Q1 2026 Discount Rate Study

During the first quarter of 2026, an average decrease of 40.28 basis points was observed in the discount rates of the analyzed Real Estate sub-industries compared to the previous quarter. This results in a cumulative average decrease of 80 basis points over the last 12 months.

One of the primary drivers of these variations in Real Estate discount rates is a decline in the risk-free rate, a factor that has been generating moderate positive impacts over recent quarters. However, in this first quarter of 2026, the market rate decrease is even more pronounced because the recently published local Market Risk Premium has declined relative to 2025 values.

Regarding beta and debt-to-equity structures, no significant changes were observed. Conversely, market credit spreadsrose during the last quarter across all sub-industries, tempering the positive effect generated by the risk-free rate.