CREIT declares cash dividend for second quarter

By Alena Mae S. Flores August 14, 2023, 8:15 pm
from manilastandard.net

Citicore Energy REIT Corp., the country’s first real estate investment trust, on Monday declared cash dividends of P0.049 per share for the second quarter, up by 11.4 percent from the same period last year.

This was also the largest cash dividend declared by the company since its listing in February 2022.

The cash dividends will be payable on Oct. 4, 2023 to stockholders on record as of Sept. 9, 2023.

CREIT attributed the record dividends to the 21-percent increase in lease revenues during the period, amounting to P799.98 million from P663.58 million previously, resulting in higher income.

New leases contributed 17 percent as CREIT signed new contracts for the land acquired using proceeds from the ASEAN Green Bond issuance in February.

The maiden ASEAN Green Bond issuance, rated PRS Aa+ by Philippine Rating Services Corp., will mature in February 2028.

Coupon payments for the facility increased financing costs for the period to P135.86 million from P7.72 million, and clipped the net income growth to 3 percent amounting to P621.04 million from P601.14 million last year.

The newly-acquired properties in Batangas and Pampanga increased CREIT’s land area to 5,960,000 square meters as of June 30, 2023, solidifying its position as the largest landlord.

CREIT said it continues to lead with 100-percent occupancy for all its land properties.

CREIT’s parent firm, Citicore Renewable Energy Corp., is committed to delivering 1,000 megawatts of additional capacity annually in the next five years.