The transaction will bring Robinsons Dumaguete, Robinsons Tagaytay, Robinsons Iligan, Robinsons Galleria South, Robinsons La Union and Robinsons Naga into the real estate investment trust, adding 160,269 square meters of leasable space.
Robinsons Land will receive 1.29 billion newly issued RCR shares in exchange for the assets.
The deal expands RCR’s retail footprint as REIT sponsors race to grow income-generating portfolios and deepen dividend capacity.
Price premium
The shares will be issued at P8.25 each, equivalent to a property valuation of P10.6 billion.
That is about 17 percent above RCR’s last traded price of P7.05, suggesting Robinsons Land believes the REIT is worth more than the market currently reflects.
The premium pricing also limits dilution compared with issuing shares closer to prevailing market levels.
Dividends boost
For investors, the focus now shifts to whether the six malls can generate enough additional rent to support higher dividends over time.
REITs are required to distribute at least 90 percent of distributable income, making recurring cash payouts the primary draw for shareholders.
Growth momentum remains strong
The asset infusion comes as RCR reported first-quarter revenue growth of 51 percent to P3.4 billion and net income growth of 41 percent to P2.4 billion, supported by earlier property injections and occupancy of 96 percent.
RCR earlier declared a first-quarter dividend of P0.1115 per share, equivalent to P2.18 billion or more than 90 percent of distributable income.
This new transaction remains subject to regulatory approvals before the assets can be transferred into the REIT.
—Edited by Miguel R. Camus
