GOKONGWEI-LED property developer Robinsons Land Corp. (RLC) is targeting to deliver P25 billion in net income by 2030, in time for its 50^th anniversary, as part of a roadmap to drive transformation and long-term growth.

RLC will implement five initiatives under its “Vision 5-25-50 Roadmap” to achieve the profit goal, the company said in a regulatory filing on Monday.

One strategy is to expand the company’s investment portfolio, with plans to increase mall gross leasable area (GLA) by 50%, office space by 50%, hotel room keys by 25%, and to double its logistics capacity by 2030 to bolster its recurring earnings base.

RLC also aims to leverage its real estate investment trust (REIT) platform, RL Commercial REIT, Inc. (RCR), to expand its portfolio.

The property developer also said it will pursue premiumization of its offerings, as well as more partnerships and co-investments to broaden its reach.

RLC will also enter new business streams such as sports and entertainment centers, ecosystem synergies, and sustainability-driven customer services to enhance the customer experience.

For the first quarter, RLC’s attributable net income grew by 4% to P3.48 billion, as revenue remained at P11.03 billion. Core net income also rose by 4% to P3.48 billion.

Revenue from its investment portfolio increased by 8% to P8.52 billion, led by the malls, offices, hotels, and logistics segments. Development revenues from residential sales and joint ventures reached P2.51 billion.

“We began the year with strength and momentum, anchored by our solid and growing recurring income backbone. This resilience allows RLC to thrive amid an ever-evolving economic landscape,” RLC President and Chief Executive Officer Mybelle V. Aragon-GoBio said.

“We are seeing the rewards of our diversified investment strategy, operational excellence, and unwavering commitment to increasing shareholder return,” she added.

Mall revenue rose by 6% to P4.72 billion, as Robinsons Malls posted an 8% increase in rental revenues to P3.43 billion, driven by higher tenant sales, foot traffic, and tenant mix.

Occupancy reached 93%, as RLC opened Robinsons Pagadian in April, adding 23,800 square meters (sq.m.) of new GLA.

The office segment grew its revenue by 6% to P2.02 billion, driven by rental growth across its portfolio of 32 buildings with 793,000 sq.m. of GLA.

Hotel revenue rose by 12% to P1.51 billion, supported by growth in both international and company-owned brands. The hotel business comprises more than 4,000 room keys across 26 properties.

Revenue from Robinsons Logistics and Industrial Facilities (RLX) rose by 40% to P268 million, supported by the completion of warehouses in Calamba and San Fernando, Pampanga. RLX operates 13 industrial facilities across Metro Manila, Pampanga, and Laguna, offering 294,000 sq.m. of gross leasable space.

Robinsons Destination Estates generated P223 million in property development revenue from the deferred sale of land to joint venture entities.

RLC Residences generated P846 million in net sales from its organic projects and P47 million from joint ventures.

Meanwhile, RCR said in a separate disclosure that it expects continued growth with more possible asset infusions from RLC.

RLC still has over 1.3 million sq.m. of mall GLA and over 250,000 sq.m. of office GLA that may be infused into RCR. Other potential infusions include nearly 300,000 sq.m. of logistics GLA and around 4,000 hotel room keys.

“Aside from this, RCR continues to be on the lookout for potential assets for acquisition from third parties,” RCR said.

RCR said its current GLA stands at 828,000 sq.m., comprised of 539,000 sq.m. of office spaces and 289,000 sq.m. of mall spaces across 29 assets in 18 locations nationwide.

For the first quarter, RCR reported a 58% increase in revenue to P2.25 billion, driven by RLC’s infusion of 13 properties worth P33.9 billion last year and as occupancy rates reached 96%.

“RCR continues to reap the benefits of its massive asset infusion last year. In addition, RLC’s recent overnight block placement of its RCR shares amounting to P6.21 billion paves the way for RCR to expand its portfolio,” RCR President and Chief Executive Officer Jericho P. Go said.

On Monday, RLC shares rose by 3.05% or P0.36 to P12.16 apiece, while RCR shares increased by 0.31% or P0.02 to P6.55 each. — Revin Mikhael D. Ochave