Citicore Energy REIT Corp. (CREIT or the “Company”), the country’s first and largest renewable energy REIT, posted 5% higher revenues in 2024 to Php 1.9 billion from Php 1.8 billion from the same period last year. EBITDA also increased 4% to Php 1.8 billion and a 2% increase in net income of Php 1.4 billion compared to same period last year.

The performance improvement is due to CREIT’s strong guaranteed base lease supported by the seven properties acquired in 2023. In addition to this, CREIT’s variable lease revenues increase was driven by the combined overperformance of actual versus base generation and higher contract renewal rates.

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

In 2024, CREIT’s gross leasable area was maintained at 7.1 million square meters of land – with 5.1 million square meters of value accretive assets as solar farms being built on the land are part of the sponsor’s first gigawatt (GW) in its 5GW in 5 years goal.

CREIT's assets are also backed by a 100% occupancy all year-round and a weighted average lease expiry of 20.44 years, assuring its shareholders stable operations and a sustainable income. The Company’s performance in 2024 resulted in a total dividend of Php 0.202/share, compared to Php 0.199/share declared the prior year, or a 6.6% dividend yield based on the closing price of Php 3.05/share on the last trading day of 2024, December 27. Notably, the company has declared its highest dividends to date at Php 0.055 for 4Q 2024.

For the third straight year, CREIT paid out 106% of the Company’s distributable income, derived from the guaranteed and variable leases, well-above the 90% required under the REIT Law.###