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Manila Bulletin devider Business devider The Stock Market devider RCR posts P4.1 B revenues, declares dividends

RCR posts P4.1 B revenues, declares dividends

Published Nov 7, 2023 06:46 am

RL Commercial REIT Inc. (RCR), the real estate investment trust of Robinsons Land Corporation, reported a four percent improvement in revenues to P4.1 billion in the first nine months of the year.

However, the firm has yet to disclose its net income for the period to the Philippine Stock Exchange (PSE).

RCR said it maintained its strong financial position with assets totaling to P59 billion, shareholders' equity of P56.6 billion, and remained debt-free.

RCR Jericho Go.jpg
RCR President and CEO Jericho P. Go

“We continue to focus on our green building initiatives through LEED and EDGE certifications, as well as introducing building innovations to ensure the health, security, and convenience of our building occupiers,” said RCR President and CEO Jericho P. Go.

He added that, “collaborations with FarmTop for rooftop hydroponics, QUBE for smart lockers and GET COMET for e-shuttle services, have become added building amenities to further enhance customer experience.”

“We are grateful that our efforts have been recognized by tenants and prospective clients who have renewed and leased spaces from our properties. This allowed us to maintain high occupancy levels compared to the industry's average," noted Go.

The RCR Board has approved the declaration of its third quarter 2023 cash dividend amounting to P0.0979 per outstanding common share.

RCR said it continues its streak and is the only Philippine REIT to declare eight consecutive increasing quarterly dividends.

For the first three quarters of 2023, RCR has declared a total of P3.1 billion cash dividends, which is more than 90 percent of its distributable income (unaudited).

Total dividends per share as of the third quarter of 2023 is P0.2934. Based on the P4.90 share price (closing as of Sept. 29, 2023), the annualized dividend yield is approximately 7.98 percent.

The cash dividends for the third quarter of 2023 will be payable on Nov. 30, 2023 to stockholders on record as of Nov. 21, 2023. RCR's dividend policy is to distribute at least 90 percent of its distributable income, in compliance with the REIT Law.

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Jericho Go RL Commercial REIT (RCR)
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