XPML11 distributes R$ 0.92 per unit monthly, an amount held uninterrupted for 26 consecutive months — from May 2024 to May 2026 — without any variation. With the unit trading at R$ 105.44 in June 2026, this represents a dividend yield of 9.95% per year, that is, almost 10% on the price paid. Payment occurs on the 25th of the month following the reference period (or the next business day when it falls on a weekend), and is exempt from income tax for individuals under Brazilian REIT legislation.
This level of consistency is rare among brick-and-mortar REITs: most mall funds vary the DPS according to store performance and seasonal swings. XPML11 manages to stabilize the distribution thanks to a combination of a robust cash result — R$ 766 million generated over the last 12 months against distribution of R$ 641 million (payout of ~84%) — and an accumulated reserve of approximately R$ 2.99 per unit in the full structure (XPML + Omni Malls + NeoMall), which acts as a cushion to absorb potential shocks.
A DY of 9.95% per year positions XPML11 among the mall REITs with the most competitive yield on B3. To put it in perspective: the Tesouro IPCA+ 2035 (Brazilian Treasury) pays around IPCA + 6% per year — with inflation running near 5%, that is equivalent to about 11%. XPML11 delivers 9.95% tax-exempt, which, for an individual in the 22.5% income-tax bracket, is equivalent to a taxable yield of roughly 12.8% gross.
It is a yield with equity-like upside and fixed-income-like income predictability. The fund does not guarantee the distribution, but the 26-month history without variation and the manager's explicit guidance for 2026 support the expectation of continuity. In the base case, the DPS of R$ 0.92 should be maintained; in the optimistic case — with the maturation of the Iguatemi assets and an eventual lower Selic — there would be room for an extraordinary distribution or a gradual increase in the ordinary distribution.
XPML11 went public in December 2017 with 18 million units and started distributing R$ 0.50 to R$ 0.53 per unit in its first months. Over 97 months of history, the DPS traced a path of gradual growth: it started at R$ 0.50 in 2018, went through a period of adaptation during the 2020 pandemic (when malls were closed) and recovered progressively between 2021 and 2024. Since May 2024, the R$ 0.92 level has been stable, reflecting the maturation of the portfolio and the growth in sales per m².
The fund's trajectory is inseparable from the portfolio's expansion: with each new offering — there have already been 14 — the fund acquired new assets that broadened the revenue base and allowed it to sustain or raise the DPS. The acquisition of the Iguatemi portfolio in March 2026, which added five premium stakes with NOI/m² 68.8% above the fund's average, should help sustain and eventually raise the distribution level over the medium term.
In the twelve months ended May 2026, XPML11 distributed R$ 11.04 per unit — R$ 5.52 in the first half and R$ 5.52 in the second. For someone who bought the unit at R$ 95 in mid-2025, the dividend return over the period was 11.6% per year. For someone who entered in early 2024 at around R$ 110, the return was approximately 10% per year.
The sustainability of XPML11's DPS rests on three solid pillars. First, cash generation: the cash result of the last 12 months was R$ 766 million, against distribution of R$ 641 million — a surplus of nearly R$ 125 million that strengthens the reserve. Second, the accumulated cushion: the fund's full structure (XPML + Omni Malls + NeoMall) has accumulated R$ 2.99 per unit of undistributed income after the 14th offering, which represents more than three months of DPS without needing to generate a single real of new revenue. Third, operational quality: vacancy of 3.7%, delinquency of 1.7% and sales growth of 11.9% for the year reinforce that the stores keep paying and the cash keeps coming in.
The main short-term risk to the DPS is the acquisition installments of R$ 421 million scheduled through 2027 (with the largest payments in January 2027: R$ 171 million for the Allos portfolio). The available cash of R$ 347 million (Mar/2026) comfortably covers 2026, but 2027 will require attention to cash-flow execution. Even so, the manager maintains the floor guidance of R$ 0.86 for the second half of 2026.
