Citicore Energy REIT Corp. (CREIT), led by Bilyonaryo Ed Saavedra, increased its profit in the first half by 12 percent to P693.4 million due to higher rental income.

In a stock exchange filing, CREIT said its second-quarter net profit rose 5.7 percent to P334 million.

Revenue increased 15 percent to P921 million in the first half, reflecting the full impact of new land acquisitions.

The company announced a cash dividend of P0.049 per share, representing an annualized yield of 7.1 percent (based on the closing price of P2.79 on June 28). The dividend will be paid on October 4 to shareholders who registered their shares on September 10.

“CREIT has paid attractive dividends each quarter, driven by increasing lease income and strategic asset acquisitions in line with Citicore Renewables’ project pipeline. This approach underscores the resilience of our REIT investment strategy and enables the Company to continually acquire value-added assets and closely align CREIT’s growth with that of its sponsor, Citicore Renewable Energy Corp.,” said Oliver Tan, President and CEO of CREC.

The parent company CREC has more than 5 gigawatts of projects in various stages of development, with one GW already in full swing.

CREIT’s unique green asset portfolio with a total land share of 7.1 million square meters and a 100% occupancy rate with a weighted average lease term of 20.94 years has enabled the company to continuously pay dividends since its IPO in February 2022.

CREIT is the first renewable energy real estate investment trust in the Philippines and the largest renewable energy landlord.