Tycoon Edgar Saavedra’s Citicore Energy Reit Corp. saw net income soar nearly 18 percent to P359.28 million as revenues expanded by 26 percent, driven by newly acquired parcels of land under its green asset portfolio.
As a result, CREIT declared dividends of P0.049, an increase of 4 percent over the same period in 2022. This will be paid on July 9 this year to shareholders of record on June 13.
“We have remained consistent in providing investors a sustainable and attractive dividend- paying REIT instrument from recurring but growing lease revenues, with asset acquisition in support of Citicore Renewables’ project pipeline,” said Oliver Tan, president and CEO of CREIT.
CREIT’s green asset portfolio, totaling 7,100,000 square meters with 100 percent occupancy and a 21.2-year lease expiry, has enabled consistent above-prescribed dividends since its initial public offering two years ago.
