CREIT Marks 3rd Year of Continuous Revenue Growth Posting P1.9 Billion in 2024

​Citicore Energy REIT Corp. (CREIT), the country’s first and largest renewable energy REIT, posted 5% higher revenues in 2024 to P1.9 billion from P1.8 billion from the same period last year. EBITDA also increased 4% to P1.8 billion and a 2% increase in net income of P1.4 billion compared to same period last year.

​The performance improvement is due to CREIT’s strong guaranteed base lease supported by the seven properties acquired in 2023. In addition to this, CREIT’s variable lease revenues increase was driven by the combined over performance of actual versus base generation and higher contract renewal rates.

“CREIT’s continued stability in 2024 reflects its resiliency amidst fluctuating market conditions and current challenges faced by traditional REITs. Our operation in a crisis-proof and essential industry has translated to consistent, above-market dividends for our investors in our three years since listing,” said CREIT President and CEO Oliver Tan.

In 2024, CREIT’s gross leasable area was maintained at 7.1 million square meters of land – with 5.1 million square meters of value accretive assets as solar farms being built on the land are part of the sponsor’s first gigawatt (GW) in its 5GW in 5 years goal.

CREIT's assets are also backed by 100% occupancy all year-round and a weighted average lease expiry of 20.44 years, assuring its shareholders stable operations and a sustainable income. The Company’s performance in 2024 resulted in a total dividend of P0.202/share, compared to P0.199/share declared the prior year, or a 6.6% dividend yield based on the closing price of P 3.05/share on the last trading day of 2024, December 27. Notably, the company has declared its highest dividends to date at P0.055 for 4Q 2024.

For the third straight year, CREIT paid out 106% of the Company’s distributable income, derived from the guaranteed and variable leases, well-above the 90% required under the REIT Law.

CREIT is the Philippines' first renewable energy real estate investment trust and largest renewable energy landlord, listed in the Philippine Stock Exchange since February 2022. With 7.1 million square meters of total landholdings and operating in a crisis-proof and essential renewable energy industry, CREIT offers an attractive investment platform through its unique green asset portfolio and offers sustainable income with above market returns.