Gokongweis’ REIT more than quadruples nine-month profit

RLC REIT

RL Commercial REIT, Inc. (RCR), the real estate investment trust of the Gokongwei family, saw its net income grow more than four-fold to P3.12 billion in the first nine months of the year, largely driven by the infusion of new assets.

Total revenues of RCR, which started commercial operations only on August 2, 2021, grew 22.6 percent to P3.912 billion due to contributions from accretive acquisitions and steady earnings from its resilient tenant base composed mostly of BPOs and traditional companies.

Rental income soared 471 percent to P3.34 billion, primarily coming from the initial portfolio of 14 assets plus two newly infused assets, Cyberscape Bacolod and Cyberscape Gamma.

RCR maintained its strong financial position with total assets reaching P67.9 billion. The company continues to be debt-free.

“The infusion of two accretive assets shows our unrelenting commitment to continuously grow RCR. Less than a year since RCR’s landmark listing, we increased gross leasable area by 13 percent from a large base and expanded our foothold to ten cities. We continue to be on the lookout for opportunities to grow the company.” said Jericho P. Go, RCR president and CEO.

RCR approved the declaration of its third quarterly cash dividend this year amounting to P0.0974 per outstanding common share. This declaration brings total dividends as of the third quarter of 2022 to P0.2911 per share.

Based on RCR’s listing price of P6.45 per share, this is equivalent to an annualized dividend yield of approximately 6.04 percent, higher than RCR’s dividend yield projection of 5.96 percent, according to its REIT plan.

For the first three quarters of 2022, RCR has declared a total of P2.97 billion in cash dividends, which is more than 90 percent of its distributable income.

https://bilyonaryo.com/2022/11/10/gokongweis-reit-more-than-quadruples-nine-month-profit/business/