RL Commercial REIT, Inc. Posted Revenues of P5.74 Billion for 9M24, Up 41%, Declares Special Cash Dividends

​RL Commercial REIT, Inc. (RCR), Philippines’ largest REIT in terms of geographical reach, posted revenues of P5.74 billion for the first 9 months of the year, 41% higher than the same period last year driven by its huge asset infusion and steady occupancy rates.

​For 3Q 2024 alone, the revenues of RCR grew by P1.55 billion or 111% (vs 2Q 2024) as a result of the completed transfer of thirteen (13) properties via property-for-share swap with its sponsor, Robinsons Land Corporation (RLC) which was approved by Securities and Exchange Commission (SEC) last 19 September 2024. Revenues and expenses of the 13 properties were accrued to RCR beginning 01 April 2024. This is the 3rd batch of Asset Infusion done by RCR since its Initial Public Offering.

RCR maintained its strong financial position with Assets totaling to P103.20 billion, Shareholders’ Equity of P98.69 billion, and remains debt-free.

“The 13 multi-asset infusion valued at P33.92 billion has been the largest single infusion done by any Philippine REIT company so far. The injection of mall assets complimented by 2 office assets elevated RCR’s position to become a multi-asset REIT. In addition, the variable rent structure of our malls bodes potential upside to its current revenue. We had almost doubled our Gross Leasable Area and expanded our geographical reach from 9 areas to 18 areas when we went public 3 years ago. This is a testament to our commitment to grow the company.” said Jericho P. Go, President and CEO of RCR.

RCR Board has approved the declaration of its 3Q 2024 regular cash dividends amounting to P0.1009 per outstanding common share. RCR continues to declare increasing quarterly dividends since its first declaration. Furthermore, reaping the fruits from its recent massive multi-asset infusion, the RCR Board has also approved the declaration of special cash dividends amounting to P0.0260 per outstanding common share. For the first 3 quarters of CY 2024, RCR had declared a total of P4.12 billion in cash dividends.

The cash dividends for the 3Q 2024 will be payable on 29 November 2024 to RCR stockholders on record as of 20 November 2024. RCR’s dividend policy is to distribute at least 90% of its distributable income, in compliance with the REIT Law.

RCR continues to have an increasing market capitalization amounting to P92.72 billion based on the closing price of P5.90 per share as of 30 September 2024 with 15,714,445,508 outstanding shares. This already includes the 4,987,641,178 shares issued by the company to RLC in exchange for the 13 assets.

RCR’s GLA is now at ~828,000 sqm. This is an addition of 403,000 sqm of GLA or 95% more than when it listed last 2021 (at ~425,000 sqm). RCR recently infused 347,000 sqm of GLA (11 Malls and 2 Offices). The mall assets that were infused include Robinsons Luisita, Robinsons Cabanatuan, Robinsons Novaliches, Robinsons Cainta, Robinsons Imus, Robinsons Sta. Rosa, Robinsons Los Baños, Robinsons Lipa, Robinsons Palawan, Robinsons Ormoc, and Cybergate Davao. The office assets that were infused are Giga Tower and Cybergate Delta 2. Including this infusion, the GLA of RCR’s assets are composed of ~289,000 sqm malls and ~539,000 sqm offices.

RCR is now present in 18 key cities and locations (from 9 cities and locations in 2021). RCR is present in Quezon City, Pasig City (Ortigas Center), Mandaluyong City, Makati City, Taguig City (BGC), Tarlac City, Cabanatuan City, Cainta, Imus City, Sta. Rosa City, Los Baños, Lipa City, Puerto Princesa City, Naga City, Bacolod City, Cebu City, Ormoc City, and Davao City.

Post infusion, RLC still has over 1.3 million sqm of mall GLA, more than 250k sqm of office GLA, around 280k sqm of logistics GLA, and approximately 4k hotel room keys that may be infused into RCR in the future. Aside from these, RCR continuous to be on the look-out for potential assets for acquisition from third parties.