Bogota, November 2025.
Pei, a leading real estate investment alternative in Colombia, reported strong financial and operational results at the end of the third quarter of 2025. Accumulated revenues reached COP 605,077 million, representing a growth of 7,2% compared to the same period of the previous year, exceeding accumulated 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.
Financial results and distribution.
At the end of the third quarter, Pei achieved a cumulative Net Operating Income (NOI) of COP 507,399 million, with a margin of 83,9%, equivalent to an increase of 8% compared to the same period of the previous year, resulting from rent escalations, operational efficiency, and portfolio stability. In terms of profitability, EBITDA reached COP 428,842 million, maintaining a healthy margin of 70,9%.
For the third quarter of the year, Pei announced to investors that it would pay distributable cash flow (FCD) for COP 65,040 million, equivalent to COP 1,302 per share, corresponding to the period from 1 July to 30 September, which will be made on the next 18 November. A distribution by share that maintained its growth trend throughout the year, even with an increase in the number of shares outstanding, reflected positive operating performance and the portfolio’s ability to generate value for investors.
Capital market dynamics.
One of the most significant milestones was the issuance of the twelfth tranche of Pei’s equity securities bonds, which reached a total demand of COP 1,46 trillion, equivalent to 2,92 times the offered amount (COP 500.000 million). The 40% ownership stake held by Pei’s investors exercised their right of first refusal, reflecting confidence in Pei and its long-term strategy.
The proceeds from the issuance were allocated to debt prepayment, with the aim of optimizing financing costs and strengthening the maturity profile, which compensated for the slower decline in interest rates than initially estimated at the beginning of the year.
This transaction reduced the loan-to-value ratio to 27,8%, which is 720 pbs below the limit of 35%, while maintaining a conservative and consistent financial structure that aligns with the portfolio management strategy. During the quarter, the average cost of debt decreased by 20 pbs, in contrast to an increase of 36 pbs in annual inflation.
Additionally, 1.130 new investors joined, and the participation of international investors increased by 58%, further consolidating and deepening the investor base of the fund.
In September 2025, Pei was included in the S&P Colombia Select index with a weighting of 4.6%. Additionally, it maintained its position in the MSCI COLCAP, representing approximately 2% of the total trading volume. These inclusions strengthen the stock market visibility of the fund and expand its access to international investors.
Another notable result of the quarter was that the value of the title registered a positive performance, increasing from $68,500 in June to $77,900 in September, representing an increase of 13,7%. Meanwhile, the ADTV (Average Daily Traded Volume) increased by 61%, rising from $1,883 million to $3,040 million pesos, primarily driven by the issuance of Pei bonds and the aforementioned inclusion in the stock index.
Indicadores operacionales e inmobiliarios.
The portfolio occupancy rate closed at 92,8%. During the year, Pei has finalized the placement of more than 47.300 m² and the renovation of more than 74.500 m² of leasable area, reflecting the positive business dynamics and resilience of its real estate categories.
In accordance with the portfolio optimization strategy, the demolition of the asset, Torre Calle 90, was identified as a key step to maximize value and reposition the asset through redevelopment with a new lettable area.
These results demonstrate Pei’s ability to adapt, create value, and maintain its market leadership, establishing a strong, sustainable, and long-term investment option in real estate.
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 8,200 investors. It has consolidated a portfolio of income-generating assets with high specifications, covering more than 1.14 million square meters of leasable area, with a diversified base of approximately 1,500 tenants and presence in 32 cities and municipalities throughout the country. The portfolio is valued at around 10 trillion pesos and includes four asset categories: corporate, commercial, logistics, and specialized.