Robinsons REIT expands portfolio, achieves 38% profit growth

RL Commercial REIT Inc. (RCR), the real estate investment trust arm of Robinsons Land Corp., reported a 38% increase in net income to P6.13 billion in 2024, driven by a P33.9-billion property infusion and a steady 96% occupancy rate.

RCR President and CEO Jericho P. Go credited the strong performance to the addition of 13 prime assets, including 11 malls and two office towers, through a property-for-share swap with its sponsor, Robinsons Land Corp.

“The infusion of these assets reinforced our commitment to growth, demonstrating the stability and quality of our properties,” Go said. “RCR continues to explore potential acquisitions beyond its sponsor’s portfolio.”

RCR’s board also approved a regular cash dividend of P0.1010 per share, payable on Feb. 28, 2025, to stockholders on record as of Feb. 20, 2025. The company, in line with the REIT Law, distributes at least 90% of its income to shareholders.

RCR remains the only Philippine REIT to consistently increase dividends quarter-on-quarter. In 2024, it declared a total of P0.4261 per share, including a special cash dividend of P0.0260.

As of end-2024, RCR had a gross leasable area (GLA) of 828,000 square meters, with 539,000 sq. m. allocated for office spaces and 289,000 sq. m. for malls, spanning 18 key cities across the country.

Robinsons Land Corp. retains a substantial portfolio of more than 1 million sq. m. of mall space, over 250,000 sq. m. of office GLA, 200,000 sq. m. of logistics GLA, and 4,000 hotel rooms, which could potentially be infused into RCR in the future.