Bogotá, May 2025. During the conference on the first quarter results of the year, Pei, a leading real estate investment alternative in Colombia, presented the main financial and operational results. Total revenue reached COP 205,857 million, representing a growth of 7.8% compared to the same period of the previous year, driven by rent increases above inflation, contract renewals, and the end of grace periods on commercial assets.
Resultados financieros.
During the first quarter of the year, revenue growth exceeded increases in operating expenses, indicating efficient management: Net Operating Income (NOI) was COP 174,662 million, with a margin of 84.8%, representing an increase of 37 basis points compared to the same period of 2024. EBITDA closed at COP 150,123 million, a growth of 7.9%, with a margin of 72.9%, reaffirming the operational stability of the portfolio.
One of the key achievements this quarter was reducing net financial expenditure to COP 24,180 million, with an expenditure of COP 81,720 million 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.
Indicadores operacionales e inmobiliarios.
The portfolio occupancy rate was 94.1%, while the contract renewal rate reached 98%, with a particular focus on retaining tenants in the logistics category. Vacancy rates also remained at healthy levels, with a physical vacancy of 5.90% and an economic vacancy of 7.12%.
distributable cash flow
As a result of the performance, Pei announced a distribution to investors corresponding to distributable cash flow (FCD) for the quarter, equivalent to COP 55,012 million, which is 1,285 COP per share, a 104% increase compared to the amount paid in the same period of 2024.
Capital market dynamics.
Pei’s share title continues its positive trend in the stock market secondary 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 criteria of liquidity, market capitalization, and market presence.
A significant event this quarter was the confirmation of the ratings issued by Standard & Poor’s: AAA for equity securities, AA+ for the bonds issued, and iAAA for Pei Asset Management’s portfolio management effectiveness.
This achievement, along with the results of Pei’s real estate investment portfolio, strengthens investor confidence and confirms Pei’s ability to continue generating value in the long term through active and sustainable management of the country’s most diversified real estate portfolio.
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 the Colombian capital markets. It has more than 6,300 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 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.