What happened to XPLG11?
In Relevant Fact of Aug 18, 2026, or Aug 18, 2026 XPLG11 CD CL Imigrantes V, in São Bernardo do Campo (SP), was leased 100% to an e-commerce company by 60 months, from Aug 1, 2026. It was the largest empty shed at the bottom. Thus, the physical vacancy drops from 8.8% to 3.9%.
The property: why it was vacant and what is RMGX
The CD CL Imigrantes V entered the portfolio of XPLG11 on the 9 unit issue, along with the Piracicaba shed II. It is a high standard logistic distribution center, but it has reached the bottom. Inquisitor without inquilino — a ready-made and empty shed. That is why it appeared in the analysis of the background as one of the red dots: 62,457 m2 of gross leasable area generating cost of condominium and IPTU, but no rent revenue.
In order not to leave the unitholder helpless while the property was not rented, the seller banked one. RMG — Guaranteed Minimum Income Guaranteed. In practice, RMG is a "lie rent" paid by the former owner of the property (or who sold the asset to the fund) over a combined period, just to cover the revenue hole until a real tenant appears. In the case of XPLG11, this RMG (called "RMG SBC", from São Bernardo do Campo) had been paid since February of 2026.
Em resumo: the lease does not change the fact that the leaseholder is already receiving revenue from this property. What changes is the a. fonte: comes out the temporary rent booked by the seller (RMG) and enters the rent of a real tenant, hired for five years.
The financial account: new revenue or replacement?
Here is the dot that separates the headline from the actual impact on the pocket. The relevant fact itself warns: the values of the new lease will be deducted from the RMG SBCX. In other words, it is not new revenue that adds to what the fund already receives — it is new revenue. Substitute. In the short term, the effect on the monthly dividend (DPS) tends to be neutral, because the rent takes the place of an income that already existed.
The It does not inform the differentialist. between the value of the hire contracted and the value of the RMG it replaces. If the rent is higher than the RMG, there is a gain left for the quotationist; if it is equal or lower, the cash effect is zero or negative. Without that number, you can't pin the impact on the proceeds — and any closed account would be kick.
It is also worth looking at the Revenue structure, which is concentrated at the beginning (The market calls it) front-loaded. In the first 24 months, the contract accumulates R$ 0.8605 per unit — which gives an average of about R$ 0.036 per unit per month. From the month 25, revenue falls to R$ 0.0413 per share per month, without correction for inflation.
Attention to Easy Reading: the largest number of the 25 month onwards (R$ 0.0413) does not mean that the rental "booms". The revenue of the first two years comes in accumulated block; then becomes a fixed monthly installment. This drawing usually reflects one of them. carência for the tenant to settle and/or a rent scaling up, and the absence of inflationary correction from 25o month means that, over time, this portion loses purchasing power.
Two FRs in two days: what has changed in the vacancy?
This rental did not come alone. No dia anterior, Aug 17, 2026, o XPLG11 já havia comunicado a locação dos galpões B1 a B3 de Seropédica (13.118 m²), o que reduziu a vacância física de 8,8% para 7,9%. The Relevant Fact of CD CL Migrantes V, of the day 18, closed the rest of the hole — Leading Vacuum from 7.9% to 3.9% for 3.9%.
Adding up the two days, the bottom took almost the entire empty area out of circulation. For a standard logistic portfolio AAA, a physical vacancy of 3.9% is very close to full occupancy — there is always some tenant transition shed, and 3.9% is a healthy level considered in the segment.
Vacância física × vacância financeira: physics measures the empty area in square meters. A financial institution is a mere financial institution. receita potencial You are stopping to enter. They may diverge: a small, expensive rental shed weighs more financially than a large, cheap shed. The FR talks about physical vacancy; the financial impact depends on how much each contract pays.
What still worries in the XPLG11X
The vacancy solved is good news, but it does not zero the list of pending fund. Three points follow open:
| Ponto de atenção | Situation (most recent data) |
|---|---|
| Inadimplência | 4.8% of revenue in july/26 — includes Mobly (in judicial recovery) and other renters 5. It's a contract recipe that's not coming in. |
| ML Perus | 66,378 m2 shed (3.9% of ABL, atypical contract) with maturity in Sep 13, 2026, without confirmed renewal. If not renewed, the estimated impact is -R$ 0.04/unit. |
| ML Franco da Rocha | 26,412 m2 shed (1.5% of ABL, typical contract) with maturity in Sep 1, 2026. |
| Cash out of cash results | In Jul/26 the fund generated R$ 0.72/cash unit, below the distributed R$ 0.82 — the difference comes out of the reserve. |
The contract of CD CL Imigrantes V is Atypical, the same format as ML Perus., the same format as ML Perus. An atypical contract is usually longer and more difficult for the tenant to break before the deadline (with heavy fines), which gives predictability to the fund. The counterpart is what you see now with the ML Perus: when an atypical comes to an end, the renewal is not automatic, and the exit of a single large tenant messes with the result.
Over the dividend: XPLG11 pays R$ 0.82 per unit for 17 months in a row, a stable level. But the July cash result was below that, which means the fund was below that. Complete the Provento with reserve.. As long as the newly announced leases do not translate into additional net revenue (which depends on such a differential RMG × rent), the support of R$ 0.82 continues to depend on this reservation and the resolution of the default.
Where the background is in the current context: PL of about R$ 5.4 billion, 31 real estate, 347 thousand quotes and management of XP Vista Asset. VP for quote of R$ 105.03 against quote around R$ 88.80 — a P/VP close to 0.85, i.e. trading below equity value. On the macro side, Selic to 14.0% per year maintains fixed income as a strong competitor of FIIs. The rating of our review rose from 6.2 to 6.2 6.4/10 (MANTER) with this news.
Acompanhe: os próximos marcos
For the shareholder who wants to follow the development, these are the dated events that should be observed in the next reports:
- Sep 1, 2026 — maturity of the contract of ML Franco da Rocha (26,412 m2). Renova, sai o renegocia?
- Sep 13, 2026 — maturity of the atypical contract of the ML Perus (66,378 m2), the greatest risk dated from the fund. No renewal, estimate of -R$ 0.04/quote.
- Next Management Report Managerial Report — if the default of 4.8% yields or progresses, and if the cash result returns to cover the R$ 0.82 distributed.
- Stabilization of Piracicaba IIX — the other real estate purchased on the 9 issue (R$ 631 million acquisition) is still in the phase of stabilization.
- Differential RMG × rental — monitor whether the fund manager discloses, in a future report, how much the new rent exceeds (or not) the RMG that it replaces.
