Citicore Energy REIT Corp. (CREIT or the “Company”) declared cash dividends of Php0.049/share for the second quarter of 2023, 11.4% higher than the same period last year and the largest by far since its listing in February 2022. The cash dividends will be payable on October 4, 2023 to stockholders on record as of September 9, 2023. 

The record dividends were attributed to the 21% increase in lease revenues during the period, amounting to Php799.98 million from Php663.58 million previously, resulting in higher dividendable income. Of these, new leases contributed 17% as CREIT signed new contracts for the land acquired using proceeds from the ASEAN Green Bond issuance last February.  

The maiden ASEAN Green Bond issuance, which has been rated PRS Aa+ by Philippine Rating Services Corporation (PhilRatings), will mature on February 2028. Coupon payments for this facility increased financing costs for the period, from Php7.72 million to Php135.86 million, and clipped the net income growth to 3% amounting to Php621.04 million from Php601.14 million last year. 

“We remain committed to CREIT’s vision of delivering a sustainable investment platform, both from a financial and environmental perspective. Rest assured that we will continue to focus on adding green and value-accretive assets to our portfolio to drive long-term growth and shareholder value creation,” said CREIT President and Chief Executive Officer Oliver Y. Tan.  

The newly acquired properties located in Batangas and Pampanga increased CREIT’s land area to 5,960,000 square meters as of June 30, 2023, solidifying its position as the largest landlord. CREIT continues to lead with 100% occupancy for all its land properties. 

CREIT’s Sponsor, Citicore Renewable Energy Corporation (CREC), is committed to delivering  1,000 megawatts of additional capacity annually in the next five years.