Citicore Energy REIT Corp. (CREIT) is declaring a P0.051 per share cash dividend covering the fourth quarter operating period.
“This consists of regular dividends coming from CREIT’s guaranteed base lease revenues from fourth quarter 2022 and special dividends from variable lease revenues for the year, amounting to P0.044 per share and P0.007 per share, respectively,” the company said.
The company reported variable lease revenues of P43.9 million last year, representing its 50 percent share in the excess revenues earned by its lessees over base revenues.
“This was driven by the combined overperformance of actual versus base generation, which forms part of CREIT’s guaranteed base lease, as well as higher electricity prices during the year,” the company added.
This brings declared dividends for 2022 at P0.183 per share, a 7.44 percent yield based on its March 21 closing price of P2.46, CREIT said.
The company said its unique green asset portfolio, with total landholdings of almost 2,000,000 square meters, and backed by 100 percent occupancy all year-round, has allowed it to declare above-prescribed and steady dividends during the year.
“For its guaranteed base lease, CREIT has consistently paid out 107 percent of its distributable income in 2022, more than the mandatory 90 percent requirement under the REIT Law (Real Estate Investment Trust). As a result, CREIT became a constituent of the PSE Dividend Yield Index (PSE DivY Index) beginning February 6, 2023,” it added.
The index was launched in 2022 to focus on investment securities that consistently give high-yielding dividends.
