O O O TEPP11 (Tellus Properties, Sao Paulo corporate slabs) closed the trading of 08/07/2026 to 2026. R$ ZQXX0ZQQXX, accumulating, accumulating -4.6% in 7 days and and y -8.9% in 30 days. In June, the fund was worth R$ 8.15. The equity value per share is R$ 9.64 (jun/2026), which puts the share trading at a P/VP price. 0,82 — that is, with — that is, with 18% discount on heritage. (P/VP is the ratio between the market price and the book value of the quote; below 1.0 means buying the real estate from the bottom for less than they are worth in the books.)
The fall is not random. She responds to a sequence of concrete facts from the last 15 days that, combined, tell an uncomfortable story: (a) The monthly dividend will fall from August, onwards. (b) (b) the physical vacancy will more than double in July with the exit of Fujitsu, and the physical vacancy will more than double in July with the exit of Fujitsu, and (c) (c) the 5a emission captured little in the preferential phase. Each of these points is sized — and that’s what this report measures.
The central thesis is simple to state and difficult to accept: the patrimonial discount of 18% already stuffs good part of this bad news. At R$ 7.83, the market priced a fund with smaller dividend and greater vacancy. The question that matters is not "Do problems exist?" — do they exist. Is "the price today paid for them?". Let’s start with the three direct answers.
The 3 doubts that every unitholder is doing
The management report describes the facts. What he does not do is answer, with numbers, the three questions that dominate the group of quotationists. We responded below.
Is the dividends going to fall? How much?
Yes, and that's the most important point. The DPS of DPS R$ 0.131/month is guaranteed only is guaranteed only July to July of ZQX0ZZQQXX. He is inflated by a non-recurring event: the capital gain from the sale of the São Luiz Condominium (R$ 39.8 millions), which the management is distributing linearly. De De De 2026 August onwards, the distribution converges to the pure claimant — the sum of the rental income (~R$ 0.066/unit) with the financial income — estimated in the range of R$ 0.07 to R$ 0.09/month, based centrally on ~R$ 0.077.
In practical terms: a one. The fall of approximately 35% in the yield is expected to be about 35% in the yield. (from R$ 0.131 to ~R$ 0.08). The DY that today appears as 19.3% per year is a mirage — it is the portrait of a dividend temporarily turbined by asset sale. The DY recurrent Real Real, over the quotation of R$ 7.83, is from ~11.3% per year per year. Whoever buys by the number of 19.3% is buying a promise that expires in July.
2) Is the vacancy getting worse?
Yes, and visiblely in July. Fujitsu will return 4 floors, which raises the physical vacancy of 4 floors, which raises the physical vacancy of 4 floors. 5.69% for ~11.8% for ~11.8% — more than double. The affected area is ~2,850 m2 within the 4,985 m2 Fujitsu occupied. Contextualizing the 7 original floors: 2 have already been relocated, 4 will be returned and 1 has been renewed with +16% rental.. The management still still management has signaled closed tenant to the returned areas — that’s the point of attention.
It's a real risk, but manageable. On the other side of the balance sheet, the South Tower (Berrini) has a financial vacancy of only 0.91% and GPA is still in good standing. The vacancy of ~11.8% is high to the background standard, but is far from the ~18% pressing the Top Center. Corporate Lajes in Sao Paulo with good location tend to reabsorb — the question is the term, and term without hired tenant is DPS stopped.
3) With this discount, is it time to buy more?
It depends on what kind of unitholder you are. The P/VP of 0.82 is a real discount of 18%, and the quote of R$ 7.83 is Down below. The fair base price of R$ 8.50 — there is a margin of security. But buying here requires accepting two truths: The DY will fall from 19.3% to ~11.3% to 19.3%. from August, and the main catalyst of value (the sale of the South Tower) It may take a while.. For the income collector who wants 19% now, it's a trap. For the long-term value quoter, who accepts the DPS voucher in exchange for a discounted asset and options, the risk/return is favorable. The following fair price range organizes this decision.
Fair price range: R$ 8.50 (base) → R$ 10.00 (ceiling)
The fair price of a fund of slabs does not come out of a single multiple — comes out of the one. Sum of parts sum of parts. We evaluate each asset by its state: the present real estate QXZQ ZXXXZQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ The result is the track below.
