RCR Q1 profit jumps to P2.4B on asset infusions

RL Commercial REIT Inc.’s (RCR) first-quarter net income surged by 41 percent as fresh asset infusions and sustained high occupancy levels boosted the performance of the country’s largest REIT by geographical reach.

In a disclosure on Wednesday, RCR said net income reached P2.4 billion in the January-to-March period, excluding the effect of changes in fair market value of investment properties.

Revenues jumped 51 percent year-on-year to P3.4 billion.

The Robinsons Land Corp. (RLC)-backed REIT said growth was driven by assets infused in 2025 and occupancy levels that remained high at 96 percent.

RCR also said it remained in a “robust financial position,” ending the quarter debt-free. Unaudited total assets were pegged at P169.51 billion and shareholders’ equity at P162.35 billion.

“RCR’s inclusion in the Philippine Stock Exchange Index (PSEi) is a testament to the company’s financial stability and strong market liquidity,” said RCR president and CEO Jericho Go.

The board approved regular cash dividends of P0.1115 per share for the first quarter, equivalent to a total payout of P2.18 billion.

RCR said this represented more than 90 percent of its unaudited distributable income.

The dividends will be paid on June 1 to shareholders on record as of May 19. The company said its policy was to distribute at least 90 percent of distributable income in line with REIT rules.

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RCR’s portfolio currently consists of 38 assets, including 21 malls and 17 office properties across 25 locations nationwide.

The company said it remained open to acquiring third-party assets as part of its long-term expansion strategy.

Potential future infusions from sponsor RLC could add over 1.7 million square meters. These span malls, offices and logistics gross leasable area, as well as about 4,000 hotel room keys.

As of April 30, RCR’s market capitalization stood at P135.08 billion based on its closing share price of P6.91.