First Rock Real Estate makes losses in 2024, but continues on acquisition path


First Rock Real Estate Investments Limited for the 12 months ended December 31, 2024, reported a total comprehensive loss attributable to shareholders of US$9.0 million, reflecting a decline of US$6.2 million compared to the previous year.

 Management says that this was primarily attributable to unrealized fair value losses on financial instruments, foreign exchange losses and losses on disposal of investment properties driven by downward movement in property valuations.

They stated, “Despite these short-term financial impacts, the company remains firmly on course with its strategic realignment towards becoming a fully-fledged Real Estate Investment Trust (REIT),”

First Rock sought during the year to optimize its asset portfolio by divesting non-income-generating properties while acquiring income-producing commercial assets across the Caribbean.

Management, noting  a  focus on structured acquisitions, said that the company will see acquisitions of commercial properties with long-term lease arrangements, offering cap rates of 10 per cent or higher in USD currency.

They stated, “This deliberate approach ensures consistent revenue generation and aligns with our commitment to building a robust, yield focused real estate portfolio with jurisdictional diversification.”

 Looking ahead, the Group anticipates that this repositioning will be substantially realized by the third quarter of 2025.

Caribbean Money Daily


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