The reading of the track track.
At R$ 7.83, the fund trades. 8.6% below the base price of R$ 8.50X% — that is, below even the conservative scenario. Up to the central (R$ 9.25) there are ~18% upside % upside, and up to the ceiling (R$ 10.00), ~28% — out of dividends. That’s that. He gave it to them. margin of safety. The caveat: the ceiling of R$ 10.00 presupposes the recycling of mature assets (South Tower) and the filling of the Top Center; without a catalyst, the price tends to orbit the base while the market waits for the recurring DPS to stabilize.
The catalysts that can turn the game around
A discounted fund of 18% and three bad news needs concrete triggers to counteract. The TEPP11 has four on the table — no consummate, all with defined date or condition.
1) Sale of South Tower (Berrini). This is the most mature catalyst. The South Tower (18.6% of the portfolio) was declared "performed" in April of 2026 — that is, entered the divestment window of management. It is the most sellable asset of the bottom: WAULT 13.1 years years and financial vacancy of and financial vacancy of 0,91%. A cap-rate sale 7.5%–8% would release from R$ 30 to R$ 50 millions for recycling and would impact of R$ 30. +R$ 0.50 to R$ 0.80/quoted no price.
2) Sale of Passarelli (Pinheiros). In 27/05/2026, management published a MoU (Memorandum of Understanding, Memorandum of Understanding). Non-binding non-binding binding) for the potential sale of Passarelli — 7,130 m2 in Pinheiros — with estimated profit of R$ 27 millions (~R$ 0.55/unit) and TIR from ~12% per year. It is positive, but not yet consummated; a MoU may not turn contract.
3) Allocation of the Paulista Cultural Park. The fund announced the acquisition of 9 sets (5,033 m2) for R$ 77.1 million, in installments of up to 28 months — immediate allocation of the emission box. Se the cap rate confirmed by management viner rate above 9%% above 9%, improves the DPS recurring. A ressalva: o cap ratte ratte. has not yet been confirmed.
4) Selic falling into 2027. Sao Paulo corporate Lajes are sensitive to interest. A Selic retreating to the home of 12%–13% recifies the entire segment upwards, pushing the P/VP back in the direction of 1.0. It is the macro vector that does not depend on management — it depends on the cycle of interest yielding.
Sensitivity table: how much each event is worth per unit
Modeling the fair price is useful; understanding what moves it is more. The table below isolates each variable and measures the impact on the price of the quote — the positives are the catalysts, the negatives are the risks that the asymmetry imposes.
| ense | Impact on price Impact on price Impact on price |
|---|---|
| Sale South Tower cap rate 7.5%% 7.5% | +R$ 0.50 to R$ 0.80/quoted |
| Top Center: Vacancies Back to 5% | +R$ 0.30 to R$ 0.50/quoted |
| GPA does not renew contract contract | -R$ 0.60 to R$ 1.00/quoted |
| Selic falls for 12% in 2027X% | +R$ 0.80 to R$ 1.20/quoted |
| Emission captured in less than 50%% 50% | -R$ 0.20 to R$ 0.40/quoted |
Note the asymmetry: the largest positive vector (Selic to 12%) and the largest negative vector (GPA do not renew) have close orders of magnitude. What the quotationist buys at R$ 7.83 is, in the background, a basket of options — each green trigger is worth between R$ 0.30 and R$ 1.20 per unit, and the entry price below the base dampens the red scenarios.
The positive points that the riot hides.
It is easy, in the middle of the fall, to forget what the bottom has of robust. Five facts balance the balance.
South Tower is ammunition ready. As already mentioned, it is the most mature and vendable asset of the portfolio (WAULT 13.1 years, financial vacancy 0.91), declared performant and in the window of divestment. It’s not a problem — it’s the cash source that finances recycling without relying on new emissions.
GPA is in compliance. Even in extrajudicial restructuring in Rio de Janeiro, GPA confirmed payment in day. The honest caveat: the WAULT of this contract is only from just one contract. 1.4 year — the risk is not today, it is in the maturity, when the renewal (or not) comes into play. Hence the line of -R$ 0.60 to R$ 1.00/unit in the sensitivity table.
