Citicore Energy REIT Corp., the country’s largest renewable energy real estate investment trust, on Monday reported an 11 percent increase in net income in the first six months of the year to P693.41 million from only P621.03 million a year ago.
The increase, the company said, was attributed to the full impact of the new parcels of land acquired last year.
Revenues grew 15 percent to P920.84 million from P799.97 million.
“CREIT has sustained the delivery of attractive dividends each quarter, driven by growing lease revenue and strategic asset acquisitions aligned with Citicore Renewables’ project pipeline. This approach underscores the resilience of our REIT investment strategy, enabling the company to continually acquire value-accretive assets and closely align CREIT’s growth with that of its sponsor, Citicore Renewable Energy Corp. (CREC),” Oliver Y. Tan, company president and CEO, said.
CREC has over 5 gigawatts of projects in varying stages of development, with the first gigawatt project well underway.
CREIT’s unique green asset portfolio total and landholdings of 7.1 million square meters backed by 100 percent occupancy and average lease expiry of 20.94 years has allowed the company to consistently declare dividends since 2022.
Dividends in the first half this year show an annualized yield of 7 percent based on its 28 June closing price of P2.79. This will be payable on October 4 to shareholders on record as of 10 September.
