CREIT expects P1.17-b distributable income

By Alena Mae S. Flores – March 10, 2022, 6:35 pm
from manilastandard.net

Citicore Energy REIT Corp., the country’s first energy real estate investment trust, said Monday distributable income is expected to reach P1.166 billion this year, with full-year dividend rising to P0.18 per share.

CREIT said net distributable income would also likely reach P226.9 million in 2021, which would be entirely paid out as dividends to eligible shareholders.

CREIT’s earnings last year substantially came from the sale of electricity of its Clark Solar plant and the balance of seven percent came represented the two-month lease income from properties in Tarlac province. CREIT declared dividends of P0.035 per share, two weeks after listing date, representing 102 percent of the distributable income for 2021.

“The board of CREIT approved the cash dividend to show CREIT’s commitment to investors as a sustainable and attractive dividend paying instrument. This maiden dividend also reflects our confidence in the business model and its long-term prospects, as effective yields remain above existing benchmarks,” said CREIT president and chief executive Oliver Tan.