SM Prime Holdings Inc. entered 2025 with the kind of problem many property companies would envy: revenue barely moved, but profit still climbed to a record. The Sy family-led developer posted ₱48.85 billion in net income attributable to the parent , up 7% from a year earlier, even as consolidated revenue rose only to ₱141.11 billion from ₱140.39 billion — a gain of about 1% . The result was less a story of explosive expansion than of a company squeezing more earnings out of a vast real-estate platform anchored by malls, rentals, hotels and convention centers. The headline was reassuring: SM Prime is still making more money. The subtext was more complicated: its most cyclical business, residential development, is flashing caution. Recurring Income Does the Heavy Lifting SM Prime’s recurring-income engine remained the center of gravity. Rental income rose 6% to ₱83.57 billion , with malls accounting for most of that stream. The company’s mall segment generated about ₱85.1 billio...