Quick answers to questions from Clube FII:
The WAULT of the WAULT GARE11 fell from 14.40 to 9.27 years for a reason. Technical Technician, non-operational: the real estate 10 of the sale agreement with Riza has left the calculation basis of existing contracts — there is no wave of contracts maturing. The dividend of R$ 0.083/quoted has been paid normally in 07/07/2026/2026 and follows stable. And the sale to Riza is one. Portfolio recycling at compatible price. with background history, not a burning of assets.
In short: the data that scared the market is an accounting consequence of an operation that has not yet closed. Who understands the mechanics of the GARE11 should not worry about the isolated number.
What is the GARE11 (for those who arrived now)
O O O GARE11 — Guardian Real Estate It is a FII hybrid brick managed by FII. Guardian Gestora. He carries it. 33 real estate distributed in 13 states, com, com 2020X% Occupancy from IPO, in 2020X. The portfolio mixes three segments:
- Urban Income (61%) — street retail and anchor shops;
- Logistics (31%) (31%) — warehouses and distribution centres;
- Office (8%) — Corporate slabs.
Saint-Sébastien 11 tenants, most rated AAAX renters, most rated AAA renters.: Carrefour/Atacadão accounts for about 37% of revenue, GPA for 14%, plus Grupo Mateus, BAT, BRF and others. The Guardian carries a load of one. 25% history of 25% in portfolio recycling — that is, buying cheap, valuing and selling expensive is a central part of the strategy, not an exceptional event.
An important detail for those who have followed the fund for a long time: in June of 2025 ticker changed from GALG11 (Guardian Logistics) to GARE11 (Guardian Real Estate), reflecting justly diversification beyond pure logistics.
What the May RG revealed
O O O Management Report of May/2026XX, published in 02/07/2026, brought the number that became the subject of the Club FII: o 9.27 has collapsed from 14.40 years to 9.27 years in a single month.. A drop of more than five years at once draws the attention of any unit holder.
What is WAULT? The acronym comes from Weighted Average Unexpired Lease Term — the remaining weighted average term of lease agreements. It measures, on average, for how many years the contracts have yet to expire, weighing each property by the weight it has in revenue. A high WAULT means long contracts and predictable revenue; a low WAULT means there are closer renewals or maturities. It is one of the most important income security metrics of a FII brick.
Naturally, a WAULT falling from 14 to 9 years seems to indicate that many contracts are about to expire — which would increase the risk of vacancy or renegotiation downwards. But that's not what happened.
The fund manager explained that the managers 10 real estate included in the agreement with Riza came out of the basis of existing contracts of the report., for calculation purposes. How these real estate carried some of the properties Longer atypical portfolio contracts longer atypical portfolio contracts, taking them out of account knocked down the weighted average. It is a purely arithmetic effect: by removing the longer contracts from the numerator, the average term of the remaining contracts shrinks.
In other words: WAULT did not fall because contracts expired. — fell because the calculation base was reduced in advance, reflecting a sale transaction that is still in progress. It's the difference between "my contracts are running out" and "I've taken the contracts I'm going to sell out of the account."
The RG also showed the VP for quote in R$ 9.95XX (slightly below the previous R$ 10.02). At that time of the report, with the unit rotating in the house of R$ 8.12, the discount P/VP passed from 18%. In the updated JSON from the bottom, the VP/unit is at R$ 9.27, which leaves the P/VP at 0.876 (~12% off) — from any angle, the unit trades well below the equity value.
The sale for Riza: was it a good deal?
Em Em 26/06/2026, the GARE11 signed one Memorandum of Understanding (MOU) For sale to sell 10 assets to FII Riza Real Estate Rent Master, from Riza Asset. Vale to detail exactly what is on the table::
| Segmento Segmento | Active As As As As | LocationLocation |
|---|---|---|
| Retail — Atacadão (5) | Shops Atacadão Shops Atacadão | Cuiabá/MT, Atibaia/SP, Campo Grande/MS, Caraguatatuba/SP, Lucas do Rio Verde/MTX |
| Retail — Mix Mateus (3) | Shops Mix Mateus Mateus Stores | Itabuna/BA, Maceió/AL (Tabuleiro), Maceió/AL (Antares) |
| Logistics (1) | Active Almanara Active Almanara | Jandira/SPX |
| Logistics (1) | Active BRFX | Victory of St. Anthony/PEX |
The points that sustain the quality of the business: All contracts are 100% atypical atypical. (rent locked, without free revision and with full fine in case of exit) and 93% of the revenue of these assets comes from tenants AAAX. That is, the buyer is carrying armored income assets — the type of portfolio that is usually sold at a compressed cap rate (high price).
