Citicore Energy REIT Corp. (CREIT), the Philippines’ first renewable energy real estate investment trust, has reported a robust PHP 1.9 billion in revenues for 2024, a 5% increase from PHP 1.8 billion the previous year, marking its third consecutive year of growth. In a press release issued today, the company reported that earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 4% to PHP 1.8 billion, while net income rose 2% to PHP 1.4 billion,
This steady upward trajectory has translated into record-breaking dividends. The company declared a total dividend of PHP 0.202 per share for 2024, up from PHP 0.199 per share the prior year, yielding 6.6% based on its closing price of PHP 3.05 per share on December 27, 2024. Its fourth-quarter dividend of PHP 0.055 per share stands as the highest in its history.
“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.
The company credits its success to guaranteed base leases from seven properties acquired in 2023, complemented by variable lease revenues boosted by overperforming solar generation and higher contract renewal rates.
For the third straight year, CREIT distributed 106% of its distributable income, exceeding the 90% minimum mandated by the REIT Law. This bold strategy underscores its confidence in the enduring demand for renewable energy, positioning it as a leader in delivering sustainable, above-market returns.
The press release notes that forward-looking statements carry risks and opportunities that could affect 2025 plans, but CREIT’s consistent performance suggests a solid footing as the country’s largest renewable energy landlord.
What are your thoughts on CREIT’s revenue growth and its impact on the renewable energy investment landscape? Join the conversation and share your insights below!
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