Gokongweis bulk up RCR REIT portfolio with infusion of P5.9B office building

The country’s largest real estate investment trust, RL Commercial REIT Inc. (RCR) has finalized the acquisition of Robinsons Cyberscape Gamma in a P5.9 billion property-for-share swap deal.

RCR’s sponsor Robinsons Land Corp. will get 777.81 million shares in exchange for the infusion of the 37-storey, Grade-A, PEZA-registered building.

Robinsons Cyberscale Gamma has a total gross leasable area of 44,797 square maters with occupancy of over 90 percent. It is strategically located within the Ortigas CBD and is the 16th asset to be added to RCR’s portfolio.

With this acquisition, RCR’s asset size will expand by 10.3 percent to 480,500 sqm.

Robinsons Cyberscape Gamma has a projected dividend yield of 5.64 percent.

Following the infusion of Cybergate Bacolod and Cyberscape Gamma, RCR’s projected annual dividend yield for 2022 is 6.06 percent at an IPO price of P6.45 per share.

“Our goal has always been to grow and diversify the portfolio of RCR through the acquisition of yield-accretive assets. We have been consistent and in line with our target plans as disclosed in our REIT plan, which solidifies our strong commitment to our shareholders,” RCR president and CEO Jericho Go said. 

SOURCE: Bilyonaryo

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Robinsons REIT beats profit, revenue forecasts

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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Robinsons REIT declares cash dividends for fourth quarter 2021

Gokongwei-led RL Commercial REIT Inc. (RCR), the country’s largest real estate investment trust (REIT), has declared cash dividends amounting to P0.092 per share for the fourth quarter last year.

This brings RCR’s total dividends to P0.154 per share.

Based on RCR’s initial public offering price of P6.45 per share, this is equivalent to an annualized yield of 5.73 percent, higher than the company’s dividend yield projection of 5.57 percent for 2021, according to its REIT plan.

From its successful debut on the Philippine Stock Exchange (PSE), the stock soared to a high of P8.80 per share.

The cash dividends will be payable on February 28 to stockholders on record as of February 18.

RCR’s total dividend pay-out in 2021 is equivalent to 91.56% of its distributable income, higher than the minimum mandated level of 90 percent.

“Our declaration of quarterly dividends is a fulfillment of our commitment to investors based on our REIT plan. This dividend payout, which provides a higher yield than expected, affirms the strength of our portfolio,” said RCR president and CEO Jericho Go.

RCR’s portfolio consists of 14 high quality office buildings registered with the Philippine Economic Zone Authority. These assets are located in 9 key cities and central business districts of Makati, BGC, Ortigas, Quezon City, Mandaluyong, Naga, Tarlac, Cebu, and Davao with a total gross leasable area of 425,315 square meters.

SOURCE: Bilyonaryo

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Frederick Go spends P6B Robinsons Land REIT funds for Cebu casino hotel, land banking, Aurelia condo

Robinsons Land Corp. has deployed a quarter of the P21.561 billion funds it raised from the initial public offering of its real estate investment trust company over the last four months.

RLC led by bilyonaryo Frederick Go spent a total of P5.66 billion of the RL Commercial REIT (RCR) IPO funds from September to December 2021.

The biggest outlay of P1.415 billion was used for the ongoing construction of RLC’s Nustar Resort and Casino in Cebu City. The P25 billion integrated resort project is on track to open in 2022.

RLC also funneled a total of P900 million to buy land in Pasig (for the further expansion of Bridgetowne) and Calabarzon.

RLC forked out P827 million for its Terrazo housing project inside the Mediterranean-inspired community in Dasmarinas, Cavite.

Another major item on RLC’s spending list is the P720 million it contributed to its 50-50 joint venture Shang Robinsons Properties which is building Aurelia Residences, a high-end condo in Bonifacio Global City.

RLC also burned over half a billion pesos for various structures in its sprawling Bridgetowne township in Pasig – P340 million for GBF office towers 1 & 2; P104 million for Cirrus office tower; and P82 million for Opus Mall.

