Citicore Energy REIT Corp. the country’s first energy real estate investment trust, said its net income grew more than five-fold from January to June this year, largely due to rental income from its renewable assets leased to solar plant operators.

In a stock exchange filing, CREIT said profit soared to P601 million from only P89 million in the first half last year.

Gross revenues, consisting of income from the guaranteed base lease from various solar companies, surged 408 percent to P664 million. EBITDA jumped 429 percent to P643 million.

“As the country’s first publicly-listed renewable energy REIT, we are now seeing the recurring rental revenue stream from our green asset portfolio. As detailed in the REIT plan, we are committed to pay a steady dividend stream, with strong upside potential from new asset infusion from the Sponsor moving forward,” said Oliver Y. Tan, CREIT president and CEO.

Tan is confident that the company will be able to sustain its strong earnings growth with the infusion of additional assets which will eventually translate into higher dividends to its investors over the long term.

CREIT declared cash dividends amounting P0.044 per share for the second quarter, payable on September 14.

Entitled to receive the dividends are shareholders as of record of August 19.

The amount represents 107 percent of the distributable income for the second quarter and indicates an annualized yield of 7.33 percent (excluding special dividends) based on the July 20 closing price of P2.38 per share.

This second cash dividend declaration for the year brought the total dividends declared to P0.088/share as of the end of the first half – 151 percent higher than the dividends declared and paid for the full year of 2021.

Click to read more: CREIT earnings quintuple in first half, higher dividends await shareholders (bilyonaryo.com)