ROBINSONS Land- sponsored RL Commercial REIT Inc. (RCR) recorded a 2022 unaudited net income of P4.4 billion (excluding the fair value change in investment properties), 16 percent higher than the REIT Plan.
This remarkable performance is a result of stable operations with 98 percent occupancy and higher rental income as reflected in the 2022 recorded revenue of P5.5 billion which is 13 percent higher than the REIT Plan.
In the recent RCR’s Board of Directors meeting, it 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 year-end closing price, this is equivalent to a dividend yield of 6.64 percent.
The cash dividends will be payable on Feb. 28, 2023, to stockholders on record as of Feb. 20. RCR’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 RCR’s adjusted funds from operation.
As of 2022, RCR has a total of 16 assets spread across 10 key cities all over the country. (PR)