RCR posts 35% revenue growth on mall asset infusions

RL COMMERCIAL REIT, Inc. (RCR), the real estate investment trust of Robinsons Land Corp. (RLC), reported a 35% increase in unaudited revenues for 2025, reaching P11.08 billion, driven by asset infusions from its sponsor.

Occupancy rates remained steady at 96% last year, RCR said in a statement to the Philippine Stock Exchange (PSE) on Thursday.

In the fourth quarter alone, unaudited revenues — excluding changes in the fair market value of investment properties — jumped 49% year on year, while quarter-on-quarter revenues rose 12% to P358 million, boosted by the acquisition of nine retail assets from RLC.

The August 2025 property-for-share swap added nine malls to RCR’s portfolio: Robinsons Dasmariñas (Cavite), Robinsons Starmills (Pampanga), Robinsons General Trias (Cavite), Robinsons Cybergate (Cebu), Robinsons Tacloban (Leyte), Robinsons Malolos (Bulacan), Robinsons Santiago (Isabela), Robinsons Magnolia (Quezon City), and Robinsons Tuguegarao (Cagayan).

In 2024, RLC also injected P33.9 billion worth of assets into RCR through a property-for-share swap deal that consist of 11 malls and two office buildings. The malls are located in Novaliches, Cainta, Luisita, Cabanatuan, Lipa, Sta. Rosa, Imus, Los Baños, Palawan, and Ormoc.

“RCR continues to benefit from the upside of mall rental income from the 2024 asset infusion (two offices and eleven malls), together with the 2025 infusion (nine malls),” RCR President and Chief Executive Officer Jericho P. Go said.

The REIT reported unaudited total assets of P167.76 billion and shareholders’ equity of P162.19 billion, remaining debt-free. It was recently included in the PSE index, highlighting its liquidity and capitalization.

RCR ended 2025 with 38 assets, comprising 21 malls and 17 offices, and noted that RLC has a strong pipeline of potential future infusions, including over 1.1 million square meters (sq.m.) of mall gross leasable area (GLA), about 250,000 sq.m. of office GLA, nearly 300,000 sq.m. of logistics space, and around 4,000 hotel rooms.

The REIT is also open to acquiring third-party assets for long-term growth.

Its board has approved a fourth-quarter cash dividend of P0.1112 per share.

For the full year, RCR declared P7.54 billion in dividends, equivalent to over 90% of its unaudited distributable income, payable on March 2 to shareholders of record as of Feb. 20.

RCR’s market capitalization stood at P156.78 billion as of Dec. 31, 2025.

RCR shares rose 0.4% or three centavos to close at P7.53 apiece on Thursday. — Beatriz Marie D. Cruz