683 | PDF p. 118 |
| Amount retained for working capital$’000 | - | 3,403 | - | 3,403 | PDF p. 118 |
| Per Unit data | |||||
| Number of Units entitled to distributions (‘000)’000 Units | 1,125,055 | 1,125,055 | 1,125,055 | 1,125,055 | PDF p. 118 |
| Income available for distribution per Unit (cents)cents per Unit | 3.53 | 3.15 | 3.53 | 3.15 | PDF p. 118 |
| Distribution amount declared per Unit (cents)cents per Unit | 3.53 | 2.86 | 3.53 | 2.86 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
As printed in the source. Page 118 footnotes (1) and (2) are transcribed in source notes.
Consolidated Portfolio Statement — Committed occupancy rate — page 121
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated portfolio statement | |||
| New Tech Park% | 94 | 82 | PDF p. 121 |
| 8 Commonwealth Lane% | 82 | 76 | PDF p. 121 |
| Frontech Centre% | 97 | 97 | PDF p. 121 |
| 1 Tuas Avenue 4% | 64 | 64 | PDF p. 121 |
| BTC Centre% | 68 | 66 | PDF p. 121 |
| 508 Chai Chee Lane% | 99 | 99 | PDF p. 121 |
| 33, 33A & 35 Penjuru Lane% | 93 | 74 | PDF p. 121 |
| 18 Gul Drive% | 100 | 100 | PDF p. 121 |
| Penjuru Logistics Hub% | 88 | 99 | PDF p. 121 |
| Freight Links Express Logisticentre% | 73 | 93 | PDF p. 121 |
| 26 Loyang Drive% | 100 | 100 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
The property names are printed on the preceding source page; numeric values and headers are quoted from this physical page.
Consolidated Portfolio Statement — Carrying amount — page 121
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated portfolio statement | |||
| New Tech Park$’000 | 384,300 | 361,700 | PDF p. 121 |
| 8 Commonwealth Lane$’000 | 55,900 | 54,700 | PDF p. 121 |
| Frontech Centre$’000 | 22,200 | 22,500 | PDF p. 121 |
| 1 Tuas Avenue 4$’000 | 23,900 | 24,100 | PDF p. 121 |
| BTC Centre$’000 | 43,400 | 42,300 | PDF p. 121 |
| 508 Chai Chee Lane$’000 | 72,000 | 71,000 | PDF p. 121 |
| 33, 33A & 35 Penjuru Lane$’000 | 40,200 | 42,000 | PDF p. 121 |
| 18 Gul Drive$’000 | 19,000 | 19,000 | PDF p. 121 |
| Penjuru Logistics Hub$’000 | 26,500 | 29,000 | PDF p. 121 |
| Freight Links Express Logisticentre$’000 | 31,500 | 31,300 | PDF p. 121 |
| 26 Loyang Drive$’000 | 28,000 | 27,600 | PDF p. 121 |
| Property schedule subtotal before continuation | |||
| Balance carried forward$’000 | 746,900 | 725,200 | PDF p. 121 Label p. 120 |
Definitions & sources
Original report: PDF p. 121 ↗
The property names are printed on the preceding source page; numeric values and headers are quoted from this physical page.
Consolidated Portfolio Statement — % of net assets attributable to Unitholders — page 121
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated portfolio statement | |||
| New Tech Park% | 64.8 | 64.0 | PDF p. 121 |
| 8 Commonwealth Lane% | 9.4 | 9.7 | PDF p. 121 |
| Frontech Centre% | 3.8 | 4.0 | PDF p. 121 |
| 1 Tuas Avenue 4% | 4.0 | 4.3 | PDF p. 121 |
| BTC Centre% | 7.3 | 7.5 | PDF p. 121 |
| 508 Chai Chee Lane% | 12.2 | 12.6 | PDF p. 121 |
| 33, 33A & 35 Penjuru Lane% | 6.8 | 7.4 | PDF p. 121 |
| 18 Gul Drive% | 3.2 | 3.4 | PDF p. 121 |
| Penjuru Logistics Hub% | 4.5 | 5.1 | PDF p. 121 |
| Freight Links Express Logisticentre% | 5.3 | 5.5 | PDF p. 121 |
| 26 Loyang Drive% | 4.7 | 4.9 | PDF p. 121 |
| Property schedule subtotal before continuation | |||
| Balance carried forward% | 126.0 | 128.4 | PDF p. 121 Label p. 120 |
Definitions & sources
Original report: PDF p. 121 ↗
The property names are printed on the preceding source page; numeric values and headers are quoted from this physical page.