The total value of the total value. has not been formally disclosed., because a MOU is just a pre-agreement, not the definitive sale. O O O Previous article about the June MOU June MOU Mentioned the number of digits. R$ 804 millions 804 millions as a reference of the operation. If confirmed, this would be one of the largest recycling in fund history.
To scale if the Guardian knows how to recycle: em October of 2025, the fund sold 10 real estate to XPRI with profit of R$ 145 million and TIR of approximately IPCA+18%%. Selling assets within the ecosystem, making a profit and reinvesting is the central engine of the thesis — and the fund manager claims to have participated in it. more than 70% of the Carrefour Group real estate transactions in the last 24 months, which gives access to business flow that few have.
What happens to income when a FII sells real estate? When a fund sells an asset, the rent revenue from that property stops coming in — but the fund does not. The sale box enters the place.. While this cash is not relocated into new real estate, it can yield interest (Selic) or be distributed as capital gains. The account only improves if the money is reinvested at a higher cap rate than what was sold. So in recycling, what matters is not just the selling price — it’s the selling price. what you buy later with the money.
Dividend: what to expect?
This is the most common question: "Will the sale bring down the July dividend?". The answer, according to current data, is: not in the short term in the short term.
- The dividend of June was held at R$ 0.083/cotata. and paid in 07/07/2026, without amendment.
- O O O 2026 guidance was renewed in the range of R$ 0.083 to R$ 0.090/cotata, signalling stability, with high light bias.
- The while the while the MOU does not become a definitive contract, real estate remains in the background generating rent.. The sale does not subtract revenue immediately.
- When the sale closes, the cashier enters — and while it is relocated, it tends to render the Selic, which sustains the distribution in the interval.
O O O A Risk Risk Risk Risk Risk Risk Risk A Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk A Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Risk Accompanying is the one of the D D: if the cashier's relocation takes time and the money stays stalled for a long time yielding less than the real estate yielded, there may be Temporary pressure on DPS temporary pressure on DPS. But that would be a transition effect, not a deterioration of the thesis.
Why did the unit not rise if the sale was for a good price?
Sell well and see the unit stopped frustrates the quotation, but there are objective explanations:
- MOU is not for sale. The market price what is closed, not what is intentional. While the definitive contract does not go out, the price does not incorporate the gain.
- GPA in extrajudicial recovery. The GPA answers for 14% of revenue and still lives a process of restructuring — this is a risk premium that holds the unit.
- Selic other. High interest pressure all FIIs brick, because the fixed income competes directly with the dividend.
All in all, these factors explain why the unit negotiates with it. ~12% descuento P/VP de ~12% descuento P/VP even with solid foundations. The discount is not a pure pricing error — it is the market charging premium for risks still open.
What to monitor from now on?
Points of attention for the unitholder:
- Closing of business with Riza — estimated time frame for the 21 semester of 2026. It is the trigger that confirms (or not) the gain of the operation.
- Re-allocation of the cashier's box — the cap rate of the new purchase is what defines whether the recycling was accretive. Keep an eye on the fate of money.
- Renovation of the ZQX0ZQQXX — contract expires in set/2027 and the tenant is responsible for 21% of the revenue. Early renewal would be a good sign.
- GPA — follow the evolution of extrajudicial recovery, given the weight of 14% in revenue.
Verdict Verdict
The GARE11 tracks as follows: COMPRA (note 7.8), with intact foundations. The "scary" WAULT of 9 years was an effect. Technical Technician The exit of the assets of MOU from the calculation base — not a sign of contracts maturing or operational deterioration.
What does the thesis support: stable dividend in R$ 0.083XX ZQX0ZXX, Negative Net Leverage (-10%) With box covering 100% of CRI bonds, 100%, 100 bonds, 100, 100, 100 100% Occupancy % and a fund manager with proven history of recycling to TIR of 25%. The sale to Riza is another piece of this gear, not a rupture.
Whoever understands the mechanics of the background should not be frightened by an isolated number. What really matters now is the closing of the sale and the cap rate of the next purchase — not the WAULT of a transition report. For the full picture, see the. Full ZQX0ZQQX full analysis of GARE11.
