TGAR11 pays R$ 0.72 per unit for the May 2026 accrual period, with a payment date of June 15, 2026. With the unit trading at R$ 53.54 (06/09/2026 close), this is equivalent to a monthly dividend yield of ~1.3% and an annualized DY of approximately 16.8% — a level that nominally beats the CDI and places TGAR11 among the IFIX REITs with the highest relative income at the moment.
The fund distributes income monthly, without interruption since its first payment in July 2017. In almost nine years of history, that is 107 consecutive months of distribution — a relevant fact for anyone researching whether TGAR11 pays monthly dividends consistently.
Attention: the high DY is partly a consequence of the steep drop in the unit in 2026 (-44% since December 2025). A high yield on a depressed price is not the same as a high yield on the real value of the equity — this context is essential to interpret the numbers honestly.
The recent period concentrates the largest dividend swings in the fund's history. In March 2025 TGAR11 stabilized the distribution at R$ 1.00 per unit — a level it held for ten consecutive months, until December 2025. It was the longest cycle of constant DPS in the fund's recent history.
In January 2026, the cut arrived: income fell to R$ 0.71 per unit, a reduction of 29% from the previous R$ 1.00. The manager TG Core Asset justified the decision by the high-Selic environment (14.75%), which locks up bank pass-throughs, increases contract cancellations and pressures the operating results of the developments. In February and March 2026, the DPS stabilized at R$ 0.72, a level maintained since then.
For anyone looking for TGAR11 dividends by specific month:
Over the trailing 12 months (Jun/2025 to May/2026), TGAR11 distributed R$ 11.43 per unit.
During the ten months of R$ 1.00 (Mar to Dec/2025), the cash payout stayed extremely close to 100% — the fund generated R$ 284 million and distributed R$ 283 million over the full year. There was no significant cushion: the accumulated reserve swung between R$ 0.05 and R$ 0.13 per unit over the period. It was a sustained distribution, but with no slack for the unexpected.
This is the question that most divides unitholders. The honest answer: the current R$ 0.72 level is sustainable in the short term, but with no margin of safety.
The 2026 management reports show that recurring cash generation — called the monthly cash result — was R$ 0.79 in February, R$ 0.62 in March and R$ 0.76 in April, an average of approximately R$ 0.72 per unit. This means that, on average, the fund is covering the distribution without needing to draw down the reserve structurally. The financial reserve of R$ 43.6 million (equivalent to about R$ 1.85 per unit in March 2026) is virtually intact for occasional swings.
The important alert is that part of the cash generated in 2026 comes from recycling equity assets — in March, the manager realized a profit by selling stakes in five projects (Max Cidade, Max Ipê, Max Serra Dourada, Max Buriti, Vitta Novo Mundo) for R$ 73.5 million, with R$ 12.4 million of profit. This type of sale pulls forward future flow and is not recurring by nature. The purely operating cash — without divestments — should be closer to R$ 0.60 to R$ 0.65 per unit.
Based on the current revenue structure, the estimated long-term sustainable dividend is approximately R$ 0.60 per unit, with a range of R$ 0.55 to R$ 0.70. The R$ 53.54 unit price delivers more than 1% per month even at that floor — still competitive for anyone buying now, but representing a relevant drop from the current R$ 0.72 DPS for anyone who entered at higher prices.
The most serious risk to the dividend is not ordinary delinquency (a late installment), but the contract cancellation (distrato): if the buyer walks away from the unit, the development returns the unit to inventory and the already-booked profit must be reversed. It is through this channel that a new DPS cut could arise — especially in the timeshare segment, where delinquency is already at 7.28% (March 2026).
The manager TG Core Asset disclosed formal distribution guidance for the first half of 2026: between R$ 0.70 and R$ 1.00 per unit per month. The range is deliberately wide — the manager leaves room for adjustment depending on unit sales and equity divestments over the half-year.
