Citicore Energy REIT Corp. Reported a 26% Increase in Revenue, Declares Higher Cash Dividends at P0.049 Per Common Share

Citicore Energy REIT Corp. (CREIT) posted a 26% increase in revenues at P473 million for the first quarter of 2024 from P376 million in the same period last year.

This is a result of the recently purchased land that is part of the CREIT's portfolio of green assets. In the end, this resulted in increases in net income of 18% and EBITDA of 24%, respectively. This strengthens CREIT's standing as the biggest REIT landlord for operators and developers of renewable energy.

On May 13, dividends of P0.049 per share for the first quarter of 2024 were also announced. This is 4% more than the P0.047 per share payout for the same time in the previous year. To shareholders on file as of June 13, this will become payable on July 9.

A 7% annualized dividend is equivalent to P0.049 per share, based on the closing price of P2.82 on May 10.

“We have remained consistent in providing investors a sustainable and attractive dividendpaying 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.
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The company that sponsors CREIT, CREC, is working on about 5 GW of projects at different phases of development, with the first gigawatt already under way. With a weighted average lease expiry of 21.2 years and total landholdings of 7,100,000 square meters, CREIT's distinctive green asset portfolio has enabled the company to continuously distribute dividends above permitted amounts since its debut in the public market in February 2022.

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.