CREIT declares P0.54 per share cash dividend from Q4 revenues

By Alena Mae S. Flores – March 20, 2024, 8:25 pm
from manilastandard.net

Citicore Energy REIT Corp. (CREIT), the country’s first renewable energy real estate investment trust firm, declared cash dividends of P0.054 per share, representing income from its guaranteed and variable lease revenues in the fourth quarter of 2023.

CREIT said in a disclosure to the Philippine Stock Exchange Tuesday its cash dividend was 10 percent higher than the P0.049 it declared in the previous quarter.

It was also the largest dividend declaration since the company listed in 2022 and equated to an annualized yield of 7.8 percent, based on the yearend 2023 closing price of P2.56.

The declaration date is March 19, 2024 for stockholders of record as of April 18, 2024, while payment  is on May 15, 2024.

This brought total dividends declared out of the 2023 net income to P0.199 per share, or 9 percent higher than 2022’s P0.183 per share.

CREIT said the lease contracts from new parcels of land acquired from the proceeds of its ASEAN Green Bond issuance on Feb. 10, 2023 boosted its income.

“The accretive revenues stemming from 7 new parcels of land acquired in 2023 solidified CREIT’s position as the largest landlord for renewable energy real estate properties, with 7.1 million square meters in total leasable space,” it said.

The new parcels of land acquired are leased out to the new projects of parent firm Citicore Renewable Energy Corp. (CREC) that are under construction.

CREC has over 5,000 MW of project pipeline in varying stages of development.

CREIT said its unique green asset portfolio backed by 100-percent occupancy all year-round allowed the company to consistently declare steady dividends since its listing in the stock market.

CREIT won the Best Investor Relations—Energy REIT for the Philippines during 11th International Finance Awards 2023 held in Bangkok, Thailand.