Citicore Energy REIT Corp. (CREIT) announced a dividend of P0.049 per share for the third quarter of 2023, maintaining the record level set in the previous quarter and marking an 11.4 percent increase compared to the same period last year.
During the January to September period, CREIT recorded lease revenues of P1.31 billion, reflecting a 31% jump from the same period the previous year. In the third quarter alone, revenues grew 31%.
The cash dividends are scheduled to be payable on January 22, 2024, to stockholders on record as of December 26, 2023.
CREIT president Oliver Tan emphasized the company’s consistent dividend payouts since its initial public offering (IPO), highlighting CREIT’s robust and stable revenue foundation.
Tan attributed CREIT’s strong revenue performance to the strategic acquisition of land assets in Batangas, Pampanga, and Pangasinan, utilizing proceeds from its ASEAN Green Bond issuance in February 2022. These acquired properties, totaling 518 hectares, contributed 23% or P307 million to total revenues.
As of end-September, CREIT boasts a leasable area of 7,160,000 square meters and maintains a leading position with a weighted average lease expiry of 21.7 years, driven by full occupancy across all leased properties.
The company’s consistent dividend yield and payout have secured its inclusion in the PSE’s Property Index as of August 7, 2023, and its reentry into the Dividend Yield Index as of September 20.
CREIT’s parent firm, Citicore Renewable Energy Corporation (CREC), is actively adding 1,000 megawatts of capacity annually over the next five years.