Recommendation: HOLD · Rating 6.4/10
NSLU11 leases Hospital Nossa Senhora de Lourdes (in the Jabaquara neighborhood of São Paulo) to Rede D'Or — Brazil's largest private hospital network — and passes on the monthly rent to unitholders, exempt from income tax. Managed by BTG Pactual, Brazil's largest FII administrator, which closed a 30-year agreement in October 2025 ending 14 years of litigation. Warning regarding dividend history: the high dividend yield over the past 12 months was inflated by one-off lawsuit settlement payments (R$ 10.16 in Oct/2025 and others throughout 2026) — these will not recur. The actual recurring dividend is R$ 1.72/unit per month (~12% per year), sustainable through 2055 and adjusted by IPCA, but still below the current Selic rate (~14.5%). The unit price of R$ 171 trades at a discount to net assets (P/BV 0.68 — you pay R$ 68 for every R$ 100 of the fund's net assets), yet the fund's sole property was revalued 17% downward in 2025. It suits investors seeking IPCA-indexed income for decades who accept that 100% of the fund depends on 1 single hospital and 1 single tenant; it does not suit those needing to beat the Selic rate today. Verdict: HOLD — current holders may keep their positions; entering now requires conviction in the binary risk of a single-asset fund.
NSLU11 is a 30-year real estate fixed income instrument wrapped as an FII. After 14 years of legal battles with Rede D'Or, the October 2025 agreement replaced uncertainty with predictability: fixed rent of R$ 1.84M/month adjusted by IPCA, an extra monthly installment of R$ 605k through 2040 (settlement residual), atypical lease through 2055, with no review for the first 9 years. The property is Hospital Nossa Senhora de Lourdes (now Rede D'Or — Jabaquara Unit) in São Paulo. There is no diversification, no active portfolio management, and no growth thesis via acquisitions. The only thing unitholders buy is the contractual relationship with Rede D'Or and the hospital's land and building at the end of the term.
Our current reading of NSLU11 is HOLD, with a score of 6.4/10. 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.
Runner-up (2nd/3) — the best among the bucket's single-asset funds. Single-asset/single-tenant (hospital in Jabaquara 100% leased to Rede D'Or, AAA rating), but with the most predictable lease in the group: 30 years signed in Oct/2025 (exp. Oct/2055), recurring DPU normalized at R$ 1.72, IPCA adjustment, and zero leverage. It has the best liquidity in the bucket (~5,217 unitholders, ~1.7x HCRI11) and the largest asset discount (P/BV 0.68). It trails TJKB11 because it is a binary bet on a single property/tenant, with no repricing trigger until the review in 2034 — and the May/2026 period closed without a declared dividend, signaling calendar irregularities. It ranks ahead of HCRI11 (smaller, less liquid, and with revenue locked to the IGP-M index for 9 years instead of the upcoming IPCA). HOLD.
Safety in a REIT is not yes or no — it is how much risk you accept. NSLU11 has a medio risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 5.0 |
| Price volatility | 2.5 |
| Dividend volatility | 1.5 |
| Liquidez | 4.5 |
| Underlying asset risk | 2.0 |
| Financial/leverage risk | 1.0 |
Binswanger appraisal in Oct/2025 adjusted the capitalization rate to 10.5% and the discount rate to 11%. If the Selic rate drops in 2026 per the curve (from 14.5% to ~11%), a new revaluation at the end of 2026 could REVERSE part of the decline. But if Selic remains high or hospital cap rates remain pressured, it could drop further.
A 10.5% cap rate is already high — greater room for positive revaluation than negative during a Selic-declining cycle
The fund was claiming R$ 167M in court referring to 8% of gross revenue between 2017-2024. The agreement traded this right for R$ 155.8M paid over 15 years. In exchange, the new lease eliminates percentage rent — during a hospital high cycle (e.g., the 2020-2022 pandemic, new oncology or cardiology services), the fund captures NOTHING beyond IPCA inflation. Unitholders who entered expecting cyclical upside will be disappointed.
Property built in 1958, now 68 years old. In Oct/2055 it will be 97 years old. Rede D'Or has invested in continuous modernization, but old physical structures limit expansion. During partial or total hospital renovations over the lease term, who pays? Property adaptation CAPEX is a sensitive topic in healthcare FIIs — the lease requires careful reading by unitholders.
Atypical 30-year lease with tenant termination penalty — Rede D'Or has skin in the game to keep the asset operational
BTG Pactual acts as administrator, manager, and custodian (via Banco BTG Pactual). A common structure in older FII markets, but reduces checks-and-balances. Independent auditor (KPMG) is the primary counterweight.
