CREIT sustains growth with P1.4-B earnings
Citicore Energy REIT Corp. (CREIT), the country’s first renewable energy real estate investment trust (REIT), saw its profit inch up last year, boosted by the seven parcels of land it acquired in 2023.
In a disclosure on Monday, CREIT said earnings slightly grew by 2 percent to P1.4 billion.
Likewise, revenues recorded a 5-percent growth to P1.9 billion. The company’s cash flow as measured by earnings before interest, taxes, depreciation and amortization rose by 4 percent to P1.8 billion.
On top of its “strong” guaranteed base lease backed by the seven properties, CREIT said the performance was also buoyed by better contract renewal rates during the period.
“CREIT’s continued stability in 2024 reflects its resiliency amidst fluctuating market conditions and current challenges faced by traditional REITs,” CREIT president and CEO Oliver Tan said.
“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,” Tan added.
The group kept its gross leasable area at 7.1 million square meters (sq m), making it the “largest renewable energy REIT landlord” in the local market.
Bulk, or 5.1 million sq m, was allocated for valuable assets, such as solar facilities.
Its parent firm, Citicore Renewable Energy Corp. (CREC), is trying to expand its portfolio to 5 gigawatts (GW) of capacity by 2028. Installed capacity is currently at 285 megawatts, sourced from 10 solar power facilities.
CREC is confident of hitting its first GW this year as it is set to activate more renewable projects.
The company shared earlier that for this year, it may spend more compared to the P35 billion it had earmarked last year, as it gears up for the rollout of its second GW pipeline.
