Robinsons Land Corporation’s RL Commercial REIT, Inc. (RCR), the Philippines’ largest real estate investment trust, reported a 162 percent jump in unaudited net income to P4.4 billion last year from P1.68 billion in 2021.
In a disclosure to the Philippine Stock Exchange, the firm said the P4.4 billion is excluding the fair value change in investment properties and is 16 percent higher than its REIT Plan.
“This remarkable performance is a result of stable operations with 98 percent occupancy and higher rental income as reflected in the 2022 recorded revenue of P5.5 billion (from P2.09 billion in 2021) which is 13 percent higher than the REIT Plan,” RCR said.
Meanwhile, RCR’s Board of Directors has approved the declaration of dividends of P0.0976 per outstanding common share for the fourth quarter, bringing its total dividends for the year 2022 to P0.3887 per share.
Based on the 2022 year-end closing price, this is equivalent to a dividend yield of 6.64 percent. The cash dividends will be payable on Feb. 28, 2023 to stockholders on record as of Feb. 20, 2023.
RCR’s total dividend pay-out in 2022 is more than 91 percent of its distributable income, higher than the minimum mandated level of 90 percent, and 96.5 percent of RCR’s adjusted funds from operation.
“RCR’s strong full year performance for 2022 and the consistently increasing dividends quarter on quarter solidifies our commitment to provide value to our shareholders,” said RCR’s President and CEO, Mr. Jericho P. Go.
He added that, “It attests to the quality and stability of our assets and also realized the benefits from the yield-accretive asset infusions that were completed ahead of our target.”
As of 2022, RCR has a total of 16 assets spread across 10 key cities all over the country. Two of these assets, Cyberscape Gamma and Cybergate Bacolod with a combined GLA of 55,000 sqm, were infused ahead of the 18 months target from the listing.
RCR continues to be on the look-out for yield accretive assets either from its Sponsor or from third party. The company remains to be the widest in terms of geographical reach with assets located in various key cities and Central Business Districts in Metro Manila and in the provinces.
RCR has further raised its profile after being included this year in the Philippine Stock Exchange sub-indices, PSE Property Index and PSE MidCap Index. RCR has also maintained its inclusion in the PSE Dividend Index.
It is also a constituent of FTSE Russell and FTSE Global Equity Index Series (GEIS) Asia Pacific Index – Small Cap.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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