Six originally printed portfolio percentages do not reproduce a simple carrying-amount divided by net-assets ratio rounded to one decimal place. Original printed percentages are preserved; the reported and independently recomputed ratios are retained in the source audit, without silently replacing reported figures.
Consolidated Portfolio Statement — Committed occupancy rate — page 123
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated portfolio statement | |||
| 3A Joo Koon Circle% | 87 | 96 | PDF p. 123 |
| 2 Toh Tuck Link% | 87 | 77 | PDF p. 123 |
| 10 Changi South Street 2% | 92 | 100 | PDF p. 123 |
| 123 Genting Lane% | 98 | 100 | PDF p. 123 |
| 30 & 32 Tuas Avenue 8% | 100 | – | PDF p. 123 |
| 39 Ubi Road 1% | 99 | 99 | PDF p. 123 |
| 21 Joo Koon Crescent% | 100 | 100 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
The property names are printed on the preceding source page; numeric values and headers are quoted from this physical page.
Consolidated Portfolio Statement — Carrying amount — page 123
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated portfolio statement | |||
| Balance brought forward$’000 | 746,900 | 725,200 | PDF p. 123 |
| 3A Joo Koon Circle$’000 | 40,000 | 36,500 | PDF p. 123 |
| 2 Toh Tuck Link$’000 | 30,400 | 30,200 | PDF p. 123 |
| 10 Changi South Street 2$’000 | 46,900 | 46,900 | PDF p. 123 |
| 123 Genting Lane$’000 | 18,000 | 17,400 | PDF p. 123 |
| 30 & 32 Tuas Avenue 8$’000 | 28,900 | 23,600 | PDF p. 123 |
| 39 Ubi Road 1$’000 | 20,000 | 19,200 | PDF p. 123 |
| 21 Joo Koon Crescent$’000 | 17,800 | 16,900 | PDF p. 123 |
| Consolidated portfolio statement summary | |||
| Investment properties – Fair value$’000 | 948,900 | 915,900 | PDF p. 123 |
| Investment properties – Right-of-use assets$’000 | 76,715 | 77,029 | PDF p. 123 |
| Total investment properties$’000 | 1,025,615 | 992,929 | PDF p. 123 |
| Other assets and liabilities$’000 | (432,967) | (428,029) | PDF p. 123 |
| Net assets attributable to Unitholders’ Funds$’000 | 592,648 | 564,900 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
The property names are printed on the preceding source page; numeric values and headers are quoted from this physical page.
Consolidated Portfolio Statement — % of net assets attributable to Unitholders — page 123
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated portfolio statement | |||
| Balance brought forward% | 126.0 | 128.4 | PDF p. 123 |
| 3A Joo Koon Circle% | 6.8 | 6.5 | PDF p. 123 |
| 2 Toh Tuck Link% | 5.1 | 5.3 | PDF p. 123 |
| 10 Changi South Street 2% | 7.9 | 8.3 | PDF p. 123 |
| 123 Genting Lane% | 3.0 | 3.1 | PDF p. 123 |
| 30 & 32 Tuas Avenue 8% | 4.9 | 4.2 | PDF p. 123 |
| 39 Ubi Road 1% | 3.4 | 3.4 | PDF p. 123 |
| 21 Joo Koon Crescent% | 3.0 | 3.0 | PDF p. 123 |
| Consolidated portfolio statement summary | |||
| Investment properties – Fair value% | 160.1 | 162.2 | PDF p. 123 |
| Investment properties – Right-of-use assets% | 12.9 | 13.6 | PDF p. 123 |
| Total investment properties% | 173.0 | 175.8 | PDF p. 123 |
| Other assets and liabilities% | (73.0) | (75.8) | PDF p. 123 |
| Net assets attributable to Unitholders’ Funds% | 100.0 | 100.0 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
The property names are printed on the preceding source page; numeric values and headers are quoted from this physical page.
Six originally printed portfolio percentages do not reproduce a simple carrying-amount divided by net-assets ratio rounded to one decimal place. Original printed percentages are preserved; the reported and independently recomputed ratios are retained in the source audit, without silently replacing reported figures.
