Higher rental income, stable operations lift Robinsons REIT 2022 profit

RL Commercial REIT (RCR), the real estate investment trust of the Gokongwei family, reported a 16 percent growth in earnings last year to P4.4 billion on higher occupancy and lease income.

Revenues grew 13 percent to P5.5 billion.

RCR said its strong performance last year was a result of stable operations with 98 percent occupancy and increased rental income.

“RCR’s strong full year performance for 2022 and the consistently increasing dividends quarter on quarter solidifies our commitment to provide value to our shareholders,” RCR president and CEO Jericho Go said.

“It attests to the quality and stability of our assets and also realized the benefits from the yield-accretive asset infusions that were completed ahead of our target,” he added.

For the fourth quarter, RCR’s board approved the declaration of dividends of P0.0976 per outstanding common share.

This brings the company’s total dividends for 2022 to P0.3887 per outstanding common share, which is equivalent to a dividend yield of 6.64 percent based on the year end closing price.

The cash dividends will be payable on February 28 to stockholders on record as of February 20.

RCR ended 2022 with a total of 16 assets spread across 10 key cities all over the country.