CITICORE Energy REIT Corp. (CREIT) on Monday reported a 12-percent increase in net income at P693.41 million in the first half of 2024, which it attributed to revenues from acquired assets in 2023.
In its disclosure, revenues grew 15 percent to P920.85 million from P799.98 million in the same period last year, mainly from new parcels of land gained from proceeds of its green bond offering on Feb. 10, 2023.
CREIT’s direct costs totaled P52.14 million, up 2 percent due to higher property and fund management fees.
The company recently declared dividends at P0.049 per share, payable on October 4 to shareholders on record as of September 10.
“CREIT has sustained the delivery of attractive dividends each quarter, driven by growing lease revenues and strategic asset acquisitions aligned with Citicore Renewables Energy Corporation’s project pipeline,” CREIT President and CEO Oliver Tan said. “This approach underscores the resilience of our REIT investment strategy, and will enable us to continually acquire value-accretive assets.”
The company is the real estate investment trust arm of listed Citicore Renewables Energy Corporation.
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