XPML11's management published in the April 2026 Management Report an explicit guidance of R$ 0.86 to R$ 0.92 per unit per month for the second half of 2026. The range signals that the R$ 0.86 floor is considered comfortable even in an adverse scenario, while R$ 0.92 is the level the manager intends to keep as the baseline.
In terms of projected DY on the current price (R$ 105.44): in the base case, with a DPS of R$ 0.92, the projected DY is 9.95% per year; in the optimistic case — maturation of the Iguatemi assets and a lower Selic — the DPS may reach R$ 0.95, raising the DY to 10.67%; in the pessimistic case — a recession in São Paulo retail — the DPS would pull back to the floor of R$ 0.86, resulting in a DY of 9.66%. In any of the three scenarios, the annual yield exceeds 9.6%, which evidences the robustness of the fund's cash-generation structure.
| Reference | Income/unit | DY in month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-04 | R$ 0.92 | 0.859% | R$ 107.05 | — | 2026-05-25 |
| 2026-03 | R$ 0.92 | 0.829% | R$ 111.0 | — | 2026-04-24 |
| 2026-02 | R$ 0.92 | 0.854% | R$ 107.71 | — | 2026-03-25 |
| 2026-01 | R$ 0.92 | 0.823% | R$ 111.75 | — | 2026-02-25 |
| 2025-12 | R$ 0.92 | 0.84% | R$ 109.5 | — | 2026-01-23 |
| 2025-11 | R$ 0.92 | 0.845% | R$ 108.9 | — | 2025-12-23 |
| 2025-10 | R$ 0.92 | 0.864% | R$ 106.47 | — | 2025-11-25 |
| 2025-09 | R$ 0.92 | 0.88% | R$ 104.5 | — | 2025-10-24 |
| 2025-08 | R$ 0.92 | 0.871% | R$ 105.61 | — | 2025-09-25 |
| 2025-07 | R$ 0.92 | 0.933% | R$ 98.6 | — | 2025-08-25 |
| 2025-06 | R$ 0.92 | 0.904% | R$ 101.75 | — | 2025-07-25 |
| 2025-05 | R$ 0.92 | 0.897% | R$ 102.61 | — | 2025-06-25 |
| 2025-04 | R$ 0.92 | 0.878% | R$ 104.8 | — | 2025-05-23 |
| 2025-03 | R$ 0.92 | 0.861% | R$ 106.81 | — | 2025-04-25 |
| 2025-02 | R$ 0.92 | 0.921% | R$ 99.9 | — | 2025-03-25 |
| 2025-01 | R$ 0.92 | 0.955% | R$ 96.34 | — | 2025-02-25 |
| 2024-12 | R$ 0.92 | 0.968% | R$ 95.01 | — | 2025-01-24 |
| 2024-11 | R$ 0.92 | 0.944% | R$ 97.5 | — | 2024-12-23 |
| 2024-10 | R$ 0.92 | 0.895% | R$ 102.76 | — | 2024-11-25 |
| 2024-09 | R$ 0.92 | 0.89% | R$ 103.41 | — | 2024-10-25 |
| 2024-08 | R$ 0.92 | 0.856% | R$ 107.45 | — | 2024-09-25 |
| 2024-07 | R$ 0.92 | 0.824% | R$ 111.66 | — | 2024-08-23 |
| 2024-06 | R$ 0.92 | 0.819% | R$ 112.27 | — | 2024-07-25 |
| 2024-05 | R$ 0.92 | 0.824% | R$ 111.64 | — | 2024-06-25 |
| 2024-04 | R$ 0.92 | 0.796% | R$ 115.65 | — | 2024-05-24 |
| 2024-03 | R$ 0.91 | 0.788% | R$ 115.51 | — | 2024-04-25 |