The current R$ 0.72 DPS is glued to the guidance floor. This means any additional cash deterioration could pressure a downward revision, while an acceleration of sales or the completion of divestments (such as the sale of the Viel stake, which was postponed) could push the DPS back toward the center or the top of the guidance.
The guidance is valid through September 2026. After that period, an update is expected, possibly tied to first-quarter results and the direction of the Selic rate.
With an annualized DY of 16.8% on the current price, TGAR11 is technically classified as a high-income REIT — what many investors call high yield. But it is essential to understand why that number is so high.
The yield shot up because the unit plunged: TGAR11 once traded above R$ 93 in December 2025 and fell to R$ 53.54 in June 2026, down -44% in a few months. When the price falls faster than the dividend, the DY rises automatically — not because the fund improved, but because the market is pricing in more risk.
Compared with the current CDI of 14.75%, the DY of R$ 0.72 on the current unit beats the fixed-income benchmark. But the more honest comparison is with the sustainable floor: if the DPS converges to R$ 0.60 (conservative scenario), the DY falls to about 13.4% on R$ 53.54 — still competitive, but with less safety slack than the gross number suggests.
TGAR11 is not a credit-paper REIT with predictable income indexed to the CDI. It is a real estate development fund that distributes the cash result of real projects — which is why income varies month to month and is highly correlated with the sales cycle and the Selic level.
TGAR11 began its distributions in July 2017, with R$ 1.00 per unit. In the early years, monthly dividends swung between R$ 0.49 and R$ 1.13, reflecting the early stage of the land-lot portfolio and the natural cash variation of a development fund.
The complete historical series, month by month since July 2017, is available in the table below. Some relevant milestones along the way:
TGAR11's annual income report (required for income-tax filing) is made available by the manager by the last business day of February each year and can be accessed in the CVM investor area or directly through the custodian bank.
Based on the management-report data and the manager's guidance, it is possible to map four scenarios for TGAR11's income over the next 12 months (reference: unit at R$ 53.54):
The most likely scenario for the coming months is keeping R$ 0.72, with the risk of convergence to R$ 0.60 if divestments do not repeat at the Q1/2026 pace. A drop below R$ 0.55 would depend on simultaneous deterioration of sales, contract cancellations and credit — it is not the base case, but it cannot be ruled out in an environment with the Selic above 14%.
