Durrant Pate/Contributor

FirstRock Real Estate Investments is announcing the successful completion of its third development project with KFC Costa Rica, comprising a modern restaurant and an advanced distribution centre. 

The project, which was executed through FirstRock’s wholly owned subsidiary, First Rock LATAM SA, commenced in April of this year and was successfully handed over in June, followed by the distribution centre in August. This positive return from the Costa Rican market is a vindication of FirstRock management’s decision to target this market for investment focus and its subsequent transition from property development to a real estate investment trust (REIT), with a focus on rental properties in Caribbean and Central American markets.

Strategically located in Coyol, the main industrial hub of Costa Rica, this development, particularly the distribution centre, holds significant value for KFC, as it will enhance and streamline its logistical operations across the region. This achievement reinforces FirstRock’s growing regional footprint and dedication to creating long-term value through innovative and sustainable real estate investments across Latin America and the Caribbean.

FirstRock extends sincere appreciation to Constarq, KFC’s development team, ITFCR, BAC Credomatic and all project partners for their professionalism, collaboration, and commitment in bringing another successful development to completion in Costa Rica.

Strong recovery being made

After a challenging 2024, the Ryan Reid-led company has returned to profitability in the first quarter of 2025, continuing this trend in the second quarter ended June 2025 with net profit attributable to ordinary shareholders amounting to US$466,237, which yielded an Earnings Per Share (EPS) of US$0.002. This erases the loss of US$618,647 posted for the same period last year. 

For the half-year period, shareholders’ net profit totalled US$1,004,152, yielding an EPS of US$0.004, which represents a reversal from the US$779,105 loss posted last year. This solid performance is expected for the full year. With a strategy centred on diversifying its real estate portfolio into lower-risk rental assets in countries like Costa Rica and the Cayman Islands. 

The expansion into new markets and the acquisition of income-generating properties signify FirstRock’s commitment to strategic growth and long-term shareholder value. The strategic shift has led to a significant increase in rental income, reflecting the company’s focus on new asset classes. 

FirstRock is active in negotiations for additional commercial properties in key Caribbean and Latin American markets with the aim of further diversifying income streams and enhancing shareholder value. With these initiatives in progress, the company, which has six subsidiaries, remain on track to achieve a significant milestone in its REIT conversion by the third quarter of 2025.