KNRI11 currently distributes R$ 1.10 per unit per month, paid on the 15th of each following month. On the R$ 153.00 price (close of 06/09/2026), this amount represents a monthly dividend yield of 0.72% and an annualized DY of 8.34%. Over the last 12 months, the fund accumulated R$ 12.53 per unit, generating a DY of 7.92% on the reference unit.
The income is distributed monthly to all unitholders positioned before the cut-off date (ex-date), and the benefit is income-tax exempt for individuals provided the unitholder holds less than 10% of the units and the fund has at least 50 unitholders. This tax benefit raises the gross-equivalent return: a tax-exempt 7.92% DY is equivalent to roughly 10% in a taxable CDB — a relevant difference for the long-term investor.
KNRI11's recent dividend trajectory needs context to be interpreted correctly. In December 2025, the fund distributed R$ 1.25/unit — an exceptionally high amount due to the advance related to the sale of the Jundiaí Industrial Park (R$ 77 million gain). In January 2026, there was a give-back with a distribution of R$ 0.88/unit, reflecting the active-management policy. Since February 2026, the DPS was re-established and held at R$ 1.10/unit for consecutive months.
This swing does not indicate structural fragility. Kinea Investimentos runs KNRI11 with an active portfolio recycling strategy: it sells mature properties, realizes the gain, and part of that gain is incorporated into the recurring dividend. The R$ 0.07/unit add-on in effect since March 2026 represents exactly this mechanism — the result of the sales of the Athenas Building (IRR 16% per year) and Jundiaí IP (IRR 11% per year). For an investor seeking perfect month-to-month linearity, it is important to understand this model before investing.
The sustainability of KNRI11's dividends is supported by three concrete pillars. First, the real-estate revenue: 19 properties with 150+ institutional tenants such as Lojas Renner, Kimberly Clark, BASF, Bunge, Google, WeWork and Foxconn. With 95.91% physical occupancy and contracts 67% indexed to IPCA (and 30% to IGP-M), revenue automatically grows with inflation.
Second, the operating cash: in March 2026 the net balance (item 9 of the monthly report) was R$ 160.7 million — enough to cover more than 5 months of distribution with no new revenue. Third, the recycling pipeline: Kinea estimated R$ 700 million or more in potential gains to be realized in the rest of the portfolio, which can sustain future add-ons to the recurring dividend.
The main risk to sustainability is the vacancy in Rio de Janeiro offices (Buenos Aires Corporate 85% vacant, Botafogo Trade Center 25% vacant, Lagoa Corporate 23% vacant), which represents suppressed revenue that, if recovered, could raise the DPS. While that recovery has not occurred, Kinea maintains the current level via a diversified portfolio and active management.
KNRI11 is not classified as a high-yield REIT. With a 12m DY of 7.92%, the fund delivers a return characteristic of quality institutional brick: consistent, growing over the long term and backed by real properties, but lower than the 12-15% that private-credit receivable REITs (high-yield paper) offer.
The correct comparison considers the tax benefit: the tax-exempt 7.92% DY is equivalent to roughly 10% gross for an individual investor in the 20% income-tax bracket. Additionally, the IPCA-indexed contracts create a real-restatement component that floating-rate fixed-income assets do not offer. For the long-term investor, this combination of recurring income + inflation protection + book-value growth via unit appreciation tends to surpass the nominal yield alone.
The projected DY may improve over the next 12-18 months with the delivery of the Biosquare Building (under development, with the corporate tower 100% pre-leased to a technology multinational) and an eventual reduction in Rio de Janeiro vacancy. Each percentage point of improvement in financial vacancy represents about R$ 0.02-0.03/unit per month in additional distribution.
KNRI11 pays dividends monthly. Payment occurs on the 15th of the following month after the reference period. To be entitled to the income, the unitholder must be positioned before the ex-date, which each month's Management Report discloses in advance. The last declared income was R$ 1.10/unit for May 2026, paid on 2026-06-15.
