The background in a sentence
O PATC11 it owns 4 corporate slabs in São Paulo (Sky Corporate, RM Square, Central Vila Olímpia and Cetenco Plaza) totaling 7.756 m2 of ABL. Managed by Country-VBI Asset Management — Brazil’s largest independent FIIs fund manager — since April 2019. In December/2025, with 34,7% of the vague portfolio and DPS reduced to R$ 0,05/unit, the fund passed by first negative patrimonial revaluation in his story: -16,5%, carried out by the same company (Binswanger Brazil) that previously evaluated.
Current photo: December/2025
Cutting time line: 67% in two months
Between January/2024 and May/2025, the PATC11 maintained a stable monthly distribution of R$ 0,15/unit — 17 consecutive months at the same level. In June/2025, without notice in previous management reports, distribution fell to R$ 0,07/unit (-53%). The following month, July/2025, new cut: R$ 0,05/unit (-29% additional). Since then — August/2025 to March/2026 — the distribution remains in R$ 0,05.
The accumulated fall is from 66,7% in two months. . In absolute values: the unit holder who received R$ 1,80/unit/year of dividends came to receive R$ 0,60/unit/year — a reduction of R$ 1,20 (R$ 4,2 million for the entire fund) in annual income.
Sky Corporate: the 38% asset of the PL that was vacant 100%
Sky Corporate, Triple A building in Berrini with 2.690 m2 of ABL held by the fund, is the most expensive asset in the portfolio: 38% of equity. . In December/2025, he was fully vacant — zero contracted revenue. The financial vacancy of 36,2% (greater than the physics of 34,7%) reflects precisely the fact that the vacant asset is the highest rental per m2 of the portfolio.
In 14/01/2026, the fund released Relevant Fact announcing lease agreement with Full Sales for 1.345 m2 (half of ABL available) in Sky Corporate. The projected vacancy drops from 34,7% to 17,3% from January 2026. It is a relevant advance, but it still leaves half of Sky Corporate empty — and the other half depending on new contracts that management admits to be challenging in the face of the "most challenging macroeconomic scenario and less favorable occupation levels".
Revaluation of assets: -16,5% in all four properties
On January 14, 2026, the result of the fair value revaluation of the four real estate assets, conducted by Binswanger Brazil — the same company that made the previous revaluation, was released. The consolidated result was average devaluation of 16,5%, taking the portfolio of R$ 142,5 million (previous assessment, November/25) to R$ 119,1 million. . The composition:
| Property | Nov/25 (R$ Mi) | Dec/25 (R$ Mi) | Difference |
|---|---|---|---|
| Central Vila Olímpia | 26,9 | 23,6 | −12,6% |
| Cetenco Plaza | 17,8 | 15,2 | −14,7% |
| Sky Corporate | 54,1 | 44,9 | −17,1% |
| RM Square | 43,7 | 35,5 | −18,8% |
| Total | 142,5 | 119,1 | −16,5% |
Negative reviews of this magnitude are rare in industry. The formal justification points to the "most challenging macroeconomic scenario" and "less favorable occupation levels". The detail is that RM Square — immobile 100% leased, class AAA, WALE of 4,1 years — suffered the largest drop (-18,8%): sign that the adjustment also reflects the general deterioration of the pricing of corporate slabs in SP, not only the specific problem of Sky Corp.
Distributing more than you earn
December 2025: the real result was R$ 0,04 — distributed ZQX1ZX
In December/2025, the fund generated R$ 0,04/distributable result unit but distributed it. R$ 0,05/unit. . The difference came out of the accumulated reserve — the normal and legal mechanism of FIIs, but only sustainable in the short term. The pattern was repeated in several months of the second semester of 2025.
The accumulated reserve (withheld profit from previous months not distributed) fell from R$ 0,40/unit in May/2025 for R$ 0,26/unit in December/2025 — reduction of 35% by seven months. Maintaining the current rate of burning (about R$ 0,02/unit per month), the reserve runs out in 13 months (January/2027), forcing one of two decisions:
- New PSD cut to the real sustainable level (R$ 0,03 to R$ 0,04/unit), further reducing the unit income; or
- Increased generation via vacancy reduction (Full Sales base scenario) — path that depends on uncertain business contracts.