| Period | Income/unit | DY in the month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-05 | R$ 0.72 | 1.205% | R$ 59.77 | 2026-05-29 | 2026-06-15 |
| 2026-04 | R$ 0.72 | 1.058% | R$ 68.04 | 2026-04-30 | 2026-05-15 |
| 2026-03 | R$ 0.72 | 1.009% | R$ 71.37 | — | 2026-04-15 |
| 2026-02 | R$ 0.72 | 0.899% | R$ 80.11 | 2026-02-27 | 2026-03-13 |
| 2026-01 | R$ 0.71 | 0.907% | R$ 78.25 | 2026-01-30 | 2026-02-13 |
| 2025-12 | R$ 1.00 | 1.085% | R$ 92.20 | — | 2026-01-15 |
| 2025-11 | R$ 1.00 | 1.145% | R$ 87.32 | — | 2025-12-12 |
| 2025-10 | R$ 1.00 | 1.163% | R$ 85.99 | — | 2025-11-14 |
| 2025-09 | R$ 1.00 | 1.172% | R$ 85.30 | — | 2025-10-14 |
| 2025-08 | R$ 1.00 | 1.163% | R$ 86.00 | — | 2025-09-12 |
| 2025-07 | R$ 1.00 | 1.18% | R$ 84.75 | — | 2025-08-14 |
| 2025-06 | R$ 1.00 | 1.127% | R$ 88.72 | — | 2025-07-14 |
| 2025-05 | R$ 1.00 | 1.141% | R$ 87.65 | — | 2025-06-13 |
| 2025-04 | R$ 1.00 | 1.111% | R$ 90.00 | — | 2025-05-15 |
| 2025-03 | R$ 1.00 | 1.145% | R$ 87.30 | — | 2025-04-14 |
| 2025-02 | R$ 1.00 | 1.168% | R$ 85.62 | — | 2025-03-18 |
| 2025-01 | R$ 1.00 | 1.325% | R$ 75.50 | — | 2025-02-14 |
| 2024-12 | R$ 1.10 | 1.269% | R$ 86.71 | — | 2025-01-15 |
| 2024-11 | R$ 1.15 | 1.294% | R$ 88.90 | — | 2024-12-13 |
| 2024-10 | R$ 1.15 | 1.189% | R$ 96.73 | — | 2024-11-14 |
| 2024-09 | R$ 1.14 | 1.099% | R$ 103.71 | — | 2024-10-14 |
| 2024-08 | R$ 1.12 | 0.955% | R$ 117.30 | — | 2024-09-13 |
| 2024-07 | R$ 1.22 | 1.036% | R$ 117.71 | — | 2024-08-14 |
| 2024-06 | R$ 1.33 | 1.11% | R$ 119.85 | — | 2024-07-12 |
| 2024-05 | R$ 1.35 | 1.097% | R$ 123.10 | — | 2024-06-14 |
| 2024-04 | R$ 1.34 | 1.082% | R$ 123.84 | — | 2024-05-15 |
| 2024-03 | R$ 1.33 | 1.056% | R$ 125.96 | — | 2024-04-12 |
| 2024-02 | R$ 1.33 | 1.055% | R$ 126.09 | — | 2024-03-14 |
| 2024-01 | R$ 1.32 | 1.094% | R$ 120.60 | — | 2024-02-16 |
| 2023-12 | R$ 1.32 | 1.094% | R$ 120.60 | — | 2024-01-15 |
| 2023-11 | R$ 1.43 | 1.186% | R$ 120.60 | — | 2023-12-14 |
| 2023-10 | R$ 1.45 | 1.202% | R$ 120.60 | — | 2023-11-16 |
| 2023-09 | R$ 1.43 | 1.186% | R$ 120.60 | — | 2023-10-16 |
| 2023-08 | R$ 1.42 | 1.177% | R$ 120.60 | — | 2023-09-15 |
| 2023-07 | R$ 1.40 | 1.161% | R$ 120.60 | — | 2023-08-14 |
| 2023-06 | R$ 1.38 | 1.144% | R$ 120.60 | — | 2023-07-14 |
| 2023-05 | R$ 1.36 | 1.128% | R$ 120.60 | — | 2023-06-15 |
| 2023-04 | R$ 1.35 | 1.119% | R$ 120.60 | — | 2023-05-15 |
| 2023-03 | R$ 1.34 | 1.111% | R$ 120.60 | — | 2023-04-17 |
| 2023-02 | R$ 1.31 | 1.086% | R$ 120.60 | — | 2023-03-14 |
| 2023-01 | R$ 1.30 | 1.078% | R$ 120.60 | — | 2023-02-08 |
| 2022-12 | R$ 1.30 | 1.078% | R$ 120.60 | — | 2023-01-09 |
