RCR H1 profit jumps 44% to P4.95B

MANILA, Philippines — Gokongwei-led RL Commercial REIT Inc. (RCR) reported a 44 percent increase in its first-half earnings as recent asset infusions and high occupancy boosted its performance

On Tuesday, RCR said it booked an unaudited net income of P4.95 billion in the first six months of 2026, excluding the effect of changes in the fair market value of investment properties.

Article continues after this advertisement

Likewise, unaudited revenues jumped 50 percent to P6.90 billion, driven by asset infusions and a sustained portfolio occupancy of 96 percent.

For the second quarter alone, RCR recorded P2.55 billion in net income, up 46 percent from the same period last year. Revenues grew 50 percent to P3.50 billion.

The REIT ended June with total assets of P170.37 billion and shareholders’ equity of P162.64 billion. It remained debt-free.

RCR expects its earnings base to expand further following the infusion of six malls from sponsor Robinsons Land Corp. (RLC).

The Securities and Exchange Commission earlier approved the property-for-share swap covering the six malls valued at about P10.62 billion in exchange for around 1.29 billion RCR shares.

Article continues after this advertisement

READ: Robinsons Land infuses P10.6-B assets into RCR

“RCR continues to benefit from the strong performance of its assets,” RCR president and CEO Jericho Go said.

Article continues after this advertisement

He added that malls infused in 2025 are already contributing, while full revenue recognition from the six newly infused malls should further boost earnings.

Revenue from the six new malls will accrue to RCR starting July 1 and should be reflected in its third-quarter results.

The new properties add about 160,000 square meters of gross leasable area to RCR’s portfolio and expand its footprint to five more key locations.

Following the infusion, RCR’s portfolio comprises 44 assets—27 malls and 17 offices—across 30 key locations nationwide.

Its sponsor also has around 1.6 million sqm of potential GLA from malls, offices and logistics space, along with about 4,000 hotel room keys that may support future infusions. /pai