Alpha Integrated REIT FY2025: 30/32 Tuas Avenue 8 Full Turnaround, Portfolio Occ +5.3pp, DPU +23.4%
Alpha Integrated REIT (AI-REIT) FY2025 Annual Report (year ended 31 Dec 2025) marks the REIT's first full-year report under its internalised management structure — completed 23 October 2025 — and delivers the strongest DPU growth in its history at +23.
Alpha Integrated REIT (AI-REIT) FY2025 Annual Report (year ended 31 Dec 2025) marks the REIT's first full-year report under its internalised management structure — completed 23 October 2025 — and delivers the strongest DPU growth in its history at +23.4% to 3.53 cents.
- ▸Internalisation Milestone: AI-REIT completed its transition from Sabana REIT to Singapore's first internally managed REIT on 23 October 2025. The new internal manager replaced external management fees of S$4.75M/year with an annualised run-rate of ~S$4M, with full-year savings from FY2026.
- ▸30 & 32 Tuas Avenue 8 (Full Turnaround): The most dramatic recovery in the portfolio. Repossessed in June 2024 at 0% occupancy; new master lease secured in FY2025 brought it to 100%. Valuation surged $5.3M (+22.5%) to $28.9M — largest percentage gain in the portfolio.
- ▸33/33A/35 Penjuru Lane (Re-leased): Chemical warehouse complex repossessed from defaulting master tenant March 2024 rebounded strongly — occupancy rose 19.5pp to 93.2% on successful multi-tenant re-leasing.
- ▸Portfolio: 90.3% committed occ (FY2024: 85.0%) — +5.3pp, above Singapore Hi-Tech Industrial average of 88.7%.
- ▸High-Tech Industrial: 88.5% (FY2024: 81.9%) — New Tech Park +12.1pp to 94.4%.
- ▸General Industrial: 99.1% (FY2024: 68.1%) — driven by Tuas Avenue 8 turnaround.
- ▸Chemical Warehouse & Logistics: 95.5% (FY2024: 82.8%) — Penjuru Lane complex recovery.
- ▸Warehouse & Logistics: 87.0% (FY2024: 95.4%) — key watch items: Freight Links Express -20.0pp to 73.1%; Penjuru Logistics Hub -11.3pp to 87.5% (short lease to 2032).
- ▸Rental reversion: +11.8% (FY2024: +20.6%); retention rate: 71.8% (FY2024: 87.9%).
Total portfolio: $948.9M (+3.6% YoY from $915.9M). Key movers: NTP +$22.6M, 3A Joo Koon Circle +$3.5M on re-leasing reversions. Declines: Penjuru Logistics Hub -$2.5M (short lease drag), 33/33A/35 Penjuru Lane -$1.8M despite occupancy recovery.
New Tech Park (Planned AEI): Manager announced plans to add ~19,508 sqm of high-spec space at NTP@151 Lorong Chuan to capture AI, semiconductor and IT tenant demand. Timeline and cost not yet disclosed.
AI-REIT's FY2025 is a recovery and reinvention story — internalisation removed external manager conflicts, two asset turnarounds pushed portfolio occupancy from 85% to 90.3%, and DPU surged 23.4% to 3.53 cents. Heading into FY2026, the Warehouse & Logistics segment is the main risk, with Freight Links Express at 73.1% and Penjuru Logistics Hub facing both occupancy pressure and a 2032 lease expiry. NAV/unit S$0.53 (FY2024: S$0.50); aggregate leverage 35.8%.