New assets boost Citicore REIT income

By: Meg J. Adonis – 08:23 AM November 15, 2023
from @inquirerdotnet / Philippine Daily Inquirer

MANILA  -Lease revenues of business tycoon Edgar Saavedra’s Citicore Energy REIT Corp. (CREIT) jumped by 31 percent to P1.31 billion in the January to September period due to added income from newly acquired land assets in three provinces.

In a stock exchange disclosure on Tuesday, CREIT said its assets in Batangas, Pampanga and Pangasinan provinces contributed 23 percent, or P307 million, to the company’s total revenues.

“Our vision for CREIT has not changed, and we will continue to implement strategies that will grow our leasable space, maximize our green portfolio assets, and consistently enhance overall value to our shareholders,” said CREIT president and chief executive Oliver Tan.

Dividend declaration

The company likewise declared a P0.049-per-share dividend in the third quarter, which is 11.4 percent higher than what was recorded in the same period last year.

Cash dividends will be paid out on Jan. 22, 2024 to stockholders on record as of Dec. 26, 2023.

CREIT currently has 7.16 million square meters of leasable area, with 100-percent occupancy in all its leased properties, according to the company.

Meanwhile, Citicore Renewable Energy Corp., CREIT’s sponsor, aims to deliver 1,000 megawatts of additional capacity annually in the next five years to provide “visibility for long-term sustainable growth and value creation.” INQ