Good morning, ladies and gentlemen. I'm pleased to welcome you all to the 2025 annual shareholders meeting of Robinsons Land Corporation. May I request our corporate secretary, Attorney Juan Antonio Evangelista, to introduce the members of the board present for today's meeting.
Good morning, Mr. Chairman. Allow me to introduce the members of the board of directors present for the annual shareholders meeting. Our Chairman Emeritus, Mr. James L. Go. Our Chairman, Mr. Lance Y. Gokongwei. Director Robina Gokongwei-Pe. Director Patrick Henry C. Go. Director Johnson Robert G. Go, Jr. Director Maria Socorro Isabel V. Aragon-Gobio. Director Omar Byron T. Mañio. Director Bienvenido S. Bautista. Director Jose T. Pardo.
Thank you. May I now request the corporate secretary to please certify the sending of notices to the shareholders and to the existence of a quorum for this meeting.
Mr. Chairman, I hereby certify that notice of this meeting had been sent to the shareholders of record as of March 20, 2025 via the following methods. First, by publication in the Manila Standard and BusinessMirror for 2 consecutive days in both online and print formats. Second, by posting on the website of the corporation. Lastly, by disclosure to the Philippine Stock Exchange. Thus, the shareholders have been notified of this meeting in compliance with the applicable rules and regulations. I hereby certify that there are present in this meeting via remote communication or by proxy, shareholders entitled to vote representing 86.78% of the corporation's total outstanding shares, and that this meeting is therefore competent to transact the business provided for in the agenda. Quorum is present, Mr. Chairman.
There being a quorum, the annual meeting of the shareholders of Robinsons Land Corporation is hereby called to order. May I request the Corporate Secretary to share with us the rules and procedures for this meeting?
The rules and procedures are set forth in the definitive information statement and in the explanation of agenda items integrated into the notice of this meeting. All tabulation results for this meeting are subject to validation by SyCip Gorres Velayo & Co., and the final voting results will be reflected in the minutes of today's meeting. For the information of the shareholders who are with us now during this meeting, Corporation has requested shareholders to send their questions or comments by email. Questions which were received by April 29, 2025 have been collated and selected questions will be answered later on. Corporation will reply to the questions and comments not taken up during this meeting through email.
Let us now proceed to the next item on the agenda, which is the approval of the minutes of the 2024 annual meeting of the shareholders.
Mr. Chairman, copies of the minutes have been distributed to the shareholders by providing the link to the said minutes in the information statement and by showing a QR code on the screen prior to the meeting.
Mr. Chairman, I am Attorney Marie Athena Ybañez. In as much as copies of the minutes have been given to the shareholders present, I move that the reading of the minutes be waived and that the minutes be approved as submitted.
Mr. Chairman, I am Faye Fontanoza, and I second the motion.
Thank you. The minutes are hereby approved as presented. We'll now proceed with the presentation of the annual report and approval of the financial statements for the preceding year. We would like to call on President and Chief Executive Officer of Robinsons Land, Ms. Mybelle Aragon-Gobio, to present her report.
A pleasant day to the members of our board, fellow shareholders and guests. Robinsons Land Corporation had a stable year in 2024, marked by steady performance and continued progress on key fronts. I'm pleased to present our financial and operational results, our advances in sustainability, and the strategic plans that we have laid out to support long-term growth. As of the end of 2024, RLC boasts a diverse and robust asset portfolio that includes 55 operational lifestyle centers, 134 residential developments, 32 office buildings, 31 mixed-use developments, 26 hotels, 11 work.able centers and 13 industrial facilities. Now let us turn to the company's financial performance highlights. RLC maintains a strong financial position with total assets at PHP 261.8 billion, which includes approximately PHP 10.5 billion in cash reserves.
