RL Commercial REIT Inc. (RCR) expects a boost in earnings starting the third quarter as six malls transferred by sponsor Robinsons Land Corp. (RLC) contribute full revenues to the property trust.
The six malls, valued at P10.62 billion, were infused into RCR in exchange for 1.29 billion newly issued RCR shares after the Securities and Exchange Commission approved the property-for-share swap in July.
“RCR continues to benefit from the strong performance of its assets,” RCR President and CEO Jericho Go said.
“The 2025 mall infusions have already contributed positively to performance, and the full revenue recognition of the six recently infused malls is expected to provide an additional boost to the company's earnings and value creation for stakeholders,” he added.
RCR said revenues from the assets would be recognized beginning July 1, with their impact expected to appear in its third-quarter results.
The infusion came as RCR posted unaudited first-half revenues of P6.90 billion, up 50 percent year-on-year, while net income excluding changes in the fair value of investment properties rose 44 percent to P4.95 billion.
The company attributed the first-half growth to asset infusions and sustained portfolio occupancy of 96 percent.
The newly infused properties add about 160,000 square meters of gross leasable area to RCR’s portfolio and expand its presence into five additional locations.
Following the transaction, RCR’s portfolio increased to 44 properties consisting of 27 malls and 17 offices across 30 locations nationwide.
The six-mall infusion increased the company’s net asset value by P10.62 billion.
RCR’s board, meanwhile, declared a regular cash dividend of P0.1117 per outstanding common share for the second quarter, representing an estimated total payout of P2.33 billion, or more than 90 percent of its unaudited distributable income.
The dividend will be payable on Sept. 2 to shareholders on record as of Aug. 26.
The latest declaration brought RCR’s total regular cash dividends for the first half to P4.51 billion.
RCR’s share price rose by a centavo to close at P7.27 each on Tuesday.
