MANILA, Philippines — RL Commercial REIT Inc. (RCR), the real estate investment trust sponsored by Robinsons Land Corporation, registered a 38% surge in its net income for the first nine months of the year, propelled by an aggressive expansion of its shopping mall portfolio.
In a disclosure to the Philippine Stock Exchange (PSE), the Gokongwei-led company reported an unaudited net profit of ₱7.76 billion from January to September compared to the same period last year. Excluding fair value adjustments on investment properties, total revenue climbed 41% to ₱10.81 billion.
The financial boost followed the regulatory approval from the Securities and Exchange Commission (SEC) on July 15 for a tax-free property-for-share swap involving six shopping centers, enabling RCR to begin recognizing earnings from these assets starting July 1.
“The mall infusions continue to prove their accretive value,” RCR Chief Executive Officer Jericho Go said.
Go noted that earnings from the six newly incorporated properties seamlessly built upon the operational gains delivered by nine other shopping centers integrated throughout 2025. This expansion fueled a 27% year-on-year increase in third-quarter revenue to ₱3.91 billion, while quarterly net profit rose 29% to ₱2.81 billion, excluding asset revaluations.
On a quarter-on-quarter basis, revenue grew by 12%—or ₱405 million—relative to the three months ending June 30.
RCR maintained a strong financial position, reporting a system-wide occupancy rate of 96% at the end of September, total assets of ₱181 billion, shareholders’ equity of ₱173.77 billion, and a debt-free balance sheet.
In compliance with Philippine REIT regulations requiring listed trusts to distribute at least 90% of annual distributable income, the board approved a regular third-quarter cash dividend of ₱0.124 per common share. This brings total cash payouts declared over the nine-month period to ₱7.09 billion, exceeding the 90% threshold and continuing an unbroken sequence of quarter-on-quarter dividend growth since its initial public offering.
The third-quarter dividend is slated for distribution on December 2 to shareholders on record as of November 25.