SAAVEDRA-LED Citicore Energy REIT Corp. (CREIT) posted a net income of P1.43 billion last year, up 2% from a year earlier, after fully taking up additional revenues from assets it bought in 2023.
Revenue rose 5% to P1.89 billion due to the full-year take-up of revenue from lots acquired in 2023 that were financed by a green bond, according to its annual report released on Monday.
“These parcels of land were then leased out to the new projects that are currently under construction,” said CREIT.
The revenue consisted of lease sales from its freehold properties worth P864.5 million, leasehold properties worth P739.6 million and a solar plant worth P283.5 million.
“CREIT’s continued stability in 2024 reflects its resiliency amidst fluctuating market conditions and current challenges faced by traditional REITs (real estate investment trust),” CREIT President and Chief Executive Officer Oliver Tan said in a separate statement.
In 2024, the company’s gross leasable area was kept at 7.1 million square meters of land, a large portion of which was being used to develop the solar farms of its sponsor Citicore Renewable Energy Corp.
The solar projects are part of Citicore’s goal to expand its renewable energy portfolio to 5 gigawatts over five years.
CREIT is the Philippines’ first REIT with a focus on renewable energy. It specializes in owning infrastructure projects, including income-generating renewable energy properties across the Philippines.
Shares of the company rose 0.64% to close at P3.16 each. – Sheldeen Joy Talavera
