DoubleDragon to list P14.7-billion REIT, posts P5-billion Jan-Sept net income

ABS-CBN News

Posted at Nov 16 2020 05:00 PM

DoubleDragon to list P14.7-billion REIT, posts P5-billion Jan-Sept net income 1
The Double Dragon Plaza, under the Double Dragon Properties in Pasay City on May 22, 2018. Mark Demayo, ABS-CBN News/File

MANILA - DoubleDragon Properties Corp. has applied for a P14.7-billion real estate investment trust (REIT) listing for its DD Meridian Park on Monday.

DoubleDragon said the REIT listing will raise funds that will be used to construct additional 425,000 square meters of leasable portfolio and add recurring revenues for the company.

DDMeridian Park Development Corp., which holds the DD Meridian Park, will be renamed and listed as DDMP REIT Inc.

"The company expects to file its REIT IPO (initial public offering) application with the SEC (Securities and Exchange Commission) and the PSE (Philippine Stock Exchange) within this week. Onboard for the P14.7 billion planned DDMP REIT offering are 6 foreign and 3 domestic underwriters. Complete details of which will be provided upon filing," DoubleDragon told the stock exchange.

This is the second REIT listing for 2020 after Ayala Land's AREIT in August. Robinsons Land also plans to list REIT for its 25 office buildings.

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DoubleDragon financials

Also on Monday, DoubleDragon said it increased its consolidated net income by 61 percent to P5 billion in January to September period from P3 billion a year ago. Core net income rose by 14 percent to P1.19 billion in the same three quarters as the company improved its profit margins.

Consolidated revenues were also up 41 percent to P9.8 billion in the first nine months of the year driven by sales contribution from completed leasable spaces and improvement in tenant retail sales after the easing of quarantine restrictions.

"2020 is a reset year, 2021 a recovery year, and 2022 to 2030 should be highly promising growth years. Our team will continue to strive hard with vigor to cause both DoubleDragon and MerryMart to in time be in a position where it can efficiently and significantly capture that next great cycle ahead," Sia said.