Robinsons Land is transferring six malls to its listed REIT at a share price well above the market. The premium reduces dilution—but the properties must still produce enough income to make the deal accretive. Robinsons Land Corp. is using an unusually shareholder-friendly lever in its latest asset infusion into RL Commercial REIT Inc.: a premium-priced currency. The Philippine property developer agreed to transfer six commercial assets valued at ₱10.62 billion to its listed real estate investment trust in exchange for 1.29 billion newly issued RCR shares priced at ₱8.25 apiece . The transaction, Robinsons Land’s fifth property-for-share swap with the REIT, would add 160,269 square meters of gross leasable area to RCR without requiring the trust to raise cash or take on additional debt. What distinguishes the deal is the price assigned to RCR’s shares. At ₱8.25, they were valued about 17% above RCR’s ₱7.05 closing price on June 22 , the trading day before the transaction was appr...