Bogotá, February 2026. Pei, a leading real estate investment alternative in Colombia, closed 2025 with increased cash flow generation and announced an extraordinary distribution of distributable cash flow (FCD) for the fourth quarter, driven by strategic asset rotation and financial structure optimization, which strengthens returns for investors and solidifies a stronger liquidity position in the stock market.
Cash flow, financial structure, and divestments
As a result of efficient portfolio management and the issuance of the twelfth tranche of equity securities, net financial expenses decreased by COP 70.984 million compared to the previous year, strengthening cash flow generation and improving portfolio indicators such as debt cost, Loan-to-Value (LTV), and maturity profile. The debt stood at COP 2,88 trillion, with an LTV of 28.3%, 499 basis points lower than in 2024 and 670 basis points below the vehicle’s borrowing limit, reflecting a stronger and more conservative financial position.
As part of its portfolio optimization strategy, Pei divested from Davivienda El Retiro, realizing value and increasing its cash distribution capacity. Similarly, it increased its stake in Hotel Sofitel Barú Cartagena (Hotel Calablanca) to 80%, and incorporated 12.923 m² of GLA corresponding to phases 6 and 7 in the Zona Franca La Cayena business park, where the tenant Grupo Hada operates.
As a result of this management, Pei announced in the fourth quarter that payments would be made. distributable cash flow (FCD) by COP 100.007 millionequivalent to COP 2.002 by titlecorresponding to the period between October and December of 2025. Of the total distributed, 85,4% comes from the portfolio operation, and 14,7% corresponds to resources derived from divestments, distributed as capital repayment with a scheduled payment for February 13.
Resultados financieros
The cumulative revenue reached COP 821.856 millonesThis represents a growth of 6,4% compared to the previous year, exceeding cumulative inflation. This performance is due to rigorous portfolio management, a commercial strategy focused on attracting high-quality tenants, and timely decision-making in response to the evolution of the real estate and financial markets.
Net Operating Income (NOI) reached COP 686.598 million, with an increase of 7,0%, while EBITDA reached COP 578.551 million, growing 5,5%. Margins remained strong at 83,5% and 70,4%, respectively, driven by adjustments in rental rates and a 11,7% increase in variable revenue from the commercial portfolio.
Resultados operacionales
During the period covered by 2025, contracts were renewed for 184.692 m², representing a renewal rate of 87,8%, and 67.043 m² were added, while maintaining controlled physical and economic vacancies at 6,78% and 6,35%, respectively. In terms of sustainability, the portfolio’s energy consumption was reduced by 4,6%, with increased use of renewable sources and a measurement coverage of 93% of the total vehicle area.
Capital market
Trading activity in the secondary market continued to strengthen. The volume traded during 2025 was COP 482.861 million, with an ADTV of COP 1.997 million, while the price of the bond appreciated from 14,26%, rising from COP 69.980 in 2024 to COP 79.960 at close of 2025. The investor base grew by 43,7%, with 2.702 new participants.
These results reflect the effectiveness of the portfolio’s asset optimization and rotation strategy, as well as the financial discipline implemented to strengthen cash generation and investor distribution capabilities. In this way, Pei continues to solidify itself as a solid real estate investment alternative, with management focused on creating sustainable value and competitive long-term returns for its investors.
About Pei (PEI CB Equity)
Pei is a structured and managed real estate investment alternative offered by Pei Asset Management for over 18 years, pioneering in the Colombian capital markets with more than 8,800 investors. It has consolidated a portfolio of income-generating assets with high specifications, covering more than 1.15 million square meters of leasable area, with a diversified base of more than 1,500 tenants and presence in 32 cities and municipalities throughout the country. The portfolio is valued at over 10 trillion pesos and includes four asset categories: corporate, commercial, logistics, and specialized.