CREIT profit edges up to P1.4 billion

MANILA, Philippines — The earnings of Saavedra-led Citicore Energy REIT Corp. (CREIT) marginally increased to P1.4 billion in 2024, mainly propelled by modest growth in revenues.

CREIT, the country’s first renewable energy real estate investment trust (REIT), reported a five-percent rise in revenues to P1.9 billion in 2024 from P1.8 billion a year ago.

The growth was attributed to a robust guaranteed base lease supported by the full-year take-up of seven properties totaling 5.12 million square meters acquired in 2023.

“CREIT’s continued stability in 2024 reflects its resiliency amidst fluctuating market conditions and current challenges faced by traditional REITs,” company president and CEO Oliver Tan said.

“Our operation in a crisis-proof and essential industry has translated to consistent, above-market dividends for our investors in our three years since listing,” Tan added.

For 2024, the company has declared total dividends amounting to P0.20 per share, the highest payout in a single year since its listing on the Philippine Stock Exchange in 2022.

“We remain committed to providing investors with a sustainable and attractive dividend-paying investment as we continue to grow the company’s green asset portfolio, mirroring the growth of its sponsor, Citicore Renewable Energy Corp.,” Tan said.

CREC, a pure-play renewables platform, wants to scale up its portfolio with a target of five- gigawatts of green energy capacity by 2028.

CREIT, on the other hand, has total landholdings of 7.1 million square meters, with its assets backed by 100 percent occupancy with a weighted average lease expiry of 20.44 years.