Citicore Energy REIT declares stable Q3 dividend

Citicore Energy REIT [CREIT 2.54, up 0.4%; 70% avgVol] [link] declared a Q3/23 dividend of P0.049/share, payable on January 22 to shareholders of record as of December 26. This dividend is the same size as the previous dividend, so CREIT’s annualized yield of 7.9% based on the previous closing price was unaffected. The total amount of the dividend is P321 million, which is 106% of the P302 million in distributable income that CREIT reported for the quarter. Relative to CREIT's IPO price, the dividend increased CREIT's total stock and dividend return to 13.84%, up from its pre-dividend total return of 11.92%.

MB bottom-line: Nothing much to say about CREIT; they continue to deliver dividends to shareholders in line with the business plan they presented to IPO buyers back in February 2022. CREIT has (mostly) retained its IPO price while delivering a consistent stream of good dividends to shareholders. They’ve added assets to the mix and have a long pipeline of potential acquisitions care of the company’s parent, Citicore Renewable Energy Corp. If we consider a REIT’s annualized yield as a representation of the market’s assessment of risk, then only AREIT [AREIT 32.70, down 1.8%; 143% avgVol] ranks ahead of CREIT in terms of the market’s perception of the stability and quality of its income stream. I’d like to see more movement of assets into the REIT, but I think the management team has, overall, done a great job of delivering value to shareholders.

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