DDMPR is quite an unusual REIT. Firstly, its buildings are all located in one site.

Secondly, it is a slow growing REIT. There have been no announcements on additional asset infusions – and they listed way back in 2021. Also, this REIT decided to own a property which was not fully developed at that time. In fact the last building in the complex, the Ascott serviced residences, was only topped off this month. Although the MoA / Aseana bay area is shaping up as a proper business district, it is not yet as established as Makati, BGC or Ortigas.

Although the Meridian Park complex has some retail / restaurants and will soon have a hospitality component, it is predominantly an office property and will face the challenges of remote working and artificial intelligence. I’ve already written previously on its share price being halved (from IPO price) due to vacancy concerns, low WALE and dividend reduction.

On a better note, this REIT has freehold ownership of the singular 4.75 hectares of prime Pasay City land and its buildings are LEED certified. It has no bank nor intercompany debt. It is attracting commercial banks and government agencies as lessees, which are much more stable than POGOs. It is also on track to improve its occupancy rate to 95% by the end of this year. Its dividend yield currently sits at around 8% and will likely increase with the upcoming operation of DoubleDragon Tower and Ascott serviced residences. Interestingly, these 2 new buildings will be under long term leases to DoubleDragon related companies so there could be an element of variable payments under their agreements.

Check out this video of its ground level area:

I really like the giant sculptures by artist Jefrë Figueras Manuel but wished they incorporated more green space. I also think the newly built (2022) DoubleDragon Tower should have been for a different purpose such as a school, medical center or a hotel.

At a hefty -43% discount from its IPO price, would now be a good time to buy more DDMPR shares?