Stanley Motta Limited, the Kingston-based commercial landlord, said a prospective tenant that had signed a letter of intent declined to proceed, leaving three floors in its recently completed development unoccupied.
Even so, the company posted net profit of $3.25 billion for the 12 months ended December 2025, nearly tripling its $1.1 billion profit a year earlier, lifted by a revaluation of its investment property portfolio. Earnings per share rose to $4.29 from $1.47.
Company directors said “advanced discussions” are under way for replacement tenants to occupy those floors by mid-2026. “The space remains marketable and strategically positioned within the building,” the board wrote in financials signed by Chairman Melanie Subratie and Director Blondell Walker. “Based on current negotiations and market demand, the group expects leasing activity to normalise and rental income to strengthen in the second half of the year.”
The directors did not name the tenant. Stanley Motta has pitched space to outsourcing firms in the past. Its property portfolio spans six units across the Half-Way Tree Road complex. Unit 1 is the flagship — an 11-storey, 128,000-square-foot building purpose built for commercial or BPO use. Unit 2 is the smallest at 8,300 square feet (sq ft), also suited for commercial or BPO tenants, while Unit 3 offers 41,500 sq ft. Unit 4 is the second-largest at 112,700 sq ft. Unit 5 provides 36,500 sq ft, and The Great House rounds out the portfolio with 3,000 sq ft of commercial space. In total, the portfolio offers just over 330,000 sq ft of leasable area, with tenants that include Alorica, Canopy, PBS, Symptai, HYC, and Bad Dawg Sausage.
The results highlight commercial property appreciation in Kingston. Revaluation gains of $2.8 billion pushed profit above annual revenue of $836 million, compared with $564 million a year earlier. Total assets rose to $14.3 billion from $11.1 billion, while capital increased to $11.6 billion from $8.6 billion. Borrowings, including short-term obligations, reached $2.79 billion, up 10 per cent. Cash on hand grew to $454 million at year end from $124.3 million a year earlier.
business@gleanerjm.com
