DoubleDragon Q1 REIT profit up 24.7% to P3.88B

DDMP REIT Inc. (DDMPR) posted a 24.7-percent rise in first-quarter net income at P3.88 billion, buoyed by higher revenues and steady leasing operations in the Bay Area business district.

In a disclosure, the DoubleDragon Corp.-led real estate investment trust said total revenues jumped 20.48 percent to P4.52 billion from P3.75 billion in the same period last year.

The company attributed the performance partly to the continued activity in DoubleDragon Plaza, which it described as a strong central business district during weekdays.

DDMPR also declared cash dividends amounting to P431.82 million, equivalent to P0.024222 per share.

These are for shareholders on record as of May 19. Payment is scheduled on May 29.

The declared dividend was higher than the P402.33 million announced during the same period last year.

The company highlighted what it called a “bulletproof hard asset base.” It directly owns both the land and Grade-A office buildings within its portfolio instead of merely leasing the assets from its sponsor.

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DDMPR also emphasized that it remained debt-free, saying the company had “no debt” on its balance sheet.

The REIT further underscored its limited exposure to risks tied to artificial intelligence-driven disruption in the office market. The firm said it had no exposure to large business process outsourcing or call center tenants.

Meanwhile, the company said the newly operational Department of Foreign Affairs headquarters located behind DoubleDragon Plaza was expected to further boost activity within the DoubleDragon Meridian Park complex in Pasay City.