Shareholders' equity stands at PHP 161.5 billion, reflecting a solid capital base and financial stability. As of year-end 2024, our total outstanding debt was at 53.2 billion pesos, resulting in a net debt to equity ratio of 27%. Earnings per share reached PHP 2.73, an 11% increase from the same period last year. Furthermore, the net book value per share was, as of end of the year, at PHP 32.28, indicating that the company's intrinsic value significantly exceeds its market valuation. Overall, RLC's robust financial standing, durable capital structure, and notable earnings growth underscore our resilience and prudent management practices, thereby enhancing shareholder confidence and market positioning.
For the full year 2024, RLC posted a 2% increase in consolidated revenues totaling PHP 42.88 billion, primarily driven by the strong performances of our investment portfolio, which was offset by the lower realized revenues of the residential division. As a result, both EBITDA and EBIT increased by 2% as well. Net income attributable to the parent company improved by 10% year-on-year, totaling PHP 13.21 billion for the full year. This growth was mainly driven by a one-time gain from the reclassification of our investment in GoTyme and the temporary reduction in RLC's ownership in RCR from April to August. These results showcase RLC's ability to deliver sustained growth and profitability through strategic initiatives and effective management.
For the full year 2024, the investment portfolio, which includes the malls, offices, hotels, and logistics segments, delivered substantial growth, contributing 77% of consolidated revenues, 85% of EBITDA, and 80% of EBIT. Additionally, the destination estate segment posted positive revenue growth driven by the recognition of deferred gains from lots sold to joint ventures. Robinsons Malls generated PHP 17.96 billion in revenues for calendar year 2024, marking an 11% increase year-on-year. This is driven by higher tenant sales, increased foot traffic, and contributions from our new mall. Rental revenues grew 10% year-on-year to PHP 12.58 billion. EBITDA increased 14% year-on-year to PHP 10.6 billion, while EBIT posted a 23% growth to PHP 7.17 billion.
Driven by a high revenue base and operational efficiencies, mall EBITDA and EBIT margins for the full year 2024 were at 59% and 40% respectively. Last July, we unveiled the Opus Mall in Bridgetowne, marking RLC's entry into the upscale retail segment and expanding our portfolio to 55 lifestyle centers. By the end of 2024, Opus achieved an 85% lease rate with over 65% of tenants already operational. Our total mall leasable space now spans 1.68 million square meters, home to more than 8,700 retailers. Despite a challenged market, RLC's office segment commendably posted an 8% increase in revenues to PHP 7.95 billion in calendar year 2024, supported by rental growth across its high-quality office developments. In the fourth quarter alone, revenues rose 11% year-on-year to PHP 2.03 billion.
Occupancy remains stable at 86%, underscoring the resilience of RLC's office portfolio. EBITDA reached PHP 6.4 billion, while EBIT came in at PHP 5.26 billion, highlighting the segment's robust contribution to overall performance. Currently, RLC has 32 office buildings with a total of 793,000 sq m of gross leasable space. Separately, with the addition of 2 new facilities in Robinsons Summit Center in Makati, we now have 11 work.able locations offering a total of 2,601 coworking seats. Robinsons Hotels and Resorts, or RHR, sustained its growth momentum in 2024, posting a 31% year-on-year increase in revenues to PHP 6 billion.
This strong performance was driven by the continued success of all our brands, highlighted by our international partnerships and Fili Hotel, our proudly Filipino five-star brand, as well as our robust food and beverage segment, which contributed 38% of total revenues. EBITDA grew 61% to PHP 1.8 billion, while EBIT more than doubled, reaching PHP 985 million. With an expanding portfolio now comprising 26 hotel properties and over 4,000 room keys, RHR continues to strengthen its position as a key player in the Philippine hospitality sector. RLC Residences recorded PHP 20.18 billion in net sales for 2024, with PHP 7.29 billion coming from its organic projects and PHP 12.89 billion from joint ventures. Realized revenues totaled PHP 8.78 billion, which includes PHP 2.63 billion from our equity share in joint venture developments.
