I'm a unitholder. I do. LVBI11. . What changes?
Short answer: real pressure, but no impending cut. The Guidance of R$ 0,75/unit is maintained until the end of 1S26. The result of April, however, came in R$ 0,73 — R$ 0,02 below distribution — consuming reserve. The current mattress is from R$ 0,27/unit (was R$ 0,33 in Feb/26), which covers about 5 to 6 months Gap at this rate.
Who bought the R$ 108,70 continues to receive DY of 8,3% a.a. on the market. . For a mid-size unit guy with 100 units, that means R$ 75/month liquid today. . In the 2S26, with Elf's departure in September and projected vacancy of 1,1%, the scenario can tighten for R$ 0,70 to R$ 0,73/unit if the fund manager opts to preserve reserve — or follow on R$ 0,75 and zero the mattress by December.
Verdict: BUY maintained with note 7,5/10. . The thesis today is arbitration of the merger approved with HGLG11 (relation 0.73x) — theoretical upside of 10% to 14% on the current quotation, as long as the CVM releases the schedule number 1S26.
What post-RG re-analysis Apr/2026 revealed
O LVBI11 It's a delicate moment, but it needs to be read calmly. This is one of Brazil’s best logistics portfolios — 10 AAA sheds, 517.964 m2 of ABL distributed by 4 states, 38 anchor tenants including Amazon, DHL, AMBEV, Scania and Magazine Luiza. The background technical note remains high: 7,5/10, head of the Real Estate Development Bucket. What changed was the short term: the gear that supported the distribution of R$ 0,75 began to range.
The current quotation is in R$ 108,70, against an equity value of R$ 120,34. That'll do. P/VP 0.9032x — discount of 9,7%. . It is no trivial discount for an AAA logistics with WAULT of 3,9 years, LTV derisory of 0,6% and ADTV of R$ 3,5 Mi/day. The market is pricing something. It's worth what.
The reserve is melting — and it matters
Honest reading of the reservation is the key to this analysis. In February 2026, the background carried R$ 0,33/unit Mattress. In April, R$ 0,27. . R$ 0,06 disappeared in two months — consumption rate of R$ 0,03/unit/month.
The result of Apr/26 had a non-recurrent effect: about R$ 0,05/unit concerning the marketing rate of the lease of Interbrand Foods in Mauá. Excluded from this point impact, the recurring result is closer to R$ 0,78/unit — above the distribution. In other words, the reserve consumption is lower than it seems when isolating the cash of the month effect. Still, the trend needs to be monitored in the next reports.
Why did the result fall if the vacancy is zero?
The vacancy of physical and financial 0,0% (April/2026) reflects the portfolio already busy, but the monthly result is impacted by: (i) marketing rates of new leases (Interbrand, Ollie, WGL); (ii) Interbrand Foods still in the phase of end of shortage (location started in Sep/2025, grace up to Feb/2026); (iii) inherited default replacement of R$ 0,17/cumulated unit in Sequoia, Day% and Americans. As these leases mature the full rent enters the result and the gap closes.
Elf: The shed that will mess with the 2S26
Elfa Medicamentos reported the return of a warehouse in Aratu to September 2026. . It is added to a temporary vacancy of 0,4% in the QUBIT asset in Itapevi already registered in April. When the Elf leaves, the physical vacancy of the background rises from 0,0% to 1,1% designed.
It is low vacancy in absolute terms — most logistic pairs operate between 6% and 8%. But the sensitive point is the direct impact on the monthly result: every tenth of vacancy in a portfolio the size of the LVBI11 take something between R$ 0,01 and R$ 0,02/unit of the result. The fund manager informs that the area is already in minute phase with new tenant, with the expectation of an increase in the rental value. The risk is the interval between the effective exit and the entry of the replacement.
You're running away? Calm — it is anticipating the merger
The simple reading would be panic: "lost 7,3% of the unit holders in 60 days, run away". Wrong. The base has fallen from 132,4 thousand in Feb/26 for 122,8 thousand in Apr/26But the explanation is technical and has a name: HGLG11.
The AGE of December 2025 approved the merger of the LVBI11 with HGLG11, in the 0,73 HGLG per 1 LVBI. . The process only awaits the advice of the CVM on the non-concession of the right of reimbursement (ICVM 175), with tentative schedule no. 1S26. Investors who understand the spread are anticipating the trade: HGLG11 directly instead of waiting for automatic conversion. It's calendar arbitration, not groundbreaking.
The Mathematical Arbitration of Fusion
Reference quotation HGLG11 come in R$ 165 and R$ 170. . Approved relationship: 0,73 HGLG unit for each LVBI. . Theoretical value of LVBI11 post exchange = R$ 120,45 to R$ 124,10. Current quotation LVBI11 = R$ 108,70.
Implicit upside ? 10,8% to 14,2%. The market warrants regulatory risk (CVM may request adjustments) and execution time. Anyone who can wait for the look gets the discount. Who now enters LVBI11 You're buying. HGLG11 with around 11 to 14% discount — as long as the merger exits as approved.
