Rental income climbs for KP Reit PDF Print E-mail

Kingston Properties Ltd (KP REIT) indicates from financials submitted this week that the group benefited from the addition to its portfolio of new properties in Jamaica and the Cayman Islands, with rentals climbing 63 per cent during the quarter ending March 31. The company posted rental income of $50.1 million compared to $30.7 million for the same period in 2016.

The Group recorded profit before finance charges of $23.7 million in the first quarter of 2017 compared with $124.3 million in the same quarter in 2016.

The figure in 2016 included fair value gains on investment properties of $116.9 million from the revaluation of two properties owned by the Group in South Florida.

In January 2017, the company acquired a block in South Bay Beach Cayman, comprising offices, retail outlets and residences. It also acquired more office and warehouse space in Kingston, Jamaica, in that month.

In comments attached to the financials, directors said these additions have also boosted operating results, which saw an almost quadrupling of net operating income to $23.6 million in 2017 compared with $6.4 million in 2016.

They said the company continues to focus on its strategy of identifying properties “that have strong fundamentals that provide attractive cash yields as well as high potential for capital appreciation”. Read more

Source: Observer