Property developer Robinsons Land Corp. (RLC) said it is listing its own real estate investment trust (REIT) company next year and will include several of its existing office buildings in the new entity.
In its disclosure, the company said it has 25 office buildings that it can include in the REIT, with a net leasable area of over 600,000 square meters.
It did not give further details on its plans.
For the three quarters of the year, the company’s income plunged 39 percent to P4.4 billion from last year’s P7.31 billion. Revenues fell 36 percent to P20 billion from last year’s P31.18 billion.
For the July-to-September period alone, the company earned P717 million in income, some 78 percent lower than the previous year’s P3.3 billion.
The company’s development portfolio, which accounted for 49 percent of consolidated revenues, increased by 33 percent in the nine months to P9.84 billion. Its growth, however, was offset by the 33-percent fall in its investment portfolio at P10.17 billion.
“We are encouraged by the steady recovery of our businesses on the back of improving trends seen on a quarterly basis, as well as in October. Increasing customer engagement and the sustained interest from external partners give us confidence that business will continue to pick up in the coming months. For the remainder of the year, we will continue to focus on operational recovery while implementing strict safety protocols,” RLC President and CEO Frederick Go said.
The commercial centers division recorded improvements in operational gross leasable area, number of operating tenants and foot traffic in the third quarter, but the numbers are still far from the pre-pandemic levels.
For the nine months of the year, the company registered P4.80 billion in revenues.
RLC continues to provide rental concessions and discounts to support partner tenants during the pandemic. Through the sustained operations of BPOs and the strong demand for flexible workspaces, the company said its Office Buildings Division continues to thrive amid the economic downturn, growing revenues by 20 percent to P4.34 billion in January to September.