Bogotá, August 2024, 08. Pei announced the company’s financial and real estate results for the second quarter of the year during the investor conference, highlighting revenues exceeding COP 185,000 1,000,001 and an average daily trading volume of COP 3,400 million for the PEI stock in COP 3,400.
Business results
In the second quarter of the year, the vehicle generated revenues exceeding COP 185,000 million, an increase of approximately 11% compared to the same period of the previous year. These results are due to increased rental income, which naturally adjusts with inflation, the closure of vacancies in some assets, and the entry of new commercial spaces into the Jardín Plaza Shopping Center in Cali and the expansion of the Hada logistics center in Barranquilla.
Regarding the operational indicators of the vehicle, NOI and EBITDA margins of 83% and 71% were observed respectively, results that demonstrate the stability and strength of the business in a market context for real estate that faces challenges associated with low economic growth. However, lease renewals during the quarter exceeded 97%, achieving an occupancy rate for the portfolio close to 94%.
Market dynamics
Following the inclusion of Pei’s stocks (equity securities) in the MSCI COLCAP index, there was a significant increase in liquidity, with trading volumes reaching up to COP 238,000 million in May, with 139,000 million being traded on a single day. In this way, at the end of the first semester of 2024, the stock reached an average daily trading volume of COP 3,400 million and recorded a 16.8% increase, closing June at COP 75,100 per share.
Debt and distributable cash flow
Regarding debt portfolio management, at the end of the first half of 2024, approximately 1.8 trillion pesos in financial liabilities were renegotiated to obtain lower interest rates and longer maturities. This resulted in a reduction in financing costs of around 2 percentage points compared to the end of December 2023. Pei also announced the payment of distributable cash flow to investors generated in the second quarter of 2024 (the period from April 1st to June 30th of this year), totaling COP 38,016 million, or COP 888 per Title. This aligns with the projection for 2024 to double the returns paid in 2023.
Payment will be made on August 15, 2024, and will be subject to applicable withholdings based on the tax status of each investor in equity securities.
For the second semester of the year, Pei’s strategy will continue to focus on placing spaces in Atrio and a potential issuance of securities in the capital market, according to the president’s message.
About Pei (PEI CB Equity)
Pei is a structured and managed real estate investment alternative offered by Pei Asset Management since 17 years ago, with over 6,200 investors. It has consolidated a portfolio of high-quality income-generating assets covering more than 1.14 million square meters of leasable area, with a diversified base of over 1,400 tenants and presence in more than 30 cities and municipalities across the country. The portfolio is valued at over 9.5 trillion pesos and includes four asset categories: corporate, commercial, logistics, and specialized use properties.