Recommendation: HOLD · Rating 5.9/10
The INLG11 is a class A logistics real estate fund with 4 modular warehouses totaling 113.9k sqm of GLA, zero vacancy, and leases 100% indexed to the IPCA. After distributing real estate appreciation from the sale of Goiânia (Sep/2024), the manager cut the DPU to R$ 0.60 in Jan/2026 (reserve replenishment). The Mar/2026 unitholders' meeting opened two structural doors: unit buybacks with cancellation (accretive at a P/BV of 0.67) and direct leverage. The cycle over the next 18 months will be defined by 2027 lease expirations (59% of revenue) and the execution of these new tools.
Our current reading of INLG11 is HOLD, with a score of 5.9/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
Deepest asset discount in the bucket (P/BV 0.60) and high-standard warehouses in the Southeast, but surrounded by renewal risk.
It sits at the bottom because 59% of leases expire in 2027, the DPU was cut from R$ 0.76 to R$ 0.60, the unitholders' meeting approved ending the debt-free era, and a single unitholder concentrates 22.8% of the units.
Safety in a REIT is not yes or no — it is how much risk you accept. INLG11 has a medio risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 3.5 |
| Price volatility | 2.0 |
| Distribution volatility | 3.0 |
| Liquidez | 3.5 |
| Underlying asset risk | 3.5 |
| Financial / leverage risk | 2.5 |
Viana represents 40.8% of net assets (R$ 192.8M fair value) and contributes 23.2% of rental revenue — apparent cap rate of ~4% p.a., below expectations for class A warehouses. Suggests an optimistic appraisal that may suffer negative revaluation if rental prices pull back.
Monitor annual appraisals and SiiLA metrics for Viana/ES over coming quarters.
1 unitholder holds 22.84% (1,030,377 units), 1 holds 15.14% (683,124 units), and 1 holds 12.47% (562,677 units) — all corporate entities. A decision by any of them to resize their position may put heavy downward pressure on the price in a low-liquidity market.
A buyback program authorized by the unitholders' meeting (AGE) may absorb spot pressure.
LOG Commercial Properties acts simultaneously as specialized consultant, leasing administrator, and owner of the remaining stake in the properties. In March 2026, LOG CP sold its stake in Gaiolli/Contagem/Viana to third parties — INLG11 had a preemptive right but rejected it in Contagem and Viana.
An extraordinary unitholders' meeting (AGE) was required due to a conflict of interest — formal governance functioned in this case.
Monitor negotiations starting in mid-2026. Net balance looks positive: Gaiolli + RCG offset Viana + Contagem.
The extraordinary unitholders' meeting (AGE) approved fiduciary liens on the properties as collateral for direct leverage. The manager states it will only use leverage if the acquisition cap rate exceeds the real debt rate — but the fund's risk thesis is no longer 'debt-free' and now depends on future discipline.
Monitor initial post-AGE moves; the target LTV must be communicated by the manager.
A 5-year timeframe is sufficient for cash accumulation or P/BV improvement. A 9.32% cap rate plus Gaiolli rental upside improve the equation over time.
