Citicore Energy REIT Corp. Posts 5% Revenue Growth for 3Q 2024 with P0.049 Per Share Cash Dividends

Citicore Energy REIT Corp. (CREIT) posted a 5% increase in revenues at P1.38 billion as of September 30, 2024 from P1.31 billion the same period last year. This growth is driven by the full impact of the seven new parcels of land acquired in 2023 on the company’s financials, solidifying CREIT's position as the largest renewable energy landlord in the Philippines. EBITDA and net income likewise increased by 4% and 2% increase respectively.

CREIT’s share price also reached its all-time high of P3.09/share on the 19th, 26th, and 27th of September 2024 since its listing in 2022. This share price surpassed its previous record in the second quarter of this year of P2.85/share, highlighting CREIT’s popular demand in the stock market as a top pick for REITs among brokerage houses.

Dividends for the 3rd quarter of 2024, amounting to P0.049/share, were also declared on 12 November. The P0.049/share equates to an annualized dividend yield of 6.4%, based on September 30, 2024 closing price of P3.06 per share. This dividend is payable on January 13, 2025 to shareholders on record as of December 12, 2024.

“We have sustained our attractive and highest dividend at P0.049 per share from last year to this year, showing not only resilience, but the strength of our REIT investment strategy. with our close alignment with CREC, we are more positive of a continued strong performance which translates to attractive returns for our investors,” said CREIT President and CEO Oliver Tan.

CREIT’s sponsor, CREC, has over 5GW of project pipeline in varying stages of development with its first gigawatt in full speed. CREIT’s unique green asset portfolio, with total landholdings of 7.1 million square meters and backed by 100% occupancy with a weighted average lease expiry of 20.69 years, has allowed the Company to consistently declare above-prescribed dividends since its listing in the stock market in February 2022.
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Citicore Energy REIT Corp. (CREIT), the Philippines’ first renewable energy real estate investment trust and largest renewable energy landlord is powered by its sponsor, Citicore Renewable Energy Corporation. CREC aims to lead the renewable energy revolution by empowering Filipino communities through positive energy. CREC is committed to powering a First-World Philippines with Pure Renewable Energy.