. Update — 13/05/2026
1) AGE of 12/05/2026 — Modernisation of the Regulation. The fund manager proposed five material changes: (a) expansion of the target assets for SPEs, FIPs and real estate sector AIFs; (b) consolidation of the global rate in 1,00% a.a.; (c) Authorized capital of R$ 10 billions, exempting AGE for new emissions; (d) raising the limit of exposure to FIIs of the BTG/Alianza group of 20% for PL 50% (potential conflict of interest); (e) repurchase and cancellation of discounted units on VP. The community has been comparing the movement to the recent case of VGHF11 — monitor the outcome of the vote.
2) Acquisition of Oscar Freire Office Building (R$ 132 mi, via TSER11). The property in the Gardens (5,2 thousand m2 ABL) is leased to BAT Brasil (R$ 781,5 thousand/month until 2032) and the restaurant Arturito (R$ 85,9 thousand/month until 2033), both with TIPIC Contracts. . The operation adds relevant revenue (!R$ 867 thousand/month) and diversification, but introduces an exception to the historical mandate "100% atypical" — the unitholder loses a little of the purity of the thesis BTS/SLB which was the distinctive sign of the background.
Cleared from the official page alzr11.alianz.com.br and the community comments on the FII Club, with cross-validation via Infomoney, FundsExplorer and BrFiis.
Background: The FI that has never wandered
Since the IPO in January 2018, ALZR11 keeps a rare record in the FIIs market: zero days of vacancy in more than 2.000 nails. . Alianza Gestão has put together a portfolio of 24 atypical properties 100% — all Built-to-Suit or Sale & Leaseback — with tenants of the size of the Free Market, Assai, DuPont, Fleury and Scala Data Centers. The accumulated total return of 96% exceeds IFIX by 30 percentage points. But the fund carries R$ 477 million in CRIs and has just released its 8th issue of R$ 528 million. The question that matters: does the lace machine sustain this gear?
Current photo: December/2025
24 properties, atypical ZQX0ZX: why does this wallet work?
ALZR11 is a IFI hybrid income with well defined DNA: acquires real estate under Build-to-Suit (BTS) and Sale & Leaseback (SLB) contracts with large tenants. Each asset is constructed or tailored to the tenant, who signs atypical contracts with deadlines of 10 to 20 years and full fine in case of early termination. It is the type of contract that, in practice, transforms rent into the tenant's quasi-debt — and this explains the history of zero vacancy.
The portfolio is diversified in typology — commercial buildings (31%), dry sheds (30%), urban income (28%), data center (8%) and refrigerated sheds (3%) — but geographically concentrated: 81% of rents come from São Paulo (Great SP 67% + Interior 14%), with Rio de Janeiro (14%) and Rio Grande do Sul (5%) completing the allocation.
Renters are the strong point: DuPont (14% recipe), Free Market (10%), Coca-Cola FEMSA (8%), OBA Hortifruti (8%), Pueri Domus (7%), in addition to Scala Data Centers, Assai, Bauducco, Attention and Fleury Group. They are companies with billing mostly over USD 1 billion, which explains the absolute zero default since the IPO.
WAULT (weighted average contract time) is 9,1 years — no relevant contract expires before 2028. By the Quarterly Report, 93,2% of real estate revenue come from contracts with a maturity of more than 36 months. All rents are adjusted annually by IPCA, with 100% of the portfolio indexed to this indicator.
The asset of ALZR
In more than 76% from IPO, the unit ALZR11 was traded above the equity value. Even with Selic in 15% a year, the fund ended December/2025 being traded near the VP — a clear sign that the market recognizes the quality of the portfolio. The entry in FTSE EPRA Nareit Global Real Estate Index in 2025 it raised the liquidity of R$ 1,5 MI/day to R$ 2,5 MI/day.
Results 2025: the revenue grew — and the dividend followed?
| Metric | 1S 2025 | 2S 2025 | Total 2025 |
|---|---|---|---|
| Real estate revenue | ZQX0ZX MI | ZQX0ZX MI | ZQX0ZX MI |
| Extraordinary Revenue | ZQX0ZX MI | ZQX0ZX MI | ZQX0ZX MI |
| Liq Financial Revenue. | ZQX0ZX MI | ZQX0ZX MI | ZQX0ZX MI |
| Result Box | ZQX0ZX MI | ZQX0ZX MI | ZQX0ZX MI |
| Distributed Result | ZQX0ZX MI | ZQX0ZX MI | ZQX0ZX MI |
| Result/unit | R$ 0,52 | R$ 0,53 | R$ 1,05 |
| Distributed/unit | R$ 0,50 | R$ 0,50 | R$ 1,006 |
The 2nd semester surpassed the 1st in both revenue and cash result, reflecting the acquisitions of 2025 — especially Assai stores in Rio de Janeiro and Guarujá (R$ 213 million, BTS 20 years) and the expansion of Data Center Scala to 1.2MW. The dividend grew from R$ 0,081/unit in January for R$ 0,0851 in December, with a peak of R$ 0,094 in June (effect of the extraordinary revenue from the sale of Santillana by R$ 53 million, with TIR of 16,3%).
