RL Commercial REIT Inc., the real estate investment trust company owned by Robinsons Land Corp., said Wednesday it recorded an unaudited net income of P4.4 billion in 2022, up 162 percent from P1.68 billion in 2021.
RCR said in a disclosure to the stock exchange last year’s net income also exceeded the REIT plan by 16 percent. Revenues amounted to P5.5 billion.
The company attributed the group’s strong performance to stable operations as occupancy rate remained high at 98 percent.
“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. 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,” said RCR president and chief executive Jericho Go.
RCR had 16 assets spread across 10 key cities all over the country as of end-2022. Two of them—Cyberscape Gamma and Cybergate Bacolod with a combined gross leasable area of 55,000 square meters—were infused in 2022.
The company said it continued to be on the look-out for yield accretive assets either from its sponsor or from third party.
RCR said following the company’s strong 2022 performance, its board of directors approved the declaration of dividends of P0.0976 per outstanding common share for the fourth quarter, bringing its total dividends for 2022 to P0.3887 per share.
It said that based on the 2022 year-end closing price, this was equivalent to a dividend yield of 6.64 percent.
The cash dividends will be payable on Feb. 28 to stockholders on record as of Feb. 20.
RCR’s total dividend pay-out in 2022 was more than 91 percent of its distributable income and higher than the minimum mandated level of 90 percent.
RCR was included in the Philippine Stock Exchange sub-indices—PSE Property Index and PSE MidCap Index in 2022.
Constituents were selected based on specific market liquidity, free float, market capitalization and financial criteria.