BTLG11 distributed R$ 0.81 per unit in March 2026 — the highest DPS in its history, paid on 03/25/2026. With the unit trading at R$ 102.18, this represents an annualized dividend yield of 9.45%. The payment is exempt from income tax for individuals and occurs on the 25th of the month following the reference month (or the next business day).
The most impressive figure is not today's DPS, but the speed at which it grew: when BTG Pactual took over management in June 2019 (still as TRXL), the fund paid R$ 0.33 per unit per month. Since then, seven years of consistent growth have taken the DPS from R$ 0.33 to R$ 0.81 — a 16% p.a. CAGR (compound annual growth rate) in dividends, a unique track record among the large Brazilian logistics REITs. In the 12 months ended March 2026, BTLG11 distributed between R$ 0.78 and R$ 0.81 per unit, totaling R$ 9.54 per unit in the year.
The DY of 9.45% per year refers to the current DPS of R$ 0.81 on the unit at R$ 102.18. For those looking only at the current DY, it may seem slightly below XPML11 (9.95%) or HGLG11 over the same period. But the analysis changes when the growth projection is factored in: management guidance points to a range of R$ 0.80 to R$ 0.84 for 1H2026, with additional upside potential as the 2026 contractual rent reviews (28% of total revenue under review this year) generate real gains.
In the base case, with the DPS converging to R$ 0.84 over the coming quarters, the projected DY on the current unit rises to 9.85% per year. In the optimistic case — rent reviews delivering real gains of 20%+ and the 16th offering allocated at a 9-10% cap rate within nine months — the DY could reach 10.5%, with a DPS of R$ 0.90/month. The difference relative to other logistics REITs is that BTLG11 has a documented history of delivering what it projects: no DPS cut in seven years of BTG management.
Since BTG Pactual took over management in June 2019, BTLG11 — then called TRXL — has undergone a radical transformation. Net assets went from R$ 180 million to R$ 5.46 billion (a 30x multiplier); the number of unitholders went from 15,000 to 476,000; and the DPS went from R$ 0.33 to R$ 0.81 — exactly two and a half times in seven years, growing at 16% per year on average.
This growth was not linear, but neither did it suffer reversals: the trajectory shows successive step-ups, each supported by an accretive offering or a REIT absorption that added quality assets to the portfolio. The absorption of Bluecap (2022), V2 Properties (2022) and SARE11 (2025) marked the three largest DPS jumps in the fund's history.
The sustainability of BTLG11's DPS rests on three foundations. First: the quality of the tenants — Assaí, DHL, Unilever, Amazon, Mercado Livre, Nestlé, Braskem, BRF, Shopee — all with long contracts indexed to the IPCA, with 97% of the portfolio in IPCA contracts and a WAULT of 5 years (weighted average unexpired lease term). Second: the historical rent reviews delivered significant real gains — 17% at BTLG Louveira IV, 24% at BTLG Mauá I and 26% at BTLG Ribeirão Preto — which indicates current rents have room to grow above inflation. Third: cash of R$ 710 million comfortably covers the scheduled obligations of R$ 664 million, with no immediate contingency risk.
The main risk to the dividend is the 16th offering underway (13.7 million units open for subscription after the preemptive rights round). The temporary dilution, before the new proceeds are allocated to income-generating assets, may slightly pressure the DPS for two to four quarters. Management projects allocation at an 8-9% cap rate within 12 months — if achieved, the offering is accretive and the DPS returns to growth.
The manager signaled an indicative band of R$ 0.80 to R$ 0.84 per unit per month for the first half of 2026. The lower end of the range protects against the temporary dilution of the 16th offering; the upper end reflects the scenario in which the 2026 rent reviews (28% of revenue under review) deliver real gains above 15%.
