Citicore Energy REIT Corporation (CREIT or “the Company”), during its Annual Stockholder’s Meeting (ASM) on 09 June 2025, emphasized strong financial footing and stakeholder partnerships in 2024, highlighting stable growth and consistent dividend yields.
During the event, CREIT Chairman Edgar Saavedra set the tone, emphasizing CREIT’s unique position as a REIT operating in the renewable energy space. “Our land assets, which are primed to support such [renewable energy] developments, are an attractive opportunity for investors,” he mentioned.
CREIT President and CEO Oliver Tan, in his report, underscored the company’s vision to be the foremost Energy REIT investment in the Philippines, delivering superior yields from a portfolio of sustainable prime land and solar assets.
“Our accomplishments translated positively to our investors through record high dividends, and to our host communities through sustainability programs conducted with the Citicore Group,” Tan said.
Performance Highlights
CREIT felt the full impact of its asset infusions in 2023, adding seven land parcels totalling 5.12 million square meters. This, combined with an already strong guaranteed base lease and a 48% increase on variable lease revenues, translated to a 5% increase in revenues to Php 1.9 billion in 2024. Net income also increased to Php 1.4 billion, while EBITDA grew to Php 1.9 billion.
All 14 assets in CREIT’s green portfolio were maintained in 2024, totaling 7.1 million sqm of gross leasable space with a 100% occupancy rate year-round and an impressive above-industry standard weighted average lease expiry (WALE) of 20.44 years as of the end of 2024.
To investors, this resulted in a consistent dividend payout of Php 0.049 per share for the first nine months of 2024, and a Q4 dividend of Php 0.055 per share. For the first nine months of 2024, we declared a consistent dividend payout of Php 0.049 per share. For the full year 2024, CREIT paid dividends amounting to Php 0.202 per share – above the standard 90% of distributable income as mandated by the REIT law.
Beyond financial performance, CREIT also organizes sustainability initiatives to improve the lives of host communities, from their environment to their health and livelihood. The Citicore Group’s AgroSolar Initiative, educational support projects and medical missions also support holistic progress for communities around CREIT lands.
With CREIT providing land for renewable energy operators and developers, investors participate in Citicore’s commitment to pure renewable energy and a sustainable, climate-resilient future.
Sponsor Momentum
CREIT’s continued growth is further supported by its close relationship with its sponsor, Citicore Renewable Energy Corporation (CREC). Its seven acquired assets in 2023 are the sites of solar farms which are part of the sponsor’s first gigawatt (GW) in its 5 GW in five years goal. “Once these renewable energy facilities are online, we expect to surge in tandem with CREC, further giving merit to our value-accretive strategy,” Tan mentioned.
CREIT will continue grow its green asset portfolio under its strategic investment plan to acquire real estate properties for renewable energy development projects.
“As we continue our asset expansion, we aim to provide a more significant income acceleration to empower your investments and leave a positive impact on our communities and the environment,” said Tan.###
