XPLG11 distributes R$ 0.82 per unit per month, a level maintained uninterruptedly since January 2025 — that is 17 consecutive months at the same amount. With the price at R$ 93.25 (close of 06/10/2026), this income represents a monthly DY of 0.88% and an annualized DY of 10.52%. The distribution is paid on the 15th of the month following the reference period; the last payment was R$ 0.82/unit for May 2026, credited on 06/15/2026.
Like all Brazilian REITs, XPLG11's income is exempt from income tax for the individual unitholder, provided the investor holds less than 10% of the units and the fund has at least 50 unitholders — conditions amply met, given the universe of 344,312 unitholders. The tax-free DY of 10.52% is equivalent to a gross return of roughly 12.7% in a taxed CDB (17.5% rate), a material difference for income planning.
The evolution of XPLG11's dividends over the years reflects the fund's accelerated net-asset growth: since the IPO in June 2018, when it paid R$ 0.61/unit, the income rose gradually. In 2022-2023 it stabilized at R$ 0.74-0.78/unit. In January 2025, the fund raised the DPS from R$ 0.78 to R$ 0.82/unit — a 5% increase — and has not changed it since.
This 17-month stability is at once a positive and a point of attention. Positive because it indicates consistent cash-generation capacity across raising and acquisition cycles (the fund carried out the 8th and 9th offerings in this period, increasing net assets by 60%). The point of attention is that the NE Logistic REIT cash buffer — an additional reserve used to smooth payments — dropped from R$ 1.38/unit in January 2026 to R$ 0.95/unit in May 2026. This decline was consumed by the natural growth of distributions after the portfolio expansion.
The sustainability of XPLG11's dividends is backed by a robust portfolio: 31 logistics condominiums with 1.72 million m² of GLA, 94 tenants and 93% of the contracts indexed to IPCA. Tenants such as Leroy Merlin (atypical lease until 2036), Mercado Livre (in four distribution centers), Lojas Renner (atypical until 2029), Via Varejo/Casas Bahia (atypical until 2035) and Unilever (atypical until 2029) ensure a long-term revenue base.
The most relevant immediate risk to sustainability is the 5.9% default rate recorded in May 2026, with 3.1 percentage points coming from Mobly (Toky group), which filed for judicial reorganization. Mobly occupies 58,522 m² in the Cajamar DC, with a typical lease until 06/30/2028. The estimated financial impact is R$ 1.35 million per month — equivalent to R$ 0.026/unit, or 3.2% of the R$ 0.82 DPS. The fund is in negotiations with the company; a possible return of the space would imply additional vacancy, but its relative size (3.4% of GLA) limits the systemic impact.
The manager projects a DPS between R$ 0.79 and R$ 0.85/unit for the rest of 2026, considering the current default scenario and the lease premium of the CL Imigrantes V DC (R$ 2.12 M/month until November 2026). Should Mobly resolve the default, the guidance could be revised upward.
XPLG11 with a DY of 10.52% sits in an intermediate position in the REIT universe: above the conservative blue-chip brick-and-mortar REITs (KNRI11, HGLG11, BTLG11, in the 7-9% range) and below the high-yield paper REITs (which deliver 13-16%). This level is typical of a quality logistics REIT in an expansion-cycle moment — an AAA portfolio but with a discount reflecting operational risks (default, Mercado Livre maturities) and governance risks (price paid for Piracicaba II).
The tax exemption makes XPLG11's real return especially attractive for the individual unitholder: 10.52% tax-free is equivalent to roughly 12.7% gross in a CDB — a positive spread versus the current CDI of 14.75% gross only when we consider the inflation component (93% IPCA), which protects the real value of the revenue over the long term. The investor who holds units for years benefits from organic growth via contractual adjustment, in addition to the monthly distribution.
XPLG11 pays dividends monthly on the 15th of the following month after the calculation period. To be entitled to a specific month's income, the unitholder must hold the position before the ex-date, disclosed monthly in the Management Report and in the fund's Material Facts. The May 2026 payment (R$ 0.82/unit, reference ID 1207861) was credited on 06/15/2026.
Mind the settlement period: purchases made via home broker on B3 settle in D+2. To ensure receipt of a specific dividend, you need to buy at least 2 business days ahead of the ex-date. Purchases on the ex-date or later do not grant entitlement to that month's income.
