Citicore Energy REIT Corp. (CREIT), the country’s first energy-themed real estate investment trust, reported net income of 300 million pesos in the first quarter of the year.
The company said in a statement that this represented a gain of more than 10 times and was mainly due to rental income from its renewable assets leased to solar plant operators.
“With an established roster of tenants operating in a cycle-resilient industry, CREIT is optimistic about generating recurring green sources of rental income, translating into increased distributable income and attractive dividend yields for our shareholders,” company chairman Oliver Tan said in the statement.
“Going forward, our sponsor’s aggressive growth pipeline and commitment to supporting CREIT over the long term should support and even exceed our first quarter performance,” he added.
CREIT’s sponsor is Citicore Renewable Energy Corp., led by Megawide Construction Corp. founder and CEO Edgar Saavedra.
CREIT recorded gross revenue of 332 million pesos in the first quarter, up 470% compared to the same period in 2021.
—Miguel R. Camus INQ
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