EBITDA reached PHP 2.92 billion, while EBIT stood at PHP 2.8 billion. Robinsons Logistix and Industrials, or RLX, posted a 33% revenue growth in 2024, reaching PHP 916 million. Driven by sustained demand for industrial and warehouse spaces. EBITDA rose 35% to PHP 856 million, while EBIT grew 38% to PHP 671 million, demonstrating continued profitability despite a high base. During the year, RLX expanded its footprint with the completion of four new warehouses: RLX Sierra 2 in Sierra Valley Estate, RLX Calamba 2, and RLX San Fernando 2. The portfolio now includes 13 industrial facilities strategically located across Metro Manila, Pampanga, and Laguna, offering a total of 295,000 square meters in gross leasable space to meet growing business demand.
Robinsons Destination Estates generated PHP 1.27 billion in property development revenues for the full year, primarily from deferred land sales to joint venture entities. EBITDA and EBIT stood at PHP 728 million and PHP 724 million, respectively. Our destination estates are becoming increasingly vibrant as we bring to life more integrated live, work, play, and inspire offerings, creating dynamic communities that serve as catalysts for inclusive growth and long-term value. In 2024, our company spent PHP 21.98 billion in capital expenditures, supporting the development of malls, offices, hotels, and warehouse facilities, as well as land acquisition and residential construction. To support our expansive growth plans, our land bank now spans over 838 hectares with an estimated value of approximately PHP 192 billion as of year-end 2024.
Sustainability continues to be a key pillar of RLC's business strategy. We continuously integrate environmental stewardship into our projects. From 2015 to 2024, 24 Robinsons Malls generated 195 million kWh of clean energy, saving PHP 1.65 billion and avoiding 138,300 metric tons of CO2 emissions, equal to planting 2.3 million trees. In 2025, RLC will boost its solar capacity by another 11,000 kWh. RLC also champions sustainability design with 18 green certified properties, 6 LEED certified offices, and 12 EDGE certifications across office and residential developments. Additionally, 29 malls and 15 office buildings feature rainwater collection and wastewater recycling systems for efficient water use.
Robinsons Land Foundation, Inc., or RLFI, through its RLove program, remains committed to disaster relief and rehabilitation, extending aid to communities affected by typhoons Karding, Carina, Pepito, and Marce, as well as fire incidents in Cebu and Palawan and floods in Tagum and Butuan. Beyond emergency response, RLFI supports long-term community development through key initiatives such as the donation of livelihood carts, participation in the Brigada Eskwela program to improve school facilities, and ongoing engagement in education and livelihood programs nationwide. We are firmly committed to good corporate governance. To uphold ethical and responsible business practices, we continue to adopt a comprehensive anti-bribery and anti-corruption policy. Additionally, RLC has fully complied with the registration requirements of the Anti-Money Laundering Council in accordance with the Anti-Money Laundering Act.
Last year, we opened the Opus Mall, our first premier upscale lifestyle center, which contributed an additional 3% to our total gross leasable area, bringing it to 1.68 million square meters. Last month, we successfully opened Robinsons Pagadian, which adds 23,800 square meters of new GLA with an impressive 98% occupancy rate at opening. Later this year, we're also set to expand further with 28,000 square meters of additional leasable space through the expansion of our Bacolod Mall. We are also undertaking the redevelopment of our mall in the city of Manila and completing a new mall in Caloocan. For offices, we recently completed GBF Center 1. This year, we will complete GBF Center 2 and Cybergate Iloilo Tower 3, which will collectively grow our office portfolio by 12%, reaching 885,000 square meters of leasable space.
For logistics, the four facilities that we completed last year added a combined total of 68,000 square meters of gross leasable space, bringing our total to 295,000 square meters by year-end. This year, we will complete 2 more logistics facilities, namely RLX Taytay 2 and RLX Calamba 2E, bringing the total to 15 logistics assets and increasing the gross leasable space by 12% to 329,000 square meters. Lastly, Robinsons Hotels and Resorts is opening NUSTAR Hotel tomorrow, our foray in the ultra-luxury segment, and this will be in NUSTAR Resort and Casino, Cebu. With this, our room keys shall grow by 5% to 4,466 rooms in 2025.