| Period | Income/unit | DY for the month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-05 | R$ 0.82 | 0.845% | R$ 97.0 | 2026-05-29 | 2026-06-15 |
| 2026-04 | R$ 0.82 | 0.814% | R$ 100.75 | 2026-04-30 | 2026-05-15 |
| 2026-03 | R$ 0.82 | 0.816% | R$ 100.44 | — | 2026-04-15 |
| 2026-02 | R$ 0.82 | 0.804% | R$ 102.03 | — | 2026-03-13 |
| 2026-01 | R$ 0.82 | 0.803% | R$ 102.18 | — | 2026-02-13 |
| 2025-12 | R$ 0.82 | 0.793% | R$ 103.45 | — | 2026-01-15 |
| 2025-11 | R$ 0.82 | 0.795% | R$ 103.13 | — | 2025-12-12 |
| 2025-10 | R$ 0.82 | 0.8% | R$ 102.5 | — | 2025-11-14 |
| 2025-09 | R$ 0.82 | 0.811% | R$ 101.05 | — | 2025-10-14 |
| 2025-08 | R$ 0.82 | 0.831% | R$ 98.66 | — | 2025-09-12 |
| 2025-07 | R$ 0.82 | 0.839% | R$ 97.7 | — | 2025-08-14 |
| 2025-06 | R$ 0.82 | 0.824% | R$ 99.53 | — | 2025-07-14 |
| 2025-05 | R$ 0.82 | 0.832% | R$ 98.54 | — | 2025-06-13 |
| 2025-04 | R$ 0.82 | 0.836% | R$ 98.04 | — | 2025-05-15 |
| 2025-03 | R$ 0.82 | 0.866% | R$ 94.64 | — | 2025-04-14 |
| 2025-02 | R$ 0.82 | 0.861% | R$ 95.25 | — | 2025-03-18 |
| 2025-01 | R$ 0.82 | 0.909% | R$ 90.24 | — | 2025-02-14 |
| 2024-12 | R$ 0.78 | 0.855% | R$ 91.25 | — | 2025-01-14 |
| 2024-11 | R$ 0.78 | 0.863% | R$ 90.36 | — | 2024-12-13 |
| 2024-10 | R$ 0.78 | 0.806% | R$ 96.8 | — | 2024-11-14 |
| 2024-09 | R$ 0.78 | 0.806% | R$ 96.8 | — | 2024-10-14 |
| 2024-08 | R$ 0.78 | 0.765% | R$ 101.97 | — | 2024-09-13 |
| 2024-07 | R$ 0.78 | 0.762% | R$ 102.33 | — | 2024-08-14 |
| 2024-06 | R$ 0.78 | 0.754% | R$ 103.48 | — | 2024-07-12 |
| 2024-05 | R$ 0.78 | 0.76% | R$ 102.67 | — | 2024-06-14 |
| 2024-04 | R$ 0.78 | 0.748% | R$ 104.25 | — | 2024-05-15 |
| 2024-03 | R$ 0.78 | 0.718% | R$ 108.58 | — | 2024-04-12 |
| 2024-02 | R$ 0.78 | 0.705% | R$ 110.66 | — | 2024-03-14 |
| 2024-01 | R$ 0.78 | 0.71% | R$ 109.9 | — | 2024-02-16 |
| 2023-12 | R$ 0.78 | 0.701% | R$ 111.29 | — | 2024-01-15 |
| 2023-11 | R$ 0.78 | 0.735% | R$ 106.17 | — | 2023-12-14 |
| 2023-10 | R$ 0.78 | 0.721% | R$ 108.15 | — | 2023-11-16 |
| 2023-09 | R$ 0.78 | 0.696% | R$ 112.01 | — | 2023-10-16 |
| 2023-08 | R$ 0.78 | 0.675% | R$ 115.53 | — | 2023-09-15 |
| 2023-07 | R$ 0.78 | 0.679% | R$ 114.87 | — | 2023-08-14 |
| 2023-06 | R$ 0.79 | 0.693% | R$ 114.01 | — | 2023-07-14 |
| 2023-05 | R$ 0.75 | 0.685% | R$ 109.47 | — | 2023-06-15 |
| 2023-04 | R$ 0.74 | 0.706% | R$ 104.86 | — | 2023-05-15 |
| 2023-03 | R$ 0.74 | 0.765% | R$ 96.79 | — | 2023-04-17 |
| 2023-02 | R$ 0.74 | 0.785% | R$ 94.3 | — | 2023-03-14 |
| 2023-01 | R$ 0.74 | 0.814% | R$ 90.87 | — | 2023-02-14 |
| 2022-12 | R$ 0.74 | 0.776% | R$ 95.37 | — | 2023-01-13 |
| 2022-11 | R$ 0.74 | 0.769% | R$ 96.29 | — | 2022-12-14 |
| 2022-10 | R$ 0.74 | 0.718% | R$ 103.03 | — | 2022-11-16 |
| 2022-09 | R$ 0.74 | 0.685% | R$ 108.01 | — | 2022-10-17 |
Yes. XPLG11 distributes R$ 0.82 per unit monthly for 17 consecutive months (since January 2025), with payment on the 15th of the following month. The last dividend paid was on 06/15/2026, for May 2026.
XPLG11's annualized DY is 10.52% on the price of R$ 93.25 (June 2026). The income is tax-free for individuals, equivalent to roughly 12.7% gross in a CDB taxed at 17.5%.
XPLG11 pays R$ 0.82 per unit per month since January 2025. Before that, it paid R$ 0.78/unit. The manager projects a DPS between R$ 0.79 and R$ 0.85 for the rest of 2026.
The portfolio of 31 condominiums with 1.72 million m² and 94 tenants supports the current DPS, but there are short-term risks: a 5.9% default rate (Mobly in judicial reorganization = 3.1 p.p.) and the maturity of the Mercado Livre contract in Perus (September 2026). The manager's guidance is R$ 0.79-0.85 for 2026.
Yes. Like all Brazilian REITs, XPLG11's income is exempt from income tax for individual unitholders who hold less than 10% of the units. With 344,312 unitholders, the fund amply meets the legal conditions for the exemption.
There has never been a cut since the IPO in June 2018. The DPS grew from R$ 0.61 (June 2018) to R$ 0.82 (January 2025), with the only downward move being a transitory reduction during Covid (May 2020), soon restored. That is 8 years with no cut.