DDMP REIT, Inc., the real estate investment trust of DoubleDragon Properties Corp., announced on Thursday that its net income climbed by 41% to P7.17 billion last year from P5.08 billion in 2020.
“We are glad that DDMP REIT has remained resilient and has stably passed through what people say is a once in a lifetime major global crisis brought by the coronavirus pandemic,” DDMP REIT Chairman Edgar J. Sia II said in a statement.
In 2021, the company’s rental and common usage service area (CUSA) income also went up by 13.78% to P2.18 billion from P1.9 billion.
Mr. Sia said that the most important feature of the company is that 100% of its leasable space sits on prime commercial titled land it owns.
“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 shareholders forever because the land is titled, and is not a leasehold,” he added.
On May 4, the company declared cash dividends amounting to P495.85 million or around P0.028 per share to all shareholders as of May 19, with the payment date on May 31.
“We are pleased that DDMP REIT declared these dividends covering the income generated from the fourth quarter of 2021… another round of dividends for the first quarter of 2022 is expected to also be declared this month,” DDMP REIT Fund Managers, Inc. President Hannah Yulo-Luccini said.
“We are confident that each share of DDMP REIT with a current book value of P2.30 per share is a very solid share to own,” Mr. Sia added.
DDMP REIT’s principal investment strategy is to “invest in income-generating real estate.” Potential new properties should be located in a prime location in Metro Manila or key provinces; be primarily focused on Grade A commercial properties (including industrial properties); and have stable occupancy, tenancy, and income operations.
Its portfolio consists of three commercial properties in DD Meridian Park, including DoubleDragon Plaza, DoubleDragon Center East, and DoubleDragon Center West.
At the stock exchange on Thursday, DDMP REIT shares went up by 6.34% or nine centavos to close at P1.51 apiece. — Luisa Maria Jacinta C. Jocson
