Citicore Energy REIT [CREIT 3.05, up 3.4%; 386% avgVol] [link] declared a Q3/24 dividend of P0.049/share, payable on Jan. 13, 2025 to shareholders of record as of Dec. 12, 2024. The dividend has an annualized yield of 6.74% based on the previous closing price (no change). The total amount of the dividend is P321 million, which is 107% of the P301 million in distributable income that CREIT reported for the quarter. Through 9M, CREIT’s cumulative distribution rate is 104.8% of all distributable income earned during the period. Relative to CREIT's IPO price, the dividend increased CREIT's total stock and dividend return to 36.24%, up from its pre-dividend total return of 34.31%.
MB bottom-line: CREIT is the picture of dividend stability. While its dividend has not grown to the same extent as say AREIT [AREIT 38.90, down 1.5%; 147% avgVol] or VREIT [VREIT 1.78 unch; 18% avgVol], CREIT shareholders have been on the “P0.049/share per quarter, plus a Christmas bonus” schedule for almost two full years now. Would it be great to see CREIT and its parent company, Citicore Renewable Energy [CREC 3.21 unch; 141% avgVol], do more share swap deals to grow CREIT’s distributable income and dividend? Yes, of course it would. The dividend has only truly grown twice; first from P0.044 to P0.047 at the end of 2022, then again up to the current P0.049 level in Q2/23. But CREIT shareholders probably don’t mind how it has acted like a stablecoin, even through some of the toughest post-COVID periods of market volatility. I think there’s just a growing hunger for more.
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