First Rock Real Estate Investments Limited is preparing to seek shareholder approval for an additional public offering (APO) as part of plans to finance new property acquisitions and strengthen working capital while expanding its rental income portfolio.
“We’re looking at debt financing, and we’re also going to approach our shareholders at the company’s AGM. With their vote, we’ll be doing an APO,” said Ryan Reid, executive chairman and co-founder of First Rock Group.
The company said the final size of the capital raise will be determined following its annual general meeting on June 23. According to Reid, the APO will form part of a wider financing strategy supporting the group’s growth objectives.
“At that time, we can review the numbers and confirm just how much we’ll require from that aspect of the overall financing,” Reid said.
The company is targeting income-producing commercial assets outside Jamaica, including a warehouse in Costa Rica and a government-occupied office complex in Martinique.
“It’s a large office building, which is occupied by the government of Martinique, that we’re now pursuing aggressively,” Reid said.
The move comes as First Rock continues to increase its recurring revenue base. Rental income reached US$1.23 million during 2025 and climbed to approximately US$324,000 in the first quarter of 2026, representing year-over-year growth.
“That’s really in the push, to grow the rental income element of the business by acquiring these tenanted properties in these two jurisdictions,” Reid said.
The listed investment company returned to profitability in 2025, posting a modest net profit after recording a significant loss in the previous year. Positive earnings momentum continued into the first quarter of 2026.
Cash balances declined during the period as the company directed resources toward ongoing development projects and investment activities. First Rock currently has approximately 286 million shares outstanding, with institutional investors and pension-related funds among its largest shareholders.