What happened on July 17 July 17
In 17/07/2026 the Logistics Inter FII (INLG11) exercised the right of preference over those. 20% remaining from the Gaiolli Logistics Park, in Guarulhos/SP. With this the fund, which already owned 80% of the property, went on to deter. 100% The asset — a logistic warehouse Class A of 32,988 m2 of leasable area, today valued at R$ 139.9 Mi in the balance sheet.
Two things make this operation relevant. The first: the fraction came from LOG Commercial Properties itself, which is the real estate consultancy of the fund — there was, therefore, a potential conflict of interest between seller and consultant. With the purchase, this conflict was gone. Closed closed. The second, and most important for your pocket: the fund financed the acquisition by taking debt. It was the first time. First leverage in INLG11X history, created in November of 2019.
The dissected operation: how much you paid and what you earn
The fund paid off. R$ 26.1 Mi R$ 26.1 Mi by the remaining 20% 20% To support this, issued a CRI of R$ 30.2 Mi — the difference of ~R$ 4.1 Mi covers operation costs and reinforcement of reservation. The rent proportional to these 20% is estimated at ~R$ 2.44 Mi/yr, which produces one. cap rate estimate of 9.32%% over the acquired value. Cap rate is the "rent rate" of the property: how much the tenant pays per year divided by the price of the property. The bigger the cheaper you bought the rent.
9.32% is an honest number for a Class A shed. But the real value of the transaction is not in the buy cap rate — it is in the buy cap rate. 2027X renegotiation of 2027X renegotiation. Today the Gaiolli is rented at rent a. S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US., while the market for sheds in the Guarulhos region negotiates with it. S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US. (Lift SiiLA, 2TZQXX1ZQX). That's one that's one. ~40%% upside upside de ~40% The value of the rent when the contract is readjusted to market. Holding 100% of the property, the fund captures that entire high — before, 20% of that gain would leak to the minority partner.
The first debt: what is this CRI and what does it weigh?
Um Um CRI (Certificate of Real Estate Receipts) is a debt bond backed by real estate receivables — in practice, the fund borrowed money from the market and will pay interest on it. Conditions: Conditions:
- Value: Value: R$ 30.2 Mi R$ 30.2 Mi
- Cost: Cost: IPCA + 9.30% a.a. — that is, in addition to replenishing inflation (IPCA), pay 9.30% real interest per year.
- Term: Term: 5 years (expires on 2031)
- Amortization: amortization: bullet bullet — during the entire term the fund pays only interest; the principal (the entire 30.2 Mi R$) is only returned at maturity, once.
The impact on the monthly cash is manageable. The nominal basis of interest (9.30% plus reference inflation) on R$ 30.2 Mi implies interest of the order of order interest. ~R$ 232 thousand/month — nominal estimate, excluding the accretion of the cumulative IPCA which rises the base over time. Against a PL of R$ 479.8 Mi and a DPS monthly in the house of R$ 2.7 Mi distributed, this bite is small. O O O LTV post-transaction remained at ~6%% — LTV (loan-to-value) is how much debt exists in relation to the value of real estate; 6% is very low for the industry standard.
Before and after operation.
| Item Item Item | Previous Previous Previous Previous Previous Previous Previous | a a after after after after after after after after after after after after after after after after after after after after after after after after |
|---|---|---|
| Participation in Gaiolli in Gaiolli | 80% | 100% |
| Conflict with LOG CPX | Vendedora da fração | Encerrado Encerrado |
| Leverage leverage. | Zero (from 2019) | CRI R$ 30.2 Mi R$ 30.2 |
| LTV | 0% | ~6% |
| Captured Rental Upside Captured Rental Upside | 80% Gain Gain% | 100% Gain Gain% |
The bottom in numbers numbers
The last dividend, of R$ 0.60/quoted, had date-com (ex-dividendo) in 14/07/2026. It is worth remembering that the DPS was cut from R$ 0.76 to R$ 0.60 in January/26X — not due to operational deterioration, but to replenish reserve after the sale of Goiânia's asset. Cuts by recomposition are qualitatively different from cuts by vacancy or default.
