Citicore Energy REIT Corp. (CREIT), the real estate investment trust (REIT) vehicle of the Citicore group, has posted 454 percent increase in net income to P1.25 billion in 2022 from P226 million in the previous year. According to CREIT President and CEO Oliver Tan, the upturn in profitability of the company will allow them to declare higher dividends for their investor-shareholders. “The higher income we generated as a renewable energy REIT allows us to share a bigger pie with our investors and other stakeholders,” he stressed. The company emphasized that “with the strong performance, CREIT has declared a total dividend of P0.183 per share – comprised of P0.176 per share regular dividends from guaranteed base lease and P0.007 per share special dividends from variable lease, representing 7.35-percent yield based on March 27 closing price of P2.49 per share.” On the firm’s guaranteed base lease, CREIT indicated that it consistently paid out 107-percent of its distributable income in 2022, and that was regarded to be “more than the mandatory 90-percent requirement under the REIT Law.” The company similarly registered four-fold upswing in revenues to P1.37 billion for 2022; rising from P352 million in the prior year. CREIT explained that their upbeat financial outcome largely proves that pursuing REIT as a business model “proves to be more efficient and profitable.” The company further reported earnings before interest, taxes, depreciation and amortization (EBITDA) to have been higher by 98-percent; while net income margins also rose by 91-percent. The company specified that its green asset portfolio has aggregate landholdings of roughly 2,000,000 square meters “and backed by 100-percent occupancy all year-round.” Given the firm’s financial performance upswing, the next major investment step that the Citicore group will be looking forward to is pursuing the 5,000 megawatts aspiration of renewable energy projects buildup “that will serve as potential assets for future CREIT infusion.”