RL Commercial REIT Inc. (RCR), the real estate investment trust company of Robinsons Land Corp., said Thursday its net income grew 38 percent to P6.13 billion in 2024 from a year ago.
RCR said the strong financial performance was led by the P33.9 billion worth of property infusion and steady occupancy rates at 96 percent.
“The infusion of the 13 assets augmented to the consistent declaration of increasing dividends quarter on quarter and reinforces our dedication and commitment in growing the company. It confirms on the quality and stability of our properties and achieving the benefits from the yield-accretive infusions. RCR continuous to be on the look-out of potential assets for acquisition aside from the assets of the sponsor,” said RCR president and chief executive officer Jericho P. Go.
RLC agreed in June 2024 to infuse 13 prime assets, including 11 malls and two office towers in RCR via a property-for-share swap.
Meanwhile, the board of RCR approved the declaration of regular cash dividend of P0.1010 per outstanding common share.
The latest cash dividends will be payable on Feb. 28, 2025 to stockholders on record as of Feb. 20, 2025.
RCR’s dividend policy is to distribute at least 90 percent of its income, as provided under the REIT Law.
RCR said it continues to declare increasing dividend on a quarter-on-quarter basis and remains by far the only Philippine REIT company to achieve this feat.
RCR declared a total of P0.4261 dividends per share in the whole of 2024, which included a special cash dividend of P0.0260.
As of end-2024, RCR had gross leasable area (GLA) of 828,000 square meters, comprising of 539,000 sq. m. of office spaces and 289,000 sq. m. of mall spaces.
It has presence in 18 key cities and locations across the Philippines.
RLC still has more than a million sq. m. of malls GLA, more than 2500,000 sq. m. of office GLA, more than 200,000 sq. m. of logistics GLA and about 4,000 hotel room keys that maybe infused into RCR in the future.
