Third-quarter revenue rose 111 percent from the previous quarter to P1.55 billion, driven by the addition of 13 properties through a property-for-share swap with Robinsons Land Corp.
The transfer, approved by the SEC in September, marked RCR’s third major asset infusion since its initial public offering.
“The 13-property multi-asset infusion valued at P33.92 billion has been the largest single infusion done by any Philippine REIT company so far. The injection of mall assets complemented by 2 office assets elevated RCR’s position to become a multi-asset REIT. In addition, the variable rent structure of our malls bodes potential upside to its current revenue,” said Jericho P. Go, president and CEO of RCR.
“We have almost doubled our gross leasable area and expanded our geographical reach from 9 areas to 18 areas when we went public three years ago. This is a testament to our commitment to grow the company,” he added.
RCR’s financials remain strong, with total assets at P103.2 billion and equity at P98.69 billion, while staying debt-free.