The board of RLC has approved the distribution of over PHP 3.61 billion in regular cash dividends, equivalent to PHP 0.75 per outstanding common share. This marks the highest declared cash dividend per share in the company's history. Record date is on June 5, 2025, and entitled shareholders will receive their dividends on June 13, 2025. At this point, we'd like to share the company's key priorities and strategies moving forward. These are aimed at supporting RLC's continued growth and long-term performance. As we look toward the future, we are introducing RLC's Vision 5-25-50. Our roadmap to sustained growth anchored on five strategic levers to deliver PHP 25 billion in net income by our fiftieth year in 2030. This long-term goal reflects our strong commitment to creating enduring value to our shareholders.
Now, let me walk you through each of these 5 strategic levers. The first is expand and diversify RLC's investment portfolio. Our approach involves accelerating capital deployment toward targeted investment projects that will enhance and sustain RLC's recurring earnings base. This slide illustrates the project timelines for our malls and offices, showing both the pipeline of developments scheduled for completion each year and the rollout of new projects set to commence, as reflected in the bottom section. We are pursuing an ambitious expansion strategy, which includes a 50% increase in our malls' GLA, or gross leasable area, and a 50% expansion of our office spaces. Moving on to logistics and hotels, this slide presents the development timelines for upcoming logistics facilities and hotels projects. Our objective is to double our logistics capacity by 2030 and achieve a 25% increase in hotel room keys.
Each of these developments is strategically located in high-growth areas nationwide, and this multi-pronged investment expansion plan underscores our commitment to reinforcing RLC's market presence and driving sustainable long-term growth. Our second lever is to unlock capital through active asset monetization, a strategy fully aligned with the capital recycling framework established under the REIT law. By consistently replenishing our asset pipeline following the infusion of stabilized properties into RL Commercial REIT, or RCR, RLC sustains a healthy cycle of growth and reinvestment. A key enabler of this strategy is RLC's execution of block placements of RCR shares, which generate immediate cash flow to fund the development of new properties. As RLC injects new assets into the REIT, it also strategically rebuilds its shareholdings in RCR, ensuring that the cycle of monetization and reinvestment continues in a disciplined and sustainable manner.
In addition, RLC benefits from dividends received from the REIT, further enhancing its income potential. The company maximizes these dividends by effectively unlocking depreciation value and leveraging the REIT's tax-exempt incentives, delivering a compelling financial advantage. Importantly, this disciplined approach safeguards RLC's core asset base from being cannibalized by RCR. By maintaining a steady pipeline of high-quality assets for infusion, RLC upholds its role as the REIT sponsor and reinforces its position as a key value creator, fully aligned with the interests of long-term investors. In essence, RLC's active asset monetization strategy not only drives income growth, but also strengthens the foundation for sustainable development and continued investor confidence. Our third lever is to elevate offerings through premiumization. We are repositioning select assets, upgrading product lines, and enhancing customer experiences across all business units to capture premium pricing and to reinforce brand equity.
This strategic shift aligns with rising consumer aspirations and will enable RLC to compete more effectively in the upper mid to premium segments, unlocking higher margins while deepening customer loyalty and brand strength. Across our portfolio, we are already seeing this take shape. In retail, the Opus and NUSTAR Mall serve as our flagship premium lifestyle destinations. In hospitality, we take pride in the Fili Hotel, NUSTAR Cebu, the first and only five-star Filipino hotel brand, and the NUSTAR Hotel, which we are opening tomorrow, located within the same integrated resort, and which will stand as the country's first and only ultra-luxury Filipino branded hotel. In residential, we've introduced upscale condominiums like The Westin Residences and the Le Pont Residences. In offices, we continue to deliver EDGE and LEED certified towers that raise the bar for sustainability and workplace design.
