Bogotá, November 2024. Pei announced the vehicle’s financial and real estate results for the third quarter of the year during its results conference, highlighting revenue of more than COP 560,000 million so far this year, representing a 10.4% increase compared to the same period last year.
These results are driven by higher lease income tied to inflation and increased occupancy, mainly in the corporate category. In that segment, the addition of new tenants stands out, with 8,439 m2 leased across 5 assets, including a long-term contract at Atrio for an area of close to 8,000 m2. Pei’s real estate indicators have remained stable, with 95% occupancy and a lease-contract renewal rate of close to 97% across its portfolio.
In operational terms, Pei achieved NOI and EBITDA margins of 83% and 71%, respectively, so far this year, as a result of operating efficiency across its real estate assets and increased portfolio revenue.
Debt and Distributable Cash Flow.
In terms of debt portfolio management, the cost of financing has decreased by more than 300 basis points compared to December 2023, resulting in a decrease of nearly COP 18,000 million in net financial expense so far this year, which translates into greater distributable cash flow generation for investors.
Likewise, during the results conference, Pei announced the payment to investors of the Distributable Cash Flow generated in the third quarter of 2024 (the period from July 1 to September 30 of this year), amounting to COP 45,037 million, equivalent to COP 1,052 per Security, doubling the returns delivered compared to the prior year.
The payment will be made on November 18, 2024, and will be subject to applicable withholdings based on the tax status of each equity-securities investor.
Pei will close the year with a total cash flow paid of COP 136,095 million, representing a 115% increase in Distributable Cash Flow paid and a market dividend yield of 4.53%.
Capital markets activity.
So far this year, the price of Pei’s equity security has increased 9.14%, reaching COP 70,180 at the close of September. Likewise, by the end of the third quarter, the security posted an average daily trading volume of COP 3,354 million.
About Pei (PEI CB Equity)
Pei is a real estate investment alternative structured and managed by Pei Asset Management for 17 years, a pioneer in Colombia’s capital markets with more than 6,200 investors. It has built a portfolio of high-specification, income-generating assets totaling more than 1.13 million m2 of leasable area, with a diversified base of more than 1,400 tenants and a presence in more than 30 cities and municipalities across the country. The portfolio is valued at more than 9.7 trillion pesos and comprises four asset categories: corporate, commercial, logistics, and specialized use.