RL Commercial REIT Corp. (RCR), the real estate investment trust backed by developer Robinsons Land Corp. (RLC), is planning up to two tranches of property injections this year as it shifts its portfolio growth toward steady-yielding retail assets.

Kerwin Max S. Tan, chief financial officer of both RLC and RCR, said the timing and execution of the asset infusions remain subject to market conditions, with the first announcement expected within the next three months.

“Together with our fund manager, we have identified a list of assets that will be infused into RCR… Barring unforeseen circumstances and depending market conditions, we'll probably do the infusions in order to do a bunch of assets. And the type of assets, most probably, will be malls,” Tan told reporters.

The planned injections leverage a substantial pipeline from parent company RLC which holds more than 1.1 million square meters of mall space and over 250,000 square meters of office assets. The sponsor’s portfolio also includes hotel and logistics properties that have yet to be tapped for the REIT.

RCR is prioritizing retail properties over offices to capitalize on a post-pandemic rebound in consumer spending and foot traffic. Shopping malls currently account for 53 percent of the REIT’s portfolio by size, with office spaces making up the remaining 47 percent. That retail share is poised to expand, given the depth of Robinsons Land’s remaining mall inventory.

Across the parent company's broader operations, retail properties generate about 40 percent of total revenue, with the remainder split among residential, office, hotel, logistics, and estate developments.

While open to acquiring third-party properties outside the RLC ecosystem, Jericho P. Go, RLCR chief executive officer, said the company faces higher hurdles for external deals.

Assessing third-party assets requires deeper due diligence regarding management quality and tenant profiles, whereas sponsor-owned assets offer predictable cash flows and operational familiarity, Go said. This targeted strategy has helped RLCR maintain a combined office and retail occupancy rate of 96 percent, outperforming local industry averages.

The strategic tilt toward retail reflects structural advantages in the Philippine consumer market, where shopping centers double as community and civic hubs. Despite the growth of e-commerce, operators have insulated their properties by adjusting tenant mixes. F

ood and beverage outlets, which accounted for less than 10 percent of mall space prior to the pandemic, now occupy about 25 percent of the company's retail footprint. Go noted that consumer preferences for immediate gratification and brick-and-mortar fitting for apparel and footwear continue to support physical retail over digital channels.