Citicore Energy REIT Corp. Recorded a 31% Increase in Revenue of P1.8 B, a 12% Increase in Net Income of P1.4 B in 2023

The first and largest renewable energy REIT in the country, Citicore Energy REIT Corp. (CREIT), reported 31% greater revenue to P1.8 billion in 2023 and 12% higher net income of P1.4 billion.

This achievement was made possible by a solid base lease that was guaranteed, strengthened by the additional properties that were added in 2023. After completing its second year of operation as a fully fledged REIT, CREIT generated leasing income that was relatively stable, in contrast to its initial revenue stream of mainly power sales. Five million square meters of value-accretive assets, or seven (7) parcels of land, were added to CREIT's landholdings in 2023 alone. Since the company's 2022 Initial Public Offering (IPO), its portfolio of distinctive green assets has increased by a factor of 4.3.

Additionally, the year-round 100% occupancy of CREIT's assets guarantees steady operations and profits. Because of CREIT's steady operations, its net income and EBITDA margins in 2023 were 78% and 99%, respectively.

“The higher income we generated as a renewable energy REIT allows us to continuously increase value to our shareholders by declaring dividends beyond the mandated 90% of distributable income,” said CREIT President and CEO Oliver Tan.

Due to the excellent results, CREIT has announced a total dividend for the entire year 2023 of P0.199 per share, up from P0.183 in the previous year. Based on the closing price of P2.56 per share on December 29, 2023, this corresponds to a 7.8% dividend yield.

For the second year in a row, CREIT distributed 106% of the company's distributable income, which came from the guaranteed and variable leases. This amount is significantly higher than the 90% required by the REIT Law. The PSE Dividend Yield Index (PSE DivY Index as of February 6, 2023) now includes CREIT as a constituent.

On March 27, 2024, Philippine conglomerate SM Investments Corporation (SMIC) demonstrated its seal of approval in CREIT by acquiring a 28.79% interest, raising approximately P5.0 billion. The sponsor, Citicore Renewable Energy Corp. (CREC) will continue to be the single largest stakeholder in CREIT with a 32.88% effective ownership post-transaction.

“We believe SMIC’s investment is a vote of confidence in CREIT’s prospects and CREC’s business model. As a trusted partner, we remain committed to further build on our green asset portfolio, anchored on CREC’s plan to pursue its 5GW growth pipeline in the next five years,” added Tan.

As of December 31, 2023, CREC has eight site locations across the country with 1,583 MW of ready-to-build and under-construction solar power projects. The proceeds from the sale will help these projects grow further, helping the company meet its 5-year pipeline rollout roadmap goal of contributing roughly 1.0 GW of solar energy capacity annually. Being the principal landlord of CREC, this development is also anticipated to support the growth of CREIT's property assets.​

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.​