HSML11 — HSI Malls FII

HSI Malls Fundo de Investimento Imobiliário de Responsabilidade Limitada — Class A (CNPJ 32.892.018/0001-31). A brick-and-mortar shopping center Brazilian REIT-style fund (FII) managed by HSI - Hemisfério Sul Investimentos. Inception on July 31, 2019.

Segment: Brick-and-Mortar FII - Shopping Centers (Premium/Regional Hybrid) · Price R$ 83.52 · P/BV 0.838 · BV/unit R$ 99.67 · Net assets R$ 2,13 Bi · 188,703 unitholders · 8 assets

What is HSML11

HSML11 (HSI Malls FII) is a Brazilian REIT in the Brick-and-Mortar FII - Shopping Centers (Premium/Regional Hybrid) segment. HSI Malls Fundo de Investimento Imobiliário de Responsabilidade Limitada — Class A (CNPJ 32.892.018/0001-31). A brick-and-mortar shopping center Brazilian REIT-style fund (FII) managed by HSI - Hemisfério Sul Investimentos. Inception on July 31, 2019.

Holds 8 dominant regional malls across five states, all operated by the manager itself (Alqia/HSI), and distributes the rent paid by over 1,300 stores as monthly income. Note: it carries IPCA-linked debt that weighs on distributions while interest rates and inflation remain high.

This page gathers the factual snapshot of HSML11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.

HSML11 numbers in 2026

Net assets: R$ 2,13 Bi
Book value per share: R$ 99.67
Number of shareholders: 188,703
Assets in portfolio: 8
Gross leasable area: 269.2k sqm (187.6k sqm owned GLA)
Occupancy: 96.7%

Fees

Management & Administration Fee: Up to 1.13% p.a.
Performance Fee: 20% of excess returns
Custody Fee: Incluída

Manager

Management: HSI - Hemisfério Sul Investimentos (Real Estate Fund Manager).

HSI - Hemisfério Sul Investimentos is a Brazilian independent manager founded in 2003 (CVM registration no. 7,478/2003), with a strong real estate presence in Latin America. In addition to HSML11 (shopping malls), it manages HSLG11 (logistics). The management of the malls themselves is handled by Alqia (an HSI Group company) with a majority stake in 97% of the assets—a rare integrated control model in the sector. Consistent track record: the fund delivered +24.4% over the last 12 months (193.9% of the net CDI, Brazil's interbank reference rate) and +35.8% in the LTM through Feb/26—outperforming IFIX, Brazil's listed real-estate fund index, across all windows. Communication with unitholders is detailed (monthly reports with asset-by-asset breakdown + proprietary HSI macro projections).

Fundada em: 2003
AUM HSML11: R$ 2,21 Bi
LTM Performance: +24,4% (193,9% CDI)

See our analysis of HSI - Hemisfério Sul Investimentos (Real Estate Fund Manager) →

HSML11 portfolio: what the fund invests in

Portfolio of 8 dominant malls across 5 states, 187.6k sqm owned GLA, with Pátio Cianê consolidated starting in 2026 and the Uberaba expansion underway.

Asset	Location	% of NAV	Occupancy
Shopping Pátio Maceió	Av. Comendador Gustavo Paiva, Tabuleiro do Martins Neighborhood, Maceió/AL	70.0%	0.973%
Shopping Granja Vianna	Km 23.5, Raposo Tavares Hwy, Cotia/SP	51.0%	0.961%
SuperShopping Osasco	Av. dos Autonomistas, Osasco/SP	66.4%	0.98%
Via Verde Shopping	Rio Branco/AC	96.7%	0.977%
Shopping Metrô Tucuruvi	Av. Dr. Antônio Maria de Laet, Tucuruvi, São Paulo/SP	100.0%	0.931%
Shopping Paralela	Av. Luiz Viana Filho, Salvador/BA	52.2%	0.986%
Shopping Uberaba	Uberaba/MG	75.0%	0.982%
Shopping Pátio Cianê	Sorocaba/SP	24.0%	0.882%
Auxiliary investments (SPEs, CRIs, and SPE Shares)	—	—	—

Concentration and diversification

HHI 0.143 — media.

Breakdown	Share
By state	Northeast (Salvador-BA + Maceió-AL) 35.8% · Southeast - Greater São Paulo 24.9% · Southeast - São Paulo Capital 14.4% · Southeast - Triângulo Mineiro 11.5% · Norte (AC) 8.2%
By tenant	Distributed across 1,340 stores 100.0%
By index	IPCA inflation index (standard retail lease) 100.0%

Price, P/BV and book value

last close R$ 83.52 · all-time low R$ 69.42 · high R$ 125.49 · book value per unit R$ 99.67.

Liquidity and trading

Average daily volume (21 sessions) of R$ 5,275,791 · 12-month average of R$ 3,504,640.

Excellent liquidity — among the top 30 FIIs by volume. A R$ 1M position can be liquidated in half a business day. Unit price supported by 191k unitholders and 100% trading session presence.

HSML11 track record

HSML11 has navigated 7 years of consistent execution: founded in 2019 as a mall FII with R$ 670M, it weathered the pandemic (temporary DPU cut to R$ 0.18 for 3 months), recovered and expanded, completed 4 additional offerings, and today holds 8 dominant assets with budgeted 2026 NOI of R$ 262M (10.0% cap rate on appraisals, 11.2% on market). Leverage has increased to fund expansion (R$ 626.9M in CRIs, 19.7%), creating sensitivity to interest rates and inflation — the most delicate point of the thesis. On the other hand, HSI boasts a consistent track record, an integrated management model via Alqia (97% exclusive control), and a portfolio pulverized across 1,340 stores with average delinquency of 2-3%.

Period	What happened
IPO	Launch as an active-management income FII focused on malls, raising R$ 670M at R$ 100/unit.
EXPANSÃO	Portfolio growth with the 2nd offering and acquisitions.
CHOQUE COVID	Mall closures force temporary DPU cuts.
RECUPERAÇÃO	Post-pandemic sales soar and DPU returns to pre-COVID levels.
4ª EMISSÃO	Raising R$ 440M for acquisitions and expansion.
ALAVANCAGEM E AJUSTE	CRIs finance acquisitions and expansion; DPU declines to accommodate financial expenses.
CICLO ATUAL	Healthy operations, DPU of R$ 0.70, and positive guidance for the semester.