In the three possible scenarios on the current price (R$ 102.18):
In any scenario, the estimated total return over 12 months (DY + unit appreciation) is projected at ~14.5%, which positions BTLG11 as a competitive option versus fixed income for the medium-term investor.
| Reference | Income/unit | DY in month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-04 | R$ 0.81 | 0.783% | R$ 103.4 | 2026-05-15 | 2026-05-25 |
| 2026-03 | R$ 0.81 | 0.785% | R$ 103.18 | — | 2026-04-24 |
| 2026-02 | R$ 0.8 | 0.771% | R$ 103.7 | — | 2026-03-25 |
| 2026-01 | R$ 0.8 | 0.777% | R$ 102.9 | — | 2026-02-25 |
| 2025-12 | R$ 0.79 | 0.769% | R$ 102.7 | — | 2026-01-23 |
| 2025-11 | R$ 0.79 | 0.774% | R$ 102.11 | — | 2025-12-23 |
| 2025-10 | R$ 0.79 | 0.761% | R$ 103.86 | — | 2025-11-25 |
| 2025-09 | R$ 0.79 | 0.76% | R$ 103.9 | — | 2025-10-24 |
| 2025-08 | R$ 0.79 | 0.768% | R$ 102.9 | — | 2025-09-25 |
| 2025-07 | R$ 0.78 | 0.784% | R$ 99.46 | — | 2025-08-25 |
| 2025-06 | R$ 0.7801 | 0.784% | R$ 99.55 | — | 2025-07-25 |
| 2025-05 | R$ 0.78 | 0.783% | R$ 99.65 | — | 2025-06-23 |
| 2025-04 | R$ 0.78 | 0.778% | R$ 100.2 | — | 2025-05-23 |
| 2025-03 | R$ 0.78 | 0.776% | R$ 100.53 | — | 2025-04-25 |
| 2025-02 | R$ 0.78 | 0.8% | R$ 97.47 | — | 2025-03-25 |
| 2025-01 | R$ 0.78 | 0.814% | R$ 95.77 | — | 2025-02-25 |
| 2024-12 | R$ 0.8682 | 0.953% | R$ 91.11 | — | 2025-01-22 |
| 2024-11 | R$ 0.78 | 0.83% | R$ 94.0 | — | 2024-12-23 |
| 2024-10 | R$ 0.78 | 0.805% | R$ 96.89 | — | 2024-11-25 |
| 2024-09 | R$ 0.78 | 0.818% | R$ 95.4 | — | 2024-10-25 |
| 2024-08 | R$ 0.78 | 0.797% | R$ 97.83 | — | 2024-09-25 |
| 2024-07 | R$ 0.76 | 0.741% | R$ 102.5 | — | 2024-08-23 |
| 2024-06 | R$ 0.76 | 0.752% | R$ 101.0 | — | 2024-07-25 |
| 2024-05 | R$ 0.76 | 0.782% | R$ 97.13 | — | 2024-06-25 |
| 2024-04 | R$ 0.76 | 0.752% | R$ 101.07 | — | 2024-05-24 |
| 2024-03 | R$ 0.76 | 0.753% | R$ 100.9 | — | 2024-04-25 |
| 2024-02 | R$ 0.76 | 0.719% | R$ 105.65 | — | 2024-03-25 |
| 2024-01 | R$ 0.78 | 0.759% | R$ 102.82 | — | 2024-02-23 |
BTLG11 pays dividends on the 25th of the month following the reference month. In March 2026, the payment of R$ 0.81/unit was made on 03/25/2026 for units registered up to the record date.
BTLG11's current dividend yield is 9.45% per year, calculated on the unit at R$ 102.18 (Jun/2026) with a DPS of R$ 0.81/month. The projected DY in the base case rises to 9.85% with a DPS of R$ 0.84.
Yes — since BTG took over management in Jun/2019, when the DPS was R$ 0.33, the fund has grown dividends at a rate of 16% per year (CAGR), with no DPS cut in seven years.
Yes. The income distributed by BTLG11 is exempt from income tax for individuals, under Brazilian REIT legislation, provided the unitholder owns less than 10% of the fund's units.
The payment for the April 2026 reference month occurred on 04/25/2026 (or the next business day). Check the fund's payout calendar to confirm the exact date each month.