Here is the breakdown of how RLC spent its REIT funds from September to December 2021:

1) NuStar Hotel and Mall (Cebu) P1.415 billion

2) Terrazo At Robinsons Vineyard P826.473 million

3) Shang Robinsons Properties (Aurelia BGC) P702.208 million

4) Land acquisition (Pasig City) P594.655 million

5) GBF office Towers 1 and 2 (Bridgetowne) P340.518 million

6) Land acquisitions (Calabarzon) P299.615 million

7) Sierra Valley Gardens buildings 1 and 2 (Cainta) P203.881 million

8) SYNC – S Tower (Pasig) P201.347 million

9) Robinsons Place Gapan P186.074 million

10) The Sapphire Bloc – East Tower P178.613 million

11) Montclair (Pampanga) P143.703 million

12) Robinsons Place Antipolo Expansion P136.176 million

13) RLX Mexico Pampanga P134.061 million

14) Westin Sonata Hotel P116.982 million

15) Cirrus (Bridgetowne) P104.029 million

16) Summit Hotel GenSan P90.16 million

17) Gateway Regency Studios P83.427 million

18) Opus Mall (Bridgetowne) P82.012 million

19) Robinsons Place La Union P70.861 million

20) Galleria Residences Cebu – Tower 2 P64.929 million

21) Galleria Residences Cebu – Tower 3 P48.172 million

22) Galleria Residences Cebu – Tower 1 P44.009 million

23) Springdale Angono P37.222 million

24) Acacia Escalades (Quezon City) building B P37.962 million

25) Summit Hotel Naga / Go Hotels Naga P20.406 million

26) Robinsons Place Dumaguete Expansion Phase 1 P16.764 million

27) The Radiance Manila Bay – South Tower P12.413 million

28) The Magnolia Residences – Tower D P10.491 million

29) The Residences at The Westin Manila Sonata Place P7.946 million

30) Robinsons DoubleDragon P6.946 million

31) Southsquare Village P5.345 million

32) Bloomfields General Santos P5.019 million

33) Brighton Bacolod P2.833 million

SOURCE: Bilyonaryo

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Property Man of the Year: Frederick Go takes crown at FIABCI Prix d’Excellence Awards

Bilyonaryo Frederick D. Go, who heads Robinsons Land Corp. (RLC), bagged one of the most coveted honors at the 2021 Property and Real Estate Excellence Awards, a recognition of his unfaltering commitment to deliver a high level of value and service to the industry.

Go won the Prix d’Excellence Property Man of the Year, an award given by the International Real Estate Federation (FIABCI).

” This is an award that is, and will always be, a result of the dedicated and collective teamwork of our people at Robinsons Land. At RLC, we continuously strive to create shared success with every Filipino through the projects we build, the communities we shape, and the sustainable practices we promote.

Winning an award drives me to strive harder, and this will fuel RLC Residences to keep building dreams so Filipinos can live their best lives,” said Go.

Also a big boost to RLC’s efforts to produce quality projects are the gold recognitions the company received for two high-rise developments. These include The Magnolia Residences, located at the mixed-use Robinsons Magnolia Complex, and the AMiSa Private Residences in Cebu.

“We are grateful to FIABCI Philippines for recognizing these properties that we are very proud to call ours. These awards came at perfect timing, as we are preparing to launch new well-designed developments this coming 2022 with improved product and service offerings for our future homeowners,” said John Richard Sotelo, RLC Residences SVP and general manager.

 SOURCE: Bilyonaryo

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Frederick Go snaps up P11M Robinsons Land shares despite Omicron threat

Bilyonaryo Frederick Go picked up a handful of Robinsons Land Corp. (RLC) shares amid fears of a new COVID-19 variant that could derail the shopping mall snapback.

The RLC president and CEO bought 600,000 shares at a price range of between P17.50 and P18.30 on November 29.

The purchase raised his stake to 3.9 million worth P69.42 million.

RLC said foot traffic and operating capacity have increased in its malls nationwide. Go is hopeful this “revenge visit” would continue through Christmas and New Year festivities.

Malacanang announced on November 29 that it was retaining Alert Level 2 over Metro Manila until December 5 as infections continue to drop due to the accelerated vaccination.

The Palace, however, suspended its plan to welcome fully-vaccinated foreign travelers from green listers or countries with low COVID-19 transmission rates which was supposed to start on December 1.

SOURCE: Bilyonaryo

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Frederick Go gives Robinsons Land shareholders more reasons to hold on to shares: P3B buyback program underway

Gokongwei-led Robinsons Land Corp. has approved a share repurchase program worth P3 billion, reinforcing the company’s strong cash position despite the ongoing coronavirus crisis.

Share buybacks have become the most common way of returning cash to investors at many companies.

“The board unanimously approved the stock buyback program. The recent REIT listing of RL Commercial REIT (RCR) and its subsequent strong performance, crystalizes the value of RLC”, said Frederick D. Go, president and CEO of RLC.

