Daily Tribune‘We have remained consistent in providing investors a sustainable and attractive dividend-paying REIT instrument from recurring but growing lease revenues, with asset acquisition in support of Citicore Renewables’ project pipeline’
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Citicore Energy REIT Corp. (CREIT) booked double-digit earnings growth in the first quarter of the year driven by newly acquired parcels of land under its green asset portfolio.
The company reported a net income of P359.27 million, representing a 17.81 percent increase from P304.95 million in the same period a year ago.
Likewise, “We have remained consistent in providing investors a sustainable and attractive dividend-paying REIT instrument from recurring but growing lease revenues, with asset acquisition in support of Citicore Renewables’ project pipeline,”
“We have remained consistent in providing investors a sustainable and attractive dividend-paying REIT instrument from recurring but growing lease revenues, with asset acquisition in support of Citicore Renewables’ project pipeline,” CCREIT president and chief executive officer Oliver Y. Tan said on Tuesday.
Resilient REIT investment strategy
“This also demonstrates the resiliency of our REIT investment strategy to keep on adding value-accretive assets, effectively CREIT mirroring the growth roadmap of its sponsor CREC,” he added.
For the first quarter, CREIT declared dividends of P0.049 per share, four percent higher than the P0.047 per share declared in the same period last year. This will be payable on 9 July to shareholders on record as of 13 June.
Based on the 10 May closing price of P2.82, the P0.049 per share translates to an annualized yield of 7 percent.
CREIT’s sponsor, CREC, has over 5 gigawatts (GW) of project pipeline in varying stages of development with its first gigawatt well underway.
