APO UPDATE: Kingston Properties Ltd.

Kingston Properties Limited for the year ending 2025, during its recent AGM, reiterated the performance of its growing property portfolio across its four jurisdictions of operation – Jamaica, Cayman, the US and the UK initially by chief finance officer Andre Francis.

He said, “2025 really delivered a strong growth in the recurring revenues of the business. Our operating revenues that increased from about $4.8 million in the previous year to over $6.3 million by in 2025. Right? And this was supported by significant growth in the portfolio. We grew across the UK primarily, last year, acquiring two additional assets in 2025m and that really strengthened the recurring income.

So, funds from operation are the basis on which our dividend policy is based. We typically pay out focus on about 90% of FFO. In some years we'll do more, some years we'll do less.”

He said that is the basis on which the organisation returns value to shareholders.

“We grew that to about $1.8 million last year, which is 133% higher than the previous year.”

Worth noting that KP REIT's net profit represents only the third highest in the 18-year growth history of the company, though director and chairman Garfield Sinclair addressed several other landmarks that have been surpassed.

Sinclair said, “15 years of consecutive profitability, 14 years of consecutive dividend

payments, record rental income. We're up to $6 million in gross rental income now. That's pure cash flow. That's a 28% increase over the prior year. our net operating income again a record at 4.1 million a nearly 50% 47% increase over the prior year greater lease optimization accounted for that 1.8 28 million in funds from operation. A key metric we monitor and manage towards in order to be able to make funds available to you, our shareholders. And we're at a record book value per share at $10.3, a 9% increase over the prior year.”

These Sinclair said are all records.

“So, we continue to generate record performance. And that is going to continue given the strategic imperatives that we have placed on ourselves.”

As at March 2026, the Kingston properties limited asset base has increased to 98 million US with diversification across jurisdiction, a key design component.

According to CEO Kevin Richards, who said, “Currently 43% of our portfolio, by value, is held in Jamaica, that's nine properties. 40% of the portfolio is held in the Cayman Islands, that's four properties that we have there, 15% of the portfolio is held in the UK and that's a growing number – currently with three properties. And in the US, we still have an interest in a multi-family property in Atlanta, Georgia, but that represents only 2% exposure by value in the US market.”

As a means of mitigating risk, the portfolio is also diversified by sector. The chief executive invited prospective shareholders to appreciate the potential whilst also sharing some forward-looking statements regarding its strategic cycle for the next 3 years.

“The key metric to look at and to judge us on is our performance in terms of net operating income and funds from operation. Those are the two key things. So, we're targeting to get our net operating income to 8 million by 2028. We finished 2025 at 4 million.”

Richards said, “That's doubling. Our projected FFO, we ended 2025 at $1.8 to get that up to about $4 million. And obviously, that translates back into the book value per share ended 2025 at $10 to get that up to $11.65 per share, and this is JMD.”

There was, however, decidedly more certainty in the CEO's indication of a return to the local equities market.

“To do the APO in two currencies, in Jamaican dollars and in US dollars. And again, we also increased our share capital to unlimited.  So, all of that is in getting ourselves ready for another APO. We're now at an advanced stage in the process and you will we'll make announcements more about the APO when we are able to do but we are in that process to get that done in short order.”