It is important not to confuse the ex-date with the trade settlement date. For purchases via home broker on B3, settlement occurs at D+2, so the investor must buy at least 2 business days before the ex-date to be entitled to that month's dividend. Purchases made on the ex-date or later do not include that specific income.
| Reference | Income/unit | DY in month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-05 | R$ 1.1 | 0.677% | R$ 162.53 | 2026-05-29 | 2026-06-15 |
| 2026-04 | R$ 1.1 | 0.655% | R$ 167.88 | 2026-04-30 | 2026-05-15 |
| 2026-03 | R$ 1.1 | 0.651% | R$ 168.85 | — | 2026-04-15 |
| 2026-02 | R$ 1.1 | 0.666% | R$ 165.25 | — | 2026-03-13 |
| 2026-01 | R$ 0.88 | 0.528% | R$ 166.59 | — | 2026-02-13 |
| 2025-12 | R$ 1.25 | 0.786% | R$ 159.04 | — | 2026-01-15 |
| 2025-11 | R$ 1.0 | 0.672% | R$ 148.85 | — | 2025-12-12 |
| 2025-10 | R$ 1.0 | 0.683% | R$ 146.49 | — | 2025-11-14 |
| 2025-09 | R$ 1.0 | 0.685% | R$ 146.01 | — | 2025-10-14 |
| 2025-08 | R$ 1.0 | 0.691% | R$ 144.69 | — | 2025-09-12 |
| 2025-07 | R$ 1.0 | 0.726% | R$ 137.81 | — | 2025-08-14 |
| 2025-06 | R$ 1.0 | 0.692% | R$ 144.51 | — | 2025-07-14 |
| 2025-05 | R$ 1.0 | 0.694% | R$ 144.07 | — | 2025-06-13 |
| 2025-04 | R$ 1.0 | 0.68% | R$ 146.99 | — | 2025-05-15 |
| 2025-03 | R$ 1.0 | 0.728% | R$ 137.3 | — | 2025-04-14 |
| 2025-02 | R$ 1.0 | 0.731% | R$ 136.87 | — | 2025-03-18 |
| 2025-01 | R$ 1.0 | 0.759% | R$ 131.74 | — | 2025-02-14 |
| 2024-12 | R$ 1.0 | 0.746% | R$ 134.08 | — | 2025-01-15 |
| 2024-11 | R$ 1.0 | 0.758% | R$ 131.98 | — | 2024-12-13 |
| 2024-10 | R$ 1.0 | 0.739% | R$ 135.26 | — | 2024-11-14 |
| 2024-09 | R$ 1.0 | 0.718% | R$ 139.35 | — | 2024-10-14 |
| 2024-08 | R$ 1.0 | 0.674% | R$ 148.29 | — | 2024-09-13 |
| 2024-07 | R$ 1.0 | 0.646% | R$ 154.83 | — | 2024-08-14 |
| 2024-06 | R$ 1.0 | 0.628% | R$ 159.35 | — | 2024-07-12 |
| 2024-05 | R$ 1.0 | 0.642% | R$ 155.65 | — | 2024-06-14 |
| 2024-04 | R$ 1.0 | 0.625% | R$ 160.0 | — | 2024-05-15 |
| 2024-03 | R$ 1.0 | 0.608% | R$ 164.6 | — | 2024-04-12 |
| 2024-02 | R$ 1.0 | 0.607% | R$ 164.73 | — | 2024-03-14 |
| 2024-01 | R$ 1.0 | 0.609% | R$ 164.26 | — | 2024-02-16 |
| 2023-12 | R$ 1.0 | 0.6% | R$ 166.65 | — | 2024-01-15 |
| 2023-11 | R$ 1.0 | 0.625% | R$ 160.0 | — | 2023-12-14 |
| 2023-10 | R$ 1.0 | 0.618% | R$ 161.72 | — | 2023-11-16 |
| 2023-09 | R$ 1.0 | 0.619% | R$ 161.43 | — | 2023-10-16 |
| 2023-08 | R$ 0.95 | 0.568% | R$ 167.15 | — | 2023-09-15 |
| 2023-07 | R$ 0.95 | 0.597% | R$ 159.11 | — | 2023-08-14 |
| 2023-06 | R$ 1.51 | 0.945% | R$ 159.74 | — | 2023-07-14 |
| 2023-05 | R$ 0.95 | 0.611% | R$ 155.47 | — | 2023-06-15 |
| 2023-04 | R$ 0.95 | 0.619% | R$ 153.48 | — | 2023-05-15 |
| 2023-03 | R$ 0.95 | 0.667% | R$ 142.37 | — | 2023-04-17 |
| 2023-02 | R$ 0.95 | 0.69% | R$ 137.64 | — | 2023-03-14 |
