• Full-year revenues rose 35 percent on accretive asset infusions
• Occupancy stayed high at 96 percent across the portfolio
• Balance sheet remained debt free with assets at P167.76 billion
• Earnings momentum culminated in PSEi inclusion effective 02 February
RL Commercial REIT Inc. (RCR) closed calendar year 2025 with sharply higher revenues as newly infused malls lifted recurring income and strengthened its position among the Philippine market’s largest listed property firms.
The results underscore how RCR’s expansion strategy is converting scale into stable cash flows, helping pave the way for its recent entry into the benchmark PSE Index last Feb. 2.
Full-year performance
RCR reported unaudited revenues of P11.08 billion for calendar year 2025, excluding changes in the fair market value of investment properties, up 35 percent from the prior year.
Growth was driven by the contribution of assets infused in 2024 and 2025, supported by a consistently high portfolio occupancy rate of 96 percent.
Management said revenue gains came from core rental operations rather than one-off items. A larger share of malls in the portfolio allowed RCR to benefit from resilient consumer demand, while office assets continued to deliver stable performance.
Financial position and dividends
The REIT ended 2025 with unaudited total assets of P167.76 billion and shareholders’ equity of P162.19 billion, maintaining a debt-free balance sheet that supports continued acquisitions and high payouts.
For the full year, RCR declared total cash dividends of P7.54 billion, representing more than 90 percent of its unaudited distributable income.
The board approved a fourth quarter regular cash dividend of P0.1112 per common share, payable on 02 March 2026 to shareholders on record as of Feb. 20, 2026, extending its record of quarter-on-quarter dividend growth.
Looking ahead
By end-2025, RCR’s portfolio comprised 38 assets, including 21 malls and 17 offices.
With its sponsor maintaining a deep pipeline of potential infusions and management open to third-party deals, RCR is positioning its growing asset base to sustain earnings-led growth.
—Edited by Miguel R. Camus
