Citicore Energy REIT Corp. Reported P921 Million in Revenues for H1-2024, Declared a P0.049 Cash Dividends

​Citicore Energy REIT Corp. (CREIT) posted a 15% increase in revenues at P921 million for the half of 2024 from P800 million in the same period last year. This is driven by the full impact of the new parcels of land acquired in the same period of 2023 on the company’s financials. This translated to a 14% and 12% increase in EBITDA and net income respectively, solidifying CREIT's position as the largest renewable energy REIT in the Philippines.

​Dividends for the first half of 2024 were also declared on August 9 amounting to P0.049/share. The P0.049/share equates to an annualized yield of 7.1%, based on June 28 closing price of P2.79. This will be payable on October 4 to shareholders on record as of September 10.

“CREIT has sustained the delivery of attractive dividends each quarter, driven by growing lease revenues and strategic asset acquisitions aligned with Citicore Renewables’ project pipeline. This approach underscores the resilience of our REIT investment strategy, enabling the company to continually acquire value-accretive assets and closely align CREIT's growth with that 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 20.94 years, has allowed the Company to consistently declare above-prescribed dividends since its listing in the stock 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.