RL Commercial REIT Inc. (RCR) said profit for last year reached P4.4 billion, up 16 percent versus target of P3.79 billion.
This led the company to increase its declared cash dividend for the fourth quarter of the year to P0.0976 per share.
RCR said revenues reached P5.5 billion, higher by 13 percent from forecast of P4.86 billion.
“This remarkable performance is a result of stable operations with 98 percent occupancy and higher rental income,” it said.
The fourth quarter dividend declaration brings RL Commercial REIT’s cumulative dividend to P0.3887 per share for the year.
“Based on the 2022 year end closing price, this is equivalent to a dividend yield of 6.64 percent,” it said.
The cash dividends will be payable on February 28, to stockholders on record as of February 20.
“RL Commercial REIT’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 adjusted funds from operation,” the Robinsons Land-sponsored REIT said.
“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 Jericho Go, RL Commercial REIT president.
As of end-2022, the REIT firm had 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 gross leasable area of 55,000 square meters, 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.
RL Commercial REIT is a constituent of FTSE Russell and FTSE Global Equity Index Series (GEIS) Asia Pacific Index — Small Cap. It is also included in the PSE Property Index, PSE MidCap Index and PSE Dividend Yield Index.
