DDMP REIT, Inc. plans to invest in the long term in income-generating property assets that will provide competitive returns to investors, the listed company said in a 12-page filing outlining its three-year investment strategy sent to the Philippine Stock Exchange.
“The company will endeavor to acquire properties situated in high-growth areas, whether from the DoubleDragon Group or third parties to cater to economic growth,” the real estate investment trust company of listed property developer DoubleDragon Corp. said.
“DDMP REIT plans to add only mature real estate properties in its portfolio with stable cash flows,” it told the bourse. “It considers adding future properties that yield higher capitalization, preferably higher than the existing properties.”
DDMP REIT’s portfolio consists of three office buildings with six towers at the 4.75-hectare DD Meridian Park mixed-use development in Pasay City.
The buildings in the company’s portfolio include DoubleDragon Plaza that has four office towers, DoubleDragon Center East, and DoubleDragon Center West.
As of Sept. 30, DoubleDragon Plaza had a 70.81% occupancy rate, while DoubleDragon Center West had 94.76% occupancy. DoubleDragon Center East had full occupancy.
DDMP REIT’s net income fell 22.7% to P1.2 billion in the first nine months from a year earlier as revenue declined 18% to P1.53 billion. Rent income dropped 7.2% to P1.34 billion due to expired leases.
Costs and expenses rose 4.1% to P337.4 million due to higher taxes, licenses, and outsourced manpower services. — RMDO
