June 1, 2026
Eppley Caribbean Property Fund Limited SCC – Value Fund (CPFV)
Unaudited Financials for the Six Months Ended March 31, 2026
Eppley Caribbean Property Fund Limited SCC – Value Fund (CPFV) for the six months ended March 31, 2026, reported an 11% increase in Total Investment Income totalling BDS$6.01 million compared to BDS$5.42 million in the corresponding period last year. Total Investment Income for the second quarter had a 15% increase to close at BDS$3.16 million compared to BDS$2.74 million for the comparable quarter of 2025. Of this:
- Net rental income amounted to BDS$3.75 million (2025: BDS$3.22 million), representing an increase of 16% year-over-year, driven by higher occupancy and contractual rent escalations across the portfolio.
- Share of profit of investments accounted for using the equity method increased by 3% to BDS$1.87 million compared to BDS$1.82 million for the six months ended March 31, 2025.
- Interest and other income contributed BDS$0.40 million (2025: BDS$0.38 million).
Interest Expense for the six months ended March 31, 2026, amounted to BDS$1.65 million, a 2% decrease relative to BDS$1.68 million reported in 2025. Fund management fees and Investment advisor fees each increased by 8% to close at BDS$525,305 (2025: BDS$488,645). Professional fees increased by 17% from BDS$302,974 in 2025 to BDS$354,274 in the period under review. Office and administrative expenses were negligible at BDS$28, a near-complete reduction from BDS$27,611 in the prior period. As a result, Operating Expenditure for the six months ended March 31, 2026, amounted to BDS$3.08 million, a 1% increase relative to BDS$3.04 million reported in 2025.
Profit Before Tax for the six months ended March 31, 2026, amounted to BDS$2.93 million, a 23% increase relative to BDS$2.38 million reported in 2025. Profit Before Tax for the second quarter amounted to BDS$1.59 million (2025: BDS$1.32 million).
Taxation for the six months ended March 31, 2026, increased to BDS$255,977 (2025: BDS$88,001). As such, Net Profit for the six months amounted to BDS$2.67 million, a 16% increase from the BDS$2.30 million reported in 2025. For the second quarter, Net Profit was BDS$1.47 million (2025: BDS$1.29 million).
CPFV’s improved performance for the period was underpinned by stronger net rental income, reflecting the benefits of contractual rent escalations and improved occupancy levels across its diversified Caribbean portfolio. The near-elimination of office and administrative expenses and the marginal reduction in interest costs provided further support to the bottom line. Net Operating Income (NOI) attributable to shareholders rose 9% to BDS$6.04 million (2025: BDS$5.56 million), while Funds From Operations (FFO) attributable to shareholders grew 22% to BDS$2.86 million (2025: BDS$2.34 million), reflecting the Fund’s growing core operating profitability. The Fund Manager continues to focus on sustainable income generation and portfolio optimization, including active repositioning efforts at Carlisle House in Barbados.
Earnings Per Share for the six months amounted to BDS$0.02 (2025: EPS: BDS$0.02), while Earnings Per Share for the quarter totalled BDS$0.01 (2025: EPS: BDS$0.01). The twelve-month trailing EPS was BDS$0.11(J$8.80) and the number of shares used in these calculations was 135,517,592.
Notably, CPFV’s stock price closed at J$42.50 on May 29, 2026, with a trailing twelve-month EPS of BDS$0.11 (J$8.72), implying a P/E ratio of approximately 4.83x on the JSE.
Balance Sheet Highlights
The Fund’s total assets stood at BDS$191.87 million at March 31, 2026 (2025: BDS$181.92 million), representing a 5% year-over-year increase. The growth in the asset base was primarily driven by a BDS$8.73 million increase in Investment Properties to BDS$116.21 million (2025: BDS$107.48 million), reflecting the continued appreciation in the fair value of the Fund’s portfolio, and a BDS$2.54 million increase in Investment in Associated Companies to BDS$53.58 million (2025: BDS$51.04 million). Investment Securities grew modestly to BDS$10.60 million (2025: BDS$10.45 million). Cash and Cash Equivalents declined to BDS$7.06 million (2025: BDS$9.06 million), reflecting dividend payments and investing activity during the period.
Total Liabilities decreased by 2% to BDS$53.66 million (2025: BDS$54.56 million), with Loans Payable declining slightly to BDS$50.01 million (2025: BDS$51.07 million), reflecting scheduled loan repayments. The Fund’s debt-to-assets ratio stands at approximately 26%, well within the 60% borrowing restriction stipulated in the Fund’s By-Laws.
Shareholders’ Equity increased by 9% to BDS$138.21 million (2025: BDS$127.36 million), representing a Net Asset Value (NAV) per share of BDS$1.02 (J$81.51) (2025: BDS$0.94 (J$73.42)).
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