DDMP REIT, Inc. (DDMPR), the real estate investment trust of DoubleDragon Properties Corp., recorded an 11.7 percent increase in earnings to P399.65 million in the first three months of the year, up from P357.8 million in the same period last year.

According to a regulatory filing made on Monday, the company’s rental income increased to P508.59 million, up 1.82 percent from P499.52 million in the same timeframe last year.

“The company’s portfolio is 97.23 percent leased out and remains stable,” DDMPR added.

DDMPR has announced a cash dividend of P358.97 million, with each shareholder earning P0.020136 per share as of the record date of May 28.

The payment date has been scheduled for June 10 by the firm.

“We are pleased to announce the second consecutive cash dividend to DDMP REIT shareholders this quarter, this time covering the income earned by DDMP REIT during the first quarter of 2021,” DDMPR Chairman Edgar “Injap” Sia II said.

DDMPR said that it is looking forward to taking advantage of the tax incentives provided by the REIT Law of the Philippines beginning with the next dividend declaration, which it claims would have a “significant positive effect on the sum of cash dividends eligible for declaration to shareholders.”

Quarter on quarter, the company’s net assets rose by 0.91 percent to P45.77 billion from P45.35 billion, while total equity increased by 1.13 percent to P35.92 billion from P35.52 billion.

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