Adjusted income available for DPU — half-year distribution per Unit
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY 2025 | 2024FY 2024 | Source |
|---|---|---|---|
| Adjusted income available for distribution per Unit breakdown | |||
| 1Hcents per Unit | 1.87 | 1.47 | PDF p. 20 |
| 2Hcents per Unit | 2.03 | 1.68 | PDF p. 20 |
| TOTALcents per Unit | 3.90 | 3.15 | PDF p. 20 |
Definitions & sources
Original report: PDF p. 20 ↗
The surrounding text states this is the breakdown of adjusted income available for DPU for FY 2025 and FY 2024. The source table footnotes 1–3 refer to adjusted DPU and variance rounding.
Consolidated Portfolio Statement — Lease terms — page 120
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Leasehold term at 31 December 2025 | 2025Group — Remaining lease term at 31 December 2025 | Source |
|---|---|---|---|
| Property lease terms | |||
| New Tech Parkyears | 45 | 30 | PDF p. 120 |
| 8 Commonwealth Laneyears | 53 | 33 | PDF p. 120 |
| Frontech Centreyears | 99 | 35 | PDF p. 120 |
| 1 Tuas Avenue 4years | 51 | 21 | PDF p. 120 |
| BTC Centreyears | 50 | 31 | PDF p. 120 |
| 508 Chai Chee Laneyears | 59 | 34 | PDF p. 120 |
| 33, 33A & 35 Penjuru Laneyears | 61 | 23 | PDF p. 120 |
| 18 Gul Driveyears | 33 | 13 | PDF p. 120 |
| Penjuru Logistics Hubyears | 30 | 7 | PDF p. 120 |
| Freight Links Express Logisticentreyears | 60 | 29 | PDF p. 120 |
| 26 Loyang Driveyears | 48 | 28 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
The source includes relevant options to renew in the leasehold term and includes optional lease term in the remaining lease term. Original Group portfolio statement as at 31 December 2025; no earlier lease terms inferred.
Consolidated Portfolio Statement — Lease terms — page 122
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Leasehold term at 31 December 2025 | 2025Group — Remaining lease term at 31 December 2025 | Source |
|---|---|---|---|
| Property lease terms | |||
| 3A Joo Koon Circleyears | 60 | 22 | PDF p. 122 |
| 2 Toh Tuck Linkyears | 60 | 31 | PDF p. 122 |
| 10 Changi South Street 2years | 57 | 26 | PDF p. 122 |
| 123 Genting Laneyears | 60 | 16 | PDF p. 122 |
| 30 & 32 Tuas Avenue 8years | 60 | 31 | PDF p. 122 |
| 39 Ubi Road 1years | 60 | 26 | PDF p. 122 |
| 21 Joo Koon Crescentyears | 60 | 28 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
The source includes relevant options to renew in the leasehold term and includes optional lease term in the remaining lease term. Original Group portfolio statement as at 31 December 2025; no earlier lease terms inferred.
Manager’s review financial position
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — as at 31 December 2025 | 2024Group — as at 31 December 2024 | 2025Variance (%) — 2025 vs 2024 | Source |
|---|---|---|---|---|
| Manager’s review financial position | ||||
| Total assets$’000 | 1,057,763 | 1,024,577 | 3.2 | PDF p. 20 |
| Total liabilities$’000 | 465,115 | 459,677 | 1.2 | PDF p. 20 |
| Net assets attributable to Unitholders$’000 | 592,648 | 564,900 | 4.9 | PDF p. 20 |
| Units in issue (units)units | 1,125,055,242 | 1,125,055,242 | NIL | PDF p. 20 |
| NAV per unit (S$)S$ per Unit | 0.53 | 0.50 | 6.0 | PDF p. 20 |
Definitions & sources
Original report: PDF p. 20 ↗
NIL is retained as printed in the units-in-issue variance column; it is not replaced with zero. The % suffix identifies the NAV variance column’s unit. Original declared and adjusted DPU figures have different definitions; source footnotes are retained in the performance table.
