Citicore Energy REIT Corp. the country’s first energy REIT, declared its first dividend of 35 centavos per share, just two weeks after listing on the stock exchange.
The dividends represent 102 percent of CREIT’s distributable income for 2021.
“The board of CREIT approved the cash dividend to show CREIT’s commitment to investors as a sustainable and attractive dividend paying instrument. This maiden dividend also reflects our confidence in the business model and its long-term prospects, as effective yields remain above existing benchmarks,” said company president and CEO Oliver Tan.
Based on the REIT plan, CREIT is projected to post a net distributable income of P226.9 million in 2021, of which 100 percent will be paid out as dividends to eligible shareholders.
For 2022 and 2023, the company is expected to distribute 107 percent and 106 percent of its projected distributable income, generating a dividend yield of 7 percent and 7.4 percent, respectively, based on the IPO price of P2.55/share.
CREIT’s earnings for 2021 largely came from the sale of electricity of its Clark Solar plant and the balance comprising seven percent of total earnings came from the two-months lease income from two leased properties in Tarlac.
SOURCE: Bilyonaryo
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