Citicore Energy REIT Corp. (CREIT), the country’s first and largest renewable energy real estate investment trust, reported a two percent increase in net income to P1.4 billion in 2024, driven by stable lease revenues and strong asset performance.

The company said Monday its total revenues rose 5 percent to P1.9 billion, up from P1.8 billion in the previous year, while EBITDA grew 4 percent to P1.8 billion.

The improvement was attributed to a solid guaranteed base lease from the seven properties acquired in 2023, along with higher variable lease revenues from stronger-than-expected power generation and improved contract renewal rates.

“CREIT’s continued stability in 2024 reflects its resiliency amidst fluctuating market conditions and current challenges faced by traditional REITs. Our operation in a crisis-proof and essential industry has translated to consistent, above-market dividends for our investors in three years since listing,” CREIT president and CEO Oliver Tan said.

Farms for solar panels

The company maintained a gross leasable area of 7.1 million square meters, with 5.1 million square meters of value-accretive assets hosting solar farms.

Properties contributed to its sponsor’s ambitious goal of developing 5 gigawatts of renewable energy within five years.