RL Commercial REIT (RCR) Q4 2024 earnings summary

Executive summary

• Achieved a 48% year-over-year increase in revenues to ₱8.12 billion for 2024, driven by the infusion of 13 new assets and higher rental income and dues.

• Net income rose 38% to ₱6.13 billion before fair value changes, and 48% to ₱16.99 billion including fair value gains.

• Portfolio expanded to 29 commercial assets with 828,807 sqm GLA and 96% occupancy.

• Declared ₱5.71 billion in dividends, representing a 93% payout of distributable income.

Financial highlights

• Gross revenues: ₱8.19 billion in 2024, up from ₱5.52 billion in 2023.

• EBIT: ₱6.14 billion; EBITDA: ₱6.19 billion; Net income: ₱6.13 billion (excluding fair value changes).

• Earnings per share: ₱0.51 (basic and diluted), up from ₱0.41 in 2023.

• Book value per share: ₱6.96, up from ₱5.94.

• Total assets: ₱114.54 billion, up 73% from ₱66.30 billion.

• Retained earnings increased by 1,050% to ₱10.69 billion.

Outlook and guidance

• Management expects continued high occupancy and stable rental income, with further asset infusions planned.

• No material trends or uncertainties expected to impact liquidity or operations in the near term.