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Businessuite 2022 Top Jamaica Main Market Chief Executive Officer – % change US$ Profit after Tax |
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CR |
NR |
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US$000 |
US$000 |
2022 |
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2022 |
2022 |
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Company |
Chief Executive Officer |
2022/2021 |
2021/2020 |
% change |
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4 |
1 |
JA |
Kingston Properties Limited – Group |
Kevin G Richards |
$3,018 |
$613 |
392% |
Kevin G Richards Chief Executive Officer Kingston Properties Limited – Group
Mr. Richards is tasked with driving the strategic objectives of the Group and maximizing shareholders’ value. His career spans over 25 years of experience in the areas of media, investment management and real estate.
Kingston Properties Limited (KPREIT) is the premier publicly traded real estate investment company listed on the Jamaica Stock Exchange (JSE). Kingston Properties Limited specializes in value-add commercial property investments in the office, industrial, multi-family, and mixed-use space with properties in Jamaica, The Cayman Islands and The United States of America.
Our tenants are a mix of residential clients and medium to large-sized companies across industries with local, regional, and international operations. Headquartered
in Kingston, Jamaica, the company began operations in 2008 during the period known as the Great Recession. Formerly known as Carlton Savannah REIT (Jamaica) Limited, the Company changed its name to Kingston Properties Limited (JSE Symbol: KPREIT) in October 2009.
The primary objective of the Company is to create and constantly grow shareholder
returns through a diversified property portfolio that generates above-average net income yields and higher asset values at disposal and distribute those gains through consistent and stable dividends.
Income Statement
The Group posted a 40% increase in rental income to $2.9 million for the twelve months ending December 31, 2021, compared to $2.1 million for the same period in 2020. Net Operating Income (NOI), being total rental income less operating expenses, for 2021 increased by 65%, moving from US$1.0 million for the same period in 2020 to $1.7 million. This was primarily due to the income generated from the additions to investment property made during the year.
Group operating expenses, including direct property expenses and administrative expenses, increased 16.6% year on year to $1.3 million. Direct property expenses (property taxes, homeowner’s association (HOA) fees, repairs and maintenance, and property insurance) declined year over year by 21.4% in 2021, moving from $400,535 to $314,628. This was primarily attributed to the reduction in HOA fees and property taxes during the year resulting from the sale of condominium units in South Florida during the year.
The Group’s EBITDA increased from $1.4 million in 2020 to $3.5 million in 2021. Cash Flow From Operations (CFO) for 2021 amounted to $2.1 million compared to $577,320 for the same period in 2020.
Net Profit for 2021 amounted to US$3.0 million compared to US$612,725 for the previous year.
Net profit for 2021 was bolstered by core rental income growth combined with fair value gains of certain properties in our portfolio, as well as gains from the disposal of several condo units during the year.
Funds from Operations for the financial year registered a year on year increase of 16.5% to US$621,394.
https://kpreit.com/docs/KPREIT_Annual-Report-2021_Final_High-Res.pdf