Inherited default ZQX0ZX — optional upside
It is worth quoting not to paint an unreal picture: the background loads R$ 0,17/inherited default unit which may or may not be recovered — Sequoia (R$ 0,04/unit, Extrema/MG, extrajudicial recovery), Dia% Brazil (R$ 0,11/unit, Mauá/SP, judicial recovery) and American (R$ 0,02/unit, Aratu/BA, judicial recovery). The figures are already provided in the balance sheets.
It's upside optional, not premise. If any portion comes during the 2S26, it recomposes the reserve and the equation keeps breathing. BREAKDOWN’s thesis does not depend on this recovery — it is an extra mattress.
The portfolio that supports the thesis
O LVBI11 opera 10 logistics sheds predominantly class A (only Itapevi/SP is class B), distributed in four states: 46% in SP (Cajamar, Itapevi, Pirituba, SBC, Mauá, Jandira), 34% in MG (Extrema, Betim), 12% in BA (Aratu) and 9% in PR (Araucaria). The main assets by asset value are Extreme/MG (22,4%), SBC/SP (15,2%), Aratu/BA (12,5%) and Jandira/SP (10,0%).
The tenants' portfolio brings together 38 global anchor tenants: DHL (Recipient 14%), Amazon (10%, atypical contract in SBC), AMBEV (10%, atypical in Jandira), Scania (10%, atypical BTS in Betim), Magazine Luiza (5%, Aratu), Interbrand Foods (6%, Mauá), among others. The composition is 69% typical contracts / 31% atypical build-to-suit, and indexation is 69% IPCA / 31% IGP-M.
Before and after — what has changed in this review
| Indicator | Feb/2026 | Apr/2026 |
|---|---|---|
| Quotation | R$ 112,40 (medium) | R$ 108,70 |
| P/VP | 0.93x | 0.9032x |
| Monthly result | R$ 0,78/unit | R$ 0,73/unit |
| Distribution | R$ 0,75 (guidance) | R$ 0,75 (maintained) |
| Reserve | R$ 0,33/unit | R$ 0,27/unit |
| Physical vacancy | 0,0% | 0,0% (1,1% designed set/26) |
| Quotators | 132,4 thousand | 122,8 thousand (−7,3%) |
| Rich Verdict to the Few | BUY · 7,5 | BUY · 7,5 (maintained) |
How the unitholder should act
He's already a unit. Hold on. The bottom isn't even broken. Management is the Patria via VBI Asset Management — the largest independent FII fund manager in Brazil, R$ 38 bi of AUM in Real Estate. The portfolio is logistics blue-chip (same basket that BTLG11 and HGLG11 They're fighting. Selling R$ 108,70 today and losing conversion by R$ 120+ post-fusion is the worst possible scenario.
He's not a unitholder, and he wants to come in: the thesis is the arbitration of the merger. Main risk: CVM delays or adjusts the ratio 0.73x. Secondary Risk: 2S26 comes tighter than expected and the fund manager cuts to R$ 0,73 — the market punishes short-term quotation, even if the conversion to HGLG11 Soak up the noise later. Suggested position: up to 5% of the logistics FII portfolio.
Who does not want to be in danger of merger: buy HGLG11 Right away. Pays prize for the spread, but sleeps quietly.
What can go wrong in this thesis
- CVM calls for a review of the 0.73x ratio: quote falls before adjustment and the theoretical upside compresses.
- Elfa leaves and the fund manager does not return in 3 months: 1,1% vacance designed turns 2 to 3% effective and the reserve accelerates consumption.
- Selic doesn't give in to 2S26: 8,3% DY loses brightness against NTN-B on 7%+ and the P/VP discount takes time to close.
- Unrecovered inherited default: reserve melts without optional replacement.
- Extreme/MG concentration (PL 22%): any negative revision or exit of relevant tenant in the asset has material impact.
None of these scenarios break the bottom. But any combination pulls the quotation down the R$ 105 in the short term. Those who enter now need to be willing to withstand oscillation from 5 to 7% until the merger breaks out.
What to monitor in the next reports
- SEC opinion on the merger: without a formal deadline, but the fund manager indicates 1S26 as a tentative schedule. That's the central trigger for the thesis.
- Reserve path: if the consumption rate remains in R$ 0,03/month, the mattress reaches 3Q26 in R$ 0,15 to R$ 0,18. Below this level, the fund manager will have to decide between cutting to R$ 0,73 or zeroing the mattress.
- Elf replacement in Aratu: rental speed after set/26 defines whether the projected vacancy of 1,1% is temporary or structural in 4Q26.
- Recovery of R$ 0,17/unit: Any portion of Sequoia, Day% or American who enters the cashier recomposes reservation — it is not premise, it is optional trigger.
Rich Verdict to the Few — BUY · note 7,5/10
LVBI11 R$ 108,70 is a Arbitration thesis discounted from 11 to 14% on conversion to HGLG11 — only for those who have the stomach to wait for the CVM and tolerate a distribution that can be revised from R$ 0,75 to R$ 0,73 in 2S26. The reserve is tight, Elfa leaves in September, but the portfolio is AAA, the vacancy is zero and the fund manager is the largest in the FIIs market.
BREAKDOWN, suggested position of up to 5% within the logistic bucket. Those who prioritize peace, go straight to the HGLG11.
