GARE11 paid R$ 0.083 per unit in May 2026, with an ex-date of 05/29/2026 and settlement on 06/08/2026. The fund distributes income every month, with no interruptions since its IPO in October 2020 — 68 consecutive months of payments up to the latest distribution. The schedule rule is clear: the ex-date falls on the last business day of the reference month, and the payment reaches the unitholder's account by the 5th business day of the following month.
The annualized dividend yield stands at 12.07% per year based on the price of R$ 8.22 and the R$ 0.083/unit monthly (equivalent to R$ 0.996 per unit per year, rounded to R$ 1.036 by the manager's guidance). Anyone holding 100 units receives roughly R$ 8.30 per month, income-tax exempt — a benefit guaranteed by Law 11.033/2004 for individuals.
GARE11 is therefore high yield in the current REIT-market context: its DY of 12.07% beats the median of its peers in the hybrid brick-and-mortar segment (which hovers around 9.2% per year) and delivers a spread of 4.73% over the NTN-B 2035.
GARE11's dividend trajectory (formerly GALG11) directly reflects the evolution of the portfolio. In the first months after the IPO in October 2020, the DPS swung between R$ 0.063 and R$ 0.263 as the initial cash was distributed and the first properties came into operation. Throughout 2021 and 2022 the income stabilized in the R$ 0.082–0.084/unit range, already after the 10:1 unit split carried out in August 2022 (which converted the unit from ~R$ 100 to the ~R$ 10 level).
In 2023 and 2024, with the major acquisitions of the Urban Income portfolio — the 15 Carrefour/Atacadão stores (FII Annecy 59) and the GPA and Mateus supermarkets (FII Artemis 2022) —, the DPS moved to the R$ 0.087–0.092/unit range. The peak was reached between September and December 2024, with distributions of R$ 0.090 and R$ 0.092, reflecting the full carry of the new atypical leases.
In August 2025, the fund paid an extraordinary distribution of R$ 0.123/unit — the largest in its history — driven by accumulated reserve results and the capital gain recognized after the sale of 10 properties to the XPRI REIT in October 2025, which generated R$ 145 million of gross profit. This was a one-off, not a seasonal event.
Since January 2025, the DPS has been stable at R$ 0.083/unit monthly, a level maintained consistently for 18 consecutive months up to the date of this analysis. The stability is no accident: in every recent month, cash earnings exceeded the distribution — an average payout over the last 12 months of 98.8% —, building a small reserve month after month.
The change occurred in January 2025, when the 7th offering (R$ 1.27 billion raised in December 2025) more than doubled the number of units outstanding — from 147.4 million to 289.2 million. With the new capital still partially allocated in securities (short-term fixed-income instruments) while awaiting the completion of 5 to 6 acquisitions, the real-estate revenue per unit was temporarily pressured. The manager kept R$ 0.083 as the guidance level precisely to preserve the distribution while converting the pipeline into properties over Q2 2026.
Guardian Gestora formalized in the February 2026 Management Report (ID 1153748) a guidance of R$ 0.083 to R$ 0.090 per unit for the 12 months of 2026, valid through February 2027. Manager Gustavo Asdourian confirmed in an interview with InfoMoney the maintenance of the R$ 0.083 level as the floor and R$ 0.090 as the ceiling, dependent on the completion of the 7th offering's pipeline.
The base case (DY of 12.07%) keeps R$ 0.083 monthly throughout 2026. The optimistic case projects a DY of 13.09% (DPS of R$ 0.090), conditioned on the full conversion of the R$ 446 million still in securities into income-generating real estate, possibly accompanied by an extraordinary distribution in the second half — a pattern that already occurred in August 2025. The pessimistic case would result in a DY of 10.91% (DPS of R$ 0.075) if the BAT Souza Cruz lease (21% of revenue) is not renewed in September 2027 and GPA escalates the out-of-court reorganization crisis into real default — a scenario that the data available up to the date of this analysis considers unlikely.
Yes — and with room to spare. The data from the Monthly Reports and Management Reports of January–February 2026 show cash earnings of R$ 24.3 million (January) and R$ 24.5 million (February) against a monthly distribution of R$ 24.0 million. The fund builds cash — it does not distribute more than it earns — with a monthly surplus of R$ 285,000 to R$ 510,000 that accumulates as reserves.
