FirstRock going big on Costa Rica and Martinique

Shareholders profit slightly down to US$522,316 in Q1

Durrant Pate/Contributor

FirstRock Real Estate is going big on Costa Rica and Martinique, as the Real Estate Investment Trust (REIT) expands its regional footprint.

The planned expansion is being executed through the acquisition of commercial income producing assets in the two named countries, which are set to commence in Q2 2026. These acquisitions form part of FirstRock’s ongoing strategy to increase exposure to stable, cash-flow-generating real estate assets within attractive Caribbean markets, which are expected to enhance recurring rental income while further diversifying the group’s portfolio.

The March 2026 first quarter in 2026 marked further progress at Hambani Estates, FirstRock’s flagship residential development project in Liguanea, where an additional three units achieved practical completion. The remaining units are expected to be completed during the second quarter of 2026, positioning the Group to realize further value from the development. 

Looking ahead, FirstRock’s Interim Chairman, Michael Banbury is adamant that the Group remains focused on growing recurring income streams, completing and monetizing development projects, optimizing asset performance and pursuing selective acquisition opportunities that align with its long-term investment strategy. 

He notes that the continued progress at Hambani Estates, together with the proposed regional acquisitions, provides a strong platform for future growth and supports the Group’s objective of delivering sustainable long-term value to shareholders. 

Financial highlights

The Group recorded net profit attributable to shareholders of US$522,316 earnings per share (EPS) of US$0.0018, slightly down from the US$539,024 (EPS) of US$0.0020) for the corresponding period in 2025. While profitability remained broadly consistent year over year, the current quarter’s performance was primarily supported by increased recurring rental income, foreign exchange gains and contributions from the Group’s joint venture investments. 

Rental income increased by approximately 10% to US$323,925, up from US$295,179 in 2025, reflecting the continued performance of the Group’s commercial real estate portfolio. FirstRock also recognized US$550,000, as its share of profit from joint venture operations during the quarter.

In addition, administrative and general expenses decreased by approximately 38% to US$453,766, compared to US$733,432 in the prior year. As at March 31, 2026, total assets increased to US$68.1 million, representing an increase of approximately 14% compared to US$59.6 million at March 31, 2025. 

The growth was driven primarily by continued investment activity and the advancement of strategic development projects. Development in progress increased to US$24.8 million, compared to US$17.1 million at March 31, 2025. Shareholders’ equity stood at US$25.8 million at quarter end, compared to US$26.2 million at March 31, 2025.

Total liabilities increased to US$42.3 million from US$33.4 million at March 31, 2025, reflecting the Group’s continued investment activities and financing arrangements to support portfolio growth.