LAPTRUST (Local Authorities Pension Trust) Imara I-REIT, a real estate firm listed at the Nairobi Securities Exchange(NSE), has made a 28.5% drop in half-year net earnings to KSh 57.8million. This is on account of a fall in property earnings.
The firm recorded a 49.6% drop in rental income to KSh 124.6 million. Total revenue fell 42.2% to KSh 176.29Million from KSh 305.08Million in H1 2025.
Operating expenses, however, declined 47.1% to KSh 118.47Million. The listed firm also got some reprieve on its loan book with a 74.1% reduction in provisions for bad debts to KSh 31.45Million.
Laptrust financials
While the property trust boasts of a rich property portfolio, the value of these assets has been on a rapid decline. Available figures indicate from KSh 6.9 billion in 2022 to KSh 5.7 billion in H1 2026.
While occupancy of its residential and retail properties has been improving. LAPTRUST has seen earnings from office spaces and parking slots fall. This is due to less traffic as working from home modes gain traction.
Laptrust Imara Income-REIT was listed at the on March 22nd, 2023. It is currently the 33rd most valuable stock on the NSE. It has a market capitalization of KSh 6.92 billion. This account for about 0.174% of the NSE equity market.
Laptrust property portfolio
The REIT, valued at KSh346.2 billion, holds several properties including CPF Metro Park and Pension Towers, with 100% of its units held by Laptrust.
LAPTRUST plays in the same league as other REITs listings like Acorn Holdings Limited and Stanlib Fahari I-REIT, all on the NSE Main Investment Market; Restricted Sub-Segment.
The REIT was listed as a close-ended fund at KSh20 per unit based on the net asset value of the scheme as at the time of listing and valued at a total of 346,231,413 units.
Interestingly, Laptrust holds 100 percent of the Imara I-REIT securities, with no initial offer to the public.
However, the units can be transferred to persons who qualify as professional investors. This is at a minimum trade size of KSh5 million.
Properties held under Imara I-REIT include CPF Metro Park, CPF House, Pension Towers, Freedom Heights Mall and Service Plot and Man Apartment.
The REIT Manager for LAPTRUST is Sterling REIT Asset Management Limited- a private company incorporated in October 2013 and licensed by the CMA as a REIT Manager.
Laser Property Services Limited (LASER), the Property Manager for LAPTRUST was incorporated in 2013. As a subsidiary of CPF Financial Services, it offers real estate services.
The firm also deals with property and facility management, real estate agency. It also handles feasibility and investment appraisal.
It has built internal capacity in key real estate functions critical in ensuring delivery of professional services and offering solutions to any emerging challenges.
The firm and its representatives provide landlords and tenants with an assurance of service from qualified professionals.
The property manager is uniquely qualified to handle the responsibility of Property Manager for the LAPTRUST.
The company has also been managing properties on behalf of several other parties including the Police Sacco Plaza.
