DDMP [DDMPR 1.03, up 2.0%; 211% avgVol] [link] declared a Q2/24 dividend of P0.023561/share, payable on November 26 to shareholders of record as of October 31. The dividend has an annualized yield of 9.24% based on the previous closing price, which is marginally higher than its pre-dividend annualized yield of 9.21%. The total amount of the dividend is P420 million, which is 106% of the P396 million in distributable income that DDMPR reported for the quarter. Cumulatively, DDMPR will distribute 110.7% of its H1/24 distributable income. Relative to DDMPR's IPO price, the dividend increased DDMPR's total stock and dividend return to -37.95%, up from its pre-dividend total return of -39%.
MB BOTTOM-LINE: DDMPR is such an odd thing. Just as a matter of recognizing patterns, DDMPR tends to declare largely similar dividends through the first three quarters of the year, and then cap the year off with a real stinker of a dividend. Not because its underlying profitability has resulted in traditionally poor Q4 recovery, but because it tends to overpay dividends through the first three quarters of the year, and the final payment essentially underpays the quarter but “right-sizes” the full year’s distribution relative to its legal obligation to pay at least 90% of its distributable income per year to shareholders. I don’t know why it’s like this. I mean, I can take some guesses relating to its receivables and the relatively shorter leases that it’s been churning through relative to its peers, but I just don’t know. DDMPR’s last four quarters of dividends amount to P0.095856/share, which is 4.8% lower than the four quarters that preceded that period. At the end of the day, the truth is that DDMPR has been struggling. It’s not making as much money as it used to. It’s not necessarily in trouble, but a lot of what ails the REIT could have been solved by an index-average level of asset injections from its parent company or any other affiliates in the DoubleDragon [DD 9.62, up 2.6%; 46% avgVol] and Jollibee [JFC 268.60, down 0.1%; 75% avgVol] network. While other REITs were busy insulating their shareholders from the pain of the commercial office market by injecting non-office assets like malls, hotels, and industrial land, DDMPR did nothing.
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