Bogotá, 09 May 2024. During the first-quarter earnings conference call
Quarterly report for 2024, Pei Asset Management, a real estate management company owned by Pei.
presented the financial and real estate results of the business. These included
They highlighted revenues of over COP 191,000 million in the first three months.
from the year, which represents an increase of 13% compared to the same period
from the previous year, a portfolio occupancy rate close to 95% and
A lease renewal rate exceeding 99%.
Regarding margins, the results for the first quarter reflect seasonal trends.
of the business that has not yet incorporated all of its own operating expenses
and will be generated as the year progresses. Thus, the NOI margin achieved
It was of 84.5%, and the EBITDA margin was of 72.8%, which represented an increase.
118 and 61 basic points respectively compared to the first
Quarter of 2023; where the effect is reflected in the stabilization path of the
New structure for vehicle administration commissions.
Portfolio allocation
In general, during the first quarter of the year, Pei experienced a 99.2% increase.
of the leases, resulting in a vacancy rate of 5.42%. and
A vacancy rate of 7.15%. These real estate figures reflect
rent increases, a smaller supply of square meters in the economy
and the effect of inflation on income.
Debt and distributable cash flow
During that period, there was a significant advancement in the replacement of almost
25% (more than COP 750,0000 MM) from the debt portfolio, resulting in an improvement of
the cost of borrowing increased by more than 120 bps, rising from 14.08% in the fourth
Quarter of 2023 to 12.85% in the first quarter of 2024.
The restructuring of capital led to an upgrade in credit ratings.
Debt: Long-term debt at AA+, improving on the previous year’s outlook
and short-term debt in BRC 1+. Similarly, BRC Ratings S&P Global confirmed the AAA rating of i.
Program of equity securities issued by Pei, as well as the credit rating of
High effectiveness in managing Pei Asset Management’s investment portfolios, the fund’s real estate administrator.
In addition, the vehicle operations during this quarter generated revenue.
Distributable to investors of COP 27,014 million, meaning an amount per
Title of COP 631, amount to be paid on May 16th. The above
represents an increase of 80% compared to the distribution of the same period of
año pasado.
Market dynamics
Finally, in the context of 2024, the price of the title on the secondary market
registered an increase of 7.2%, reaching COP 68.900 by the end of March. The
The average daily trading volume (ADTV) was COP 751 million, 1.3 times.
greater than the same period of the previous year.
For the year 2024, Pei’s strategy will continue to focus on optimizing…
capital structure and seeking access to capital markets in the second phase
semester of the year
About Pei (PEI CB Equity)
Pei is a real estate investment alternative structured and managed by Pei Asset.
Management, with over 6,500 investors. It has consolidated a portfolio of assets.
income-generating, with high specifications, of more than 1.14 million m2 of leasable area,
with a diverse tenant base exceeding 1,350 and a presence in more than 30 cities.
municipalities in the country. The portfolio is valued at over 9.4 trillion pesos and includes four
Categories of assets: corporate, commercial, logistics, and specialized use.