RECT11 Dividends — income history

When does RECT11 pay the next dividend?

• 2026-08 — The principal grace period for the Barra CRI has expired — and no solution has been announced: The Material Fact Notice of 05/28/2025 gave the fund 12 months paying only monetary correction and interest on the Barra CRI (R$ 80.9M), without amortizing principal. That period ended in July 2026. The Management Report
• 2026-08 — R$ 95.7 million in principal that the operation cannot pay: The manager is explicit: 'principal can only be paid with resources from new capital raises, potential asset sales, and 5% of cash earnings (the other 95% must obligatorily be distributed semestrally to unitholders).' An
• 2031-07 — Interest on sale receivables dries up: R$ 0.1398/unit per month — 29% of generation — comes from interest on the R$ 109.8M receivable from the four 2025 sales. This is not property income: it is the return of capital that left the property, and the manager st
• 2026-12 — The consulting fee returns — and the retained amount must be paid: REC has retained 100% of its own remuneration (1.0% p.a. of NAV = R$ 0.0748/unit/month) since Apr/2025, and its announcement of 12/03/2025 promises that 'at the end of this period, the full distribution of the provisione
• 2027-09 — Corteva/CTVA renews Canopus for 3 years: 5th addendum already signed: renewal of the 6th, 7th, and 8th floors of the South Tower (4,566.63 sqm) for 3 years starting 09/24/2027, in the asset with the highest portfolio vacancy. This is the most concrete positive

Are the dividends sustainable?

July's 85% payout ratio is real, but it reflects the most favorable month of the year: lowest financial expenses (R$ 1.28 million versus a R$ 1.51 million average) and highest interest income (R$ 1.44 million versus R$ 1.19 million) simultaneously. The fund's quarterly report records a payout ratio of 118.6% for the first half of the year.

Our baseline projection models the distribution at R$ 0.417 in year 5 — below today's R$ 0.45, but higher than pure rental yield, because deleveraging returns more in saved interest expenses than it sacrifices in foregone rental income.

The risk lies not in the distribution itself, but in the fund's inability to execute asset sales. If the Barra CRI grace period is not renewed and no buyer emerges at an acceptable price, principal payments will begin drawing on cash reserves — at which point the distribution would drop toward the R$ 0.25–R$ 0.30 range. This represents the bear case, assigned a 35% probability.

Distribution guidance

For next 12 months, the manager projects a distribution of R$ 0.36 to R$ 0.45 per unit per month.

Will RECT11 keep the dividend?

Free cash stands at R$ 4.8 million. Assuming the grace period is maintained, the fund distributes practically all of its generated cash (free cash of R$ 0.4324 versus R$ 0.45 distributed). If the grace period is not renewed, cash burn increases to R$ 756 thousand/month, reducing distribution coverage to approximately 6 months.

12-month average payout of 1.022% · accumulated cash covers about 6.3 months of distributions · burn of R$ 0.0176 per unit per month.

RECT11 dividends in 2026

In 2026 RECT11 paid R$ 3.15 per unit across 7 periods, averaging R$ 0.45 per month.

RECT11 dividends in 2025

In 2025 RECT11 paid R$ 4.62 per unit across 12 periods, averaging R$ 0.39 per month.

RECT11 dividends in 2024

In 2024 RECT11 paid R$ 4.43 per unit across 12 periods, averaging R$ 0.37 per month.

RECT11 dividends in 2023

In 2023 RECT11 paid R$ 5.36 per unit across 12 periods, averaging R$ 0.45 per month.

RECT11 dividends in 2022

In 2022 RECT11 paid R$ 6.04 per unit across 12 periods, averaging R$ 0.5 per month.

RECT11 dividends in 2021

In 2021 RECT11 paid R$ 6.95 per unit across 12 periods, averaging R$ 0.58 per month.

RECT11 dividends in 2020

In 2020 RECT11 paid R$ 9.3 per unit across 12 periods, averaging R$ 0.78 per month.

RECT11 dividends in 2019

In 2019 RECT11 paid R$ 7.87 per unit across 8 periods, averaging R$ 0.98 per month.

Payout by half-year

Frequently asked questions

What was RECT11's latest dividend?

The latest income announced by RECT11 was R$ 0.45 per unit, paid on 2026-08-14.

Does RECT11 pay monthly dividends?

Yes, RECT11 distributes income to unitholders every month. The month-by-month history — with period, amount per unit, payment date and DY — is in the table above.

What is RECT11's dividend yield (DY)?

RECT11's dividend yield is approximately 14.33% based on the income paid over the last 12 months.

Is RECT11 high yield?

With a DY near 14.33% per year, RECT11 is in the high yield REIT range (above ~10% p.a.) — a level that usually comes with more credit or market risk.