| 2023-01 | R$ 0.91 | 0.674% | R$ 134.95 | — | 2023-02-14 |
| 2022-12 | R$ 1.0 | 0.72% | R$ 138.8 | — | 2023-01-13 |
| 2022-11 | R$ 0.91 | 0.667% | R$ 136.46 | — | 2022-12-14 |
| 2022-10 | R$ 0.91 | 0.651% | R$ 139.7 | — | 2022-11-16 |
| 2022-09 | R$ 0.91 | 0.604% | R$ 150.69 | — | 2022-10-17 |
| 2022-08 | R$ 0.91 | 0.611% | R$ 148.91 | — | 2022-09-15 |
| 2022-07 | R$ 0.91 | 0.617% | R$ 147.55 | — | 2022-08-12 |
| 2022-06 | R$ 0.84 | 0.644% | R$ 130.53 | — | 2022-07-14 |
| 2022-05 | R$ 0.84 | 0.641% | R$ 131.08 | — | 2022-06-14 |
| 2022-04 | R$ 0.84 | 0.64% | R$ 131.35 | — | 2022-05-13 |
| 2022-03 | R$ 0.81 | 0.589% | R$ 137.46 | — | 2022-04-14 |
| 2022-02 | R$ 0.81 | 0.62% | R$ 130.6 | — | 2022-03-15 |
| 2022-01 | R$ 0.81 | 0.599% | R$ 135.2 | — | 2022-02-14 |
| 2021-12 | R$ 0.88 | 0.654% | R$ 134.64 | — | 2022-01-14 |
| 2021-11 | R$ 0.77 | 0.579% | R$ 132.98 | — | 2021-12-14 |
| 2021-10 | R$ 0.77 | 0.577% | R$ 133.4 | — | 2021-11-16 |
| 2021-09 | R$ 0.77 | 0.535% | R$ 144.0 | — | 2021-10-15 |
| 2021-08 | R$ 0.73 | 0.52% | R$ 140.45 | — | 2021-09-15 |
| 2021-07 | R$ 0.69 | 0.517% | R$ 133.5 | — | 2021-08-13 |
| 2021-06 | R$ 0.69 | 0.486% | R$ 142.1 | — | 2021-07-14 |
| 2021-05 | R$ 0.69 | 0.488% | R$ 141.53 | — | 2021-06-15 |
| 2021-04 | R$ 0.69 | 0.463% | R$ 149.01 | — | 2021-05-14 |
| 2021-03 | R$ 0.69 | 0.456% | R$ 151.35 | — | 2021-04-15 |
| 2021-02 | R$ 0.69 | 0.453% | R$ 152.44 | — | 2021-03-12 |
| 2021-01 | R$ 0.69 | 0.432% | R$ 159.89 | — | 2021-02-12 |
| 2020-12 | R$ 0.65 | 0.406% | R$ 160.1 | — | 2021-01-15 |
| 2020-11 | R$ 0.65 | 0.419% | R$ 155.0 | — | 2020-12-14 |
| 2020-10 | R$ 0.65 | 0.407% | R$ 159.9 | — | 2020-11-16 |
| 2020-09 | R$ 0.65 | 0.39% | R$ 166.85 | — | 2020-10-15 |
| 2020-08 | R$ 0.65 | 0.387% | R$ 168.0 | — | 2020-09-15 |
| 2020-07 | R$ 0.65 | 0.409% | R$ 159.05 | — | 2020-08-14 |
| 2020-06 | R$ 0.65 | 0.413% | R$ 157.3 | — | 2020-07-14 |
| 2020-05 | R$ 0.65 | 0.393% | R$ 165.44 | — | 2020-06-15 |
| 2020-04 | R$ 0.65 | 0.401% | R$ 161.91 | — | 2020-05-15 |
| 2020-03 | R$ 0.65 | 0.434% | R$ 149.7 | — | 2020-04-15 |
| 2020-02 | R$ 0.74 | 0.48% | R$ 154.27 | — | 2020-03-13 |
| 2020-01 | R$ 0.74 | 0.414% | R$ 178.8 | — | 2020-02-14 |
| 2019-12 | R$ 0.74 | 0.406% | R$ 182.3 | — | 2020-01-15 |
| 2019-11 | R$ 0.74 | 0.402% | R$ 184.15 | — | 2019-12-13 |
| 2019-10 | R$ 0.74 | 0.438% | R$ 168.89 | — | 2019-11-14 |
| 2019-09 | R$ 0.74 | 0.453% | R$ 163.5 | — | 2019-10-14 |
| 2019-08 | R$ 0.74 | 0.475% | R$ 155.76 | — | 2019-09-13 |
| 2019-07 | R$ 0.74 | 0.477% | R$ 155.0 | — | 2019-08-14 |
| 2019-06 | R$ 0.74 | 0.486% | R$ 152.3 | — | 2019-07-12 |
| 2019-05 | R$ 0.74 | 0.49% | R$ 151.0 | — | 2019-06-14 |
| 2019-04 | R$ 0.74 | 0.487% | R$ 151.8 | — | 2019-05-15 |
| 2019-03 | R$ 0.74 | 0.489% | R$ 151.41 | — | 2019-04-12 |
