RL Commercial REIT profit jumps 162%

RL Commercial REIT Inc. (RCR), the real estate investment trust (REIT) arm of Gokongwei-led Robinsons Land Corp., saw profits surge by 162 percent last year as its asset portfolio grew.

In a statement, the company said unaudited net income last year reached P4.4 billion compared to P1.68 billion recorded in 2021.

The REIT firm’s asset base grew in 2022 as sponsor Robinsons Land infused assets such as the Robinsons Cyberspace Gamma tower in the Ortigas business district and the Cybergate Bacolod project.

“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,” company president and CEO Jericho Go said.

“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,” he added.

In the recent RCR directors’ meeting, the board approved the declaration of dividends of P0.0976 per common share for the fourth quarter, bringing its total dividends for the year 2022 to P0.3887 per share. This represented a dividend yield of 6.64 percent based on the company’s closing price at the end of 2022.

The cash dividends will be payable on Feb. 28 this year to stockholders on record as of Feb. 20. Its total dividend pay-out in 2022 is more than 91 percent of its distributable income.

As of 2022, the company had 16 projects across 10 cities.

Two of these assets, Cyberscape Gamma and Cybergate Bacolod have a combined gross leasable area of 55,000 square meters. —Miguel R. Camus