{"id":15672,"date":"2021-11-11T19:24:37","date_gmt":"2021-11-12T00:24:37","guid":{"rendered":"https:\/\/pei.com.co\/resultados-tercer-trimestre-2021-pei\/"},"modified":"2026-07-29T18:41:17","modified_gmt":"2026-07-29T23:41:17","slug":"third-quarter-results-2021-pei","status":"publish","type":"post","link":"https:\/\/pei.com.co\/en\/third-quarter-results-2021-pei\/","title":{"rendered":"Third Quarter Results 2021 \u2013 Pei"},"content":{"rendered":"<ul>\n<li><strong>The quarter&#8217;s commercial management enabled the retention of contracts for more than 15,000 m2 and the leasing of approximately 25,000 m2 across the different categories.<\/strong> <\/li>\n<li><strong>The physical vacancy rate for the portfolio decreased to 7.3%, the lowest recorded during the year, thanks to placements in all categories during the quarter. <\/strong> <\/li>\n<li><strong>The trading volume in the portfolio&#8217;s assets continues to increase, with the \u00abtrading\u00bb category reaching a volume of 90%, compared to 2019 in the same period. <\/strong> <\/li>\n<li><strong>Over the course of the year, the company\u2019s operating margins (NOI margin and EBITDA margin) have recovered to pre-pandemic levels of [82%] and [63%], respectively. <\/strong> <\/li>\n<li><strong>The distributable cash flow for the third quarter of the year is COP<br \/>\n65,056 or COP 150,795 by Title. <\/strong> <\/li>\n<li><strong>The estimated dividend yield for this year 2021 will be approximately 4.8%.<br \/>\nCalculated based on the net asset value of the fund, and around 6.0% if calculated using the price.<br \/>\nof the title in the market.<\/strong> <\/li>\n<\/ul>\n<p><strong>Bogota, November 2021<\/strong> -Pei Asset Management, the real estate management arm of Pei, announced key indicators and relevant facts about the fund\u2019s performance during the investor conference for the third quarter of 2021.<\/p>\n<p>The commercial dynamics of the property during this year have allowed for the renewal of over 62,000 m2 during the first nine months. Regarding new lease agreements, approximately 25,000 m2 were leased in the third quarter, including: warehouses in logistics assets, type A corporate offices with tenants from the technology sector, and retail spaces in shopping centers for supermarkets, healthcare centers, restaurants, and retail operations.<\/p>\n<p>Furthermore, the physical vacancy in different categories of the portfolio has resulted in a decrease of 500 basis points compared to the value in the first quarter of the year.<\/p>\n<p>The physical vacancy rate for the corporate category decreased by 10 basis points in the third quarter of 2021, thanks to new tenants, notably the relocation of spaces totaling more than 3,000 m2 in the premium office segment under long-term contracts.<\/p>\n<p>In the commercial category, vacancy decreased from 9.4% to 8.8% due to placements in the Atlantis, Plaza Central, and various locations within \u00danico-branded properties. In the logistics and industrial category, this indicator reached 3% after the entry of new tenants into the Yumbo warehouse and the Cittium Industrial and Logistics Park. As for the specialized category, vacancy decreased by 790 percentage points to reach 12% due to an increase in rentals of 2,000 m2 in City U.<\/p>\n<p>Meanwhile, the economic vacancy of the portfolio closed September at 12.2%, compared to the previous quarter\u2019s close, decreasing by 90 basis points, and also reaching levels not seen since February 2021.<\/p>\n<p>During the period, both corporate and commercial categories experienced increased traffic of assets compared to the previous quarter. In addition, both categories exceeded pre-pandemic traffic levels by over 90%.<br \/>commercial, focusing on specific categories, especially those with the \u00ab72%\u00bb registration code, which is being driven by the return to in-person classes at some universities.<\/p>\n<p>Regarding portfolio levels, the net asset value decreased by 71% compared to the third quarter of 2020, closing at 9,536 million pesos in September. The implementation of a payment agreement with Alfacer in the logistics category, debt collection management, and deferred payment compliance in the commercial category are the main drivers of this result.<\/p>\n<p><strong>distributable cash flow<\/strong><\/p>\n<p>On November 16th, the distributable cash flow (FCD) for the third quarter of the year will be paid out at a value of 150,795 pesos per share. In 2021, the FCD received by investors amounts to a total of COP 226,262 MM or 524,457 per share. This period represents five consecutive quarters in which the vehicle has generated an FCD exceeding COP 50,000 MM.<\/p>\n<p>The estimated dividend yield for this year (2021) will be close to 4.8%, calculated based on the asset value of the title, and around 6.0% if calculated using the market price of the title.<\/p>\n<p>In contrast, the year-to-date return at the end of the third quarter was 6.3%, higher than the total year-to-date return of 2020, with increasing growth throughout 2021 and reflecting the upward trend of the CPI indicator; this trend is expected to continue in the following months. The stabilized investment horizon return for 10 years is from 10.9% at September.<br \/>Throughout the year, the net asset value has increased by 1.12% compared to the closing value of 2020, driven by the adjustment of the CPI from April and an operating profit of 140 1,001,000 pesos, which has enabled the distribution of cash in COP 161,000 million paid during the year.<br \/>As of the end of September 2021, 87% of the portfolio equivalent to COP 6.1 Bn had updated valuations. Within the 13% of commercial valuations that will be recorded in the last quarter of the year are some commercial and corporate assets located outside of Bogot\u00e1.<br \/><strong><br \/>PORTAFOLIO<\/strong><\/p>\n<p>At the end of September, the acquisition transaction of the Sanitas Tober\u00edn medical center located in Bogot\u00e1 was finalized, which strengthens Pei&#8217;s portfolio of healthcare assets through its partnership with Grupo Keralty. As of today, Pei has 4 healthcare assets from Sanitas totaling 15,911 m2 and valued at 113,760 million pesos.