| 2022-11 | R$ 1.50 | 1.244% | R$ 120.60 | — | 2022-12-08 |
| 2022-10 | R$ 1.55 | 1.285% | R$ 120.60 | — | 2022-11-09 |
| 2022-09 | R$ 1.59 | 1.318% | R$ 120.60 | — | 2022-10-10 |
| 2022-08 | R$ 1.59 | 1.318% | R$ 120.60 | — | 2022-09-09 |
| 2022-07 | R$ 1.58 | 1.31% | R$ 120.60 | — | 2022-08-08 |
| 2022-06 | R$ 1.57 | 1.302% | R$ 120.60 | — | 2022-07-08 |
| 2022-05 | R$ 1.53 | 1.269% | R$ 120.60 | — | 2022-06-08 |
| 2022-04 | R$ 1.44 | 1.194% | R$ 120.60 | — | 2022-05-09 |
| 2022-03 | R$ 1.27 | 1.053% | R$ 120.60 | — | 2022-04-08 |
| 2022-02 | R$ 1.22 | 1.012% | R$ 120.60 | — | 2022-03-09 |
| 2022-01 | R$ 1.16 | 0.962% | R$ 120.60 | — | 2022-02-08 |
| 2021-12 | R$ 1.23 | 1.02% | R$ 120.60 | — | 2022-01-10 |
| 2021-11 | R$ 1.22 | 1.012% | R$ 120.60 | — | 2021-12-08 |
| 2021-10 | R$ 1.20 | 0.995% | R$ 120.60 | — | 2021-11-09 |
| 2021-09 | R$ 1.11 | 0.92% | R$ 120.60 | — | 2021-10-08 |
| 2021-08 | R$ 1.10 | 0.912% | R$ 120.60 | — | 2021-09-09 |
| 2021-07 | R$ 1.08 | 0.895% | R$ 120.60 | — | 2021-08-09 |
| 2021-06 | R$ 1.11 | 0.92% | R$ 120.60 | — | 2021-07-08 |
| 2021-05 | R$ 0.01 | 0.008% | R$ 120.60 | — | 2021-06-09 |
| 2021-04 | R$ 1.26 | 1.045% | R$ 120.60 | — | 2021-05-10 |
| 2021-03 | R$ 1.30 | 1.078% | R$ 120.60 | — | 2021-04-09 |
| 2021-02 | R$ 1.15 | 0.954% | R$ 120.60 | — | 2021-03-08 |
| 2021-01 | R$ 0.10 | 0.083% | R$ 120.60 | — | 2021-02-12 |
| 2020-12 | R$ 0.12 | 0.099% | R$ 120.60 | — | 2021-01-12 |
| 2020-11 | R$ 1.12 | 0.929% | R$ 120.60 | — | 2020-12-08 |
| 2020-10 | R$ 1.10 | 0.912% | R$ 120.60 | — | 2020-11-10 |
| 2020-09 | R$ 1.00 | 0.829% | R$ 120.60 | — | 2020-10-08 |
| 2020-08 | R$ 1.09 | 0.904% | R$ 120.60 | — | 2020-09-08 |
| 2020-07 | R$ 1.14 | 0.945% | R$ 120.60 | — | 2020-08-10 |
| 2020-06 | R$ 1.23 | 1.02% | R$ 120.60 | — | 2020-07-08 |
| 2020-05 | R$ 1.25 | 1.036% | R$ 120.60 | — | 2020-06-08 |
| 2020-04 | R$ 0.80 | 0.663% | R$ 120.60 | — | 2020-05-11 |
| 2020-03 | R$ 0.82 | 0.68% | R$ 120.60 | — | 2020-04-08 |
| 2020-02 | R$ 0.70 | 0.58% | R$ 120.60 | — | 2020-03-09 |
| 2020-01 | R$ 0.57 | 0.473% | R$ 120.60 | — | 2020-02-10 |
| 2019-12 | R$ 1.35 | 1.119% | R$ 120.60 | — | 2020-01-08 |
| 2019-11 | R$ 0.99 | 0.821% | R$ 120.60 | — | 2019-12-09 |
| 2019-10 | R$ 0.93 | 0.771% | R$ 120.60 | — | 2019-11-08 |
| 2019-09 | R$ 0.90 | 0.746% | R$ 120.60 | — | 2019-10-08 |
| 2019-08 | R$ 0.86 | 0.713% | R$ 120.60 | — | 2019-09-09 |
| 2019-07 | R$ 0.80 | 0.663% | R$ 120.60 | — | 2019-08-08 |
| 2019-06 | R$ 1.01 | 0.837% | R$ 120.60 | — | 2019-07-08 |
| 2019-05 | R$ 0.85 | 0.705% | R$ 120.60 | — | 2019-06-10 |
| 2019-04 | R$ 0.83 | 0.688% | R$ 120.60 | — | 2019-05-09 |
| 2019-03 | R$ 0.80 | 0.663% | R$ 120.60 | — | 2019-04-12 |
| 2019-02 | R$ 0.84 | 0.696% | R$ 120.60 | — | 2019-03-18 |
