Citicore Energy REIT Corp. (CREIT), the Philippines’ pioneering and largest renewable energy Real Estate Investment Trust, achieved notable growth in 2024, with revenues rising by 5% to Php 1.9 billion, compared to Php 1.8 billion in 2023. The company also reported a 4% increase in EBITDA, reaching Php 1.8 billion, alongside a 2% improvement in net income, amounting to Php 1.4 billion.
The impressive performance is attributed to CREIT’s robust guaranteed base lease, strengthened by the acquisition of seven new properties in 2023.
Additionally, the company benefited from higher variable lease revenues, which were driven by outstanding actual generation performance exceeding base targets, coupled with favorable contract renewal rates.
“CREIT’s stability in 2024 underscores its resilience amid volatile market conditions and challenges faced by traditional REITs. Operating in a crisis-resistant and essential industry has enabled us to deliver consistent, above-market dividends to our investors over the three years since our listing,” said Oliver Tan, President and CEO of CREIT.
