Real estate investment trust (REIT) Citicore Energy REIT Corp. (CREIT) said shareholders as of June 9, 2023, will receive cash dividends of P0.047 per share, representing their share in the company’s income for the first quarter of the year.
This translates to a total of P307.38 million in cash dividend the company is declaring for the first quarter.
CREIT said the dividend is 6.81 percent higher than the P0.044 per share dividend declared for the same period last year.
“The amount represents income from its guaranteed lease revenues for the first quarter of 2023, which was boosted by the lease contracts from new parcels of land acquired from the proceeds of its ASEAN Green Bond issuance last February 10, 2023,” it said.
“Incremental revenues stemming from new parcels of land acquired solidifies CREIT’s position as the largest landlord for renewable energy real estate properties,” it added.
CREIT said the new parcels of land are leased out to the new projects of CREIT Sponsor, Citicore Renewable Energy Corp. (CREC), that are currently under construction. CREC has over 5 gigawatts of project pipeline in varying stages of development.
CREIT said the first quarter dividend is the largest cash dividend it has declared since listing last year, and equates to an annualized yield of 7.46 percent, based on its May 9 closing price of P2.52.
“CREIT’s unique green asset portfolio, with total landholdings of 5,400,000 square meters and backed by 100 percent occupancy all year-round, has allowed the Company to consistently declare above-prescribed and steady dividends since its listing in the stock market,” the company also said.