Where the money comes from
Segment information
By business
Group operating segments 2025 (business segments) 9 lines
| Item / unit | 2025High-tech industrial | 2025Chemical warehouse & logistics | 2025Warehouse & logistics | 2025General industrial | 2025Total | Source |
|---|---|---|---|---|---|---|
| 2025 | ||||||
| Gross revenue$'000 | 84,432 | 6,443 | 22,189 | 7,012 | 120,076 | PDF p. 161 |
| Property expenses$'000 | (41,982) | (1,502) | (6,590) | (2,280) | (52,354) | PDF p. 161 |
| Segment net property income$'000 | 42,450 | 4,941 | 15,599 | 4,732 | 67,722 | PDF p. 161 |
| Net change in fair value of investment properties$'000 | 21,849 | (2,370) | (380) | 6,680 | 25,779 | PDF p. 161 |
| Segment assets | ||||||
| - Investment properties$'000 | 619,444 | 72,870 | 230,523 | 102,778 | 1,025,615 | PDF p. 161 |
| - Others$'000 | 3,090 | 3,183 | 384 | 1,163 | 7,820 | PDF p. 161 |
| Segment liabilities | ||||||
| - Lease liabilities$'000 | 17,744 | 13,670 | 27,223 | 18,078 | 76,715 | PDF p. 161 |
| - Others$'000 | 27,823 | 798 | 4,836 | 2,291 | 35,748 | PDF p. 161 |
| Other segment information | ||||||
| Capital expenditure$'000 | 2,791 | 155 | 574 | 477 | 3,997 | PDF p. 161 |
Notes
Segment gross revenue comprises mainly income generated from tenants. Segment net property income represents the income earned by each segment after allocating property expenses.
Segment assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly cash and cash equivalents, other receivables, borrowings and other payables.
The Group has four reportable segments whose information are presented in the tables below.
Empty string values denote cells left blank in the source (only Total column printed for unallocated items).
Group operating segments 2024 (business segments, comparative) 9 lines
| Item / unit | 2024High-tech industrial | 2024Chemical warehouse & logistics | 2024Warehouse & logistics | 2024General industrial | 2024Total | Source |
|---|---|---|---|---|---|---|
| 2024 | ||||||
| Gross revenue$'000 | 79,088 | 4,594 | 22,028 | 7,598 | 113,308 | PDF p. 162 |
| Property expenses$'000 | (44,369) | (2,264) | (6,844) | (2,379) | (55,856) | PDF p. 162 |
| Segment net property income$'000 | 34,719 | 2,330 | 15,184 | 5,219 | 57,452 | PDF p. 162 |
| Net change in fair value of investment properties$'000 | (5,218) | (1,780) | 1,205 | (3,546) | (9,339) | PDF p. 162 |
| Segment assets | ||||||
| - Investment properties$'000 | 593,917 | 74,662 | 229,194 | 95,156 | 992,929 | PDF p. 162 |
| - Others$'000 | 311 | 3,685 | 155 | 289 | 4,440 | PDF p. 162 |
| Unallocated amounts (as printed; segment liabilities) | ||||||
| - Lease liabilities$'000 | 17,617 | 13,662 | 27,694 | 18,056 | 77,029 | PDF p. 162 |
| - Others$'000 | 21,286 | 1,901 | 4,576 | 1,796 | 29,559 | PDF p. 162 |
| Other segment information | ||||||
| Capital expenditure$'000 | 10,114 | 405 | 478 | 29 | 11,026 | PDF p. 162 |
Notes
The 2024 comparative block is printed on the next page under the heading 'Geographical segments', but contains business-segment data.
In the 2024 block the first liability lines are printed under the heading 'Unallocated amounts:' (lease liabilities and others), although they are segment amounts by column.
Segment information in respect of the Group’s geographical segments is not presented as the Group’s activities for the years ended 31 December 2025 and 31 December 2024 related wholly to properties located in Singapore.
Major customer: A major customer group contributed approximately $5.3 million (2024: $5.3 million) of the Group’s total revenues from the High-tech industrial (2024: High-tech industrial) for the year ended 31 December 2025.
Empty string values denote cells left blank in the source.
Debt
Borrowings
Borrowing notes 4 tables
Borrowings (Group and Trust)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Trust, $'000 | 2024Trust, $'000 | Source |
|---|---|---|---|---|---|
| Unsecured borrowings - current | |||||
| Unsecured Term Loan Facility (1)$'000 | 50,000 | – | 50,000 | – | PDF p. 145 |
| Unsecured Revolving Loan Facility (1)$'000 | 25,000 | 8,000 | 25,000 | 8,000 | PDF p. 145 |
| Less: Unamortised capitalised transaction costs$'000 | (65) | – | (65) | – | PDF p. 145 |
| Total current borrowings$'000 | 74,935 | 8,000 | 74,935 | 8,000 | PDF p. 145 |
| Unsecured borrowings - non-current | |||||
| Unsecured Term Loan Facility (1)$'000 | 125,000 | 175,000 | 125,000 | 175,000 | PDF p. 145 |
| Guaranteed Bond Facility$'000 | 100,000 | 100,000 | 100,000 | 100,000 | PDF p. 145 |
| Less: Unamortised capitalised transaction costs$'000 | (2,658) | (4,006) | (2,658) | (4,006) | PDF p. 145 |
| Total non-current borrowings$'000 | 272,342 | 340,994 | 272,342 | 340,994 | PDF p. 145 |
| Total | |||||
| Total borrowings$'000 | 347,277 | 348,994 | 347,277 | 348,994 | PDF p. 145 |
Notes
(1) All the borrowings have a nominal interest rate of Singapore Overnight Rate Average + Margin (31 December 2024: a nominal interest rate of Singapore Overnight Rate Average + Margin)
The non-current Unsecured Revolving Loan Facility row wraps across lines in the source (label and (b) on separate lines): 50,000 (2025) and 70,000 (2024) for Group and Trust; not given as a row because the single-line quote is not contiguous.
