Citicore Energy REIT Corp. (CREIT), the real estate investment trust (REIT) of Citicore Renewable Energy Corp., on Wednesday said it recorded a net income of P601 million in the first half, more than five times the P89 million it earned last year.

The company said its gross revenues for the first half rose to P664 million, also five times higher than last year, which mainly consisted of lease income from the guaranteed base lease from various solar plant companies.

“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.

Last July 20, the company declared cash dividends of another P0.044 per share, representing the income for the second quarter, payable on September 14. Shareholders on record as of August 19, 2022 are entitled to said cash dividends.

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 is the second cash dividend for the year, bringing total cash dividends declared to P0.088 per share for the first six months of the year, more than double than the dividends declared and paid for the full year of 2021.

With the dividend payout, CREIT said it is well-positioned to achieve the 7 percent annualized yield as per REIT plan, incorporating the possible upside from the variable lease at end of the year which will then be separately declared as special dividend, the company said.

“New fresh assets to be infused are expected to increase CREIT’s revenue base and earnings, which will eventually translate into higher dividends for our investors over the long-term,” Tan said.

CREIT’s portfolio currently consists of a solar power plant in Clark Freeport Zone, Pampanga, which it built on a land subject to a 25-year lease with the Clark Development Corp., as well as land leased to solar power plant operators, comprising of Company-owned parcels of land in Brgy. Armenia, Tarlac City and leasehold rights over parcels of land in Brgy. Dalayap, Tarlac City; Toledo City, Cebu; and Silay City, Negros Occidental.

Click to read more: CREIT net income surges to P601M in January-June - BusinessMirror