Citicore Energy REIT Corp. (CREIT), the Philippines’ pioneering and largest renewable energy real estate investment trust, announced stable revenues of Php 472 million for the first quarter of 2025, maintaining the same level as the corresponding period last year.
The Company’s resilient performance in the first quarter was primarily driven by a robust guaranteed base lease income of Php 419 million, marking a 2% increase compared to the first quarter of 2024. CREIT’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached Php 462 million, while net income for the period stood at Php 358 million.
“CREIT’s stable revenue highlights the inherent strengths of our business model as a REIT operating within the essential renewable energy sector. This shields us from typical market fluctuations and cyclicality often experienced by traditional REITs,” stated CREIT President and CEO Oliver Tan. “With three years of consistent revenues and dividend payouts, CREIT’s solid foundation underpins our future acquisition strategies.”
CREIT’s portfolio comprises 14 strategically located assets, encompassing a total gross leasable area of 7.1 million square meters. These assets are fully leased to solar operators and developers under long-term agreements, ensuring a consistent 100% occupancy rate throughout the lease.
Demonstrating its commitment to shareholder returns, CREIT declared first quarter 2025 dividends of Php 0.049 per share on May 9, 2025. This payout represents 106% of its distributable income, exceeding the minimum regulatory requirement of 90%.
Further bolstering CREIT’s growth prospects, its sponsor, Citicore Renewable Energy Corporation (CREC), is on track to complete and energize its initial one gigawatt of renewable energy projects in 2025. Significantly, many of CREC’s developments in Batangas, Pampanga, Pangasinan, and Negros Occidental are situated on CREIT’s land assets.
“CREIT is strategically positioned to mirror CREC’s growth trajectory as its sponsor’s projects come online,” added Tan. “This provides CREIT with a clear roadmap for value-accretive asset acquisitions, further strengthening our green real estate portfolio and delivering sustainable value to our stakeholders.”
