DDMPR reported a nine-month rental income for 2023 of 1.4 billion down by 13.7% as compared to last year’s 1.7 billion. According to DDMPR the result was due to the decrease in occupancy.
While occupancy is down, other income shoots up by 253.8% to 0.3913 billion from last year’s 0.1106 billion. DDMPR explained that the increase was due to the increase in admin fees and other charges and interest charges to tenants.
The increase in other income allowed DDMPR to improve its nine-month bottom line by 0.5% as against last year’s.
Why is DDMPR earning more interests from tenants?
DDMPR’s balance sheet as of end of the Q3 2023, shows that receivables ballooned to 2.4 billion from 1.9 billion as of end of 2022.
Of the total receivables less than half is good which is neither past due nor impaired, the rest are past due.
DDMPR is charging interest on the past due. The more past due receivables the more interest it is charging.
DDMPR stock price holds well
Despite the decrease in the occupancy and more tenants paying late, DDMPR’s value is holding well. Year-to-date DDMPR is down just 4.65% as compared to RCR which is down 19.02%.
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