1 month ago
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RL Commercial REIT Inc. (RCR), the real estate investment trust of the Gokongwei Group, is looking forward to the infusion of 1.45 million square meters of gross leasable area (GLA) and 4,000 hotel rooms by its sponsor Robinsons Land Corporation.
In a disclosure to the Philippine Stock Exchange, RCR said RLC still has more than a million sqm of malls GLA, more than 250k sqm of office GLA, more than 200k sqm of logistics GLA, and approximately 4,000 hotel room keys that may be infused into RCR in the future.
As of 2024, RCR has a GLA of 828,000 sqm (includes 539,000 sqm of office spaces and 289,000 sqm of mall spaces), present in 18 key cities and locations across the Philippines, with 29 assets (17 office assets and 12 mall assets).
RCR also said that its board of directors has approved the declaration of its fourth quarter 2024 regular cash dividend amounting to P0.1010 per share or a total of ₱1.59 billion for its 15.71 billion outstanding common shares.
The firm said it continues to declare increasing dividend (quarter on quarter) and remains to be the only Philippine REIT company to achieve this feat.
RCR has declared a total of ₱0.4261 dividends per share for2024 which included a special cash dividend of ₱0.0260. Further, RCR has declared a total of P5.71 billion cash dividends, which is more than 90 percent of its distributable income (unaudited).
The cash dividends for the fourth quarter of 2024 will be payable on Feb. 28, 2025 to stockholders on record as of Feb. 20, 2025. RCR's dividend policy is to distribute at least 90 percent of its distributable income, in compliance with the REIT Law.
RCR President and CEO Jericho P. Go said "The (recent) infusion of the 13 assets (by RLC) augmented to the consistent declaration of increasing dividends quarter on quarter and reinforces our dedication and commitment in growing the company.”
“It confirms on the quality and stability of our properties and achieving the benefits from the yield-accretive infusions. RCR continuous to be on the look-out of potential assets for acquisition aside from the assets of the Sponsor," he added.
RCR's market capitalization as of Jan. 31, 2025 amounted to ₱93.34 billion based on its share price of ₱5.94.