All borrowings are unsecured; no secured borrowings disclosed.
Liquidity risk - contractual undiscounted cash flows, Group
| Item / unit | 2025Carrying amount $'000 | 2025Contractual cash flows $'000 | 2025Less than 1 year $'000 | 2025Between 1 to 5 years $'000 | 2025More than 5 years $'000 | 2024Carrying amount $'000 | 2024Contractual cash flows $'000 | 2024Less than 1 year $'000 | 2024Between 1 to 5 years $'000 | 2024More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group Non-derivative financial liabilities | |||||||||||
| Unsecured Loan and Bond Facilities$'000 | 342,277 | (378,767) | (86,117) | (292,650) | - | 348,994 | (405,788) | (25,787) | (380,001) | - | PDF p. 153 |
| Lease liabilities$'000 | 76,715 | (125,715) | (5,277) | (26,388) | (94,050) | 77,029 | (128,036) | (5,139) | (25,697) | (97,200) | PDF p. 153 |
Notes
Contractual undiscounted cash flows including estimated interest payments and excluding impact of netting agreements. Maturity analysis is on the basis of earliest possible contractual maturity.
Printed carrying amount of 342,277 for Group loan facilities differs from Note 11 total borrowings of 347,277 (as printed).
Contractual undiscounted cash flows including estimated interest payments and excluding impact of netting agreements.
Liquidity risk - contractual undiscounted cash flows, Trust 2025
| Item / unit | 2025Carrying amount $'000 | 2025Contractual cash flows $'000 | 2025Less than 1 year $'000 | 2025Between 1 to 5 years $'000 | 2025More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|
| Trust 2025 Non-derivative financial liabilities | ||||||
| Unsecured Loan and Bond Facilities$'000 | 347,277 | (378,767) | (86,117) | (292,650) | - | PDF p. 153 |
| Lease liabilities$'000 | 76,715 | (125,715) | (5,277) | (26,388) | (94,050) | PDF p. 153 |
Notes
Contractual undiscounted cash flows including estimated interest payments and excluding impact of netting agreements.
Key debt funding indicators
| Item / unit | 2025As at 31 December 2025 | 2024As at 31 December 2024 | Source |
|---|---|---|---|
| Key debt funding indicators | |||
| Total borrowings ($ million)$ million | 350 | 353 | PDF p. 21 |
| Aggregate leverage (%)% | 35.8 | 37.4 | PDF p. 21 |
| Interest coverage ratio (times)times | 3.6 | 3.0 | PDF p. 21 |
| Weighted average tenor of borrowings (years)years | 2.0 | 2.9 | PDF p. 21 |
| Average all-in financing cost (%)% | 4.36 | 4.42 | PDF p. 21 |
| Proportion of total borrowings on fixed rates (%)% | 55.7 | 73.7 | PDF p. 21 |
| Debt Headroom ($ million)$ million | 140.5 | 120.6 | PDF p. 21 |
| Unencumbered assets ($ million)$ million | 100 | 100 | PDF p. 21 |
Notes
The printed debt maturity profile chart (S$ millions, as at 31 December 2025) is a graphic: 2026 term loans 50.0 and revolving 25.0; 2027 term loans 50.0 and revolving 25.0; 2028 term loans 75.0 and revolving 25.0; 2029 bonds 100.0. Chart values were not extracted as rows because chart text is not a contiguous row.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution amount declared per Unit (cents) | 3.53 cents per unit | Group and Trust, FY 2025 | PDF p. 118 |
| Distribution amount declared per Unit (cents) | 2.86 cents per unit | Group and Trust, FY 2024 comparative | PDF p. 118 |
| Distribution of 1.70 cents per Unit for the period 1 January 2025 to 30 June 2025 | 1.70 cents per unit | Group and Trust, 1H 2025 | PDF p. 118 |
| Distribution of 1.52 cents per Unit for the period 1 July 2024 to 31 December 2024 | 1.52 cents per unit | Group and Trust, 2H 2024 (paid in 2025) | PDF p. 118 |
| Distribution of 1.34 cents per Unit for the period 1 January 2024 to 30 June 2024 | 1.34 cents per unit | Group and Trust, 1H 2024 comparative | PDF p. 118 |
