RCR logs P2.25-B first quarter revenue

GOKONGWEI-LED RL Commercial REIT, Inc. (RCR) posted unaudited revenues of P2.25 billion for the first quarter, a 58-percent year-on-year growth, attributed to the infusion of 13 new properties and consistently high occupancy rates at 96 percent.

In a disclosure on Monday, RCR said that it remains on solid financial ground with total assets at P114.06 billion, and shareholders' equity of P109.48 billion.

"RCR continues to reap the benefits of its massive asset infusion last year. In addition, RLC's recent overnight block placement of its RCR shares amounting to P6.21 billion paves the way for RCR to further expand its portfolio," RCR President and CEO Jericho Go said.

Following its improved financial performance, the RCR Board approved the declaration of P0.1047 per common share as regular cash dividends for the first quarter of 2025.

The total dividend payout of P1.65 billion represents over 90 percent of the company's unaudited distributable income, payable on May 30, 2025, to stockholders on record as of May 20, 2025.

With a growing gross leasable area (GLA) totaling 828,000 square meters — a 72-percent increase from its pre-infusion size — RCR operates across 18 strategic cities nationwide, comprising 17 office assets and 12 mall properties.

The current GLA includes 539,000 sqm of office space and 289,000 sqm of retail mall space.

RCR's share price rose by 2 centavo to P6.55 apiece on Monday.