RLC has a strong balance sheet with total assets of P214 billion and a low debt-to-equity ratio of just 39 percent as of June 30.

The real estate arm of the Gokongwei family raised P23.5 billion from the oversubscribed initial public offering of RCR, which would be deployed for various businesses in the next 11 months.

RLC closed 6.46 percent higher Friday at P18.80. Its market capitalization stood at P91.7 billion.

 The share buyback program will not involve any active and widespread solicitation from the stockholders and will be implemented in the open market through the trading facilities of the PSE. Moreover, the share buyback program will not affect any of the Company’s prospective and existing projects and investments.

Shares purchased under the buyback program will be booked as treasury shares of the company.

SOURCE: Bilyonaryo

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Robinsons REIT hits an all-time high

Shares of RL Commercial Inc. (RCR), the real estate investment trust of Gokongwei-led Robinsons Land Corp., jumped to an all-time high of P7.22 per share amid strong investor demand for high-yield products.

Wednesday’s closing price is 11.9 percent higher than RCR’s initial public offering price of P6.45 per share.

Among the four other REITs listed on the exchange, RCR has the biggest portfolio and asset size, the widest geographical coverage, longest lAnd lease tenure and largest market capitalization at P71.8 billion.

RCR is poised to grow even bigger with the expected infusion of as much as 100,000 square meters of existing RLC office developments within the next 18 months.

Its portfolio currently comprises 14 high-quality commercial assets valued at P73.9 billion, spanning across 425,315 sqm of gross leasable area.

These assets are strategically located in nine cities across Luzon, Visayas, and Mindanao, including the major central business districts of Makati, BGC, Mandaluyong, Ortigas, and Quezon City.

 Apart from this, RCR has access to RLC’s business process outsourcing (BPO) spaces located within its various commercial centers, as well as projects that are in various stages of construction.

From its office business portfolio alone, RLC’s potential pipeline for infusion to RCR could reach a total GLA of approximately 422,000 sqm over time.

RCR also continues to look for opportunities to acquire assets to further boost its stock performance and dividend yield.

RCR’s dividend yield forecast for 2022 is at 5.96 percent, one of the highest among REITs, calculated based on a 90% payout of the projected distributable income for next year.

SOURCE: Bilyonaryo

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Robinsons Land shells out P100M to stabilize REIT in first 3 days after IPO

Robinsons Land Corp. (RLC) led by bilyonaryo Frederick Go spent P100 million to stabilize trading of its real estate investment trust (REIT).

In a report by its agent UBS, RLC bought 15.554 million shares of RL Commercial Reit (RCR) at an average price of P6.44 each from September 14 to 15. RCR had an initial public offering price of P6.45.

RCR, which listed on September 14, raised P64.2 billion from its initial public offering, making it the largest publicly-listed REIT. 

SOURCE: Bilyonaryo

 

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RCR: PH’s largest REIT gets top issuer credit rating

Local credit watchdog Philippine Rating Services Corp. has issued a triple-A issuer rating with a stable outlook on RL Commercial REIT (RCR), the flagship real estate investment trust of Robinsons Land Corp.

The issue credit rating of PRS Aaa is the highest credit rating assigned by PhilRatings on borrowers, suggesting that the borrower’s capacity to meet its financial commitment on the obligation is deemed “extremely strong.”

RCR is the Philippines’ largest REIT to date, in terms of market capitalization at P64.2 billion, property valuation at P73.9 billion, asset size of 425,315 square meters in gross leasable area, and initial public offering size of Php23.5 billion.

It also has the widest geographical coverage, covering nine locations in Luzon, Visayas, and Mindanao, and the longest average land lease tenure of 89 years.

A stable outlook means the rating is expected to remain unchanged in the next 12 months.

With the investment-grade issuer credit rating, RCR may increase its leverage limit from 35% to 70% of the total value of its deposited property, according to the REIT implementing rules and regulations. This gives RCR greater financial flexibility to support its organic and inorganic growth for long-term sustainability.

RCR’s initial portfolio consists of 14 “best-in-class, Philippine Economic Zone Authority (PEZA)-accredited properties and high-quality tenant base. It also has an experienced and professional management team, and the solid backing of its Sponsor, RLC, a leading real estate developer in the country,” Philratings said.

In assigning the rating, Philratings considered RLC’s strong financial track record and proven resilience amidst the COVID-19 pandemic, as well as zero-debt status which gives RCR significant headroom to lever up to fund its future expansion.

SOURCE: Bilyonaryo

 

 

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