Bogotá, May 2025. As part of the first-quarter results conference, Pei, the leading real estate investment alternative in Colombia, presented its main financial and operating results. Total revenue reached COP 205,857 million, representing a 7.8% increase over the same period last year, driven by rent escalation above CPI, contract renewals, and the end of grace periods on commercial assets.
Financial results.
During the first quarter of the year, revenue growth outpaced the increase in operating expenses, reflecting efficient management: Net Operating Income (NOI) was COP 174,662 million, with an 84.8% margin, a 37-basis-point increase over the same period in 2024. EBITDA, for its part, closed at COP 150,123 million, up 7.9%, with a 72.9% margin, reaffirming the portfolio’s operational stability.
One of the quarter’s notable achievements was a reduction in net financial expense of COP 24,180 million, with expense of COP 81,720 million recorded for the period. This result is attributed to the sustained decline in indicators such as the IBR and inflation, as well as an active debt-rotation strategy with more competitive spreads.
Operational and real estate indicators.
The portfolio’s occupancy rate was 94.1%, while the contract renewal rate reached 98%, with notable tenant retention in the logistics category. Vacancy indicators also remained at healthy levels, with physical vacancy of 5.90% and economic vacancy of 7.12%.
Distributable Cash Flow.
As a result of this performance, Pei announced a distribution to investors corresponding to the quarter’s Distributable Cash Flow (DCF) of COP 55,012 million, equivalent to COP 1,285 per equity security, 104% higher than the amount paid in the same period of 2024.
Capital markets activity.
Pei’s equity security continues its positive trajectory on the secondary stock market, with an average daily trading volume (ADTV) of COP 1,796 million.
In February 2025, Pei was included in the MSCI Nuam index, which groups representative issuers from Colombia, Peru, and Chile based on liquidity, market capitalization, and market presence criteria.
An important development this quarter was the affirmation of ratings granted by Standard & Poor’s: AAA for the Equity Securities, AA+ for the bonds issued, and iAAA for the effectiveness of portfolio management by Pei Asset Management.
This achievement, together with the results of Pei’s real estate investment portfolio, reinforces investor confidence and confirms Pei’s ability to continue generating long-term value through active, sustainable management of the country’s most diversified real estate portfolio.
About Pei (PEI CB Equity)
Pei is a real estate investment alternative structured and managed by Pei Asset Management for more than 18 years, a pioneer in Colombia’s capital markets. It has more than 6,300 investors. It has built a portfolio of high-specification, income-generating assets totaling more than 1.15 million m2 of leasable area, with a diversified base of nearly 1,500 tenants and a presence in 32 cities and municipalities across the country. The portfolio is valued at nearly 10 trillion pesos and includes four asset categories: corporate, commercial, logistics, and specialized.