| Scenario | Description |
|---|---|
| Falling Selic + aggressive buyback. | With units trading at 0.67x BV, buybacks at R$ 71 (current price) would increase BV per unit for remaining holders. In a falling Selic environment, discounted FIIs reprice faster — INLG11 captures additional premium. |
| 2027 lease renewals with significant upside in Gaiolli and Rio CG. | 1Q26 SiiLA: Gaiolli charges R$28.13 vs market R$39.83 (+42%). Rio CG charges R$17.78 vs A/A+ market of R$26.91 (+51%). Renewing even at 80% of Gaiolli's asking price would add +15-20% to that asset's revenue, enough to unlock a sustainable DPU of R$ 0.70-0.75. Risk: Viana and Contagem are slightly above market (-6-7% upon renewal). |
| Gaiolli 2027 renegotiation above the CRI cost (cap rate > 9.30%). | The CRI costs IPCA + 9.30% p.a. With Guarulhos vacancy at 1.4% and a market price of R$ 42.47/sqm (2Q26) vs current rent of R$ 30.30/sqm, a renegotiation close to market rates lifts Gaiolli revenue by ~40%. The acquisition's real cap rate rises above the estimated 9.32% — making the leverage genuinely accretive. |
| 2027 renegotiation amid systemic vacancy. | If IFIX and Selic do not cooperate in 2026/27, the manager may be forced to renew leases downward — especially Rio CG (26% market vacancy in the region) and Contagem (asking price R$ 30 vs current rent even lower). DPU could drop to a sustainable R$ 0.55. |
| Negative revaluation in Viana. | An apparent cap rate of 4% in Viana suggests an optimistic appraisal. A revaluation to 6% (more aligned with the market) would reduce Viana's fair value from R$ 192.8M to ~R$ 130M — a drop of R$ 13/unit in book value, bringing the BV down to R$ 92. |
| Miscalibrated leverage. | The CRI costs IPCA + 9.30% (approved structure). If the IPCA accelerates and Gaiolli's rent fails to keep pace, the real cost of debt will exceed the acquisition cap rate (9.32%) — putting pressure on cash flow and DPU. Bullet amortization in 2031 concentrates refinancing risk. |
INLG11 is a streamlined and well-maintained logistics FII: 4 modular Class A warehouses (Gaiolli/SP, Viana/ES, Contagem/MG, and Rio Campo Grande/RJ) totaling 113.9k sqm of GLA, with zero vacancy for the second consecutive month, delinquency dropping from 8.5% (Apr/25) to 2.1% (Mar/26), and 33 diversified tenants across 14 states. It is managed by Inter Asset (Banco Inter) with a competitive management fee of 0.46% p.a. and no performance fee.
The DPU of R$ 0.60 has been stable for 5 months, with cash covering the distribution (YTD 2026: R$ 13.60M generated vs. R$ 13.54M distributed). Attention to delinquency, which jumped to 6% in May/26 with 1 significant tenant 2 months past due—the Manager is in advanced negotiations. SiiLA 1Q26 data updates the 2027 lease renegotiation outlook: Gaiolli charges R$ 28.13 vs. market R$ 39.83 (+42%) and Rio CG charges R$ 17.78 vs. market R$ 26.91 (+51%). On the other hand, Viana and Contagem are 6-7% above the market, carrying a risk of downward adjustment in those renewals. The net balance of the renegotiations appears favorable given Gaiolli's weight in revenue.
In July 2026, the fund executed its first leveraged transaction: it exercised its preemptive right over the remaining 20% of Parque Logístico Gaiolli in Guarulhos/SP for R$ 26.1M, structuring a CRI (Brazilian real-estate receivables certificate) of R$ 30.2M yielding IPCA+9.30% p.a. (5-year, bullet repayment). As a result, INLG11 consolidates 100% of Gaiolli — eliminating the conflict of interest with LOG CP in this asset and capturing the renegotiation upside in 2027 (current rent of R$ 30.30/sqm vs a Guarulhos market rate of R$ 42.47/sqm, vacancy of 1.4%). Leverage of ~6% of net assets is low, but marks a structural shift in the fund's profile that warrants close monitoring.
Current recommendation: HOLD. Rating 5.9/10. The INLG11 leases 4 class A logistics warehouses in SP, ES, MG, and RJ to over 30 companies and passes the rent on to you every month, free of income tax. Manager Inter Asset (Banco Inter) charges low fees and has a clean track record. The distribution dropped to R$ 0.60/month…
Our current read on INLG11 is “HOLD”. Rating 5.9/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Inter Logístico FII include: 59% of leases expire in 2027; DPU cut from R$ 0.76 to R$ 0.60 in Jan/26; Unitholders' meeting Mar/26 approved direct leverage — end of the 'debt-free' era; Unitholders' meeting also approved a unit buyback program.
INLG11 is suitable for: Investors who value low fees (0.46% p.a.) and asset quality — class A warehouses with 12m clear height and 6 ton/sqm floor load capacity, located in markets with declining vacancy and rising rental rates. Those seeking pure inflation protection — 100% of leases are indexed to the IPCA, with no IGP-M or pre-fixed mix. Investors with a…