Karachi: Image REIT (IREIT), a Shariah-compliant hybrid real estate investment trust, reported a substantial rise in profit during its first year as a publicly listed company, alongside plans for an expansion project. The company, which owns two commercial properties in Karachi, launched its initial public offering in September 2025 and began trading on the Pakistan Stock Exchange in October of the same year.

According to JS Global, IREIT's profit for the fiscal year 2026 surged 2.8 times to Rs992 million from Rs358 million in the previous year, with the majority being unrealized revaluation gains. The REIT's rental income increased by 33% year-over-year to Rs114 million, buoyed by contributions from a new tenant, Image Global. Meanwhile, administrative expenses decreased by 32% due to the absence of a consultancy fee incurred in FY25.

The annual report highlighted that both of IREIT's properties, Image Tower on Shahrah-e-Faisal and another on Tipu Sultan Road, are held on a leasehold basis. The company is planning to add ten new floors to the Tipu Sultan Road property, with all necessary contracts and arrangements reportedly in place.

The report also noted that IREIT's net asset value stood at Rs15.12 per unit as of June 30, 2026, with the units trading at a significant discount to this valuation. The ownership structure showed a majority stake held by Mr. Asad Ahmed at 51.2%, with the remaining shares distributed among First Tri-Star Modaraba, the general public, and Indus Battery Industries.

Overall, IREIT's fiscal year was marked by robust financial performance and strategic growth plans, indicating a promising outlook for the company's future.