November 14, 2025
KINGSTON PROPERTIES LIMITED (KPREIT)
Unaudited financials for the nine months ended September 30, 2025:
KINGSTON PROPERTIES LIMITED (KPREIT) for the nine months ended September 30, 2025 reported a 30% increase in rental revenue, totaling US$4.52 million compared to US$3.48 million in the corresponding period last year. Rental revenue for the third quarter grew 30% to US$1.49 million versus US$1.15 million for the comparable quarter of 2024.
Operating expenses amounted to US$1.54 million (2024: US$1.49 million), representing a 3% increase year over year. Consequently, operating profit before fair value adjustments increased 50% to US$2.99 million compared to US$1.99 million for the nine months ended September 30, 2024. For the third quarter, operating profit before fair value adjustments was US$1.03 million, up from US$491,143 reported for the similar quarter of 2024.
Fair value adjustments on investment properties amounted to a loss of US$1.01 million (2024: nil), while miscellaneous income closed at US$68,766 from a loss of US$137,392 in the prior period. As a result, operating profit after other income for the nine months ended September 30, 2025 totaled US$2.26 million, a 29% decrease relative to US$3.17 million reported in 2024.
Net finance costs for the nine months ended September 30, 2025 were US$1.51 million, a 60% increase compared to US$943,000 in 2024, reflecting higher borrowings for portfolio expansion. Finance costs for the third quarter amounted to US$570,226 (2024: US$307,440).
Profit before income tax for the nine months ended September 30, 2025 was US$744,556, a 67% decrease relative to US$2.23 million reported in 2024. For the third quarter, the company recorded a loss of US$827,693 compared to a profit of US$793,702 in the prior year.
Taxation credit for the nine months ended September 30, 2025 amounted to US$32,234 (2024: charge of US$36,508). Consequently, net profit for the nine-month period was US$776,790, down 65% from US$2.19 million reported in 2024. For the third quarter, the company posted a loss of US$861,983 versus a profit of US$766,677 in 2024.
Consequently, Earnings Per Share for the nine months amounted to US$0.0009 (2024: EPS: US$0.0025), while Loss Per Share for the quarter totaled US$0.0001 (2024: EPS: US$0.0009). The twelve-month trailing EPS was US$0.004, and the number of shares used in these calculations was 884,000,000.
Notably, KPREIT’s stock price closed the trading period on November 14, 2025, at a price of $8.10 with a corresponding P/E ratio of 11.42x.
The company highlighted that the nine-month results were impacted by a US$1.38 million fair value loss on its Polaris at East Point investment in Atlanta, driven by adverse financing and market conditions. Management noted that while this impairment affected net income, core rental operations and portfolio expansion remain strong.
Balance Sheet Highlights
The company’s assets totaled US$87.08 million (2024: US$77.37 million). The movement in total assets was mainly influenced by US$9.21 million increase in ‘Investment properties’ amounting to US$75.96 million (2024: US$66.75 million).
Shareholders’ equity was US$52.09 million (2024: US$49.56 million), representing a book value per share of US$0.06 (2024: US$0.06).
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