Revenues were flat at P472 million, matching the same period last year, while base lease income rose 2 percent to P419 million. Earnings before interest, taxes, depreciation and amortization stood at P462 million, reinforcing its strong operating fundamentals.
“CREIT’s stable revenue emphasizes our strengths as a REIT company, operating in an essential energy sector, shielded from market changes and typical cyclicality experienced by traditional REITs. With three years of consistent revenues and dividends, CREIT’s solid ground is the foundation of our future acquisition strategies,” said CREIT president and CEO Oliver Tan.
CREIT’s 14 solar-leased assets, spanning 7.1 million square meters, maintained 100 percent occupancy through long-term contracts. It also declared a first-quarter dividend of P0.049 per share, maintaining its payout at 106 percent of distributable income.
Its sponsor, Citicore Renewable Energy Corp. (CREC), is on track to complete one gigawatt of solar projects this year, with many located on CREIT-owned land.
“CREIT is poised to mirror CREC’s growth trajectory once its sponsor’s projects come online, providing CREIT with a growth roadmap for a value-accretive assets acquisition to further solidify our green real estate portfolio,” Tan said.
