Yes — XPML11 earns a score of 8.4 and a BUY rating at Rico aos Poucos. It is Brazil's largest and most diversified mall REIT, with R$ 7.08 billion in net assets, 28 assets spread across 12 cities and more than 733 thousand unitholders. The manager, XP Vista Asset Management, delivers one of the best performances in the sector: +111.6% since the IPO versus +76.5% for the IFIX over the same period. This track record was no accident — it is the result of active management with transactions every quarter since inception in 2017.
The honest caveat: XPML11 is not an explosive-growth REIT. The DPS of R$ 0.92 has been stable for 26 months — good for those who want predictability, neutral for those seeking accelerated dividend growth. The 0.96 P/BV indicates the unit is at a slight discount to book value, which is positive, but with no large margin for short-term speculation. The thesis is one of stable income + capital protection with moderate appreciation potential in the Selic-cutting cycle.
XPML11 is recommended for the income investor seeking a portfolio core in brick-and-mortar REITs: someone who tolerates short-term unit-price variation in exchange for a predictable, tax-exempt dividend flow. It is especially suitable for those who want exposure to the mall sector without having to pick asset by asset — XPML11 is already a diversified basket with professional management.
It is also a good alternative for those who believe in the Selic-cutting cycle: brick-and-mortar REITs tend to appreciate when rates fall, since future cash flow is discounted at lower rates. With Selic expected around 11% in 12 months (Focus Jun/2026), the combination of income + unit appreciation potential is attractive.
XPML11 is not for those seeking rapid dividend growth (the DPS is stable, not growing), nor for short-term speculators (the 0.96 P/BV limits the discount available for a swing). It is also not the right choice for those with a total aversion to equity-like assets — the unit price swings with market sentiment, even when the fundamentals are solid.
With the unit trading at R$ 105.44 and the book value (BV) at R$ 110.11, XPML11 shows a P/BV of 0.96 — that is, the unit is being bought at roughly a 4% discount to book value. Historically, a high-quality mall REIT tends to trade between 0.95 and 1.05 P/BV; below 0.90 would be a meaningful discount, above 1.10 would be expensive.
The current level is neutral to mildly attractive: it is not the deal of the decade, but there is no overpricing either. For those who already hold XPML11, the scenario favors holding. For those who do not yet have it, a gradual entry between R$ 100 and R$ 110 is reasonable, with attention to the rate context. The expected total return over the next 12 months, considering a 9.95% DY and moderate unit appreciation, is around 14.5% in the base case — attractive for an equity-like income asset with a moderate risk level.
Every investment carries risk, and XPML11 is no exception. The main points of attention are:
With a score of 8.4 and a BUY rating, XPML11 is considered attractive for the income investor. The 9.95% DY and the 0.96 P/BV offer a good risk-return balance in the current rate cycle.
It is good for those seeking stable tax-exempt income. The fund has the largest mall portfolio in Brazil, a DPS stable for 26 months and a manager with performance above the IFIX since the IPO.
The book value per unit is R$ 110.11 (Apr/2026). With the unit trading at R$ 105.44 (P/BV 0.96), there is a slight discount to book value — which is neutral to mildly attractive historically.
For the long-term investor: holding or accumulating in the R$ 100 to R$ 110 range is reasonable. The rating is BUY with an expected total return of ~14.5% over 12 months (DY + unit appreciation).
The main risks are: R$ 421 million of acquisition installments through 2027, concentration of 72% of GLA in São Paulo and the unit's sensitivity to the interest-rate level (Selic).