GOKONGWEI-LED RL Commercial REIT, Inc. (RCR) reported a 38% increase in its unaudited net income for 2024, reaching P6.13 billion, driven by recent asset acquisitions and steady occupancy rates.
The company’s occupancy rates remained steady at 96%, RCR said in a regulatory filing on Thursday.
“The infusion of the 13 assets, combined with the consistent declaration of increasing dividends quarter-on-quarter, reinforces our dedication and commitment to growing the company,” RCR President and Chief Executive Officer Jericho P. Go said.
“RCR continues to seek potential assets for acquisition, aside from those of the sponsor,” he added.
RCR is the real estate investment trust of Robinsons Land Corp. (RLC).
In July of last year, RLC completed a transaction infusing 13 commercial assets worth P33.92 billion into RCR under a property-for-share swap deal.
The deal involved the infusion of 13 commercial assets totaling 347,329 square meters (sq.m.) of gross leasable area (GLA) into RCR in exchange for RLC’s subscription to 4.99 billion RCR primary common shares at P6.80 apiece.
As of 2024, RCR has 828,000 sq.m. of GLA, comprising 539,000 sq.m. of office spaces and 289,000 sq.m. of mall spaces.
The company owns 29 assets in total, with 17 office assets and 12 mall assets, located across 18 cities nationwide.
RCR noted that sponsor RLC owns over 1 million sq.m. of GLA, including more than 250,000 sq.m. of office GLA, more than 200,000 sq.m. of logistics GLA, and approximately 4,000 hotel room keys that may be infused into RCR in the future.
RCR has a market capitalization of P93.34 billion based on a share price of P5.94 per share as of the end of January.
Meanwhile, RCR announced that its board approved the declaration of its fourth-quarter 2024 regular cash dividend of P0.1010 per outstanding common share.
The dividends will be payable on Feb. 28 to stockholders on record as of Feb. 20.
On Thursday, RCR shares fell by 0.17% or one centavo to P6.04 per share, while RLC stocks dropped by 0.8% or ten centavos to P12.40 apiece. — Revin Mikhael D. Ochave