DDMP REIT posts 24% profit decline despite growth in rentals

DDMPREIT.COM/

LISTED real estate investment trust (REIT) DDMP REIT, Inc. (DDMPR) reported a 24% decline in net income to P5.09 billion last year despite seeing a growth in rental income.

“The company’s portfolio is 97.23% leased out and continues to remain stable,” DDMPR disclosed to the exchange on Wednesday.

Core net income in 2020 increased by 5.9% to P1.32 billion, with rental income growing by 7.6% to P1.91 billion.

The company said the number of tenants in its DoubleDragon Center West increased, while DoubleDragon Center East improved its full-year contribution.

DDMPR also declared a cash dividend worth P365.06 million or P0.02047718 per share for all shareholders as of April 28. The payment date is set on May 10.

“We expect the cash dividend value of DDMPR to start to be most efficient to benefit from the REIT incentives by the second quarter of this year since DDMPR only became a REIT company last month,” DDMPR Chairman Edgar “Injap” J. Sia II said.

The company debuted at the local bourse last month, making it the second REIT listing in the country with some 17.83 billion shares up for trading.

In 2020, the company’s assets grew to P45.35 billion, up by 7.29% from P42.27 billion. Meanwhile, DDMPR’s equity stands at P35.52 billion, improving by 13.28% from P31.35 billion.

On Wednesday, DDMPR shares at the exchange closed unchanged at P2.21 apiece. — K.C.G. Valmonte

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