Pei presents its 2023 results and 2024 strategies at its Annual General Meeting of Investors

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April 2, 2024

Bogotá, March 22, 2024. Pei held its 2024 Annual General Meeting of Investors, addressing key topics related to the investment vehicle’s financial and real estate performance and the strategies the Real Estate Manager has for its management.

During the Assembly, Pei’s 2023 management report and strategic plan presented by the Real Estate Manager were approved, as well as Pei’s 2023 management report and year-end 2023 financial statements presented by the Trustee.

Likewise, the commitment to continue strengthening the vehicle’s operating efficiency was reaffirmed, with a focus on revenue growth, margins, and vacancy management. On these indicators, Pei closed 2023 with revenue of COP 703,580 million, an NOI margin of 82.6%, and an EBITDA margin of 70.9%, along with a real estate portfolio occupancy rate of close to 96%, the highest in the last five years.

Among the priority strategies for 2024, Pei will seek to broaden the vehicle’s sources of capital and deepen portfolio optimization through the business’s real estate cycle, which includes analyzing asset upgrades, repurposing, redevelopment, and divestment. These strategies aim to increase the portfolio’s value, leveraging assets’ potential to keep them competitive.

In the current context, Pei projects a recovery in Distributable Cash Flow, supported by declining interest rates and operational efficiencies across the portfolio’s assets.

With an 80% appreciation in 2023, Pei was the top-performing security among equities listed on the Colombia Stock Exchange (BVC) and ranked among the 15 most-traded securities, making it the most liquid real estate investment alternative in the Colombian market that year.

About Pei (PEI CB Equity)

Pei is a real estate investment alternative valued at more than 9.28 trillion pesos and managed by Pei Asset Management, which has more than 6,400 investors. It has built a portfolio of high-specification, income-generating assets totaling more than 1.15 million m2 of leasable area, more than 1,600 tenants, and a presence in more than 30 cities and municipalities across the country. The portfolio comprises four asset categories: corporate, commercial, logistics, and specialized use.

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Pei presents its 2023 results and 2024 strategies at its Annual General Meeting of Investors

About Pei (PEI CB Equity)

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