RL Commercial REIT Inc. (RCR), the largest REIT in terms of geographical reach, posted revenues of P5.74 billion in the first nine months of 2024, or 41 percent higher than in the same period last year, driven by its huge asset infusion and steady occupancy rates.
RCR said in a disclosure to the Philippine Stock Exchange Wednesday revenues also grew 111 percent in the third quarter to P1.55 billion versus the second quarter as a result of the completed transfer of 13 properties via property-for-share swap with its sponsor, Robinsons Land Corp. (RLC) which was approved by Securities and Exchange Commission (SEC) on Sept. 19, 2024.
Revenues and expenses of the 13 properties were accrued to RCR beginning April 1, 2024.
It said this represented the third batch of asset Infusion by RCR since its initial public offering.
RCR maintained its strong financial position with assets totaling to P103.20 billion, shareholders’ equity of P98.69 billion and remains debt-free.
“The 13 multi-asset infusion valued at P33.92 billion has been the largest single infusion done by any Philippine REIT company so far. The injection of mall assets complimented by 2 office assets elevated RCR’s position to become a multi-asset REIT. In addition, the variable rent structure of our malls bodes potential upside to its current revenue,” RCR president and chief executive Jericho Go said.
“We had almost doubled our gross leasable area and expanded our geographical reach from 9 areas to 18 areas when we went public 3 years ago. This is a testament to our commitment to grow the company,” said Go.
The RCR board approved the declaration of its third-quarter 2024 regular cash dividends amounting to P0.1009 per outstanding common share. The cash dividends will be payable on Nov. 29, 2024 to RCR stockholders on record as of Nov. 20, 2024.