The sustainability structure rests on three solid pillars. First, the negative net leverage of -13%: accumulated cash and securities fully exceed the CRI obligations (R$ 830 million in debt through 2043), eliminating any financial pressure on the real-estate cash flow. Second, the WAULT of 10.2 years: more than 90% of revenue is contracted through at least 2031, with annual IPCA adjustment on all leases — inflation works in the fund's favor. Third, the atypical leases with full termination penalty, which cover 94% of revenue: if any tenant wants to leave before expiry, it must pay the full value of the remaining rents — transferring the vacancy risk to the tenant, not to the unitholder.
The only inflection event that could pressure the dividend on the visible horizon is the expiry of the BAT lease in September 2027 (21% of revenue). In that pessimistic scenario, the DPS could fall to R$ 0.065–0.070 during a transition period of 12 to 24 months. The manager, with a historical IRR of 25% on sales, has the tools to resolve this — by renewing the lease or recycling the asset at a profit.
Over GARE11's history, three events are worth noting for anyone tracking the dividend series:
The outlook for the second half of 2026 includes the possibility of a new extraordinary distribution, replicating the August 2025 pattern, should the 7th offering's pipeline convert into properties with a cap rate above 10% per year and the result per unit consistently beat the guidance.
| Reference | Income/unit | DY in month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-05 | R$ 0.083 | 0.994% | R$ 8.35 | 2026-05-29 | 2026-06-08 |
| 2026-04 | R$ 0.083 | 1.0% | R$ 8.3 | — | 2026-05-08 |
| 2026-03 | R$ 0.083 | 0.988% | R$ 8.4 | — | 2026-04-08 |
| 2026-02 | R$ 0.083 | 0.983% | R$ 8.44 | — | 2026-03-06 |
| 2026-01 | R$ 0.083 | 0.964% | R$ 8.61 | — | 2026-02-06 |
| 2025-12 | R$ 0.083 | 0.921% | R$ 9.01 | — | 2026-01-08 |
| 2025-11 | R$ 0.083 | 0.913% | R$ 9.09 | — | 2025-12-05 |
| 2025-10 | R$ 0.083 | 0.923% | R$ 8.99 | — | 2025-11-07 |
| 2025-09 | R$ 0.083 | 0.926% | R$ 8.96 | — | 2025-10-07 |
| 2025-08 | R$ 0.123 | 1.361% | R$ 9.04 | — | 2025-09-12 |
| 2025-07 | R$ 0.083 | 0.914% | R$ 9.08 | — | 2025-08-07 |
| 2025-06 | R$ 0.083 | 0.921% | R$ 9.01 | — | 2025-07-07 |
| 2025-05 | R$ 0.083 | 0.95% | R$ 8.74 | — | 2025-06-06 |
| 2025-04 | R$ 0.083 | 0.943% | R$ 8.8 | — | 2025-05-08 |
| 2025-03 | R$ 0.083 | 0.974% | R$ 8.52 | — | 2025-04-07 |
| 2025-02 | R$ 0.083 | 1.013% | R$ 8.19 | — | 2025-03-11 |
| 2025-01 | R$ 0.083 | 1.049% | R$ 7.91 | — | 2025-02-07 |
| 2024-12 | R$ 0.092 | 1.098% | R$ 8.38 | — | 2025-01-08 |
| 2024-11 | R$ 0.092 | 1.066% | R$ 8.63 | — | 2024-12-06 |
| 2024-10 | R$ 0.092 | 1.015% | R$ 9.06 | — | 2024-11-07 |
| 2024-09 | R$ 0.09 | 0.991% | R$ 9.08 | — | 2024-10-07 |
| 2024-08 | R$ 0.087 | 0.946% | R$ 9.2 | — | 2024-09-06 |
| 2024-07 | R$ 0.087 | 0.965% | R$ 9.02 | — | 2024-08-07 |
| 2024-06 | R$ 0.087 | 0.963% | R$ 9.03 | — | 2024-07-05 |
| 2024-05 | R$ 0.087 | 0.959% | R$ 9.07 | — | 2024-06-07 |
| 2024-04 | R$ 0.087 | 0.962% | R$ 9.04 | — | 2024-05-08 |
| 2024-03 | R$ 0.087 | 0.951% | R$ 9.15 | — | 2024-04-05 |
| 2024-02 | R$ 0.086 | 0.953% | R$ 9.02 | — | 2024-03-07 |
| 2024-01 | R$ 0.084 | — | — | — | 2024-02-07 |
| 2023-12 | R$ 0.084 | — | — | — | 2024-01-08 |
| 2023-11 | R$ 0.084 | — | — | — | 2023-12-07 |
| 2023-10 | R$ 0.084 | — | — | — | 2023-11-08 |
| 2023-09 | R$ 0.084 | — | — | — | 2023-10-06 |
