Bogot\u00e1, February 8, 2024.<\/p>\n
Pei Asset Management, real estate manager of the Pei vehicle, announced the business’s financial and real estate indicators during the fourth-quarter 2023 results conference, highlighting revenue of COP 703,580 million at year-end 2023, representing 15% growth compared to the same period last year, and a real estate portfolio occupancy rate of close to 96%, the highest in the last five years.<\/p>\n
Likewise, favorable results were achieved in the business’s margins, with an NOI margin reaching 82.6%; the EBITDA margin, for its part, rose 551 basis points, closing the year at 71%, explained by the reduction in the vehicle’s operating cost structure.<\/p>\n
Vacancy and tenants
\nPhysical vacancy hit a record low, closing the year at 4.3%, a decrease of 135 basis points. The logistics category stood out, closing 2023 with 100% occupancy. Likewise, total square meters leased reached 52,463 m2, a 77.6% increase over 2022.<\/p>\n
This was underpinned by Pei’s strong positioning in the Colombian real estate market, its strategy of geographic diversification, high-specification asset categorization, and tenant segmentation. In this context, tenant retention, reflected in renewed contracts, remained at 98%.
\nCapital structure (debt and Distributable Cash Flow)
\nDuring the year, the Loan to Value ratio continued its downward trend, falling from 36% to 34%, a decrease of 190 basis points, due in part to higher asset valuations driven by increased lease income. Likewise, the cost of debt declined from 14.21% in 2022 to 14.08% at the close of 2023, a result of lower inflation. In addition, in the fourth quarter of 2023 the vehicle’s operations generated a Distributable Cash Flow for investors of COP 26,028 million, equivalent to COP 608 per Security, to be paid on February 14.<\/p>\n
Capital markets activity<\/p>\n
Lastly, the Security’s price on the secondary market posted an 80% market price appreciation, reaching COP 64,300 at the close of 2023 compared to the prior year. Likewise, average daily trading volume for the security rose notably, from COP 72 MM in December 2022 to COP 665 MM in December 2023, a 9.2-fold increase.<\/p>\n
In 2023, even amid macroeconomic headwinds, Pei achieved concrete results in its real estate portfolio, highlighting its diversification and the specific strengths of its tangible assets. The vehicle is preparing for a new stage in the business’s evolution and will continue contributing to the country’s development through the real estate investment industry.<\/p>\n
About Pei (PEI CB Equity)
\nPei is a real estate investment alternative structured and managed by Pei Asset Management, with more than 6,400 investors. It has built a portfolio of investments totaling more than 1.14 million m2 of leasable area across 32 cities and municipalities in the country, valued at more than 9.2 trillion pesos, in four asset categories: corporate, commercial, logistics, and specialized use. Pei leases its assets to a diversified base of more than 1,600 tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bogot\u00e1, February 8, 2024. Pei Asset Management, real estate manager of the Pei vehicle, announced the business’s financial and real estate indicators during the fourth-quarter 2023 results conference, highlighting revenue of COP 703,580 million at year-end 2023, representing 15% growth [\u2026]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13312","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":{"tiempo_de_lectura":"2","unidad_de_tiempo":"mins"},"_links":{"self":[{"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/posts\/13312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/comments?post=13312"}],"version-history":[{"count":8,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/posts\/13312\/revisions"}],"predecessor-version":[{"id":16270,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/posts\/13312\/revisions\/16270"}],"wp:attachment":[{"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/media?parent=13312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/categories?post=13312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/tags?post=13312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}