SM Prime Holdings Inc.’s first-quarter results showed a company leaning harder on its core mall-and-rental machine as its residential business lost momentum, underscoring a widening split inside one of the Philippines’ largest property developers. The Sy-led property giant reported ₱33.28 billion in consolidated revenue for the first quarter of 2026 , up about 2% from a year earlier, as stronger rental income and higher ancillary revenues offset a steep decline in residential real estate sales. Net income attributable to the parent was broadly flat at ₱11.66 billion , compared with ₱11.65 billion a year earlier. The standout was rent. SM Prime’s rental revenue climbed to ₱21.61 billion , an increase of about 8% year-on-year , supported by its nationwide mall network and recurring-income assets. The company said rental revenue was mostly generated by malls, with offices, hotels and convention centers contributing the balance. That strength helped absorb a material slowdown ...