Citicore Energy REIT Corp. Declares 10% Higher Cash Dividends at PHP 0.054 Per Share

Citicore Energy REIT Corp. (CREIT) declared a cash dividends amounting to P0.054/share – 10% higher than the P0.049/share dividend declared in the previous quarter. This brings total dividends declared out of full year 2023 net income to P0.199 per share, 9% higher than that of 2022 at P0.183 per share.

The dividend amount of P0.054 per share for the fourth quarter of 2023 is derived from guaranteed and variable lease revenues, which were enhanced by lease agreements for newly acquired land purchased with the money raised from the sale of CREIT's ASEAN Green Bonds on February 10, 2023. CREIT's status as the largest landlord for renewable energy real estate projects, with 7.1 million square meters of total leasable space, was cemented by the accretive income from the seven (7) additional parcels of land purchased in 2023.

Based on the closing price of P2.56 at the end of 2023, the P0.054/share cash dividend declaration is the highest since the company was listed in 2022 and represents an annualized yield of 7.8%. The dates for the dividend declaration and payment are March 19, 2024, April 18, 2024, and May 15, 2024, respectively.

“CREIT has been showcasing resilience with consistently growing lease revenues, resulting in an attractive dividend-paying REIT instrument. This is a testament to our investment strategy to add value-accretive assets into the REIT, consequently increasing shareholder value. We have remained committed to our goal to accelerate CREIT’s growth trajectory by growing its green asset portfolio, mirroring the growth of its sponsor, Citicore Renewable Energy Corporation (CREC),” said President and Chief Executive Officer Oliver Y. Tan.

The new parcels of land acquired are leased out to the new projects of CREIT Sponsor, CREC, that are currently under construction. CREC has over 5GW of project pipeline in varying stages of development.

With total landholdings of 7,100,000 square meters and year-round 100% occupancy, CREIT's distinctive green asset portfolio has enabled the company to regularly declare dividends that are above mandated levels and have been stable since the company's stock market debut.

​CREIT, the Philippines’ first renewable energy real estate investment trust and largest renewable energy landlord is powered by its sponsor, Citicore Renewable Energy Corporation. CREC aims to lead the renewable energy revolution by empowering Filipino communities through positive energy. CREC is committed to powering a First-World Philippines with Pure Renewable Energy.