CREIT’s net income up 2% in 2024

Thanks to its strong guaranteed base lease, supported by 2023 acquisitions.

Citicore Energy REIT Corp. (CREIT) has reported a 2% increase in its net income to reach $24.46m (PHP1.4b) in 2024.

In a disclosure, the company reported a 5% increase in its revenue to reach $33.19m (PHP1.9b), whilst its earnings before interest, taxes, depreciation, and amortisation increased 4% to $31.45m (PHP1.8b).

“The performance improvement is due to CREIT’s strong guaranteed base lease supported by the seven properties acquired in 2023,” the statement read.

“In addition to this, CREIT’s variable lease revenues increase was driven by the combined overperformance of actual versus base generation and higher contract renewal rates,” it added.

In 2024, CREIT’s gross leasable area was maintained at 7.1 million square metres of land, with 5.1 million square metres of value accretive assets as solar farms being built on the land are part of the sponsor’s first gigawatt (GW) in its 5GW in 5 years goal.

CREIT's assets are also backed by a 100% occupancy all year-round and a weighted average lease expiry of 20.44 years.

$1 = PHP57.24