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DDMP REIT income climbs nearly 12% in first quarter

LISTED DDMP REIT, Inc. (DDMPR), the real estate investment trust of DoubleDragon Properties Corp., saw an 11.7% profit growth to P399.65 million in the first three months of the year from P357.8 million year on year.

In a regulatory filing on Monday, the company said its rental income also grew to P508.59 million, 1.82% higher than the P499.52 million it generated in the same period last year.

“The company’s portfolio is 97.23% leased out and continues to remain stable,” DDMPR said.

DDMPR also reported a gross amount of P358.97 million of cash dividend, where each shareholder as of the record date of May 28 will be receiving P0.020136 per share.

The company has set June 10 as the payment date.

“We are pleased to conduct the second consecutive cash dividend declared to the shareholders of DDMP REIT this quarter, this time covering the profits that DDMP REIT generated during the first quarter of 2021,” DDMPR Chairman Edgar “Injap” Sia II said.

DDMPR said it looks forward to availing of the tax benefits from the REIT Law of the Philippines starting the next dividend declaration, which the company said: “will create a significant positive impact on the amount of cash dividends available for declaration to the shareholders.”

Quarter on quarter, total assets of the company went up by 0.91% to P45.77 billion from P45.35 billion, while its total equity also increased by 1.13% to P35.92 billion from P35.52 billion quarter on quarter.

Shares of DDMPR at the local bourse closed unchanged on Monday at P1.95 each. — Keren Concepcion G. Valmonte

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