RCR’s Q1/24 div is an all-time high

RL Commercial REIT [RCR 5.08 ?1.4%; 71% avgVol] [link] declared a Q1/24 dividend of P0.099, payable on May 31 to shareholders of record as of May 17. The dividend has an annualized yield of 7.8% based on the previous closing price, which is marginally higher than its pre-dividend annualized yield of 7.72%. The total amount of the dividend is P1,062 million, which is 92% of the P1,152 million in distributable income that RCR reported for the quarter. Relative to RCR's IPO price, the dividend increased RCR's total stock and dividend return to -5.22%, up from its pre-dividend total return of -6.76%.

MB BOTTOM-LINE: RCR takes the dobol win for the first dividend declaration of 2024 and for declaring the largest dividend in the company’s history. This was RCR’s 10th consecutive dividend increase. While the pace of its dividend growth has slowed over the past six quarters, an increase is still an increase and RCR shareholders have that consistency to be thankful for. They also have had the opportunity to cheer the entrance of a deep-pocketed investor (GSIS), and the management team’s announcement of plans to infuse a batch of malls, hotels, and warehouses into RCR to diversify its portfolio mix and lessen the impact of the commercial real estate sector’s drag on RCR’s performance.  

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