Monitor Club FII detected two new points: (1) Positive Macro — vacancy of the national logistics market has retreated to 5,62% in 1Q26 (Cushman&Wakefield), vs 7,0% in 4Q25 (Colliers), reducing the risk of re-locating contracts close to GGRC11. (2) Governance — Quotas report that an AGE has approved voting exercise limitation to 10% of units in sensitive matters; information still unconfirmed in official CVM document.
Verdict: ACUMULAR. Cash consumption in April is temporary — reflection of the Covolan divestment + new purchases still without full revenue. With DPS confirmed for May and June, R$ 0,10 is secure in the short term. The real risk is in 2027, when 39% of the contracts win.
What happened in April with the cashier?
Rental revenue dropped from R$ 19,58 Mi (March) to R$ 19,43 Mi (April) — small drop, but enough to make the cash negative for the first time in quarters. The reason is structural and temporary: divestment of Covolan asset (responsible for ~4,5% from revenue) withdrew flow before the new assets went into full operation.
The pattern should persist until 2S26, when Braspark (SC), Garuva A (SC) and CD3 Camaçari (BA) complete the ram-up and add revenue to the wallet. Until then, the accumulated cash and the capital itself captured in the 11th issue cover the difference.
The 3 acquisitions that consume the issue
| Active | Location | Value | Cap Rate | ABL |
|---|---|---|---|---|
| Braspark B + C | ROCHESTER, CA (Spanish only), Coliseum, Coliseum Dr. | R$ 192,3 Mi | 10,20% a.a. | 40.225 m2 → 61.686 m2 |
| Garuva A | ROCHESTER, CA (Spanish only), Coliseum, Coliseum Dr. | R$ 88 Mi* | 9,54% a.a. (mean) | 22.789 m2 |
| CD3 Camaçari | ROCHESTER, CA (Spanish only), Coliseum. BYD) | R$ 77 Mi* | 9,54% a.a. (mean) | 27.565 m2 |
| Total | R$ 357,3 Mi | ~9,9% medium | ~130,000 m2 | |
* Garuva A + CD3 Camaçari add up R$ 165 Mi (estimated split proportional to ABL). Payment via compensation for 11th issue credits.
The three assets were acquired from 11th unit issue — payment made by credit compensation, no cash out. The 1st Period of the issue, closed on 30/04/, captured R$ 352,58 Mi (31,3 million units). The 2nd Period is open until 29/05 with price of R$ 11,25/unit. Current quotation (R$ 10,03) below the issue price — risk of low membership in the 2nd Period, but partial execution has already secured the three assets.
The portfolio after acquisitions
The portfolio is 99,81% busy. Atypical contracts (BTS/SLB) account for 86,15% of revenue — which explains the consistency of R$ 0,10/month for 13 consecutive months. The Renault contract (10,84% of revenue) wins by ten/2026 and is the highest short-term maturity — successful renegotiation maintains the level of distribution; loss of contract would press the DPS at ~R$ 0,01/unit.
DPS: 13 consecutive months in R$ 0,10
| Competence | DPS | DY Monthly | Remarks |
|---|---|---|---|
| Nov/25 | R$ 0,10 | 1,00% | — |
| ten/25 | R$ 0,10 | 1,01% | — |
| Jan/26 | R$ 0,10 | 1,00% | — |
| Feb/26 | R$ 0,10 | 0,97% | — |
| Mar/26 | R$ 0,10 | 0,97% | balanced box |
| Apr/26 | R$ 0,10 | 0,97% | box consumed (–R$ 2,63 Mi) |
| May/26 | R$ 0,10 | 0,97% | paid 11/05 |
| Jun/26 | R$ 0,10 | 0,99% | paid 09/06 |
- Renault (10,84% revenue) — wins Dec/2026: renegotiation is the main event of the year. Atypical contract — less flexible to leave, but close pay requires attention.
- 2nd Period of the 11th issue (up to 29/May): adherence below expected can limit new acquisitions beyond the 3 already committed.
- Ramp-up of the new sheds: Braspark already completed; Garuva A + CD3 Camaçari conditioned to "previous conditions" — delay impacts revenue.
- CRIs win R$ 59 Mi in 2027: Heavy depreciation next year — emission covers part, but leverage IPCA+6,5% to 9,5% is relevant cost.
Why the negative cash in April is not the problem
Expanding logistical funds often have temporary negative cash during acquisition cycles — it is the cost of growing. O GGRC11 He captured R$ 352,58 Mi, bought R$ 357 Mi in new assets and kept the dividend. The rental income of the three sheds has not yet fully entered the cash register. When you enter — estimate: 2S26 — the gap closes.
Comparable funds such as HGLG11, BTLG11 and BRCO11 have annualized DY between 9% and 10,5%. The GGRC11, with DY from 11,9% to R$ 10,03 and 0,90 P/VP, delivers relevant spread with quality portfolio. The 10% discount on VP is not justified by the current grounds.
With 341.692 unit holders, 99,81% occupation and R$ 0,10 DPS confirmed by June, GGRC11 is a mature logistical background at a time of accelerated expansion. Cash consumption in April is the purchase price of R$ 357 Mi in sheds — it is not a sign of fragility. The risk that deserves attention is in 2027: 39% of revenue wins, peak amortization of CRIs, and the WAULT of 4,06 years leaves little room for unsuccessful renegotiations.
♪ To go deeper ♪
- See the full analysis of GGRC11 with all portfolio data, dividend history and peer comparison.
- Other logistical FIIs to compare: HGLG11 · BTLG11 · BRCO11 · VILG11 · LVBI11
- View all FIIs · See all articles
