Citicore Energy REIT Corp. (CREIT or “the Company”) posted a 26% increase in revenues at Php 473 million for the first quarter of 2024 from Php 376 million in the same period last year. This is driven by its newly acquired parcels of land under CREIT’s green asset portfolio. Down the line, this translated to 24% and 18% growth in EBITDA and net income respectively. This solidifies CREIT's position as the largest REIT landlord for renewable energy developers and operators.

Dividends for the first quarter of 2024 were also declared on May 13 amounting to Php 0.049/share – 4% higher than the Php0.047/share dividend declared in the same period last year. This will be payable on July 09 to shareholders on record as of June 13.

The Php 0.049/share equates to an annualized yield of 7%, based on May 10 closing price of Php 2.82.

“We have remained consistent in providing investors a sustainable and attractive dividend-paying REIT instrument from recurring but growing lease revenues, with asset acquisition in support of Citicore Renewables’ project pipeline. This also demonstrates the resiliency of our REIT investment strategy to keep on adding value-accretive assets, effectively CREIT mirroring the growth roadmap of its sponsor CREC,” said Oliver Y. Tan, President and Chief Executive Officer.

CREIT’s sponsor, CREC has over 5GW of project pipeline in varying stages of development with its first gigawatt well underway. CREIT’s unique green asset portfolio, with total landholdings of 7,100,000 square meters and backed by 100% occupancy with a weighted average lease expiry of 21.2 years, has allowed the Company to consistently declare above-prescribed dividends since its listing in the stock market in February 2022.