Citicore Energy REIT Corporation’s (CREIT) net income for the first quarter of 2022 soared to Php300 million, over ten times the Php24 million posted in the same period last year.
The jump was attributed to the rental income from the company’s renewable energy assets leased out to solar plant operators.
“With an established list of tenants operating in a cycle-resilient industry, CREIT is optimistic in generating recurring green sources of lease revenues, translating to increasing distributable income and attractive dividend yields to our shareholders,” CREIT President and CEO Oliver Tan said in a statement.
CREIT’s gross revenues for the first quarter also made a significant jump to Php332 million from last year’s Php58 million. A large percentage of the revenues comprised of lease incomes from solar plant operators
Meanwhile, CREIT’s board of directors has approved the declaration of cash dividends for the first quarter amounting to Php0.044 per share to its shareholders on record as of June 8 this year. The amount, which represents 107% of the distributable income for the first quarter, will be payable on June 24.
“We are very pleased to announce the first tranche of regular quarterly dividends approved by the Board for the full year 2022. These came solely from the guaranteed base lease, as any incremental dividend income from the variable lease will be distributed at [the] end of the year,” Tan said.
Beginning this year and moving forward, CREIT’s cash dividends will be distributed quarterly.
CREIT looks to beef up its portfolio to 1.5 gigawatts of installed capacity by 2025 with the continued support of its sponsor, Citicore Renewable Energy Corporation. The company recently acquired Php 2.51 billion of properties in Bulacan and South Cotabato to develop solar farms.
CREIT, the country’s first energy real estate investment trust (REIT), debuted on the Philippine Stock Exchange in February.