| 2024-02 | R$ 0.9 | 0.775% | R$ 116.17 | — | 2024-03-25 |
| 2024-01 | R$ 0.9 | 0.761% | R$ 118.23 | — | 2024-02-23 |
| 2023-12 | R$ 0.92 | 0.802% | R$ 114.7 | — | 2024-01-25 |
| 2023-11 | R$ 0.9 | 0.766% | R$ 117.43 | — | 2023-12-22 |
| 2023-10 | R$ 0.85 | 0.768% | R$ 110.61 | — | 2023-11-24 |
| 2023-09 | R$ 0.85 | 0.778% | R$ 109.27 | — | 2023-10-25 |
| 2023-08 | R$ 0.85 | 0.77% | R$ 110.41 | — | 2023-09-25 |
| 2023-07 | R$ 0.84 | 0.777% | R$ 108.12 | — | 2023-08-25 |
| 2023-06 | R$ 0.83 | 0.8% | R$ 103.81 | — | 2023-07-25 |
| 2023-05 | R$ 0.81 | 0.785% | R$ 103.23 | — | 2023-06-23 |
| 2023-04 | R$ 0.81 | 0.804% | R$ 100.76 | — | 2023-05-25 |
| 2023-03 | R$ 0.8 | 0.808% | R$ 98.99 | — | 2023-04-25 |
| 2023-02 | R$ 0.78 | 0.817% | R$ 95.48 | — | 2023-03-24 |
| 2023-01 | R$ 0.77 | 0.794% | R$ 97.02 | — | 2023-02-24 |
| 2022-12 | R$ 0.9 | 0.943% | R$ 95.43 | — | 2023-01-25 |
| 2022-11 | R$ 0.77 | 0.816% | R$ 94.34 | — | 2022-12-23 |
| 2022-10 | R$ 0.75 | 0.765% | R$ 98.09 | — | 2022-11-25 |
| 2022-09 | R$ 0.75 | 0.733% | R$ 102.35 | — | 2022-10-25 |
| 2022-08 | R$ 0.73 | 0.709% | R$ 102.91 | — | 2022-09-23 |
| 2022-07 | R$ 0.7 | 0.696% | R$ 100.54 | — | 2022-08-25 |
| 2022-06 | R$ 0.69 | 0.729% | R$ 94.62 | — | 2022-07-25 |
| 2022-05 | R$ 0.68 | 0.72% | R$ 94.41 | — | 2022-06-24 |
| 2022-04 | R$ 0.68 | 0.714% | R$ 95.28 | — | 2022-05-25 |
| 2022-03 | R$ 0.66 | 0.67% | R$ 98.48 | — | 2022-04-25 |
| 2022-02 | R$ 0.64 | 0.707% | R$ 90.52 | — | 2022-03-25 |
| 2022-01 | R$ 0.6 | 0.665% | R$ 90.18 | — | 2022-02-25 |
| 2021-12 | R$ 0.85 | 0.918% | R$ 92.59 | — | 2022-01-25 |
| 2021-11 | R$ 0.55 | 0.59% | R$ 93.16 | — | 2021-12-23 |
| 2021-10 | R$ 0.5 | 0.583% | R$ 85.74 | — | 2021-11-25 |
| 2021-09 | R$ 0.57 | 0.566% | R$ 100.67 | — | 2021-10-25 |
| 2021-08 | R$ 0.57 | 0.591% | R$ 96.44 | — | 2021-09-24 |
| 2021-07 | R$ 0.6 | 0.593% | R$ 101.1 | — | 2021-08-25 |
| 2021-06 | R$ 0.52 | 0.517% | R$ 100.62 | — | 2021-07-23 |
| 2021-05 | R$ 0.4 | 0.405% | R$ 98.8 | — | 2021-06-25 |
| 2021-04 | R$ 0.3 | 0.299% | R$ 100.44 | — | 2021-05-25 |
| 2021-03 | R$ 0.15 | 0.143% | R$ 104.79 | — | 2021-04-23 |
| 2021-02 | R$ 0.25 | 0.246% | R$ 101.68 | — | 2021-03-25 |
| 2021-01 | R$ 0.35 | 0.324% | R$ 107.95 | — | 2021-02-25 |
| 2020-12 | R$ 0.68 | 0.588% | R$ 115.6 | — | 2021-01-22 |
| 2020-11 | R$ 0.45 | 0.397% | R$ 113.36 | — | 2020-12-23 |
| 2020-10 | R$ 0.42 | 0.391% | R$ 107.54 | — | 2020-11-25 |