Together, these efforts reflect our commitment to premiumization as a long-term value driver across the RLC Group. The fourth lever is to forge and foster impact, high-impact strategic partnerships. We will continue to pursue strategic alliances, joint ventures, and co-investments that enhance our execution capabilities, expand RLC's pipeline, and accelerate market entry, de-risking growth initiatives and extending our reach across key segments and high-potential markets. Lastly, our fifth lever is enhancing customer experience through ecosystem initiatives. We are investing in innovation, digitalization, and lifestyle ecosystems, including sports, entertainment, and recreation centers, ecosystem synergies, and sustainability-driven services to deepen customer engagement, foster loyalty, and unlock new business streams by making every RLC touchpoint more personalized, seamless, and future-ready.
These five strategic levers work together to transform RLC into a more agile, diversified, and future-ready company, well-positioned to deliver stronger returns, long-term capital appreciation, and sustained value creation as we approach our fiftieth year and beyond. In closing, I would like to take this opportunity to express my sincere appreciation to Mr. Lance Y. Gokongwei, who assumed the role of President and CEO in 2024. His leadership, vision, and strategic direction have been instrumental in guiding RLC through an evolving business landscape. Under his stewardship, we pursued growth opportunities and reinforced our commitment to delivering long-term value to our stakeholders. His unwavering dedication and expertise continue to inspire the RLC team as we drive the company towards greater success. We extend our heartfelt thanks to our board for their guidance.
We look forward to your continued support as we leverage the collective strength and synergies of the Gokongwei Group. Together, we will continue to offer better choices and create shared success for all our stakeholders. Our deepest gratitude goes out to our shareholders, partners, customers, and communities for their trust and unwavering support.
Thank you, Maybelle. The chair will now entertain questions on the report.
What are RLC's key strategies to sustain growth amidst current economic challenges?
Maybelle?
Yeah. Well, we're strategically focused on strengthening our recurring income stream, particularly from our well-established malls, expanding our hotel operations, and increasing our logistics presence across the nation. Our malls are enjoying increased customer traffic, which redounds to better tenant sales and of course, improved rental revenues for the company. Our hotels are enjoying sustained demand and recovery driven by local tourism and business travel. For our logistics, we are continually expanding it as we aim to meet the rising demand from e-commerce and supply chain needs. While we remain cautious for the office developments and also for our residential launches, we believe that our diversified income stream and strong asset base positions us for steady and resilient growth.
How is RLC integrating sustainability into its business operations and development? Well, sustainability is deeply ingrained in our strategies. We always continue to pursue LEED and EDGE certifications across our key developments. We're also strengthening our renewable energy initiatives or program. We've installed solar panels in our malls and offices, and we're also continuously improving our waste management, water conservation, and energy efficiency programs, 'cause we believe that all of these are aligned to our commitment to creating long-term value for our stakeholders and the environment.
Thank you for the questions. The chair will now entertain a motion to note the report and approve the audited financial statements for the preceding fiscal year.
Mr. Chairman, I am Judilyn Tapit, and I move that the report of the president be noted and that the audited financial statements for the preceding fiscal year be approved as presented.
Mr. Chairman, I am Attorney Frances Gail Castillo, and I second the motion.
Upon motion duly seconded, the report of the president is accordingly noted, and the audited financial statements for the preceding fiscal year are hereby approved as presented. We now proceed to the election of the members of the board of directors. May I request the corporate secretary to read the names of the incumbent members of the board.
Mr. Chairman, the incumbent members of the board of directors are Mr. James L. Go, Mr. Lance Y. Gokongwei, Ms. Robina Gokongwei Pe, Mr. Patrick Henry C. Go, Mr. Johnson Robert G. Go, Jr., Ms. Maria Socorro Isabel V. Aragon-Gobio. The independent directors are Mr. Omar Byron T. Mier, Mr. Bienvenido S. Bautista, and Mr. Jose T. Pardo.
Thank you. The floor is now open for the nomination of members for the board.