| Distribution Reinvestment Plan | No units were issued for the year ended 31 December 2025. | Trust, FY 2025; FY2024 comparative | PDF p. 118 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Adjusted Distribution per Unit (cents) | 3.901 cents | FY 2025 vs FY 2024 (FY 2024: 3.152); Variance 23.23% | PDF p. 20 |
| Total Declared Distribution Amount | 39,715 $'000 | FY 2025 vs FY 2024 (FY 2024: 32,177); Variance 23.4% | PDF p. 20 |
Extracted from Alpha Integrated REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage (%) | 35.8% | As at 31 December 2025; comparative 31 December 2024: 37.4 · As at 2025-12-31 | PDF p. 21 |
| Interest coverage ratio (times) | 3.6 times | As at 31 December 2025; comparative 31 December 2024: 3.0 · As at 2025-12-31 | PDF p. 21 |
| Average all-in financing cost (%) | 4.36% | As at 31 December 2025; comparative 31 December 2024: 4.42 · As at 2025-12-31 | PDF p. 21 |
| Proportion of total borrowings on fixed rates (%) | 55.7% | As at 31 December 2025; comparative 31 December 2024: 73.7 · As at 2025-12-31 | PDF p. 21 |
| Weighted average tenor of borrowings (years) | 2.0 years | As at 31 December 2025; comparative 31 December 2024: 2.9 · As at 2025-12-31 | PDF p. 21 |
| Portfolio Occupancy (%) | 90.3% | Committed portfolio occupancy, as at 31 December 2025; comparative 31 December 2024: 85.0 · As at 2025-12-31 | PDF p. 22 |
| Portfolio Valuation ($ million) | 948.9 $ million | As at 31 December 2025; comparative 31 December 2024: 915.9 · As at 2025-12-31 | PDF p. 22 |
| WALE | 2.5 years | Portfolio, by effective gross rental income, as at 31 December 2025; no comparative printed · As at 2025-12-31 | PDF p. 24 |
| NAV per unit ($) | 0.53 $ | As at 31 December 2025; comparatives 31 December 2024: 0.50; 31 December 2023: 0.52 · As at 2025-12-31 | PDF p. 45 |
| DISTRIBUTION AMOUNT DECLARED PER UNITHOLDER (CENTS) | 3.53 cents | FY 2025; comparatives FY 2024: 2.86; FY 2023: 2.76 | PDF p. 45 |
Extracted from Alpha Integrated REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group and Trust, FY2025 | PDF p. 114 |
| Engagement partner | Nelson Chen | Group and Trust, FY2025 | PDF p. 114 |
| Opinion | present fairly, in all material respects | Group and Trust, FY2025 · As at 2025-12-31 | PDF p. 112 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 2.6 GOING CONCERN | the financial statements has been prepared on a going concern basis | Group and Trust, 31 December 2025 · As at 2025-12-31 | PDF p. 128 |
Extracted from Alpha Integrated REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Alpha Integrated REIT Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
On physical page 45, the selected balance sheet table has a $’000 header but labels its quantity row “Units in issue (units)”. The printed values (1,125,055; 1,125,055; 1,111,788) are retained without scaling. The primary statement on physical page 115 explicitly labels its corresponding quantity “Units issued (’000)”. The inconsistent summary unit wording is preserved as a source discrepancy.
The source FY2023–FY2025 highlights do not establish a five-year series. Original historical annual-report backfill remains outstanding.
Six portfolio percentages are retained as originally disclosed although they do not reproduce a simple carrying-amount/net-assets ratio rounded to one decimal. Independent recalculations are retained in the audit.
Adjusted DPU and declared DPU differ. Physical page 20 defines adjusted FY2025 DPU before the capital-allowances claim and FY2024 DPU before amounts retained for internalisation costs; original full footnotes accompany the table. Superscript footnotes 1, 2 and 3 have been separated using original PDF geometry.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.