CREIT Q1 Net Income Hits ₱342-M, Approves Major Asset Expansion Plan

Citicore Energy REIT Corp. (CREIT), the country’s first and largest renewable energy real estate investment trust (REIT), reported first-quarter 2026 revenues of ₱458 million, highlighting the stability of its long-term renewable energy asset portfolio.

A solar energy facility operated by CREIT as the renewable energy REIT expands its portfolio and declares dividends. (Photo: CREIT)

The company posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₱446 million, while net income reached P342 million during the period.

“CREIT continues to demonstrate what a stable, yet growth-oriented REIT can look like,” CREIT President and CEO Oliver Tan said.

“Our revenues are highly predictable, backed by fixed long-term leases tied to our green asset portfolio and insulated from geopolitical issues due to our tenants’ essential business of renewable power generation,” Tan added.

CREIT maintained a 100% occupancy rate across its assets and reported a weighted average lease expiry of 19.19 years, supporting stable operations and long-term income visibility for shareholders.

On May 15, 2026, CREIT declared first-quarter cash dividends amounting to ₱0.049 per share, equivalent to an annualized dividend yield of about 6% based on the closing share price of ₱3.40 on March 31, 2026.

The payout represents 106% of distributable income, exceeding the minimum regulatory requirement of 90% for REITs. Dividend payments are scheduled for July 8, 2026, for shareholders on record as of June 11, 2026.

As part of its expansion strategy, CREIT’s board approved a proposed asset-for-share swap transaction with sponsor Citicore Renewable Energy Corporation (CREC) and its subsidiaries.

The proposed deal would inject around 1.7 million square meters of land and 860 megawatt-peak (MWp) solar assets located in Pangasinan, Pampanga, Batangas, Quezon, and Negros Occidental.

The transaction is expected to expand CREIT’s portfolio by roughly 20% through additional leasable land and stabilized, income-generating solar assets.

Upon completion, CREIT’s total gross leasable area is projected to increase to 8.8 million square meters, further strengthening its position as one of the Philippines’ largest REITs.

The company said the assets have undergone independent third-party valuation to ensure fair market pricing and arm’s-length execution.

“This transaction reflects how CREIT’s platform is built for long-term growth, allowing us to acquire stabilized, income-generating assets while deepening strategic alignment with our sponsor,” Tan said.

The transaction is expected to be completed in the coming months, subject to regulatory approvals and final agreements with the Securities and Exchange Commission and the Philippine Stock Exchange.

CREIT said CREC remains on track to expand its renewable energy development pipeline to approximately 3.4 gigawatts by the end of 2026 as part of its “5 gigawatts in five years” target.