Kingston Properties reports stronger 2025 earnings and signals another APO

Kingston Properties Limited told shareholders at its recent annual general meeting that its 2025 financial year produced stronger recurring revenue, record rental income and higher funds from operations, as the company continued expanding its property holdings in Jamaica, Cayman, the United States and the United Kingdom.

Chief Financial Officer Andre Francis said operating revenue climbed from about 4.8 million in the prior year to more than 6.3 million in 2025. He said that performance was supported by portfolio growth, especially in the UK, where the company bought two more assets during 2025. Francis also said funds from operations rose to about 1.8 million, which he described as 133 per cent above the previous year. He noted that the dividend policy is generally based on paying out about 90 per cent of funds from operations, although the exact level can vary from year to year.

Chairman Garfield Sinclair said the company has now recorded 15 straight years of profitability and 14 consecutive years of dividend payments. He said gross rental income reached a record 6 million, up 28 per cent over the previous year, while net operating income moved to a record 4.1 million, a 47 per cent increase. Sinclair also said book value per share rose to a record JMD$10.03, up 9 per cent.

Chief Executive Officer Kevin Richards said Kingston Properties' asset base stood at US$98 million as at March 2026. He said 43 per cent of the portfolio by value is in Jamaica across nine properties, 40 per cent is in the Cayman Islands across four properties, 15 per cent is in the UK across three properties, and 2 per cent is tied to the company's interest in a multi-family property in Atlanta, Georgia.

Richards said diversification by geography and sector remains central to the group's risk-management approach. Looking ahead, he said the company wants to lift net operating income to 8 million by 2028 from 4 million at the end of 2025, and raise funds from operations to about 4 million from 1.8 million. He also said the company is targeting book value per share of JMD$11.65.

Richards said Kingston Properties is also preparing to return to the local equities market with another APO. He said the plan is to make the offer in both Jamaican dollars and US dollars, and added that the company has increased its share capital to unlimited as part of those preparations. According to Richards, the process is already at an advanced stage and further announcements will be made when the company is ready.