The fund manager has track record. The CAGR of the DPS is from % from the IPO of 2019% from the IPO of 2019, and the sale of São Luiz came out with TIR of 11% over the cost of R$ 171.5 millions. Management knows how to buy and sell slabs — the linearization of capital gains that sustains the DPS until July is even proof of active cash management.
Caixa covers commitments until August of 2027. The projections indicate sufficient liquidity to honor shares of acquisitions and debt service. without forced emission or divestment under pressure Until Aug/2027. This changes the nature of the South Tower sale: it becomes a choice of opportunity, not a sale of necessity — and selling by choice yields more.
Contracts being renewed with real readjustment. Bauducco, in Passarelli, renewed for 5 years with adjustment of 40%. It is the sign that the location of assets has pricing power — tenant who accepts +40% is not with his hand at the door.
The thesis in three horizons
The most common mistake with the TEPP11 today is to mix horizons. The quoter who wants DY high now now now now and the value quotist of value of Long-term long-term are looking at the same background and seeing opposite things. Separate the horizons undoes the confusion.
Short term (until Jul/2026)
DPS lock at R$ 0.131/month — one DY of 19.3% per year, equivalent to ~157% of CDI liquid. It's real, but it's real. It has a validity period.: ends in August. Whoever enters only by that number is buying the top of a dividend that is already announced as temporary.
Medium term (2026–2027)
Three levers in a row: the issue being allocated in assets with better cap rate, the South Tower divested with capital gains, and the Top Center filled in. If all three work, the recurring DPS rises from ~R$ 0.08 towards DPS. R$ 0.10++. This is where the dividend valley recovers.
Long-term (post-2027) (post-2027)
Lajes corporativas de São Paulo com Selic na casa de 12%–13% reprecificam. In a scenario of lower interest rates and normalized vacancy, the P/VP may once again surpass the P/VP. 1,0 — and today's discount of 18% turns tomorrow's capital gain. It is the pure value thesis: buy the asset below the replacement cost and wait for the cycle to turn around.
The point: the long-term quoter buys the DPS voucher on purpose, because it is the reason why the quote is cheap. The income taxpayer who needs the R$ 0.131 every month is the one who should stay out — for him, the August step-down is a frustration, not an opportunity.
The fund manager: Tellus Investimentos
Founded in 2014, the Tellus Investments Tellus Investments has AUM total of R$ 6.1 billion and is a signatory of the PRI (responsible investment) principles from 2021. The TEPP11 is the main vehicle of the house, with R$ 478 millions of net worth, alongside other funds such as funds like. TRBL11, TELM11 and TELM11 EDFO11. It is a fund manager specialized in real estate, not a financial counter — which is reflected in the active management of asset recycling that underpins the thesis.
The analyst’s verdict.
Recommendation: ACUMULAR (comparative note 6.5/10 — veredicto absoluto MANTER, note 6.4)
Position in the sector: Position in the sector: The TEPP11 is the 6 16 bucket top placed 16 FIIs office in Sao Paulo office. It is not the best buy of the segment — there are names with superior note. But the discount of P/VP 0.82, with the unit down to the fair base price of R$ 8.50, makes the risk/return favorable. For those who accept the uncertainty of the post-July post-July..
For those who are already unitholder: MANTER. Vender a R$ 7.83 é realizar prejuízo em um fundo cujos activos valem R$ 9.64/unit nos livros e que tem caixa até ago/2027 e a Torre Sul como munição. What fell was the price, not the quality of the portfolio — and the step-down of the DPS was already known.
For those who want to enter: ACUMULAR stepwise, with full awareness that the DY drops to ~11.3% in August and that the catalyst (sold from the South Tower) may take some time. The green trigger for acceleration is the A relevant fact confirming the sale of the South Tower or Passarelli Passarelli. — the event that converts the latent discount into a realized value. Who buys before pays less, but carries the dividend voucher and the uncertainty of the outcome.
In summary: the TEPP11 did not fall because the portfolio deteriorated. It fell because the market anticipated three concrete facts — the step-down of the DPS, the vacancy of Fujitsu and the weak emission — and priced them all at once. The R$ 7.83, with discount of 18% and quote below the base price of R$ 8.50, good part of this bad news is already in the price. What remains is a decision of horizon: high income now is not what this fund offers from August; value with optionality of recycling, yes. It is position of patience, not of immediate dividend.
