I'm in position. ALZR11. . What changes now?
Short-term split: the DPS of R$ 0,0836 Paid on 25/05 is sustained. The April cash result closed in R$ 0,0842/unit — R$ 0,0006 surplus that recomposing reservation. With the default of the regularized CBD (rentee paid off everything in sight) and the additional Santillana (+R$ 0,003/unit/month for 30 months), there is breath to maintain the current level in the short term.
But watch out for the floor of Guidance 1S/2026: the fund manager projects R$ 0,080–0,082/recurring unit/month — below the current DPS. It is temporary dilution of the 8th emission while the ZQX0ZX mi in box are not allocated. If the allocation takes time, the DPS drops 4–5%.
AGE 12/05 — the risk still hanging: vote closed 27/05/2026. . If approved (enlargement of 20% → PL 50% in FIIs of BTG/Alianza + authorized capital of R$ 10 Bi without new AGE), the community already compares to the case VGHF11 — unit can press for R$ 9,50–10,00. If rejected: neutral/positive.
Quick Verdict: MANTER the position with the eye on the AGE. New entry: wait for the result of 27/05 before amplifying.
Current photo: May 19, 2026
What changed in the April/2026 Management Report
ID document 1199511, released on 19/05, is the best operational report ever published by ALZR11. Six material movements took place in 30 days:
CBD Brazil: the risk that disappeared (and how it disappeared)
During the first quarter of 2026, the ALZR11 had an uncomfortable line: 3,5% of real estate revenue was late because of CDB Brasil. In April, the game turned surgically:
Full movement, no stretching
The lessee paid off in sight all values in delay — including interest and contractual fine — and still paid the current rent of April within the deadline. There was no renegotiation of deadline, price repactation or discount. The fund manager closed the CDB chapter without leaving a footprint on the balance sheet.
In practical terms: 3,5% of monthly real estate revenue has returned to the cashier — something around R$ 460 thousand/month — and the specific risk of this contract has come off the radar.
Why does it matter? The ALZR11 is an FII that sells itself as "100% atypical with zero vacancy 8 years ago". But for four months he had, in practice, financial vacancy of 3,5%. The regularization not only recovers the number — recovers the narrative that supports the multiple P/VP near 1,0.
AGE of 12/05: the sword that is still in the air
What is in vote until 27/05/2026
Alianza Gestão called an Extraordinary General Assembly with 5 changes in the regulation. The two most sensitive:
- Raise the limit of exposure to FIIs of the BTG/Alianza group of 20% → 50% of PL. Today the fund can allocate up to R$ 348 mi in FIIs of the house itself. If approved, it may reach ZQX0ZX mi in group products — potential conflict of explicit interest.
- Authorized capital of R$ 10 billions without new AGE. The fund manager may issue units up to this ceiling without having to consult the unit holder every round. The current PL is R$ 1,74 Bi — the authorised ceiling is 5.7x current size.
The community at the FII Club has been comparing the design to the case VGHF11, where similar changes preceded a significant fall in unit and perceived loss of governance.
How to read the vote result
| Scene | Probability | Impact on unit | How to act |
|---|---|---|---|
| Full approval | Moderate | R$ 9,50–10,00 | Maintain existing position; suspend new contributions |
| Partial approval (no intragroup 50%) | Most likely. | R$ 10,20–10,50 | Maintain; new opportunistic input below R$ 10,30 |
| Rejection | Low | R$ 10,60–11,00 | Buying — The Asset Is Unlocked for Recreation |
Important: The authorized capital of R$ 10 Bi does not mean that the fund will issue R$ 10 Bi — it means that it can without asking. It's a change of governance, not an immediate size. The rational unit holder needs to decide if he trusts the fund manager to use this autonomy well.
Dividing: Can R$ 0,0836 hold?
