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Business

DDMPR to buy mature real estate properties

Iris Gonzales - The Philippine Star

MANILA, Philippines — DDMP REIT Inc. (DDMPR), the listed real estate investment trust of the Double Dragon Group,  plans to add mature real estate properties to grow its portfolio.

The assets to be acquired by DDMPR will be assets owned by DoubleDragon Corp. but may also include assets owned by third parties.

Specifically, DDMPR would add assets with already stable cash flows, it said in its latest reinvestment plan filed with the Philippine Stock Exchange (PSE) recently.

DDMPR will add  future properties with higher capitalization.

To meet the company’s investment criteria, a potential new property should be “high quality, Grade-A commercial asset in prime locations either in Metro Manila or in key provinces in the Philippines.”

According to its investment plan, the assets must have “stable occupancy, strong tenancy and stable income operations.”

As of Dec. 15, 2022, DDMPR’s property portfolio consists of three operational office buildings with retail components in DD Meridian Park.

These are DoubleDragon Plaza, DoubleDragon Center East and DoubleDragon Center West.

Moving forward, DDMPR remains focused on optimizing its portfolio and driving operational excellence to deliver sustainable returns to shareholders.

As of Sept. 30, 2022, DDMPR  paid a total of P3.2 billion dividends since its listing on March 24, 2021.

According to its latest financial filing, DDMPR reported a net income of P1.54 billion from  January to September, 5.82 percent higher than the core net income booked a year ago.

The company’s nine-month profit  consisted purely of core recurring net income as the P1.31 billion tax benefit related to one-off adjustments as a result of the implementation of the CREATE Law was booked in 2021.

During the period, total revenues amounted to P1.82 billion while rental income reached P1.67 billion.

DDMP REIT chairman Edgar Injap Sia II said the whole DoubleDragon Group including DDMP REIT Inc would continue to solidify as years go forward.

“It looks like many companies are now starting to make important long-term decisions on their growth and expansion plans,” Sia said.

DDMPR

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