Recommendation: HOLD · Rating 5.6/10
RNGO11 is a brick-and-mortar fund (FII) that invests in a single high-end office complex in Alphaville, located in the municipality of Barueri (São Paulo state). The positive highlight is that vacant spaces have been decreasing: vacancy fell to 14.33% in August following new leases signed over the quarter. Even so, the fund relies on a small tenant base and several leases expire next year, which requires attention. Rents are adjusted for inflation (IPCA in most cases), helping protect income. Cash earnings for Q2/2026 were ~R$ 0.477/month per unit — the R$ 0.52 paid in July included a one-time impact from GOL's departure and are expected to normalize to R$ 0.44–0.46 in the coming months.
Our current reading of RNGO11 is HOLD, with a score of 5.6/10. 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.
10th out of 11: single-asset office property in Alphaville with vacancy still elevated (14.3%, coming down from 24.8% after GOL's departure). There are signs of re-leasing (THERA, AUTRON), but Superlógica is returning a floor in 2H/2026. Vacancy risk dominates; HOLD.Safety in a REIT is not yes or no — it is how much risk you accept. RNGO11 has a alto risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 5.0 |
| Price volatility | 3.0 |
| Dividend volatility | 4.5 |
| Liquidez | 4.0 |
| Underlying asset risk | 3.5 |
| Financial risk / leverage | 1.0 |
Torre Demini had 25.54% vacancy at the end of Q2 (June 30) and fell to 14.33% for the overall fund in Aug/2026 after management closed new leases during the quarter. Superlógica's departure scheduled for 2H/2026 may reopen vacant space — worth monitoring the re-leasing.
+10% lease renewals completed in Feb/2026 provide revenue breathing room; plug-and-play strategy has attracted tenants (3 new leases in 2025)
100% of net assets in Alphaville Industrial. The regional market shows a 28-33% vacancy rate (Q1/2026) — any macroeconomic contraction cycle in the SP-OSASCO axis directly impacts operations. There is no geographic hedge.
30% of leases expire in 2026 and 24% in 2027. Although 100% of H1/2026 leases were renewed, upcoming rollover windows demand continuous execution — any failure threatens the recovered DPU of R$ 0.48.
A history of commercial execution demonstrated capability during recent lease renewals.
Cash earnings for Q2/2026 reached R$ 1.43/unit for the quarter (~R$ 0.477/month), confirming a sustainable baseline closer to R$ 0.47-0.48 than the R$ 0.345 2025 result. The July 2026 DPU of R$ 0.52 includes a one-off penalty from GOL (~R$ 0.08/unit) — excluding this effect, it normalizes to ~R$ 0.44-0.46/month. Monitor whether the payout exceeding 100% in Q2 persists.
Net cash of R$ 3.5M covers ~98 months at the current low burn rate.
Positions exceeding R$ 100k require careful exit execution to avoid moving the price. Typical bid-ask spread for a Class B/C office fund.
| Scenario | Description |
|---|---|
| Falling Selic rate + rising IFIX. | Selic is projected at 11% in 12 months according to the Focus bulletin. Discounted FIIs (P/BV of 0.62) tend to reprice more aggressively — RNGO11 captures more than the average. Strong macro catalyst. |
| Demini Tower occupancy advances to <20%. | The plug-and-play strategy and active asset management have attracted new tenants. If Demini's vacancy drops to 20% (vs. current 31%), revenue increases by ~R$ 1.5-2M/year — DPU may reach R$ 0.52-0.55/month. |
| 2027 lease renewals with +5-10% adjustments. | 23.2% of rent reviews occur in 2027. Replicating the February 2026 cadence, DPU sustains R$ 0.48 and may reach R$ 0.50. |
| Superlógica does not finalize retention for a smaller space. | If Superlógica vacates completely in H2/2026, Torre Demini's vacancy rises to ~37%. Revenue impacted by ~R$ 1M/year — DPU faces renewed pressure down to R$ 0.40-0.42. |
| Systemic vacancy in Alphaville deepens. | Regional market already at 28-33%. If the Selic rate is slow to fall and the macro cycle regresses, vacancy could reach 35%+ — RNGO11 loses income and must renew leases at a discount. DPU drops back to R$ 0.30-0.32 in 12-18 months. |
| 2027 lease renewals with rent decreases. | 23% of rent reviews in 2027 could result in reductions if market conditions worsen — putting direct pressure on sustainable DPU. |
RNGO11 is a discounted operational turnaround thesis. A single-asset office building fund located in Alphaville under Rio Bravo's management since 2016, with no leverage and a management fee of only 0.2% p.a. — one of the lowest in the market.
The DPU recovered to R$ 0.48/month in Jan/2026 (+26% vs. 2025) driven by the H1/2026 rent review and renewal schedule, which was 100% completed with an average adjustment of +10%. This event sustains the new level for 60 months (the duration of the renewals). In May/2026, the new AUTRON lease (678 sqm in Padauiri, 96 months, IPCA-linked) reduces consolidated vacancy from 19.58% to 17.83% and brings Torre Padauiri down to ~7.65% — an additional impact of +R$ 0.01/unit.
The main risk is Superlógica's announced departure in 2H/2026, which may add pressure to the Demini Tower (already sitting at 31.26% vacancy). The tenant is in talks to stay in a smaller footprint, but with no guarantee.
Com P/VP de 0,62 (38% de desconto) e DY de 11,2%, o RNGO11 oferece relação risco-retorno interessante para investidor com horizonte 12-24 meses, alinhado com o ciclo de queda da Selic projetado pelo Focus.
Current recommendation: HOLD. Rating 5.6/10. RNGO11 is a brick-and-mortar fund (FII) that invests in a single high-end office complex in Alphaville, located in the municipality of Barueri (São Paulo state). The positive highlight is that vacant spaces have been decreasing: vacancy fell to 14.33% in August following new…
Our current read on RNGO11 is “HOLD”. Rating 5.6/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Rio Negro FII include: New THERA lease — vacancy drops to 14.33% (Aug/2026); GOL vacated on Jul 1, 2026 — vacancy jumps to 24.84%; Superlógica returning a floor — departure in 2H/2026; 3 leases in May-Jun/2026 demonstrate re-leasing capacity (positive signal).
RNGO11 is suitable for: Investors seeking yield above Selic with a discounted entry: 11.2% DY on a discounted unit price (P/BV 0.62) Those accepting concentrated exposure to B/C offices in Alphaville: 100% of net assets in 1 property Those valuing a clean structure (no CRI, no SPV, no leverage): simplicity reduces operational risk Those willing to buy…