Kingston Properties Reports Strong First-Quarter Growth in Revenue and Occupancy

Kingston Properties says it is building a stronger foothold in Jamaica's real estate sector, reporting continued gains in revenue, occupancy, and overall portfolio performance for the first quarter of 2026.

The company said its results for the period ending March 2026 reflect a strategy centred on disciplined investment, even as firms continue to operate in a challenging global economic climate. In property markets, success depends not only on ownership but on delivering steady returns from those assets — and Kingston Properties said its latest figures show that approach is working.

Rental income rose by roughly 31% year on year, while net operating income climbed about 50.9% to $1.26 million over the same period. The company stressed that the gains came from recurring income alone, with no contribution from fair value adjustments or property disposals.

Funds from operations grew by approximately 23.6% year on year, which the company said demonstrates its ability to generate cash and support dividend payments going forward. As at March 2026, occupancy across the portfolio stood at about 98%. The asset base totalled $98 million, including investment property valued at almost $91 million. Cash stood at roughly $4.3 million, with total equity of about $55.63 million at the close of the quarter.

Those results were delivered against a backdrop of rising global uncertainty. "Elevated interest rates, persistent and continuing, I might add, inflation. Just had some inflation numbers released yesterday or the day before, highest in 3 years, um, in our big US market. Um, geopolitical, you know, uncertainty, I think is being charitable," a company representative said.

Looking ahead, Kingston Properties said its focus will be on what it calls disciplined acceleration — continuing to expand while selecting opportunities carefully. "We will continue to seek high-quality income-producing assets, protect the balance sheet, as the chairman described, and convert growth into sustainable shareholder value," the company stated.