Investors of RL Commercial REIT Inc. (RCR) will be receiving regular and special cash dividends after the company reported robust revenue growth in the first nine months of the year.
In a statement on Wednesday, the real estate investment trust (REIT) company said its board had approved a regular cash dividend of P0.1009 per common share and special cash dividend of P0.026 per common share.
The dividends are payable on Nov. 29.
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RCR said revenues during the period surged by 41 percent to P5.74 billion due to “huge asset infusion and steady occupancy rates.”
Parent Robinsons Land Corp. transferred P33.9 billion worth of real estate assets to RCR in September. These comprised 11 malls and two office buildings covering over 347,000 square meters (sqm).
The mall assets are Robinsons Luisita, Robinsons Cabanatuan, Robinsons Novaliches, Robinsons Cainta, Robinsons Imus, Robinsons Sta. Rosa, Robinsons Los Banos, Robinsons Lipa, Robinsons Palawan, Robinsons Ormoc and Cybergate Davao. The office assets transferred were Gigantic Tower and Cybergate Delta 2.
In turn, Robinsons Land subscribed to 4.99 billion of the REIT company’s primary common shares at P6.80 apiece.
“The injection of mall assets complimented by two office assets elevated RCR’s position to become a multi-asset REIT. In addition, the variable rent structure of our malls bodes potential upside to its current revenue,” RCR president and CEO Jericho Go said.
The REIT company said its gross leasable area has now grown to about 828,000 sqm, nearly double its portfolio when it listed in 2021.
The company has a portfolio spanning 18 key cities and locations, including Quezon City, Pasig City, Mandaluyong City, Makati City, Taguig City, Tarlac, Cabanatuan City, Cainta, Puerto Princesa, Bacolod, Cebu, Davao and Ormoc.
“Aside from these, RCR continuous to be on the lookout for potential assets for acquisition from third parties,” the company said.