DoubleDragon REIT earnings decline by 24%
MANILA, Philippines — DDMP REIT Inc., the listed real estate investment trust (REIT) of DoubleDragon Properties, posted a net income of P5.09 billion last year, down 23.9 percent from 2019.
Core net income, which excludes fair value gains last year, rose 5.89 percent to P1.32 billion.Rental income grew by 7.61 percent to P1.91 billion.
DDMP REIT made its debut at the Philippine Stock Exchange (PSE) last month, the second REIT to list after Ayala Land Inc.’s AREIT Inc.
The company started the development of the prime commercial property along EDSA and Macapagal Avenue in the Bay Area in Pasay City in 2015. In 2017, the first tower was completed.
As a REIT company in the Philippines, DDMP REIT shall distribute at least 90 percent of its annual distributable income as dividends.
DDMP’s board of directors approved a cash dividend amounting to a total of P365.05 million to all shareholders as of record of April 28. The dividends are payable on May 10.
“This is from the business operations of the last quarter of 2020. The next round of cash dividend declaration for the first quarter of 2021 is expected to be declared next month for payment in June this year,” said DDMP REIT chairman Edgar “Injap” Sia.
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