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IntermediateBrazilian REITs · Lesson I3.1 · Module I3

The manager's report: must you read it?

Module I3: The fund's documents

10 slides~4 minquiz at the end

In this lesson

  • What is mandatory and what is optional
  • The six-stop reading checklist
  • Manager's promise vs what was paid
See the slides
Laptop showing a price chart and data table

Brazilian REITs · Lesson I3.1

Ten minutes with the manager's report

What to look for, in which order — and how to catch a broken promise.

Two monthly documents

One is mandatory. The other is not.

Monthly filing

  • required by the CVM, within 15 days
  • standard format: funds are comparable

Manager's report

  • market practice, not a legal duty
  • the manager picks what to show
  • explains what the filing does not

CVM Res. 175, Annex III, art. 36, I (as of 09/2026).

The 10-minute checklist

Six stops, in this order

  • 1. Cash vs paid outand what is left in reserve
  • 2. Revenue by assetwhere the money comes from
  • 3. Vacancy and defaultsempty space, late rent
  • 4. Leasesupcoming expiries and reviews
  • 5. Debthow much and when it is due
  • 6. Promise vs deliverywas the last guidance met?

Read it against last month

The flat payout hid two setbacks

Last monthThis month
PayoutR$ 0.90R$ 0.90
Cash earningsR$ 0.95R$ 0.84
Vacancy5%9%
Reserve per shareR$ 0.40R$ 0.34

Illustrative figures. It paid R$ 0.06 more than it earned, and the gap came out of the reserve.

Real case, Feb 2023

Promise: R$ 1.30 to R$ 1.50 per share

  1. 1.311st
  2. 1.342nd
  3. 1.353rd
  4. 1.364th
  5. 1.385th
midpoint: R$ 1.40

5 of 5 inside the range — and all below the midpoint. Anyone counting on R$ 1.40 overestimated.

Bars start at R$ 1.30 (floor); top of chart = R$ 1.50 (ceiling). A fund from the site's lab.

The misconception

"The report is just marketing"

It is useful — read with last month's numbers beside it and the right dose of doubt.

Remember this

Three ideas from this lesson

  1. Optional, but usefulThe mandatory one is the monthly filing; the report explains.
  2. Six stopsCash, revenue, vacancy, leases, debt, promises.
  3. Always compareWhat changed since last month beats any number alone.

Quick quiz · 1 of 2

Is the manager's report the CVM's mandatory periodic filing?

See answer

No. The rules require the monthly filing (Annex III, art. 36). The manager's report is the manager's choice.

Quick quiz · 2 of 2

Same payout, lower cash earnings, shrinking reserve. What does it signal?

See answer

It is paying from the reserve. That can last a while, not forever. That is why you compare with last month.

Lesson complete

Next lesson

I3.2Intermediate · Lesson I3.2Monthly filings and material facts: the mandatory onesThe calendar of what the fund must disclose — and the alarm outside it.Continue
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Educational content, written for learners. Not investment advice.