The CAGR dividends of 8,2% per year since 2020 surpasses the accumulated IPCA of 5,6% in the same period — positive real income for the unit. The profit reserve accumulated at the end of December was R$ 0,052/unit, increasing the security margin for weaker months. In 2025, the fund distributed 100% of the half-yearly financial result — with nothing but the legal minimum.
R$ 477 million in CRIs: the price of growth
To finance its acquisitions, ALZR11 issued 7 series of Real Estate Receivables Certificates linked to IPCA, with spreads between 5,23% and 8,54% per year and expected depreciations up to 2041. The total balance is from R$ 477 million, the equivalent of 38,8% of net worth.
| CRI / Associated Asset | Total balance | Compensation |
|---|---|---|
| TSER11 (DuPont) | ZQX0ZX MI | IPCA + 5,50% |
| Alianza Digital (Scala) | ZQX0ZX MI | IPCA + 8,54% |
| Free market | ZQX0ZX MI | IPCA + 7,75% |
| OBA CD Sumaré | ZQX0ZX MI | IPCA + 7,65% |
| Dasa Sumaré/Ascendino | ZQX0ZX MI | IPCA + 5,23% |
| Assai Rio de Janeiro | ZQX0ZX MI | IPCA + 7,75% |
| Coca-Cola FEMSA | ZQX0ZX MI | IPCA + 5,50% |
In 2026, the Fund is expected to R$ 32,5 million in CRI depreciations plus R$ 26,3 million in acquisition shares, adding approximately R$ 111 million outflows (partially offset by R$ 24 million to be received from asset sales). Over the next 12 months, the expected interest amounts to R$ 35,2 million and the depreciations R$ 38,1 million — together represent 47,4% of annual gross revenue.
The box of R$ 206 million (PL 16%) covers about 5 years of these obligations. It is a robust mattress, but it will be partially consumed by the completion of ongoing acquisitions: balance of R$ 21,6 million from Fleury Campinas, R$ 15 million from the last installment of the CDBs, and up to R$ 39,7 conditional millions from Assai Guarujá.
The risk of leverage
The future bond / PL ratio of 38,8% is moderate in the context of FIIs, but not despicable. With IPCA-indexed CRIs in a persistent inflation environment, the cost of debt goes up with revenue. The model works while atypical contracts (also corrected by IPCA) maintain positive spread on the cost of debt. In addition, 81% concentration in São Paulo makes the portfolio sensitive to regional shocks — although diversification of sectors (health, logistics, retail, technology) mitigates this risk partially.
8th Emission and Fleury Campinas: plus R$ 528 million on the table
Announced in 12/01/2026, the 8th issue provides for the distribution of 50 million new shares to R$ 10,56 (with R$ 0,09, distribution rate totaling R$ 10,65/unit). It drew attention to the emission price slightly below the VP of R$ 10,64 — historically, the ALZR issued with angio. The possibility of additional lot raises the amount to up to R$ 660 million.
Resources will be allocated to new BTS/SLB acquisitions. The big question is the risk of temporary dilution: until resources are allocated into income generating assets, unit yield can be pressed down. This effect has already been absorbed into previous emissions, but the magnitude of this — potentially R$ 660 million over a PL of R$ 1,3 billion — is relevant.
The latest acquisition gives the tone of what to expect: Fleury Diagnostic Laboratory in Campinas/SP, acquired by R$ 29,5 million in BTS format with atypical contract of 15 years. The yield on cost is 10,2% per year, with monthly rental of R$ 255 thousand readjusted by IPCA. The Fleury Group — nearly 100 years of history and revenue of R$ 8,2 billions in 2024 — brings impeccable credit. The property is located in Cambuí, region with the most expensive square meter of the interior of SP, and still has expansion area of 825m2 that can generate additional future revenue.
. Guidance 1S 2026: design conservative
The fund manager designs recurring dividends between R$ 0,080 and R$ 0,082/unit/month — higher than the guidance of the previous six months. crucial detail: this projection excludes extraordinary revenue Santillana and IPG sales, which can add up to R$ 0,003/unit/month for the next 39 months. The rent adjustments by IPCA in December (DASA Sumaré, DASA Ascendino, Santillana in +4,5%) support the growth trend. In practice, effective dividends tend to overcome recurrent guidance, as consistently occurred in 2025.
Price range: When does it make sense to come in?
Rational price range
? Verdict
The ALZR11 is one of the most consistent income machines in the FIIs market — zero vacancy since 2018, atypical contracts with WAULT of 9,1 years, AAA tenants and dividends that grow above inflation (CAGR 8,2% vs. IPCA 5,6%). Leverage via CRIs (PL's 38,8%) is the price of accelerated growth and deserves quarterly monitoring, but the R$ 206 million box gives breath to 5 years of obligations. R$ 10,76 (P/VP 1,01), the investor does not find a discount, but pays a fair price for proven quality.
For those who make sense: investors seeking predictable and increasing monthly income, with exposure to high quality real estate and premium tenants in long-term contracts. · Who should avoid: who requires discount on VP to enter, does not accept exposure to CRIs, or seeks broad geographical diversification (81% concentrated in SP).
