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Business

DDMP REIT profit rises 40% to P558.9 million in Q1

Iris Gonzales - The Philippine Star

MANILA, Philippines — DDMP REIT, the real estate investment trust of DoubleDragon Properties, reported a net income of P558.9 million in the first quarter, up by 39.8 percent from the same period last year.

This was on the back of a 13.8 percent jump in revenues to P639.4 million and rental income which rose by 15.9 percent to P589.3 million.

DDMP REIT yesterday declared P496.8 million in cash dividends to all shareholders as of record on June 8, amounting to P496.8 million or P0.027868 per share with payment date of June 30.

DDMP REIT chairman Edgar Injap Sia II said the company has remained resilient despite the COVID-19 pandemic.

“We believe that the most important feature of DDMP REIT is that 100 percent of its leasable space sits on prime commercial titled land that DDMP REIT perpetually owns, as over a long period of time, the land value is expected to surpass the value of the building structures, and in the specific case of DDMP REIT, both the titled land and the buildings are owned by the DDMP REIT shareholders forever because the land is titled, and is not a leasehold,” Sia II said.

DDMP REIT’s portfolio includes six office towers with retail components within DD Meridian Park in Pasay City. The company’s leasing spaces cater to a mix of tenants, such as business process outsourcing companies, government agencies and corporate locators.

The company started the development of the prime commercial property along EDSA and Macapagal Avenue in the Bay Area in Pasay City in 2015, and in 2017 the first tower was completed.

The first four towers were inaugurated about three years ago in May 2018.

DOUBLEDRAGON

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