Gokongwei family’s REIT shows robust growth with 10% profit increase

RL Commercial REIT (RCR), the real estate investment trust sponsored by the Gokongwei family’s Robinsons Land Corp., kicked off the year on a high note with first quarter earnings up 10 percent from the previous year.

In a regulatory filing, RCR said it generated a net income of P1.09 billion from January to March compared to P989.69 million in the same period last year due to an 11 percent rise in revenues to P1.37 billion.

RCR’s rental income, boosted by the inclusion of recently infused assets Cybergate Bacolod and Cyberscape Gamma, increased by 12% to P1.19 billion.

Income from dues for the usage of common areas and air conditioning services also rose during the quarter, to P224.37 million.