Due to higher revenues it fetched from lease contracts, Citicore Energy REIT Corp. (CREIT) has increased its declared dividends to P0.049 per share for the second quarter this year, up 11.4-percent from P0.044 in the same period last year.

The company reported that its revenues climbed 21-percent to P799.98 million from P663.58 million a year ago, hence, that also translated into higher dividends it could extend to shareholders.

“New leases contributed 17-percent as CREIT signed new contracts for the land acquired using proceeds from the ASEAN Green bond issuance last February,” the company emphasized.

In terms of net income, the company registered modest three percent uptrend to P621.04 million within the period versus last year’s P601.14 million.

Oliver Y. Tan, president and CEO of CREIT, noted that the firm is reinforcing its commitment toward “delivering a sustainable investment platform, both from a financial and environmental perspective.”

He added that CREIT “will continue to focus on adding green and value-accretive assets to our portfolio to drive long-term growth and shareholder value creation.”

The newly-acquired assets of the company include those in Batangas and Pampanga – and that essentially beefed up CREIT’s land area to 5,960,000 square meters as of end-June this year.

Given such scale of buildup on its properties, CREIT indicated that it remains firm on its stature as “the largest landlord” – and that lead is further propped by 100-percent occupancy rate it has been cornering for its assets.

On renewable energy (RE) project-developments, CREIT’s sponsor-firm Citicore Renewable Energy Corporation (CREC), is sustaining its target of 1,000-megawatt capacity addition annually in the next five years.

The major boost to that RE investment goal had been the recent 20-year power supply agreements (PSAs) awarded to CREC from the capacities it won from the green energy auction of the government.