Is the dividend of R$ 1.00 still sustained?
Yeah, and the news is better than last month. The Management Report of May (released in 19/06) showed the distributable result rising from R$ 0.75 to R$ 0.75. R$ 0.82/quoted. This means that the complement that leaves the reserve to close the dividend of R$ 1.00 fell from R$ 0.25 to R$ 0.25. R$ 0.18/month. The fund continues to distribute more than it generates — payout of 122% — but the pace of consumption of the vault slowed down by about 28% in a single month. It is exactly the kind of evolution that the turnaround thesis of the turnaround thesis is exactly the kind of evolution that the turnaround thesis is about. PMLL11 needed to show. needed to show.
The reservation now lasts longer — how much exactly?
This is the number that changes the conversation. Last month the reservation (~R$ 0.78/unit in April) was burned at R$ 0.25/month, which gave little more than R$ 0.78/unit in April). 3 months months Breath — exhaustion projected for August. With consumption dropping to R$ 0.18/month, the same reserve lasts for about a year. 4.3 months months. In direct accounts: R$ 0.78 divided by R$ 0.18 gives just over four months, pushing the critical point to the end of the third quarter.
| Scenario scenery | Consumption / month | Breath remaining Breath remaining |
|---|---|---|
| Resultado em R$ 0.75 (abr) | R$ ZQXX0ZQQXX | ~3.1 months months |
| Result in R$ 0.82 (mai) | R$ ZQXX0ZQQXX | ~4.3 months months |
| Result in R$ 1.00 (meta) | R$ ZQXX0ZQQXX | does not consume consume |
Rental revenue reached R$ 0.97/unit in the month, and the occupancy rose from 95.9% to 0.97%. 96,4%. These are signs that the operator is moving in the right direction to close the R$ 0.18 gap that still separates the recurrent from the paid dividend. Management also announced in June a new MoU (memorandum of understanding) to increase participation in five shopping malls — PrudenShopping (12), Granja Vianna (14), Natal Shopping (10), North Maracaná (15%) and an additional 5% in Plaza Sur. Each additional NOI point purchased at attractive cap rate approximates the recurring R$ 1.00 before the reservation ends.
The risk of the Patio Higienópolis is serious or is it just bureaucracy?
This is the new fact that deserves attention. A Relevant Fact of 15/06 revealed that condominiums of the Patio Higienópolis are located. Disputing the right of preference about the fraction that PMLL11 acquired via the portfolio RBR Malls. It is not any procedural detail: depending on the outcome, you can force one. reversão parcial parcial reversão parcial acquisition or generate additional costs for the fund.
How much does it weigh in the pocket of the quoter? The participation of the fund in the Higienópolis Patio is about about. 7% of the venture — a small fraction within a net worth of R$ 1,631.3 Mi distributed by 14 shopping malls in 6 states. Even in an adverse scenario of integral reversal of this specific fraction, the impact would be contained to a smaller slice of the PL, not to a material piece of the wallet. The real risk is not the size of the asset: it is the Cost Cost F F F F F F F F F F F F F F Cost Cost Cost Cost Cost F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F Cost Cost Cost Cost Cost Cost Cost F F F F F F F F F F F F F F F F Cost Cost Cost Cost Cost Cost F F F F Cost Cost Cost Cost Cost Cost Cost F F F F F F F F Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost F F F F F Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost F F F F F Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost F Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost and the signaling of fragility in the integration of the portfolio RBR Malls.
Vale registrar dois governance points of the period. Na AGE of 29/05, the Material IIQX of 29/05, the Material IIX has not been approved (the content has not been disclosed), which deserves follow-up in the next calls. And the liquidity traded dropped: the ADTV (average daily volume) fell from R$ 9.4 Mi/day in February to R$ 9.4 Mi/day in February. R$ 4.6 Mi/dia Mi/dia — less than half. For those who invest thinking about entering and leaving with ease, it is a given to observe, although still within operable levels for a FII of this size.
The report Q2/2025 with 12 months late changes anything?
Nothing changes in today’s decision — but it’s worth understanding why it exists and what it confirms. In 29/06 the fund delivered the Quarterly Report for the second quarter of the year. 2025, with about a year's delay. It is a purely historical document, of those that regulation demands and that, when they delay, generate that doubt in the investor: "did I lose something?". The answer is no — it only formalizes data from a period already reflected in the results that the fund has been reporting.
What he reveals is interesting as validation of past theses. The financial result of the first half of 2025 was R$ 73.76 Mi over 12,975,034 units — equivalent to R$ 73.76 Mi — equivalent to 12,975,034 units. R$ 0.91/unit/month No pre-seventh pre-seventh pre-seventh emission. More importantly, the report explores why management made decisions that today make sense:
| Active (Q2/2025) | Vacança Vacança | Inadimplência | Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read Read |
|---|---|---|---|
| Shopping Parks Shopping Shopping Malls | 14% | 14% | Valid for sale for R$ 159.5 Mi (profit of 31%) |
| Madureira Shopping Shopping | 6% | 9% | In trajectory of improvement — 2026 already shows recovery recovery |
In other words: the delayed report. confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm ver confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm ver confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm ver confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm confirm To sell the South Park (which carried 14% of vacancy and 14% of default) and to hold Madureira in recovery were coherent movements. The document also records that the fund held 134,454 units of units. VISC11 in June of 2025 — position prior to the acquisition of the package of five malls for R$ 257 Mi in April of 2026. All this is retrovisor:: Note and verdict remain unchanged (7.6 ACUMULAR) Because nothing in this report changes the current framework of the fund.
Is it worth buying with all this happening?
With the quote of R$ 104.16 against a VP of R$ 116.67, the PMLL11 trades the one. 0.89 P/VP — about 11% off, with DY annual 10.9%. with 10.9%. For those who are already unit holders and believe in execution, the picture has improved compared to last month: the appellant rose, the occupancy rose, the reserve began to last longer and the acquisition package continues to advance. The counterpoint is the legal noise of the Higienópolis Patio and the drop in liquidity — factors that require follow-up, not panic.
The honest reading is that the thesis remains from. Turnaround of recurrent under active management da Pátria-VBI (largest independent fund manager of FIIs in the country, R$ 309 bi under management), and not of monthly income already stabilized. Those who enter need to be comfortable with payout above 100% for a few more months and with the possibility of occasional legal costs. For this profile, the discount of 11% on the VP offers a safety margin.
Verdict: COMPRA (ACUMULAR) — Note 7.6X
The distributable result rose from R$ 0.75 to R$ 0.82/unit, the occupation was 96.4% and the consumption of the reserve fell from R$ 0.25 to R$ 0.18/month — extending the breath of the safe from ~3 to ~ZQ months. The direction is the right one. In parallel, the condominiums of the Higienópolis Patio contested a fraction of ~7% of a single mall, risk contained and that does NOT affect Eldorado or Plaza Sur. The delayed report Q2/2025 is historical and does not change anything.
For who it is: intermediate investor who understands that he is buying an execution thesis, accepts payment above 100% for a few more months and wants the discount of ~11% on VP in a portfolio of shopping malls under active management of first line. For those who are not: who seeks a shielded and predictable monthly income, or who does not tolerate legal noise in portfolio integration.
Action: Action: ACUMULAR gradually, monitoring the recurring result in the reports of June and July and the outcome of the contestation of the Patio Higienópolis. If the appellant parks below R$ 0.90 until the reserve is exhausted, reevaluate for MANTER.
