RCR revenue rises on new mall assets

MANILA, Philippines — RL Commercial REIT Inc. (RCR), the real estate investment trust unit of the Gokongwei family’s Robinsons Land Corp. (RLC), sustained its top-line growth momentum following the recent large-scale infusion of malls.

In a stock exchange filing, RCR reported unaudited revenues of P7.66 billion for the first nine months, excluding the effect of the change in fair market value of investment properties.

RCR said the strong revenues, which reflect a 30-percent jump year-on-year, were driven by the recent addition of nine lifestyle malls to its portfolio and a sustained overall occupancy rate of 96 percent.

A total of nine properties were transferred to RCR from its sponsor, RLC, through a property-for-share swap approved by the Securities and Exchange Commission on Sept. 5.

The revenues and expenses of the properties were accrued to RCR effective Aug. 1, 2025.

The transaction marked RCR’s fourth asset infusion to date.

“The recent infusion of nine malls into RCR’s portfolio underscores our continued commitment to growing the company. The P30.67-billion infusion is another large-scale infusion done by RCR,” RCR president and CEO Jericho Go said.

“The company benefits from the variable rent structure of our malls, which presents strong potential for revenue growth. Since our listing in 2021, we have nearly tripled our gross leasable area and expanded our footprint from nine to 25 key locations nationwide,” he said.

The infusion of nine lifestyle malls, namely Robinsons Dasmariñas, Robinsons Starmills, Robinsons General Trias, Robinsons Cybergate Cebu, Robinsons Tacloban, Robinsons Malolos, Robinsons Santiago, Robinsons Magnolia and Robinsons Tuguegarao, increased RCR’s portfolio from 29 assets comprised of 17 offices and 12 malls to 38 assets now composed of 21 malls and 17 offices.

As a result, RCR’s gross leasable area (GLA) expanded by 39 percent from around 828,000 square meters to about 1.15 million square meters.

It also further strengthened RCR’s geographical presence from 18 to 25 key locations across the Philippines.

Aside from RLC’s portfolio, RCR also remains open to acquiring third-party assets as part of its long-term growth strategy.