The base scenario, considering the reduction of vacancy to 17,3% after the Full Sales contract, supports the current DPS (R$ 0,05) for another 12-18 months. But if Sky Corporate (the half still empty) and RM Square (which has WALE 4.1a, that is, gradually winning contracts) are not leased at the proper speed, new cut is likely.
The paradox of P/VP 1,22
Here is the hardest piece to explain rationally from PATC11. With a vacancy of 35%, newly negative reassessment and split cut, the fund should — by fundamentalist logic — negotiate with discount on the VP. But the unit negotiates the R$ 41,93 against a VP of R$ 34,32 — premium of 22% on equity. For comparison:
| Indicator | PATC11 | IFIX-Office (average) | IFIX (General) |
|---|---|---|---|
| P/VP | 1.22x | 0.67x | 0.90x |
| DY annualized | 1,4% | ~9% | ~10% |
| Mean vacancy | 34,7% | ~22% | N/A |
The premium of 82% regarding the sector average P/VP (0.67x) does not have apparent fundamental support. The most plausible hypotheses are two. One: low liquidity. . The ADTV (daily average volume) is only R$ 41,5 thousand/day in December/25. For a market value R$ 145,8 Mi fund, it is a monthly turn of 0,6% — virtually no market. Off-balance-sheet quotations may persist for months in low-liquid assets.
Two: A physical person who has not yet digested the cut. . The fund lost 1.400 unit holders in 2025 (from 6.100 to 4.700, fall of 23%) — accelerated output already underway. The remaining 4.700 may include a relevant share of investors who have entered into issues to R$ 100+ in the IPO/follow-ons and still have "average price" higher, avoiding injury.
Concentration: 4 properties, 1 city, 3 tenants
The PATC11 is fully concentrated in São Paulo capital, in only 4 properties. . The contracted revenue is distributed among few relevant tenants: Leroy Merlin (49%), CJ Mobility/EVM (19%), Daycoval (17%), and other sprayed 16%. The first thing that draws attention is the dependence of a single tenant — Leroy Merlin (varejista) — which represents almost half of the revenue.
The indexation of contracts is mostly IPCA (81%) and IGP-M (19%), which offers inflationary protection when there is annual renewal or readjustment. The average WALE (Weighted Average Lease Expiration) is from 3,7 years: there are no immediate massive salaries, but the Cetenco Plaza has WALE of only 2,6 years, signaling contracts coming to an end in 2028 with risk of non-renewal.
What to expect from the next 12 months
Considering the data collected — 360 official documents, 82 months of DPS history, 4 real estate reassessments and 7 years of financial statements — three scenarios are modeled for the PATC11:
| Scene | Probability | DPS Monthly | Annual DY |
|---|---|---|---|
| Base — 17% vacancy after Full Sales | 45% | R$ 0,05 | 1,4% |
| Optimistic — vacancy falls to 10% | 20% | R$ 0,07 | 2,0% |
| Pessimistic — Sky Corp remains partially vacant | 35% | R$ 0,035 | 0,9% |
In any scenario, the annualized DY is below 2% — fraction of the current Selic of 15% and the CDI of 14,3% accumulated in 2025. For investors seeking recurrent income, the PATC11 does not fulfil any function at the current level of quotation.
? Analytical Verdict
O PATC11 presents a detachment between Deteriorated grounds (vacancy 35%, revaluation -16,5%, DPS cut 67%, active reserve burn) and precification above PV (P/VP 1.22x vs. sector mean 0.67x). Low liquidity (ADTV R$ 41,5 thousand) explains the persistence of premium, but does not justify on the basis.
Stop recurrent income, the background is clearly unfavourable: DY 1,4% a.a. is a fraction of the CDI. Stop valuation, the premium of 82% over the sectoral average signals downward adjustment risk. Stop real estate diversification, total SP concentration with 49% in a single tenant is the opposite of the concept.
The revaluation for market prices would be consistent around R$ 23–28/unit (P/VP 0.82x to 1.00x considering the sector average), between 33% and 45% below from the current R$ 41,93. quotation The adjustment may take time as long as liquidity remains low, but the fundamental forces point in this direction.
Where to dig
- Full analysis of PATC11 (all indicators, graphs and simulations)
- ABCP11 — another brick bottom with pricing problem
- ALMI11 — parallel case of corporate slabs in distress
