Kingston Properties is reporting solid operational growth for the nine months ending September 30, despite a decline in net income.
The company says rental income rose by 30 per cent to US$4.52 million, while operating profit before fair value adjustments increased by 50 per cent to just under US$3 million.
Funds from operations more than doubled, climbing 112 per cent to US$1.67 million.
However, net income fell by 65 per cent to US$777,000, largely due to higher finance costs and a fair value loss on a US-based investment.
Chief Executive Officer Kevin Richards says the company's core rental portfolio delivered strong results, supported by increased occupancy and contributions from its expansion into the United Kingdom.
Looking ahead, the company says it will continue to focus on expanding its UK footprint, completing development projects in Jamaica, and optimizing its portfolio to drive long-term growth.
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