| 2023-08 | R$ 0.084 | — | — | — | 2023-09-08 |
| 2023-07 | R$ 0.082 | — | — | — | 2023-08-07 |
| 2023-06 | R$ 0.082 | — | — | — | 2023-07-07 |
| 2023-05 | R$ 0.082 | — | — | — | 2023-06-07 |
| 2023-04 | R$ 0.082 | — | — | — | 2023-05-08 |
| 2023-03 | R$ 0.082 | — | — | — | 2023-04-10 |
| 2023-02 | R$ 0.156 | — | — | — | 2023-03-07 |
| 2023-01 | R$ 0.161 | — | — | — | 2023-02-07 |
| 2022-12 | R$ 0.082 | — | — | — | 2023-01-06 |
| 2022-11 | R$ 0.082 | — | — | — | 2022-12-07 |
| 2022-10 | R$ 0.082 | — | — | — | 2022-11-08 |
| 2022-09 | R$ 0.082 | — | — | — | 2022-10-07 |
| 2022-08 | R$ 0.082 | — | — | — | 2022-09-08 |
| 2022-07 | R$ 0.082 | — | — | — | 2022-08-12 |
| 2022-06 | R$ 0.08 | — | — | — | 2022-07-14 |
| 2022-05 | R$ 0.082 | — | — | — | 2022-06-14 |
| 2022-04 | R$ 0.082 | — | — | — | 2022-05-13 |
| 2022-03 | R$ 0.082 | — | — | — | 2022-04-14 |
| 2022-02 | R$ 0.082 | — | — | — | 2022-03-15 |
| 2022-01 | R$ 0.084 | — | — | — | 2022-02-14 |
| 2021-12 | R$ 0.129 | — | — | — | 2022-01-14 |
| 2021-11 | R$ 0.17 | — | — | — | 2021-12-14 |
| 2021-10 | R$ 0.084 | — | — | — | 2021-11-16 |
| 2021-09 | R$ 0.084 | — | — | — | 2021-10-15 |
| 2021-08 | R$ 0.084 | — | — | — | 2021-09-15 |
| 2021-07 | R$ 0.084 | — | — | — | 2021-08-13 |
| 2021-06 | R$ 0.084 | — | — | — | 2021-07-15 |
| 2021-05 | R$ 0.084 | — | — | — | 2021-06-15 |
| 2021-04 | R$ 0.084 | — | — | — | 2021-05-14 |
| 2021-03 | R$ 0.084 | — | — | — | 2021-04-15 |
| 2021-02 | R$ 0.1684 | — | — | — | 2021-04-15 |
| 2021-01 | R$ 0.081 | — | — | — | 2021-02-12 |
| 2020-12 | R$ 0.0977 | — | — | — | 2021-01-15 |
| 2020-11 | R$ 0.2634 | — | — | — | 2020-12-14 |
| 2020-10 | R$ 0.0626 | — | — | — | 2020-11-16 |
Yes. GARE11 has distributed income every month since its IPO in October 2020, with no interruption. That is 68 consecutive months of payments. The ex-date is the last business day of the month, and the payment reaches the unitholder by the 5th business day of the following month.
In 2026, GARE11 is paying R$ 0.083 per unit monthly. The manager's guidance is R$ 0.083 to R$ 0.090 for the 12 months of the year, depending on the conversion of the acquisition pipeline into real-estate revenue.
Yes. The fund is classified as 'sustainable over the long term': cash earnings fully cover the distribution (average payout of 98.8% over the last 12 months), net leverage is negative (-13%) and the WAULT of 10.2 years secures contracted revenue through at least 2031. The inflection risk is the expiry of the BAT lease in September 2027.
Yes. With a DY of 12.07% per year (based on R$ 0.083/unit and a price of R$ 8.22), GARE11 beats the median of its peers in the hybrid brick-and-mortar segment (9.2% per year) and offers a spread of 4.73% over the NTN-B 2035. The income is income-tax exempt for individuals.
The fund's 7th offering (December 2025) raised R$ 1.27 billion, more than doubling the units outstanding from 147 to 289 million. With part of the new capital still in securities awaiting allocation into properties, revenue per unit fell proportionally. The manager kept R$ 0.083 as the level until the pipeline is converted into properties.
Yes. In August 2025 the fund paid R$ 0.123/unit, the largest in its history — R$ 0.040 above the standard R$ 0.083. The extra distribution came from accumulated reserve results and the profit recognized after the sale of 10 properties to the XPRI REIT for R$ 145 million of gross profit. It is not a recurring seasonal pattern.