CREIT 9M2023 Lease Revenues Jump 31% Year-on-Year

Citicore Energy REIT Corp. (CREIT or the “Company”) recorded lease revenues of Php 1.31 billion, marking a 31% increase from the same period last year. In the third quarter alone, revenues grew 31% year-on-year and 63% from the previous quarter.

CREIT solidified its position as the country’s largest REIT landlord, with 7,160,000 square meters of leasable area as of end-September 2023. I Photo: Citicore

The performance is largely attributed to newly acquired land assets in Batangas, Pampanga, and Pangasinan, financed with the proceeds from its ASEAN Green Bond issuance in February 2022.

These properties, totaling 518 hectares, contributed 23% or Php 307 million to total revenues.

As a result, CREIT solidifies its position as the country’s largest REIT landlord, with 7,160,000 square meters of leasable area as of end-September 2023. The company continues to lead with a weighted average lease expiry (WALE) of 21.7 years, owing to 100% occupancy on all its leased properties.

The Company has declared a Php 0.049/share dividend for the third quarter of 2023 – sustaining the record level achieved in the previous quarter and representing an 11.4% increase from the same period last year.

The cash dividends will be payable on January 22, 2024, to stockholders on record as of December 26, 2023.

CREIT’s consistent dividend yield and payout have earned it a place in the PSE’s Property Index as of August 7, 2023, and it rejoins the Dividend Yield Index as of September 20, 2023.

Looking ahead, CREIT’s sponsor – Citicore Renewable Energy Corporation (CREC) – is committed to delivering 1,000 megawatts of additional capacity annually in the next five years, providing CREIT with visibility for long-term sustainable growth and value creation.

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