Community Update (FII Club): the minor case (no 0112716) proceeded on trial definitively in jun/26 after STJ deny the last resort of the Municipality — only releases ~R$ 90 thousand in deposits + monetary correction since 2022 (not the R$ 2,5 million). O larger case (no 0138283, ~R$ 2,47 Mi) had the TJRJ maintaining the favorable sentence in merit, but the municipality interposed REsp and RE this week, keeping the deposit dammed. Expectation of admission in 12-24 months. Also positive: vacancy dropped to 40,8% in May/26 (from 46,8%) with average rent rising from R$104 to R$112/m2.
I'm a unitholder. I do. ALMI11. . What changes with this STJ decision?
Short answer: Not much. The fund will recover R$ 2.513.285,62 in legal deposits, which gives R$ 22,60 per unit (R$ 2.513.285,62 ? 111.177 units). That's what it means. +3,5% on the current R$ 650 quotation, or only 1,1% of the R$ 2.048,45 equity value.
Is it real money coming in? Yeah. Is that good news? Yeah. Changes the thesis of VENDA? ? Oh, no. The problem of ALMI11 It is not a dispute of R$ 2,5 millions — it is a structural vacancy of 46,8%, dividing zeroed in April/2026 and unit holders leaving every month. R$ 22,60/unit doesn't solve any of this.
What happened at the STJ?
The April/2026 Legal Report (document 1200809, delivered in 21/05/2026 on the Funds.Net) brings two decisions that close definitely. two old processes of the ALMI11 against the municipality of Rio de Janeiro, both discussing the collection of ITBI (Tax on Transmission of Property Goods).
Case 0112716-93.2022.8.19,0001 — Large: in 06/04/2026, the STJ (Superior Court of Justice) denied the Internal Affairs brought by the Municipality. Translation for the investor: the municipality attempted a last resort to maintain the collection, and the STJ said no. With that, the execution was definitively closed And the tax credit has been deconstituted. The judicial deposit in this case is R$ 2.468.385,62.
Case 0138283-29.2022.8.19,0001 — the minor: in 01/04/2026, the statements embargoes of both parties were denied. Decision also carried over, judicial deposit of R$ 44.900,00.
Total to recover: R$ 2.513.285,62. . In addition, the contingency reserve of R$ 48 thousand that the fund maintained for these disputes can be reversed — it becomes a cashier as well.
What are judicial deposits?
When the fund discussed ITBI in Justice, instead of paying the direct tax to the city, he deposited the value in court — an account linked to the proceedings. This money has been "frozen" since 2022 (4 years), stopped, without surrendering to the fund. Now that the STJ has given a definite cause gain, these R$ 2,5 millions come out of court and go back to the cashier's ALMI11.
How much will come back and when
The calculation is simple: R$ 2.513.285,62 ? 111.177 units = R$ 22,60 per unit. . But look at two practical points:
1) Deadline: even with the final decision of the STJ, the removal of the judicial deposit is not automatic. You need traffic on a formalized trial, legal license and banking operation. Reasonable estimate: 3 to 6 months until the money effectively falls into the fund's cash register.
2) Dividing? It can turn, but not necessarily — and not immediately. The regulation requires distribution of 95% of the half-yearly cash result. R$ 2,5 million entering as financial revenue increases distributable result, but the administrator can (and probably will) use part to cover the operational break coming from vacancy. Most likely scenario: diluted distribution over 2-3 months, not a unique extraordinary payment.
Why don't you change the thesis of SALE
R$ 22,60/unit is 3,5% of the current quotation. In any other healthy fund, that would be great news. No ALMI11, it's just one breath on time in front of a deteriorated structural framework:
- Dividing zero in April/2026: First time in 22 months that the fund pays nothing. That's the real problem.
- ZQX0ZX vacancy stagnant: 16 floors have been empty for more than two years without any sign of lease.
- default 42,35% and receivables rising 44% in 4 months (R$ 3,53 Mi → R$ 5,08 Mi). The tenants that are still there are paying badly.
- Escaped unit holders: 1.910 → 1.886 → 1.852 in the last 3 months. The market is voting with its feet.
- Liquidity R$ 11-14k/day: Even if he wants to sell, the big shot can't get out fast.
To justify the purchase thesis, the ALMI11 would need something much larger: rent of empty floors, normalization of default or consistent resumption of the dividend. None of this is on the horizon. R$ 22,60/unit is good news isolated in a bad picture.
Before and after the ITBI decision
| Indicator | Before (sea/2026) | Later (May/2026) |
|---|---|---|
| Judicial deposits (ITBI) | R$ 2,51 Mi retained | R$ 2,51 Mi to recover (3-6 months) |
| Contingency reserve | R$ 48 thousand blocked | Can be reverted to cashier |
| Active ITBI Disputes | 2 pending cases | 0 cases (STJ closed) |
| Physical vacancy | 46,80% | 46,80% (no change) |
| Dividing monthly | R$ 0,98 (sea/26) | R$ 0,00 (Apr/26) |
| Quotators | 1.886 | 1.852 (−1,8%) |
| Rich Verdict to the Few | VENDA | SALE (maintained) |
What to monitor in the coming months
Three triggers to follow in monthly reports of ALMI11:
- Confirmation of the withdrawal: the management report should indicate when the R$ 2,5 million actually enter the cashier. Likely mention between jul-out/2026.
- Form of distribution: whether the administrator will pay extraordinary dividend, dilute in the following months or retain to cover operational break. Attention to the first monthly report after credit.
- Empty floors: That's the game. Without a lease on the 16 vacant floors, R$ 2,5 million saw only anesthesia. The turnaround of ALMI11 It passes as a new tenant, not as a judicial victory.
Summary of the re-analysis
Positive fact confirmed. The STJ definitively closed both ITBI disputes in favour of the ALMI11, and R$ 2,5 million (R$ 22,60/unit) will return in the next 3-6 months. R$ 48 1000 contingency reserve can also be reversed.
Thesis unchanged. The gain represents 3,5% of the current quotation and 1,1% of the VP. It does not compensate for even by far the structural problems: vacancy 46,8%, dividing zero, default 42,35% and flight of unit holders. Verdict VENDA Keeped. Note: 3,5/10.