The thesis for those who have arrived now
The INLG11 is a FII from Logistical brick Class A Class A: buys high standard warehouses, rents to operators and distributes the rent as a monthly dividend. O O O P/VP (price on equity value) of 0.63 means that the quote is traded 37% below the book value of the real estate — in practice, you buy R$ 1.00 of shed paying about R$ 0.63. It's that discount of that. 39% the central thesis, especially with Selic in 14.50%: even against a fat fixed income, a DY of 11% added to the possibility of the discount close is competitive.
The portfolio has 4 sheds and 113.9 thousand m2 of ABL, with ABL sheds and 113.9 thousand m2 of ABL, with ABL. 100% of contracts indexed to IPCAX% of contracts indexed to IPCAX and concentration of earnings in 2027 (59.4% of total). The administration fee is only of only one. 0.46% a.a. a., one of the lowest in the segment, and there is no performance rate.
Management and execution management and execution
The management is of the management. Inter Asset (note 7/BOA), with consultancy of LOG CP and administration by Inter DTVM. The track record helps to rely on the first leverage: since the IPO in November of 2019, the fund has maintained. ~1% average vacuum ~1% and made its first portfolio recycling by selling the asset of Goiânia in set/24 for R$ 116.2 Mi with agio agio. The March AGE/26 approved both direct and one-way leverage. Share buyback program share buyback program. The balance sheet of 2025 received opinion opinion of 2025 without ressalvas without ressalvas Grant Thorntonon Audi Grant Thornton Audit the Grant Thornton Thornton Audit the Grant Thornton Thornton Audit She is a fund manager who opened up modern tools and used them for the first time in a structured — not improvised — way.
Real risks are real risks.
- The bullet of 2031. R$ 30.2 Mi win at once. Without a clear refinancing plan or cash accumulation, it is the main point of attention — and issuing units to P/VP 0.61 would be dilutive.
- 59.4% of contracts expire on 2027. This window sets the DPS for the next 18-24 months. Gaiolli (+40% of upside) and Rio Campo Grande (+51% of potential) are expected to rise; but Viana and Contagem are already at market price. and can even reduce renegotiation.
- Concentration of unitholders. 3 PJs add 50.4% units and a single holds 22.84%. A relevant exit from these quotes would put pressure on the secondary market.
- Default of 6.0% in May/26. Comes from 1 relevant tenant late, with fund manager in advanced trading. It needs to be monitored — if it becomes termination, it moves to zero vacancy.
- Viana with no apparent rate ~4%. The Viana/ES shed represents 40.2% of PL valued at R$ 192.8 Mi, but the implicit cap rate of ~4% suggests that the report may be optimistic — a risk of downward revaluation in VP.
The Catalysts
- Repurchase Program Repurchase Program approved in AGE: repurchasing shares in P/VP 0.61 is accretive — each share purchased below VP raises the equity value of the remaining.
- Gaiolli car hire Upside in 2027XX (+40%), now 100% captured by background.
- Queda da Selic:: Any beginning of cutting cycle tends to recipiar discounted brick FIIs.
- P/VP discount lock:: P/VP discount lock to 0.63, there is a large margin of recrimination if the income of 2027 confirms.
Conclusion: Was it a good purchase?
From the point of view of the asset, Yes Yes Yes Yes Yes Yes Yes Yes: consolidate 100% from a shed that has 40% of rent upside dammed, at a cap rate of 9.32%, is a correct capital allocation move. From the point of view of the Financi Financi Financi Financi Financi Financi Financi, is a defensible but bottom-shifting choice — from zero debt to a CRI bullet that will need to be resolved in 2031. Debt size (LTV ~6%) keeps risk contained.
For who it is: Income taxpayer who already understands the discount thesis of P/VP and agrees to monitor the renegotiation of 2027 and the expiration of CRI. For those who are not: who seeks DPS growing and linear in the short term — the recent cut to R$ 0.60 and the 2027 window bring uncertainty. Input track:: Input track: below R$ 70 the discount on the VP of R$ 106.34 preserves good margin of safety; above that, the thesis loses part of the appeal.
The acquisition of 20% from Gaiolli is accretive and unlocks the rental upside of 2027, but the debut in leverage via CRI bullet adds a maturity risk in 2031 that management will need to address. The thesis remains anchored in the discount of 39% in the P/VP and in the DY of 11%, not in the leverage. Good background, competent management, but with signs of attention (contracts of 2027, default, bullet) that justify maintaining instead of increasing blindly position.
