DDMP income declines by 24%

DDMP Reit Inc., the real estate investment trust of Double Dragon Properties Corp., on Wednesday said its net income last year slipped 24 percent to P5.08 billion from the previous year’s P6.69 billion.

The company reported a lower income despite a slight increase in revenues to P1.91 billion, up by 7 percent from the previous year’s P1.77 billion due to the additional new tenants in Double Dragon Center West and the full year contribution of Double Dragon Center East.

The company said its core net income figures, which exclude fair value gains for 2020, reached P1.32 billion, an increase of about 6 percent from the previous year’s core income of P1.24 billion.

The company’s board also declared a cash dividend to all shareholders as of record date on April 28 amounting to a gross of P365.05 million or P0.02047718 per share with payment date of May 10.

“We are glad to conduct the DDMP cash dividend declaration to 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 in May 2021 for payment in June 2021,” company Chairman Edgar Sia II said. “We expect the cash dividend value of DDMP to start to be most efficient to benefit from the REIT incentives by the second quarter of this year since DDMP only became a REIT company last month.”

At the moment, the properties included in DDMP are the first six completed buildings of Double Dragon along the main thoroughfares of Macapagal Avenue, EDSA Extension and Roxas Boulevard in Pasay.