Defined-management fund (simple mandate to 'maintain the lease') reduces the risk of problematic discretionary decisions
Monthly Report May/2026 (ID 1220773, filed June 15, 2026) reports 'Distributable Income: R$ 0.00' and 'Reference Month Dividend Yield: -0.0001%'. No dividend will be paid in July for the May competency period. Rental revenue of R$ 2.44M is booked (Accounts Receivable R$ 2.44M), but was not formally declared for distribution. Cash of R$ 8.39M in Fixed Income Funds is robust (≈3.8× monthly DPU). This may reflect waiting on the residual receipt of R$ 2.4M from the court-ordered escrow deposit for a pooled distribution, or an administrative calendar adjustment following the extraordinary distribution cycle.
| Scenario | Description |
|---|---|
| Selic drops to 11% in 12 months + positive hospital property reassessment | The DI curve projects the Selic rate at 11% by year-end 2026. The current 10.5% cap rate would look discounted vs. Selic — the 2026 Binswanger appraisal (Oct/26) may reverse part of the R$ 45M drop. The quote could rise 5–10%. |
| Rede D'Or expands operations at Hospital Lourdes | New oncology/cardiology services are already operational. Future expansion would increase the property's importance to the operator, reducing the risk of non-renewal in 2055. |
| IPCA above Selic in 2027–2028 | In an inflationary cycle, IPCA-linked FIIs tend to outperform the average IFIX. The annual adjustment in April would bring a DPU of R$ 1.90+ per unit. |
| Rede D'Or requests renegotiation due to financial distress | Despite its AAA rating, Rede D'Or carries significant net debt. In a macro and healthcare stress scenario, it may attempt to renegotiate rent — the fund has already exited its percentage rent position (lost percentage rent upside) and would be pressured again. |
| New negative property appraisal in 2026 | If the hospital cap rate rises to 11–12% (stressed segment), the property's fair value could drop another 10–15%, bringing book value per unit down to R$ 150–160. The market price would follow. |
| Casualty or structural damage to the 1958 property | A 68-year-old hospital may require retrofitting CAPEX not provided for in the lease. Who pays? Potential dispute between the fund and Rede D'Or — the fund's liquidity cash cushion of R$ 182k is insufficient for an emergency. |
NSLU11 transitioned from a 14-year litigation dispute to a predictable 30-year framework. The agreement with Rede D'Or signed in October 2025 — court-approved, featuring structured installments totaling R$ 155.8M and a new lease through 2055 — transformed the fund into an upper-middle-class hospital-backed real estate fixed-income instrument.
Following the end of the extraordinary distributions cycle, the unit price pulled back to R$ 174 (P/BV 1.01) — practically matching the book value of R$ 172.33, without the 10% premium seen at the peak of distributions. The current dividend yield of 17.58% is illusory, inflated by ~R$ 16/unit in extraordinary distributions over the past 12 months (Oct/25 R$ 10.16, Feb/26 R$ 3.75, Mar/26 R$ 2.05). The recurring dividend yield normalizes at ~11.9% based on a DPU of R$ 1.72/month, BELOW the current Selic rate (~14.5%) but backed by IPCA inflation protection and a 30-year horizon.
The fund makes sense for those who understand what they are buying: a lease with Brazil's largest private hospital network, featuring inflation protection and 0% LTV. It is not a growth vehicle (lacking an acquisition mandate), not an aggressive discount vehicle (P/BV 1.01), and not a high-yield vehicle (recurring yield below Selic). It is a fund focused on contractual peace with macro upside (if Selic declines). Only the residual recovery of ~R$ 2.4M from the escrow deposit remains (R$ 1.86/unit), which may yield one final one-off distribution.
Current recommendation: HOLD. Rating 6.4/10. NSLU11 leases Hospital Nossa Senhora de Lourdes (in the Jabaquara neighborhood of São Paulo) to Rede D'Or — Brazil's largest private hospital network — and passes on the monthly rent to unitholders, exempt from income tax. Managed by BTG Pactual , Brazil's largest FII…
Our current read on NSLU11 is “HOLD”. Rating 6.4/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for FII Hospital Nossa Senhora de Lourdes include: Maximum single-asset + single-tenant risk; Property depreciated by -17.45% in 2025; 9 years without the possibility of rent review; Recurring DPU of R$ 1.72 in Apr/26 — however, May/2026 had no declaration.
NSLU11 is suitable for: Investors seeking stable and predictable DPU for 30 years, indexed to IPCA Those who accept single-asset/single-tenant binary risk in exchange for an AAA operator Investors with a very long horizon and low sensitivity to mark-to-market