Bogota, November 2024. Pei announced the company’s financial and real estate results for the third quarter of the year during the earnings conference, highlighting revenues exceeding COP 560,000 million year-to-date, representing a 10.4% increase compared to the same period last year.
These results are driven by increased rental income due to inflation and higher occupancy, primarily in the corporate segment. Within this segment, a key factor is the influx of new tenants, with 8,439 m2 leased on 5 properties, including a long-term lease at Atrio for an area near 8,000 m2. Regarding Pei’s real estate indicators, occupancy remains stable at 95% and the renewal rate of rental contracts is close to 97% in its portfolio.
In operational terms, Pei achieved NOI and EBITDA margins of 83% and 71% respectively throughout the year, due to the efficiency in managing real estate assets and the increase in portfolio revenues.
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.
During the results conference, Pei also announced the payment of distributable cash flow to investors for the third quarter of 2024 (the period from July 1st to September 30th of this year), amounting to COP 45,037 million per title, which is equivalent to COP 1.052, doubling the returns compared to the previous year.
Payment will be made on November 18, 2024, and will be subject to applicable withholdings based on the tax status of each investor in equity securities.
Pei will end the year with a total cash flow paid of $COP 136,095 million, which represents an increase of 115% in distributable cash flow paid and a market dividend yield of 4.53%.
Market dynamics.
Throughout the year, the price of the Pei share certificate has increased by 9.14%, reaching COP 70,180 at the end of September. Similarly, at the end of the third quarter, the share reached an average daily trading volume of COP 3,354 million.
About Pei (PEI CB Equity)
Pei is an alternative real estate investment structured and managed by Pei Asset Management since 17 years, a pioneer in the Colombian capital markets with more than 6,200 investors. It has consolidated a portfolio of income-generating assets with high specifications, covering more than 1.13 million square meters of leasable area, with a diversified base of more than 1,400 tenants and presence in more than 30 cities and municipalities throughout the country. The portfolio is valued at over 9.7 trillion pesos and includes four asset categories: corporate, commercial, logistics, and specialized use.