<\/p>\n<p>As a result, at the end of the third quarter, the portfolio holds assets under management totaling 7.5 trillion pesos, and a leasable area of 1,103,000 square meters.<\/p>\n<p>During the month of December, the formal acquisition of two assets is planned: first, the northern tower of the RIVANA corporate building in Medell\u00edn, which will be the headquarters for Tigo Une. This long-term lease agreement will also include an innovative operating scheme that includes value-added services such as space and furniture adaptation, as well as the provision of certain services such as cleaning<br \/>supply of coffee shop supplies, waste management, reception, space management, physical security, among others.<\/p>\n<p>The second asset is the Hotel Calablanca in Baru, where Pei will have a 60% ownership stake in the property. The remaining 40% partners are Grupo Argos, the owners of the property, and Arquitectura y Concreto, the developer and constructor of the project. The hotel&#8217;s opening to the public is scheduled for December under the operation of the Sofitel brand from Accor Group. Pei has a preferential right period of up to 5 years.<br \/>Granted by the owners.<\/p>\n<p><strong>CURRENT MARKET CONDITIONS<\/strong><\/p>\n<p>During the third quarter of 2021, there was a decrease in trading activity on the Colombian stock market: with variations in fixed income securities of -26%, in variable income transactions of -19%, while for real estate-backed securities, the reduction was -67%. Trading volumes for TEIS (Real Estate Debt Securities) decreased by -64%.<\/p>\n<p>However, Pei has been the most traded stock in the real estate secondary market, with a trading volume of 160,036 million pesos in the year to date, which represents 66% of the total number of real estate securities listed on the BVC.<\/p>\n<p>This liquidity situation has resulted in an average market price of 81% during the third quarter, ranging between 81% and 83%, primarily driven by low-value transactions. At the end of the quarter, valuation methodologies based on market prices calculated by pricing providers, which began operating from June 1st of this year, recorded average levels of 81% and 83% over NAV (Net Asset Value calculated by the Agent).<br \/>Manejo \u2013 Fiduciaria Corficolombiana).<\/p>\n<p>Pei Asset Management has responded to market conditions with proactive measures, including:<\/p>\n<p>\u2022 Open and ongoing communication with investors, promoting an understanding of the current market situation and providing analytical tools for decision-making.<\/p>\n<p>\u2022 Tracking of the valuation methodologies mentioned above, which allows us to better understand fluctuations in the prices of the Securities.<\/p>\n<p>\u2022 Management and support of the process of migrating TEIS titles to the Colombian Stock Exchange\u2019s Equity Trading Platform.<\/p>\n<p>\u2022 Assessment of the feasibility of activating a liquidity-generating mechanism for the security once the migration to the Equity fund is complete, among other alternatives offered by this modification in the transaction scenario for ETFs on the Colombian Stock Exchange.<\/p>\n<p>______________<\/p>\n<p><strong>Pei Asset Management, real estate investment vehicle management company<\/strong><\/p>\n<p>Pei Asset Management is a company specializing in the structuring and comprehensive management of investment vehicles in Colombia. It has the highest rating for portfolio management efficiency, G-aaa, awarded by BRC Standard &amp; Poor\u2019s S&amp;P Global since 2009.<\/p>\n<p>For the past 14 years, Pei Asset Management has been characterized by contributing to the well-being of society through the democratization of investment opportunities, creating physical spaces that benefit the community, and supporting the growth of its partners.<\/p>\n<p>Their expert team works daily to build and maintain long-term relationships with investors, tenants, and other stakeholders.<\/p>\n<p><strong>Pei, real estate investment vehicle, leader of the Colombians<\/strong><\/p>\n<p>Currently, Pei Asset Management manages the real estate portfolio of Pei, a leading Colombian real estate investment vehicle, valued at approximately $COP 7.5 trillion; the portfolio consolidates 148 properties representing more than 1.1 million square meters of leasable area, located in 30 cities and municipalities throughout the country.<\/p>\n<p>The diversified vehicle, characterized by its types of assets, geographic location, and tenants, includes the following categories: corporate, logistics, and industrial; commercial; specialized; and accommodation.<\/p>\n<p>Pei provides a reliable investment option with appealing returns, high liquidity, and a focus on establishing long-term relationships with its more than 4,600 investors and 2,000 tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The commercial management of the quarter resulted in contract retention exceeding 15,000 m2 and approximately 25,000 m2 leased across various categories. Physical vacancy in the portfolio decreased to 7.3%, the lowest recorded during the year, thanks to the placement of areas in all categories during the quarter. The record [\u2026]<\/p>\n","protected":false},"author":4,"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-15672","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":{"tiempo_de_lectura":"8","unidad_de_tiempo":"mins"},"_links":{"self":[{"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/posts\/15672","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/comments?post=15672"}],"version-history":[{"count":4,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/posts\/15672\/revisions"}],"predecessor-version":[{"id":15946,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/posts\/15672\/revisions\/15946"}],"wp:attachment":[{"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/media?parent=15672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/categories?post=15672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pei.com.co\/en\/wp-json\/wp\/v2\/tags?post=15672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}