| 2019-01 | R$ 0.75 | 0.622% | R$ 120.60 | — | 2019-02-14 |
| 2018-12 | R$ 1.13 | 0.937% | R$ 120.60 | — | 2019-01-15 |
| 2018-11 | R$ 1.01 | 0.837% | R$ 120.60 | — | 2018-12-14 |
| 2018-10 | R$ 0.65 | 0.539% | R$ 120.60 | — | 2018-11-16 |
| 2018-09 | R$ 0.75 | 0.622% | R$ 120.60 | — | 2018-10-17 |
| 2018-08 | R$ 0.49 | 0.409% | R$ 119.91 | — | 2018-09-17 |
| 2018-07 | R$ 0.75 | 0.632% | R$ 118.60 | — | 2018-08-14 |
| 2018-06 | R$ 0.83 | 0.707% | R$ 117.43 | — | 2018-07-13 |
| 2018-05 | R$ 0.80 | 0.686% | R$ 116.61 | — | 2018-06-14 |
| 2018-04 | R$ 0.82 | 0.708% | R$ 115.78 | — | 2018-05-15 |
| 2018-03 | R$ 0.83 | 0.732% | R$ 113.42 | — | 2018-04-13 |
| 2018-02 | R$ 0.75 | 0.66% | R$ 113.62 | — | 2018-03-14 |
| 2018-01 | R$ 0.88 | 0.775% | R$ 113.52 | — | 2018-02-16 |
| 2017-12 | R$ 0.78 | 0.688% | R$ 113.32 | — | 2018-01-16 |
| 2017-11 | R$ 0.78 | 0.692% | R$ 112.68 | — | 2017-12-14 |
| 2017-10 | R$ 0.90 | 0.815% | R$ 110.44 | — | 2017-11-16 |
| 2017-09 | R$ 0.90 | 0.824% | R$ 109.22 | — | 2017-10-16 |
| 2017-08 | R$ 1.10 | 1.008% | R$ 109.10 | — | 2017-09-15 |
| 2017-07 | R$ 1.00 | 0.914% | R$ 109.44 | — | 2017-08-14 |
TGAR11's last dividend was R$ 0.72 per unit, for the May 2026 accrual period, paid on June 15, 2026. The manager's guidance for H1/2026 is between R$ 0.70 and R$ 1.00 per unit per month.
Yes. TGAR11 distributes income every month without interruption since July 2017 — that is 107 consecutive months of payments. The payment date usually falls between the 13th and the 15th of each month.
With the unit at R$ 53.54 and a monthly dividend of R$ 0.72, the monthly DY is approximately 1.3% and the annualized DY is about 16.8%. If the DPS converges to the estimated sustainable floor of R$ 0.60, the annualized DY falls to approximately 13.4%.
Technically yes: with a DY above 16% per year, TGAR11 beats the current CDI of 14.75%. However, the high yield is a consequence of the unit's drop (-44% in 2026), not an improvement in fundamentals. The dividend-cut risk is real, and the sustainable DPS without divestments should be close to R$ 0.60 per month.
Yes, there is reduction risk. The current R$ 0.72 level is partly supported by equity asset sales, which are not recurring. The sustainable floor estimated on operating generation alone is R$ 0.55 to R$ 0.65. The main trigger for a new cut would be rising contract cancellations, especially in the timeshare segment, combined with a persistently high Selic.
The complete table with the 107 months of distributions (Jul/2017 to May/2026) is available on this page, below the analysis sections. Each row shows the value per unit, the payment date and the monthly DY calculated from the unit price in the period.