RL Commercial REIT Inc. (RCR) Reports P4.1 Billion in Revenues and Declares Dividends

RL Commercial REIT Inc. (RCR), the real estate investment trust affiliated with Robinsons Land Corporation, has announced a 4% increase in revenues, reaching P4.1 billion during the first nine months of this year. While the net income for this period has yet to be disclosed to the Philippine Stock Exchange (PSE), RCR has maintained its robust financial standing, underpinned by P59 billion in assets, P56.6 billion in shareholders' equity, and a debt-free status.

RCR's President and CEO, Jericho P. Go, emphasized the company's commitment to green building initiatives, including LEED and EDGE certifications, as well as the introduction of innovative building features aimed at enhancing the well-being, security, and convenience of occupants. Collaborations with FarmTop for rooftop hydroponics, QUBE for smart lockers, and GET COMET for e-shuttle services have enriched the overall customer experience.

Go expressed gratitude for the positive reception from tenants and prospective clients, who have renewed leases and acquired spaces within RCR's properties. These endeavors have contributed to the company's ability to maintain high occupancy levels, surpassing industry averages.

Furthermore, the RCR Board has authorized the declaration of a cash dividend for the third quarter of 2023, amounting to P0.0979 per outstanding common share. RCR continues its notable performance by becoming the only Philippine REIT to consecutively announce eight consecutive quarterly dividend increases. In the first three quarters of 2023, RCR has declared a total of P3.1 billion in cash dividends, equivalent to over 90% of its distributable income (unaudited). The cumulative dividends per share as of the third quarter of 2023 is P0.2934, which translates to an approximate annualized dividend yield of 7.98% based on the P4.90 share price as of September 29, 2023.

Shareholders on record as of November 21, 2023, can anticipate the cash dividends for the third quarter of 2023, which will be payable on November 30, 2023. RCR adheres to a dividend policy that commits to distributing at least 90% of its distributable income, aligning with the REIT Law's stipulations. This news underscores RCR's financial resilience and its dedication to providing returns to its investors.