RL Commercial REIT, Inc. Declares Its Maiden Cash Dividend, Payable on 25 November 2021
November 05, 2021 at 01:03 am EDT
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RL Commercial REIT, Inc. declared its maiden cash dividend, following its first Board of Directors meeting. Just over a month since its historic Philippine Stock Exchange debut, the RCR Board approved the declaration of its first cash dividend payout in the amount of PHP 0.062 per outstanding
common share. Based on the listing price of PHP 6.45 per share, this is equivalent to an annualized yield of 5.77%, higher than RCR's dividend yield projection of 5.57% for 2021 according to its REIT plan. For 2022, RCR projected a dividend yield of 5.96% based on a price of PHP 6.45 per
share. The Company declared dividends out of its unrestricted retained earnings from two months of operations starting August 2 to September 30, 2021, one month more than its stated commitment in the REIT plan. The cash dividends will be payable on 25 November 2021 to stockholders on
record as of 19 November 2021. RCR's dividend policy is to distribute at least 90% of its distributable income, in compliance with the REIT Law.
RL Commercial REIT, Inc. is a Philippines-based real estate investment trust (REIT) company. The Companyâs primary purpose is to acquire by purchase, lease or otherwise, and to own, develop, sell, mortgage, lease, and hold for investment or otherwise, real estate of all kinds. It leases to a diversified tenant base and has a portfolio of approximately 16 commercial real estate assets across the Philippines with an aggregate gross leasable area (GLA) of 480,479 square kilometers. The Company's portfolio consists of commercial spaces primarily leased for office purposes, with minimal retail spaces on some of the properties to support the needs of office tenants. Its properties include Robinsons Equitable Tower, Robinsons Summit Center, Cyberscape Alpha, Cyberscape Beta, Tera Tower, Cyber Sigma, Exxa-Zeta Tower, Robinsons Cyberscape Gamma, Robinsons Cybergate Center 2, Robinsons Cybergate Center 3, Robinsons Cybergate Cebu, Galleria Cebu, Luisita BTS 1, and Cybergate Naga.