Durrant Pate/Contributor

FirstRock Real Estate Investments Limited continued to demonstrate strong resilience during the combined three quarters of 2025, supported by improved asset performance, particularly from its premium income-generating commercial properties in Cayman and Costa Rica. 

Higher rental income from these two assets resulted in net profit attributable to shareholders for the nine months ended September 30, 2025 growing to US$1.04 million, translating to earnings per share (EPS) of US$0.004. 

For the September quarter, net profit attributable shareholders amounted to US$31,287, translating to an EPS of US$0.0001. The year-to-date (YTD) rental income for the real estate development company, which is transitioning into a Real Estate Investment Trust (REIT), stood at US$951,438, representing a significant increase over the comparable period in 2024. 

Realised and unrealised gain on investment properties for YTD increased to US$2.1 million, representing a surge of 282% over the comparable period in 2024. This performance resulted in the group’s overall increase in property income by 61% compared to September 30, 2024.

Disciplined cost management

Total expenses continued to trend downward, ending the review period on US$2 million, which represents a 50% reduction over 2024, reflecting FirstRock’s continued efforts and commitment to enhance overall operational efficiency. During the quarter, the company refinanced and fully settled its obligations to Sagicor Bank Jamaica Limited through a Corporate Note structured and arranged by Mayberry Investments Limited. This strategic refinancing accounted for a  69% increase in total liabilities over the comparable period in 2024. 

This position FirstRock reports aligns with the group’s capital management strategy and reflects a disciplined approach to deploying debt to support long-term portfolio growth and enhance shareholder value. The balance sheet continued to strengthen with total assets growing to US$70.5 million as at September 30, 2025, a 23% increase year-over-year. A key development milestone for this September quarter is the completion of the distribution centre located in Coyol, San Jose, which is part of FirstRock’s third development project with KFC Costa Rica. 

The distribution centre is now fully operational. Shareholders’ equity amounted to US$30.1 million, while the group’s liabilities stood at US$40.5 million as at September 30, 2025, yielding a debt-to-equity ratio of 1.34. Looking ahead, the group will continue to execute on its strategic priorities, including optimising asset performance, advancing development projects and deepening its presence in high-growth markets across the region. 

With a strengthened balance sheet, a high-quality portfolio and a clear focus on operational discipline, FirstRock is well placed to sustain positive momentum into the final quarter and beyond.