RL Commercial REIT Inc. (RCR), the country’s largest real estate investment trust (REIT) led by the Gokongwei Group, said its unaudited net income reached P4.4 billion in 2022.
The company said the figure excludes the fair value change in investment properties and is 16 percent higher than its goal under its REIT plan.
RCR attributed its performance to stable operations, with its portfolio recording 98 percent occupancy and higher rental income as reflected in last year’s revenue of P5.5 billion, which is 13 percent higher than its target.
The company’s board 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 outstanding common share. Based on the 2022 yearend closing price, this is equivalent to a dividend yield of 6.64 percent.
The cash dividends will be payable by the end of the month to stockholders on record as of February 20.
The company’s total dividend payout in 2022 is more than 91 percent of its distributable income, higher than the minimum mandated level of 90 percent, and 96 percent of RCR’s adjusted funds from operation.
The company further raised its profile after being included this year in the Philippine Stock Exchange sub-indices, PSE Property Index and PSE MidCap Index. Constituents are selected based on specific market liquidity, free float, market capitalization and financial criteria. RCR has also maintained its inclusion in the PSE Dividend Index.
“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,” RCR President and CEO Jericho P. Go said.
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 gross leasable area of 55,000 square meters, were infused ahead of the 18 months target from the listing.
The company said it continues to be on the lookout 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.