| 2020-09 | R$ 0.26 | 0.231% | R$ 112.68 | — | 2020-10-23 |
| 2020-08 | R$ 0.18 | 0.172% | R$ 104.58 | — | 2020-09-25 |
| 2020-07 | R$ 0.03 | 0.028% | R$ 108.34 | — | 2020-08-25 |
| 2020-06 | R$ 0.42 | 0.419% | R$ 100.34 | — | 2020-07-24 |
| 2020-05 | R$ 0.27 | 0.264% | R$ 102.3 | — | 2020-06-25 |
| 2020-02 | R$ 0.5 | — | — | — | 2020-02-21 |
| 2020-01 | R$ 0.61 | — | — | — | 2020-01-24 |
| 2019-12 | R$ 0.52 | — | — | — | 2019-12-23 |
| 2019-11 | R$ 0.59 | — | — | — | 2019-11-25 |
| 2019-10 | R$ 0.59 | — | — | — | 2019-10-25 |
| 2019-09 | R$ 0.57 | — | — | — | 2019-09-25 |
| 2019-08 | R$ 0.57 | — | — | — | 2019-08-21 |
| 2019-07 | R$ 0.56 | — | — | — | 2019-07-25 |
| 2019-06 | R$ 0.54 | — | — | — | 2019-06-25 |
| 2019-05 | R$ 0.51 | — | — | — | 2019-05-24 |
| 2019-04 | R$ 0.54 | — | — | — | 2019-04-25 |
| 2019-03 | R$ 0.6 | — | — | — | 2019-03-25 |
| 2019-02 | R$ 0.6 | — | — | — | 2019-02-21 |
| 2019-01 | R$ 0.88 | — | — | — | 2019-01-24 |
| 2018-12 | R$ 0.65 | — | — | — | 2018-12-21 |
| 2018-11 | R$ 0.6 | — | — | — | 2018-11-23 |
| 2018-10 | R$ 0.5 | — | — | — | 2018-10-25 |
| 2018-09 | R$ 0.5 | — | — | — | 2018-09-25 |
| 2018-08 | R$ 0.43 | — | — | — | 2018-08-24 |
| 2018-07 | R$ 0.29 | — | — | — | 2018-07-25 |
| 2018-06 | R$ 0.5 | — | — | — | 2018-06-25 |
| 2018-05 | R$ 0.53 | — | — | — | 2018-05-25 |
| 2018-04 | R$ 0.5 | — | — | — | 2018-04-25 |
| 2018-03 | R$ 0.5 | — | — | — | 2018-03-23 |
| 2018-02 | R$ 0.51 | — | — | — | 2018-02-23 |
XPML11 pays dividends on the 25th of the month following the reference period (or the next business day). In May 2026, for example, the R$ 0.92 payment occurred on 2026-05-25.
XPML11's dividend yield is 9.95% per year, calculated on the unit price of R$ 105.44 (Jun/2026) with a DPS of R$ 0.92/month.
Yes, XPML11 is a monthly-distribution REIT. Over the last 26 months (May/2024 to May/2026), the amount was exactly R$ 0.92 per unit every month.
Yes. Income distributed by Brazilian REITs is exempt from income tax for individuals under Brazilian law, provided the unitholder holds less than 10% of the units and the fund has more than 50 unitholders.
XPML11 reached R$ 0.92 per unit as its monthly peak, held stable since May 2024. Before that, the DPS ranged between R$ 0.60 and R$ 0.90 as the portfolio grew.
The manager signals a R$ 0.86 floor for H2/2026. The main risk is the R$ 421 million of acquisition installments through 2027, but the R$ 347 million in cash and the R$ 2.99/unit reserve offer robust protection.