RL Commercial REIT Inc. (RCR), the country’s largest real estate investment trust sponsored by Robinsons Land Corp., said Tuesday it posted 2022 unaudited net income of P4.4 billion, excluding the fair value change in investment properties.
Last year’s net profit is 16 percent higher than projected by the listed real estate investment trust, or REIT.
RCR said the strong performance last year was a result of stable operations, with 98 percent occupancy and higher rental income pushing revenue to P5.5 billion. The 2022 revenue was 13 percent higher than the REIT Plan.
Its board recently approved the declaration of a P0.0976 a share for the fourth quarter, raising the total dividend last year to P0.3887 per share. The cash dividends, equivalent to 91 percent of distributable income, will be paid starting February 28 to shareholders of record February 20.
RL Commercial was included this year in the Philippine Stock Exchange sub-indices, PSE Property Index and PSE MidCap Index. Inclusion in the indices are based on specific metrics as liquidity, free float, market capitalization and financial criteria. RCR has also maintained its inclusion in the PSE Dividend Index. It is similarly a constituent of the FTSE Russel and FTSE Global Equity Index Series Asia Pacific Index—Small Cap.
