MANILA - Robinsons Land Corp's RL Commercial REIT Inc on Monday said it posted a net income of P1.68 billion in 2021 on back of stable revenue operational efficiency.

Revenues for the year hit P2.09 billion due to stable and high occupancy across its 14 assets, RCR said in a disclosure to the stock exchange.

The company approved dividends of P0.092 per common share, which brought the total declared dividends to P0.154 per share in 2021, it said.

This is equivalent to a 5.73 percent annualized yield based on its IPO price, which is higher than its projection of 5.57 percent for the year, it added.

"The higher than projected dividend yield is a testament to the strength and quality of the assets of RCR," RCR president and CEO Jericho Go said.

"The company shall continuously look into infusing assets that will support its investment criteria and contribute to the growth of RCR's potential expansions are geared towards boosting its dividend yield," he added.

RCR said it remains to be the country's largest REIT in terms of market capitalization.

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