Mr. Chairman, I nominate the following as members of the board of directors, Mr. James L. Go, Mr. Lance Y. Gokongwei, Ms. Robina Gokongwei-Pe, Mr. Patrick Henry C. Go, Mr. Johnson Robert G. Go, Jr., Ms. Maria Socorro Isabel V. Aragon-Gobio. As independent directors, Mr. Bienvenido S. Bautista and Mr. Jose T. Pardo.
Mr. Chairman, I move that the nominations be closed.
Second the motion, Mr. Chairman.
Is there any objection to the motion? The chair hears none. The motion is carried, and the nominations are closed. There being no other nominations, the secretary is hereby directed to cast the votes accordingly, and those nominated are hereby declared as the duly elected members of the board for the ensuing year and until their successors shall have been elected and qualified. May I request the Corporate Secretary to read the names of the duly elected members of the board of the corporation.
Mr. Chairman, the duly elected members of the board of directors of the corporation are Mr. James L. Go, Mr. Lance Y. Gokongwei, Ms. Robina Gokongwei-Pe, Mr. Patrick Henry C. Go, Mr. Johnson Robert G. Go, Jr., Ms. Maria Socorro Isabel V. Aragon-Gobio, and as independent directors, Mr. Bienvenido S. Bautista and Mr. Jose T. Pardo.
Let us move on to the next item on the agenda, which is the appointment of the external auditor of the corporation. The table is now open for the nomination of the external auditor.
Mr. Chairman, I nominate the accounting firm of SyCip Gorres Velayo & Co. as the external auditor of the corporation for the fiscal year 2025.
I move to close the nomination, Mr. Chairman.
I second the motion, Mr. Chairman.
Is there any objection to the motion? The chair hears none. The motion is carried, and the accounting firm of SyCip Gorres Velayo & Co. is elected as the external auditor of the corporation for the fiscal year 2025. Let us now proceed to the next item on the agenda, which is the proposal to amend Article III of the articles to change the principal place of business of the corporation as flashed on the screen.
Mr. Chairman, I move to approve the amendment of Article III of the articles of incorporation to change the principal place of business of the corporation from Level Two, Galleria Corporate Center, EDSA corner Ortigas Avenue, Quezon City, Metro Manila to Mall Admin Office, Lower West Lane, Robinsons Galleria, EDSA corner Ortigas Avenue, Ugong Norte, Quezon City, 1110.
I second the motion, Mr. Chairman.
Are there any objections to the motion? The chair hears none, and there being no objections, the proposal to amend Article III of the articles of incorporation is hereby approved. The next item on agenda is the proposal to amend Article VII of the amended bylaws of the corporation to change the date of the annual shareholders' meeting of the corporation as flashed on screen.
Mr. Chairman, I move to approve the amendment of Article VII of the amended bylaws of the corporation to change the date of the annual shareholders' meeting from last Wednesday of May to any business day in May.
I second the motion, Mr. Chairman.
Are there any objections to the motion? There being no objection, the proposal to amend Article VII of the amended bylaws is hereby approved. Let us proceed to the next item on the agenda, which is the ratification of the acts of the board and its committee officers and management of the corporation.
Mr. Chairman, I move that all the acts of the board of directors and its committees, officers, and management of the corporation for the period beginning from the last annual shareholders' meeting up to the current shareholders' meeting, as duly recorded in the corporate books and records of the corporation, be confirmed and ratified.
I second the motion, Mr. Chairman.
Are there any objections? The chair hears none, and the motion is carried. Are there any other matters to be taken up?
There are none, Mr. Chairman.
The chair will now entertain a motion to adjourn.
Mr. Chairman, I move that this meeting be adjourned.
I second the motion, Mr. Chairman.
Are there any objection to the motion? The chair hears none, and the meeting is adjourned. This ends the 2025 annual shareholders' meeting of Robinsons Land Corporation. A link where a replay of this meeting may be viewed shall be made available at the website of the corporation. Thank you very much, dear shareholders, for joining us.