Assets pass $10 billion mark for Student Living but profit flat.
For the year ended September 30, 2024, net profit was flat for real estate company Student Living Jamaica limited (138 SL), in spite of rising revenue.Revenue for the 12 months was $1.37 billion, compared to $1.29 billion at year end 2023. Company income represents revenue from student accommodation, of which 91 per cent is long term for the company and 99 per cent for the group.
138 SL was established to construct and rent living facilities at the University of the West Indies under a 65-year Concession Agreement granted by the University of the West Indies (UWI).
Net profit was flat at $344.79 million, this compared to $343 million at year end September 2023. EPS for the year ended was $0.66, down from $0.83 in 2023.
Earnings per stock unit for the real estate company is calculated by dividing the net profit attributable to stockholders by the weighted average number of ordinary stock units in issue at year end which amounted to 521,952,000 at September 2024 (2023 – 414,500,000).
Meanwhile, however, fair value gains during the year, coming from the revaluation of property and adjustments to leases, increased total asset value to $10.37 billion, up from $9.89 billion for the group.
Company properties are valued every three years and by directors in the intervening years. The resulting valuations at 30 September 2024 were fair valued at $6.8 billion for 138 Student Living Limited and $2.2 billion for 138 SL Restoration Limited. The surplus or deficit arising was taken to other comprehensive income.
Total comprehensive income rose to $789.83 million, up from $376.47 million at September 2023.
The company ended the year with cash and cash equivalents significantly improved to $101.42 million, compared to $58.95 million in the prior year.
The terms of the Concession Agreement required 138 SL to design, finance, construct and operate 1,584 units of student accommodation in three development phases in not more than 48 months. This agreement was initially established between K Limited and the University of the West Indies on 3 July 2014.
In a Deed of Novation between University of the West Indies, K Limited and 138 Student Living Jamaica Limited dated 13 November 2014, the rights and obligations set out in the Concession Agreement were transferred to 138 Student Living Jamaica Limited.
The company has a 100 per cent subsidiary, 138 SL Restoration Limited, a limited liability company which has a 30 years Concession Agreement and may be extended for a further five (years.
The concession was also granted by the University of the West Indies, Mona, for the restoration and reconstruction of certain traditional Halls up to 722 units. The company and its subsidiary are referred to as “the Group”.
Debt restructuring
Financing costs were reduced at $331.48 million down from $360 million in the prior year
The company has restructured older . Long term loans are notes issued through CIBC FirstCaribbean International Bank, with JCSD Trustee Services Limited
with fifteen years tenure and a two year extension was granted and seven years carrying interest at a fixed rate of 8.5 per cent.
During the financial year 2021, series 2A and 2B secured note were restructured and approved by the Bondholders for maturity date to be 29 June 2027 in lieu of 29 June 2025 at a fixed rate of 7.5 per cent.
Series 1 secured note was also restructured and approved by the bondholders for maturity date to be 20 September 2032 in lieu of 20 September 2030.
Series D secured note was restructured and approved by the bondholders for maturity date to be 31 May 2028 in lieu of 31 May 2026.
Series B secured note was restructured and approved by the bondholders for maturity date to be 30 September 2032 in lieu of 30 September 2030.
The subsidiary, 138 SL Restoration Limited also raised funding for the renovation works for Gerald Lalor Hall and the reconstruction of Irvine Hall through long term instruments issued through Victoria Mutual Wealth Management and Money Masters Limited to raise up to $2.795 billion for a period of 15 years.
The terms of the Concession Agreement required 138 SL to design, finance, construct and operate 1,584 units of student accommodation in three development phases in not more than 48 months. This agreement was initially established between K Limited and the University of the West Indies on 3 July 2014.
In a Deed of Novation between University of the West Indies, K Limited and 138 Student Living Jamaica Limited dated 13 November 2014, the rights and obligations set out in the Concession Agreement were transferred to 138 Student Living Jamaica Limited.
The company has a 100 per cent subsidiary, 138 SL Restoration Limited, a limited liability company which has a 30 years Concession Agreement and may be extended for a further five (years.
The concession was also granted by the University of the West Indies, Mona, for the restoration and reconstruction of certain traditional Halls up to 722 units. The company and its subsidiary are referred to as “the Group”.
Debt restructuring
Financing costs were reduced at $331.48 million down from $360 million in the prior year
The company has restructured older . Long term loans are notes issued through CIBC FirstCaribbean International Bank, with JCSD Trustee Services Limited
with fifteen years tenure and a two year extension was granted and seven years carrying interest at a fixed rate of 8.5 per cent.
During the financial year 2021, series 2A and 2B secured note were restructured and approved by the Bondholders for maturity date to be 29 June 2027 in lieu of 29 June 2025 at a fixed rate of 7.5 per cent.
Series 1 secured note was also restructured and approved by the bondholders for maturity date to be 20 September 2032 in lieu of 20 September 2030.
Series D secured note was restructured and approved by the bondholders for maturity date to be 31 May 2028 in lieu of 31 May 2026.
Series B secured note was restructured and approved by the bondholders for maturity date to be 30 September 2032 in lieu of 30 September 2030.
The subsidiary, 138 SL Restoration Limited also raised funding for the renovation works for Gerald Lalor Hall and the reconstruction of Irvine Hall through long term instruments issued through Victoria Mutual Wealth Management and Money Masters Limited to raise up to $2.795 billion for a period of 15 years.
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