The real estate investment trust of Gokongwei-led Robinsons Land Corp. exceeded its 2021 targets, largely driven by robust revenue streams and operational efficiency despite the pandemic.
RL Commercial REIT Inc. (RCR) posted a net income of P1.68 billion on P2.09 billion in revenues on the back of stable and high occupancy rates across its 14 assets.
Given its strong performance, RCR rewarded its investors with a P0.092 dividend per outstanding common share, bringing its total declared dividends to P0.154 per share in 2021. The dividend yield for the year is higher than projected.
“The higher than projected dividend yield is a testament to the strength and quality of the assets of RCR. The company shall continuously look into infusing assets that will support its investment criteria and contribute to the growth of RCR,” said Jericho Go, RCR president and CEO.
RCR remains to be the country’s largest REIT in market capitalization, having the widest geographical reach spanning nine cities and the longest land lease tenure of up to 99 years.
Its portfolio of Grade A, PEZA-registered office developments has an aggregate gross leasable area of 425,315 square meters.
For 2022, RCR projected a dividend yield of 5.96 percent based on its IPO price of P6.45 per share.
SOURCE: Bilyonaryo
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