Citicore Energy REIT to acquire 1.7-M-sq-m land, 860-MWp solar assets

The REIT expands control over solar and land assets whilst holding steady income.

Citicore Energy REIT Corp. (CREIT) has approved a plan to acquire 1.7 million square metres (sq m) of land and 860 megawatt-peak of solar assets from its sponsor as it reported stable earnings for the first quarter (Q1) of 2026, a company press release said.

The board approved an asset-for-share swap with Citicore Renewable Energy Corporation and its subsidiaries, targeting completion in the coming months of 2026, subject to regulatory approvals and final terms.

The transaction covers solar assets located in Pangasinan, Pampanga, Batangas, Quezon, and Negros Occidental in the Philippines, which will expand its current portfolio by about 20%.

The company expects its total gross leasable area to rise to 8.8 million sq m after completion, making it the largest REIT in the Philippines by gross leasable area.

The assets underwent independent valuation by third-party providers, with CREIT stating the transaction will proceed at fair market value and on an arm’s length basis, subject to Securities and Exchange Commission and Philippine Stock Exchange requirements.

CREIT’s sponsor plans to expand its renewable energy portfolio to about 3.4 gigawatts by end-2026 under its five-year growth programme, which the company said will provide a pipeline of potential asset acquisitions.

The REIT also reported revenue of $7.43m (PHP458m) in Q1 2026, with the company attributing revenue stability to long-term lease agreements tied to its renewable energy asset portfolio.

Earnings before interest, tax, depreciation, and amortisation was $7.23m (PHP446m), whilst net income stood at $5.54m (PHP342m).

The company maintained full occupancy across its assets and recorded a weighted average lease expiry of 19.19 years.

CREIT declared a Q1 dividend of $0.00079 (PHP0.049) per share, equivalent to a 6% yield based on its closing price of $0.055 (PHP3.40) per share as of 31 March 2026.

The payout ratio stood at 106% of distributable income. The company scheduled dividend payment for 8 July 2026, with a record date of 11 June 2026.

(US$1 = PHP61.67)