RL Commercial REIT Corp. (RCR), the real estate investment trust of Robinsons Land Corp. (RLC), said it could easily double its portfolio to around 2 million square meters within the next year.
RCR president and CEO Jericho P. Go said the company currently has about 1.15 million square meters of assets. Its sponsor, RLC, still holds about 1.35 million square meters of office and mall space that can be added to RCR.
These include around 250,000 square meters of office space and 1.1 million square meters of malls located across the country.
Go said RCR’s office leasing business remains stable despite volatility in the equities market caused by the global oil crisis. The company has a high occupancy rate of 96 percent and a weighted average lease expiry (WALE) of about four years, ensuring steady and predictable income.
Mall assets also show strong performance, supported by long-term leases with Robinsons Retail Holdings Inc. tenants. These leases include fixed rent plus a share of tenant sales, helping maintain stable revenues even during inflation.
Office properties not yet transferred to RCR have a slightly lower occupancy rate of about 88 percent, as some buildings are still new and filling up tenants.
Last year, the Securities and Exchange Commission approved the transfer of nine more malls worth P30.67 billion into RCR, part of a plan to triple its asset size to P300 billion over three years.
RCR reported strong financial results, with net income rising 31 percent to P8.03 billion and revenues increasing 35 percent to P11.08 billion. In the fourth quarter alone, revenues grew 49 percent to P3.42 billion.
