RCR posts 38% net income growth in 2024

MANILA, Philippines — RL Commercial REIT, Inc. (RCR), the Philippines’ largest real estate investment trust (REIT) by geographical reach, reported an unaudited net income of P6.13 billion for Calendar Year (CY) 2024, marking a 38 percent increase from the previous year.

According to the RCR report, this growth was driven by the infusion of 13 new properties and a steady 96 percent occupancy rate across its portfolio.

In line with its commitment to delivering shareholder value, the RCR Board approved a fourth-quarter regular cash dividend of P0.1010 per outstanding common share, reinforcing its consistent track record of quarter-on-quarter dividend growth—the only Philippine REIT to achieve this milestone.

For the full year 2024, RCR has declared P0.4261 in total dividends per share, which includes a special cash dividend of P0.0260.

The company has distributed a total of P5.71 billion in cash dividends, exceeding 90 percent of its distributable income, in compliance with the REIT Law. The fourth-quarter cash dividend will be payable on February 28, 2025, to stockholders on record as of February 20, 2025.

“The infusion of these 13 assets has strengthened our ability to consistently declare increasing dividends each quarter. This reaffirms the quality and stability of our properties, as well as the benefits of yield-accretive acquisitions. RCR remains focused on identifying potential assets for acquisition, including those from our Sponsor,” said Jericho P. Go, President and CEO of RCR.

As of 2024, RCR’s gross leasable area (GLA) stands at 828,000 square meters, comprising 539,000 sqm of office space and 289,000 sqm of mall space, spanning 18 key cities across the Philippines. The company’s 29-asset portfolio includes 17 office buildings and 12 malls.

Robinsons Land Corporation (RLC), RCR’s Sponsor, still holds over 1 million sqm of mall GLA, more than 250,000 sqm of office GLA, over 200,000 sqm of logistics GLA, and approximately 4,000 hotel room keys, which could be infused into RCR in the future, according to Go.

As of January 31, 2025, RCR’s market capitalization stands at P93.34 billion, based on a share price of P5.94.