By Pierce Oel A. Montalvo, Researcher

SHARES of RL Commercial REIT, Inc. (RCR) rose last week after Robinsons Land Corp.’s (RLC) real estate investment trust (REIT) reported fourth-quarter revenues and declared a quarterly dividend following the infusion of nine mall assets from its sponsor.

RCR was the fourth-most actively traded stock according to Philippine Stock Exchange (PSE) data, with 181.45 million shares worth P1.36 billion changing hands during the week. The stock climbed 3.7%, outpacing the property sector and the Philippine Stock Exchange index (PSEi), which rose 0.1% and 1%, respectively.

Compared with its last trading day in 2025, RCR shares declined 6.6%, lagging the property sector’s 3.3% slump and the PSEi’s 5.6% gain.

RCR reported P3.42 billion in unaudited revenues for the fourth quarter of 2025, bringing full-year revenues to P11.08 billion, a 35% increase from 2024. The company attributed the growth to strategic asset infusions and a 96% portfolio occupancy rate, it said in a PSE disclosure.

DragonFi Securities equity analyst Jarrod Leighton M. Tin said the REIT’s focus on dividend-accretive diversification has supported growth.

“Our estimates suggest that the nine malls infused in 2025 contributed roughly 15% of full-year revenue,” Mr. Tin said in a Viber message, referring to the P30.67-billion property-for-share swap with RLC last June.

“The shift toward a mall-heavy portfolio reduces exposure to office market headwinds and aligns with consumer spending recovery trends in the Philippines,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a separate Viber message.

RCR also approved a fourth-quarter dividend of P0.1112 per share, payable March 2. Total cash dividends for 2025 amounted to P7.54 billion.

Mr. Arce noted that the dividend gives RCR a trailing twelve-month yield of about 5.6%, positioning it as the second-lowest yielding REIT on the PSE after AREIT, Inc. at 5.4%.

“The company’s policy of acquiring only dividend-accretive properties suggests the yield should increase further as the nine malls infused in 2025 contribute full-year earnings,” he added.

Mr. Tin also noted the REIT’s trailing yield at 5.7%. “From a macro perspective, valuation appears less compelling as the Bangko Sentral ng Pilipinas nears the end of its rate cut cycle, while the 10-year Treasury bond is at 5.95%.”

RCR’s recent price performance followed a January block sale by RLC, which sold 945.95 million shares at P7.40 each to institutional investors, raising P7 billion. The transaction increased RCR’s public float to 44.18% and was completed on Jan. 29.

“The block sale largely satisfied initial demand from passive index funds, reducing the need for further buying in the open market,” Mr. Arce said, noting that it also provided structural support after RCR’s inclusion in the PSEi on Feb. 2, replacing Alliance Global Group, Inc.

“Near-term sentiment may soften following the January block sale priced at P7.40 per share, which was below the prior transaction at P7.75 per share,” said Mr. Tin.

“While RCR remains below book value as of year-end 2025, the discount to net asset value, has gradually narrowed, suggesting the market is beginning to price the stock closer to its underlying asset value.”

The company maintains P167.76 billion in total assets, P162.19 billion in shareholders’ equity, and “continues to be debt-free.”

Mr. Arce said consensus estimates project adjusted earnings per share of P0.44, with adjusted net income forecast at P7.46 billion, reflecting the full-period contributions of properties infused in 2024 and initial contributions from the nine malls added in 2025.

Looking ahead, Mr. Tin identified immediate support at the P7 psychological level, with resistance positioned near P8.10.

Mr. Arce placed support at P7.22 to P7.40, with resistance at P7.84 and P8, noting that the consensus price target of P8.62 represents approximately 15% upside from current levels.