DDMPR Q1 div down 1.8% y/y

DDMP [DDMPR 1.06, up 0.9%; 198% avgVol] [link] declared a Q1 dividend of P0.023054/share (-1.8% y/y, +2.2% q/q) on P379.5 million of distributable income (+4.9% y/y, +17.2% q/q). In total, DDMPR’s dividend was P411.0 million, which was 108.3% of its distributable income for the quarter.

MB bottom-line: As I discussed on Monday, all of DDMPR’s organic metrics are headed in the wrong direction. Critically, DDMPR’s occupancy rate has reached an all-time low at just 69%, and its receivables continue to pile up. Sideways and down for DDMPR. Sideways and down. Any sign of life from this management team might be enough to attract some buying interest from fixed-income investors willing to take on a little extra risk for a little extra upside, but so far they’ve done little (if anything?) to slow the REIT’s degrading organic numbers (occupancy, WALE) and have literally done nothing to acquire new assets. They haven’t even done the basic diversification move of injecting mall/retail/hotel assets to reduce shareholder exposure to the commercial office space sector, with the side benefit of fuzzing occupancy and WALE. Just nothing. No debt, sure, but that’s not a good thing for a REIT. In my opinion, that’s a sign of failure.

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