AREIT [AREIT 33.95, up 0.1%; 116% avgVol] [link] declared a Q1/24 dividend of P0.56/share, payable on June 13 to shareholders of record as of May 28. The dividend has an annualized yield of 6.6%, which is a little higher than AREIT’s pre-dividend annualized yield of 6.48%. The total amount of the dividend is approximately 90.3% of the P1.47 bi llion in distributable income that AREIT reported for the period. AREIT’s year-to-date stock and dividend return is now up to 3.32%, and its total return since its IPO is now 54.56%.
MB bottom-line: That’s 16 straight quarters of stable or growing dividends from AREIT. Their management team has weathered all of the issues and problems that have plagued the commercial REIT sector since the pandemic in 2020 (COVID, inflation, POGOs, etc), and they’ve managed to actually grow the dividend 10 times while doing it. Sure, their yield is the lowest of the REITs on the PSE , but it’s low for a reason: risk (or the relative lack thereof).
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According to a report by Miguel R. Camus of InsiderPH [link], Citicore Renewable Energy Corp. [CREC 3.88 pre-IPO] CEO Oliver Tan said that CREC moved its IPO back by a week to June 7 after consulting with a feng shui expert. Mr. Tan said that June 7 is a more “auspicious” date.
MB bottom-line: I’m not a superstitious person but I understand why these considerations can creep in where the difference between success and failure can so often be attributed to random chance. We’ve seen companies in the past set their maximum IPO price at a number that is thought to carry better “luck”, but it’s hard to look at the history of IPO results and see much good luck in all that red. Good reason? Bad reason? It doesn’t make that much difference to me as an investor, and it likely won’t make any difference to anyone a year or two from now when CREC is listed and the IPO is just a distant memo ry. Still, thought it was interesting to pass this along since I was lightly speculating on the reason for the date change yesterday.
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Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.
Merkado Barkada’s opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.