| 2019-02 | R$ 0.74 | 0.476% | R$ 155.5 | — | 2019-03-18 |
| 2019-01 | R$ 0.74 | 0.492% | R$ 150.5 | — | 2019-02-14 |
| 2018-12 | R$ 0.74 | 0.497% | R$ 148.99 | — | 2019-01-15 |
| 2018-11 | R$ 0.74 | 0.502% | R$ 147.5 | — | 2018-12-14 |
| 2018-10 | R$ 0.82 | 0.516% | R$ 158.9 | — | 2018-11-16 |
| 2018-09 | R$ 0.82 | 0.552% | R$ 148.5 | — | 2018-10-15 |
| 2018-08 | R$ 0.82 | 0.597% | R$ 137.28 | — | 2018-09-17 |
| 2018-07 | R$ 0.82 | 0.574% | R$ 142.8 | — | 2018-08-14 |
| 2018-06 | R$ 0.92 | 0.615% | R$ 149.61 | — | 2018-07-13 |
| 2018-05 | R$ 0.82 | 0.534% | R$ 153.5 | — | 2018-06-14 |
| 2018-04 | R$ 0.82 | 0.485% | R$ 169.0 | — | 2018-05-15 |
| 2018-03 | R$ 0.82 | 0.491% | R$ 166.9 | — | 2018-04-13 |
| 2018-02 | R$ 0.82 | 0.488% | R$ 168.0 | — | 2018-03-14 |
| 2018-01 | R$ 0.62 | 0.384% | R$ 161.5 | — | 2018-02-16 |
| 2017-12 | R$ 0.2 | 0.124% | R$ 160.79 | — | 2018-01-15 |
| 2017-11 | R$ 0.92 | 0.557% | R$ 165.2 | — | 2017-12-14 |
| 2017-10 | R$ 0.92 | 0.548% | R$ 168.0 | — | 2017-11-16 |
| 2017-09 | R$ 0.92 | 0.554% | R$ 166.0 | — | 2017-10-16 |
| 2017-08 | R$ 0.92 | 0.583% | R$ 157.8 | — | 2017-09-15 |
| 2017-07 | R$ 0.92 | 0.613% | R$ 150.0 | — | 2017-08-14 |
| 2017-06 | R$ 0.92 | 0.619% | R$ 148.71 | — | 2017-07-14 |
| 2017-05 | R$ 0.92 | 0.617% | R$ 149.0 | — | 2017-06-14 |
| 2017-04 | R$ 0.92 | 0.61% | R$ 150.8 | — | 2017-05-15 |
| 2017-03 | R$ 0.92 | 0.611% | R$ 150.66 | — | 2017-04-17 |
| 2017-02 | R$ 0.92 | 0.604% | R$ 152.35 | — | 2017-03-14 |
| 2016-12 | R$ 0.92 | 0.611% | R$ 150.5 | — | 2017-01-13 |
Yes, KNRI11 distributes income every month, with payment on the 15th of the month following the reference period. The last dividend was R$ 1.10 per unit (May/2026), paid on 2026-06-15.
KNRI11's annualized DY is 8.34% on the current price of R$ 153.00 (Jun/2026). Over the last 12 months it accumulated R$ 12.53/unit, representing a 7.92% DY. The income is income-tax exempt for individuals.
KNRI11 has paid R$ 1.10 per unit per month since February 2026. In the previous 12 months the amount ranged between R$ 0.88 and R$ 1.25 due to manager Kinea's active portfolio recycling strategy.
Sustainability is supported by 150+ institutional tenants, 95.91% occupancy, R$ 160.7M net cash and a recycling pipeline with R$ 700M+ in potential gains. The main risk is the vacancy in Rio de Janeiro offices.
Yes. KNRI11's income is exempt from income tax for individual unitholders, provided the investor holds less than 10% of the units and the fund has at least 50 unitholders — conditions KNRI11 amply meets (308,643 unitholders).
In December 2025 KNRI11 paid R$ 1.25/unit, above the usual amount due to the advance related to the sale of the Jundiaí Industrial Park (R$ 77M gain). This amount is not recurring — the regular level is R$ 1.10/unit.