The current DPS is paid for, but the fund manager's own guidance projects R$ 0,080–0,082/unit/month floor for the first semester of 2026 — below what is being distributed today. How do you read this?
| Component | Value/unit/month | What it means |
|---|---|---|
| Current DPS (paid 25/05) | R$ 0,0836 | Distributed based on April result |
| Result box April/26 | R$ 0,0842 | R$ 0,0006 surplus restores booking |
| Profit reserve | R$ 0,030 | It retreated from R$ 0,043 by dilution of the 8th emission |
| Floor guidance 1S/2026 | R$ 0,080–0,082 | Recurrence without allocating box or Santillana |
| +Additional Santillana (30 months) | +R$ 0,003 | Sum of the applicant by 2028 |
| -Renovated attention (jul/26) | - R$ 0,0019 | Rental falls from R$ 617 thousand → R$ 350 thousand/month |
Bakery account: floor (R$ 0,081) + Santillana (R$ 0,003) - Watch (R$ 0,0019) = R$ 0,082/unit. . In other words, in the worst recurring scenario (without allocating anything from the R$ 415 mi box), the DPS drops from the current R$ 0,0836 to something between R$ 0,082 and R$ 0,083 — drop of 1,8% to 4%.
If the fund manager manages to allocate the R$ 415 mi in assets with average 9,5% cap rate over the next 6 months, the DPS returns to R$ 0,085–0,088. This is the "delta of execution" — and historically Alianza delivers.
Portfolio: 26 properties and the 3 points that still bother
The photo of the wallet in April/26 shows a background with zero vacancy, record WAULT and three nuisances worth mentioning:
1. Renovated watch with cutting of 40%
The new contract with Atento, in force from Jul/26, brings rent of R$ 350 thousand/month against the R$ 617 mil/month before. Direct impact: -R$ 0,0019/unit/month. . In addition to the cut, the contract went beyond atypical to typical — partial breach of the fund's historical mandate.
2. Oscar Freire Office (via TSER11) — typical contracts
The property in the Gardens, acquired in February, is leased typical with BAT Brasil and the restaurant Arturito. He's a good tenant and a good address, but another exception to the "Atypical 100%" which was the distinctive sign of the ALZR11. Combined with Attention, the fund already has ~5% of revenue in typical contracts.
3. R$ 415 Millions Stop Box
R$ 415 mi to render CDI while not turning brick. It is protection (pays DPS via cash register while it does not allocate), but it is also the "delta of execution" that decides whether the DPS rises or falls in the next 12 months. The pressure on the fund manager to allocate well is great — and the AGE of 12/05 gives greater powers precisely at this stage.
Comparative with segment peer
| FII | P/VP | DY 12m | Vaccination | RAP Note |
|---|---|---|---|---|
| ALZR11 | 0,98 | 9,49% | 0,0% | 8,0 |
| HGRU11 | 0,92 | 10,1% | 3,2% | 7,2 |
| TRXF11 | 0,89 | 10,4% | 0,0% | 6,9 |
ALZR11 is the premium of the bucket: pays DY minor but delivery zero historical vacancy, WAULT 9,1 years and the base of 200,000 unit holders (largest of three). HGRU11 and TRXF11 offer higher DY, but with lower contract quality and WAULT. The unitholder pays for predictability.
Next events on radar (next 2 weeks)
Timetable ALZR11 — Mai/2026
Verdict: the best moment in history, but with asterisk
Recommendation: Conditional BREAKDOWN
For those who are already positioned: Keep it. CDB solved, robust box, dividend sustained in the short term and P/VP 0,98 do not ask for sale.
For those who want to enter: wait for the AGE result of 27/05 before amplifying. If the proposal of the intragroup 50% is defeated, the asset unlocks and the entry becomes cheaper. If approved, there is still entry — but at another price level.
For those who have been accumulating for a long time: R$ 415 mi in box turning brick in the next 12 months is the trigger for re-enactment. The asset is under-prescribed when considering the queue of positive events (Santillana, allocation of the cash, zero vacancy, base of 200,000 unit holders).
The ALZR11 entered in May 2026 in the operational peak of its 8 years of history: zero vacancy, record WAULT of 9,1 years, 200 thousand unit holders, R$ 415 millions in cash, default settled and obligations falling from 40,1% to 33% of the PL. No other previous report from the fund brought that combination.
And it is precisely at this peak that the fund manager asked to change the rules: 50% of the PL in products of the house itself and R$ 10 billions of authorized capital without having to consult the unit holder. If you think that's a coincidence, you can keep your position at peace. If you find it suspicious, mark May 27 on the calendar — because the decision that comes out of this AGE defines the ALZR11 for the next 5 years, not the next 5 months.
