The price of TRXF11 is updated in real time during the B3 trading session, from 10:00 a.m. to 5:30 p.m. on business days. The last recorded close was R$ 91.37 (reference of June 9, 2026). The price shown on this page is synced automatically with the market — whenever you visit, you will see the most recent value available.
With the NAV/unit (net asset value per unit) at R$ 98.33, the fund trades at a P/BV of 0.93 — that is, the market unit is at a discount of about 6.6% to the book value of the portfolio's assets. TRXF11's all-time high was R$ 117.20 (in February 2020, before the pandemic), and the all-time low was R$ 88.01 (March 2020, at the peak of the coronavirus panic).
The average daily trading volume is R$ 22.9 million, placing TRXF11 among the five most liquid REITs on all of B3. This means that any investor — from the individual with R$ 10 thousand to the institutional with R$ 10 million — can buy or sell without significantly moving the price. For more details on whether it is worth buying at this price, see the full TRXF11 analysis.
TRXF11, whose full name is TRX Real Estate REIT, is a Brazilian REIT of the brick-and-mortar — multi-category urban income type. This means the fund buys physical properties and leases them to large companies, distributing the rents received as monthly income to unitholders.
TRXF11 had its IPO in October 2019, when it debuted on B3 at R$ 100 per unit. In March 2026, it completed its 12th unit offering, consolidating the assets of TRXB11 and raising net assets to R$ 6.24 billion and the number of units to 62.43 million. Today it has 315,229 unitholders, one of the largest investor bases of any REIT listed in Brazil.
The operating segment is retail, wholesale, logistics, education, healthcare, bank branches and malls. The core strategy is the so-called BTS (built-to-suit) and SLB (sale-and-leaseback): TRX builds or buys a property tailored for a large tenant, who signs a long, atypical lease contract — with heavy penalties that discourage early exit. This model is what guarantees the 12-year WAULT and the virtually zero vacancy of the portfolio.
TRXF11's portfolio in March 2026 totaled 124 properties spread across 17 states, with a total GLA (gross leasable area) of 1,353,126 sqm and 383 tenants. Diversification is multidimensional: by property, by state, by activity segment and by tenant.
Wholesale dominates revenue: Atacadão, Assaí and Grupo Mateus together account for 32.16%. Food retail (Pão de Açúcar, Extra, Sam's Club) adds another 24.42%. The logistics segment (Mercado Livre, Shopee warehouses, among others) represents 16.56%. Education (Cogna/Anhanguera, Ânima, Cruzeiro do Sul) adds up to 9.7%. Home & Construction (Leroy Merlin, Decathlon, Obramax) adds up to 5.79%. Malls (ViaBrasil BH and São Luís MA) and healthcare/hospitals (Albert Einstein, Sírio-Libanês) and bank branches (Caixa Econômica Federal) complete the portfolio.
The Southeast concentrates the largest share: 51.81% of revenue, with assets in SP, RJ, MG and ES. The Northeast accounts for 22.98%, followed by South (8.69%), Midwest (5.6%) and North (5.15%). No state or city concentrates the portfolio enough to create significant regional risk.
Of the portfolio's contracts, 77.91% are indexed to IPCA, 6.52% to IGP-M, 6.16% to the IGP-M/IPC average, 5.06% to INPC and 4.35% to IGP-DI. The dominance of IPCA ensures that the fund's revenue — and therefore the dividends — grow alongside Brazil's official inflation.
The fund is managed by TRX Gestora de Recursos Ltda., specialized in long atypical urban-income contracts (BTS and SLB). TRX has more than R$ 10 billion under management, more than 150 active properties and a track record of developing more than 2.5 million sqm of GLA. The fiduciary administrator is BRL Trust DTVM, and since August 2025 the Apex Group became the fiduciary administrator — with no operational change for the unitholder.
In March 2026, TRX hired Paulo Tilkin — with 11 years of experience at Iguatemi — to lead specifically the Shopping Centers thesis within TRXF11's portfolio, signaling the team's growing specialization.
The fee structure is considered competitive for the size and quality of the fund. The performance benchmark (IPCA+6%) is reasonable — it requires the manager to comfortably beat inflation before charging the additional fee.
TRXF11 has an outstanding balance of R$ 2.04 billion in CRIs, with net leverage (LTV) of 9.11% and total leverage (securitizations/properties) of 23.28%. The average term of the debt is 9.33 years, matched to the maturities of the lease contracts. Current liquidity of 15.80x is comfortable — the fund has cash to cover 12 months of financial expenses without pressure.
TRXF11 is a brick-and-mortar REIT — its assets are physical properties (stores, warehouses, hospitals, bank branches), not financial securities. This fundamentally distinguishes it from paper REITs (CRIs, LCIs), whose income oscillates with interest rates directly and immediately. In TRXF11, income comes from rents paid by tenants, which are adjusted by IPCA and have contractual terms of up to 30 years.
As for the P/BV: with a NAV/unit of R$ 98.33 and a market unit around R$ 91.37, the P/BV of 0.93 represents a discount of 6.6% to book value. At the urban-income peer median, the P/BV was 0.97 in April 2026. TRXF11 is below the median — which, in theory, means the market has not yet fully recognized the quality of the portfolio, or that the perceived risk of PCAR3 (7.8% of revenue under out-of-court reorganization) keeps the discount.
It is important to compare: among the peers, BLMG11 traded at a P/BV of 0.69 and GARE11 at 0.80 — both with a larger discount, but also with distinct portfolios and different risks. TRXF11, given its size, diversification and liquidity, rarely trades at a discount much above 10% for prolonged periods.
For a detailed analysis of whether the fund is worth buying at the current price, see the full analysis section. To track the monthly dividends and the income history, visit the TRXF11 dividends section.
The TRXF11 price is updated in real time during the B3 trading session. The last recorded close was R$ 91.37 (June 9, 2026). The price shown on the TRXF11 page at Rico aos Poucos reflects the most recent value available.
TRXF11 is a brick-and-mortar REIT — it invests in physical properties (stores, warehouses, hospitals, bank branches). Income comes from rents paid by its 383 tenants, adjusted mainly by IPCA. It is not a fund of CRIs or financial securities.
TRXF11 has 124 properties spread across 17 Brazilian states, with a total GLA of 1,353,126 sqm and 383 tenants. The segments include food retail, wholesale, logistics, education, healthcare, malls and bank branches.
TRXF11 is managed by TRX Gestora de Recursos Ltda., specialized in long atypical contracts (BTS and SLB). TRX has more than R$ 10 billion under management and more than 150 active properties. The fiduciary administrator is BRL Trust DTVM.
With a P/BV of 0.93, TRXF11 is 6.6% below book value (NAV/unit of R$ 98.33). At the urban-income peer median, the P/BV was 0.97, so TRXF11 trades slightly below the median — indicating a modest discount for a quality portfolio.
TRXF11 distributes R$ 0.93/unit every month, with a monthly DY of about 1.01% on the current price of R$ 91.37. In addition, the fund has a pattern of semi-annual extraordinary distributions (June and December) that boost the total accumulated income over the 12 months.