Pei’s revenue reached $511.311 million in September, after rising by 15%.

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November 16, 2023

Pei requested authorization to call an extraordinary assembly in December to change the commission structure.

The administrator of real estate investment vehicle Pei Asset Management reported revenues of $511.311 million in the first nine months of the year.… which resulted in a growth of 15% compared to the same period of the previous year.

Also, the vehicle reported which resulted in improved business margins. The NOI margin reached 82,7%.; the EBITDA margin, at 70,8%%, due to a reduction of 37,5%% in real estate management fees and other administrative expenses.

Taking only the three months that ended in September The company’s net profit was of $240.057 million an increase of 4,59% compared to the same period last yearWhile operating expenses increased by 56.76% to $36.375 million.

Pei Asset Management He announced in his earnings conference call that the review and approval process is already underway by The Financial Supervision Department to carry out the call for the extraordinary meeting of the Investor General Assembly 2023which is estimated for the first few days of December. According to an analysis by Davivienda, this assembly would change the commission scheme.

Regarding vacancy rates, Physical vacancy rates of 5,4%% and economic vacancy rates of 7,7%% were recorded, with a decrease of 58 basis points. and an increase of 100 basic points, respectively, compared to the same period of the previous year.

Space marketing The vacant or fully absorbed area reached 31.620 square meters during the year. of which 50,6% were achieved during the third quarter due to market dynamism, geographical diversification, and the arrival of new tenants.

In that context, a tenant retention rate of 98.5% was maintained, as measured by revenue. Over the past year, the debt-to-asset ratio or Loan-to-Value (LTV) has decreased from 36% to 34%, representing a decrease of 210 basis points. of which 69 relate to the third quarter of the year, as evidenced by the effect of asset appreciation on rental income adjustments due to inflation.

Fuente:
https://www.larepublica.co/finanzas/resultados-de-pei-asset-management-tercer-trimestre-2023-3746212

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Pei’s revenue reached $511.311 million in September, after rising by 15%.

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