Recurring rental income more than offsets a modest decline in residential sales, while stronger collections lift operating cash flow SM Prime Holdings Inc. leaned on its sprawling mall portfolio to deliver higher revenue and operating profit in the first half of 2026, demonstrating how recurring rents can steady the business even as residential property sales soften. The Philippine property developer reported consolidated revenue of ₱71.66 billion for the six months ended June 30, up 5.3% from ₱68.04 billion a year earlier. Rental revenue, principally generated by the company’s malls, rose 8.2% to ₱43.86 billion , more than offsetting a 2.5% decline in real-estate sales to ₱19.51 billion . Other revenue, including cinema tickets, merchandise, food and beverages, advertising and amusement operations, climbed nearly 11% to ₱8.29 billion. The results highlight a shift in SM Prime's economic center of gravity. Residential development remains a major business, but the company’s mall...