I'm a unitholder. I do. TEPP11. . What changes?
How much can I make today? Quota to R$ 9,04, DPS of R$ 0,131/month guaranteed until July/26. Annualized DY of 18,84%, or liquid CDI 157,7%. P/VP of 0,94 — discount of 6% on equity (R$ 9,64/unit).
Will the R$ 0,131 DPS maintain? Oh, no. From August/26, the DPS falls to the track R$ 0,07-0,09 — step-down of about 35%. The current R$ 0,131 are supported by residual capital gain from the sale of Cond. São Luiz, let him be exhausted in July. The real long-term DY is 11,3%Not 18,84%.
Sell or hold? Hold on, with eyes open. Verdicto MANTER, note 6,4. The living thesis is two catalysts: South Tower sale (declared abr/26) you can add R$ 0,50-0,80/unit, and Selic's fall designed for 12-13% in 2027 reprecises the sector. If the unit holder buys now, he already pays a portion of that catalyst — the discount is no longer cheap.
What changed: South Tower declared performed
The April/2026 Management Report TEPP11 brought a phrase that changed the game in the catalyst menu: the South Tower, active Class A with LEED Platinum certification in Berrini, was declared performed. . In practical terms, Tellus’ management has informed the market that the property has reached full operational maturity — physical vacancy of 5,5%, financial vacancy of 0,91%, WAULT of 13,1 years with 10 tenants — and from now on enters the disinvestment window.
Performed, in the lexicon of brick bottom fund manager, is euphemism for "ready to sell to multiple full". The South Tower represents 18,6% of the fund portfolio (9.950 m2 of ABL, fraction of 49,5% belonging to TEPP11). Sold to a cap rate between 7,5% and 8% — realistic level for Class A LEED Platinum in Berrini in descending Selic cycle —, releases between R$ 30 million and R$ 50 million cash, which would return to the unit via distributed capital gain or would be reallocated in assets with cap rate ≥9% (the proposed allocation for the 5th issue).
The direct impact on the unit, in a base scenario, lies around +R$ 0,50 to R$ 0,80/unit. . It is the catalyst that justifies the stay in the wallet today. The upgrade of 0,1 point in the note — from 6,3 to 6,4 — is exactly the recognition of this materialized event, added to the confirmation of GPA default in April after the news of extrajudicial recovery in March.
The DPS will fall: understand the math
Who looks at the yield of TEPP11 Today he sees 18,84% a year and thinks he discovered the holy grail of the FIIs. You didn't find out. What you're seeing is a transitory photograph sustained by an extraordinary event that runs out in a few months.
The trap of the ZQX0ZX DPS
- Mar-jul/26 (R$ 0,131/month): Current DPS. Sustained by residual capital gain the sale of the Condominium São Luiz (+R$ 39,8 Mi distributed via additional guarantee).
- Aug/26 onwards (R$ 0,07-0,09/month): Pure recurring base. Net portfolio lease delivery R$ 0,066/unit; provisions and returns of FGTS help close on R$ 0,085.
- Step-down expected: approximately 35% at the monthly DPS.
- Real recurring DY: come in 10% and 12% about the current unit — not the headline 18,84%.
The point is not that management is hiding anything — the Management Report is explicit about the origin of capital gain. The point is that the market is pricing today's DPS with a disproportionate weight. Who buys TEPP11 now projecting perpetual R$ 0,131 is paying for a yetid that does not exist. And whoever's inside needs to understand that the "fat split" of the next three months is the last round of the settlement of a previous operation, not the cruising speed of the fund.
Compared to the liquid CDI designed on 12,3% (14,50% Selic falling to track 12-13%), the recurring DY of 11,3% delivery modest prize. It's not unscathed, but it's also not the bargain that the header Yield suggests. The Upside of TEPP11 It is no longer dividing and has become a catalyst thesis — sale of the South Tower, absorption of vacancy in the Top Center, cycle of falling interest.
Thesis in three acts
The analysis of TEPP11 It only makes sense when divided by horizon. In the short term, the thesis is defensive — keep the yellow fat as long as it lasts. In the medium, it is constructive — picking the catalysts. In the long, it is directional — bet on the Selic cycle.
| Horizon | Thesis | Triggers |
|---|---|---|
| Short · up to Jul/26 | DPS lock R$ 0,131 via GC of São Luiz. Yield 18,84% (157,7% liquid CDI) preserved month by month. | DPS maintained mai-jun-jul; subscription of the 5th issue in 16/06/26 without revision. |
| Medium · 2026-2027 | (1) Allocation of the R$ 120,1 Mi from the 5th issue to cap rate ≥9%; (2) divestment from the South Tower to cap rate ≤8% releasing R$ 30-50 Mi; (3) absorption of the vacance of 18,2% from the Top Center. | South Tower sale announced up to 1S/27; Top Center above 90% busy; emission captured above 80% up to Nov/26. |
| Long · post-2027 | Repair on the low Selic cycle. Portfolio of 6 assets in SP-addresses with Selic in 12-13% tends to negotiate above equity parity. DPS history CAGR is 19,1% since IPO in 2019. | P/VP > 1,0; recurrent DPS above R$ 0,10; Selic anchored in 12-13%. |
Portfolio: Where's the money?
O TEPP11 has 6 assets, 100% concentrated in São Paulo, with total ABL of 52.514 m2 and WAULT consolidated of 5,0 years. Active-to-active reading matters because the fund concentrates 44% of the portfolio into only two real estate — Top Center (26,4%) and GPA (17,6%) — and that's exactly where the risks are. The South Tower, which occupies 18,6%, is the opposite: the prize-active that now becomes the catalyst of the thesis.
| Active | Address | % portfolio | Vaccination | Status |
|---|---|---|---|---|
| South Tower | Berrini · R. James Joule, 65 | 18,6% | 5,5% | PERFORMED — Class A LEED Platinum, catalyst of the thesis |
| Top Center | Paulista · Av. São Paulo, 854 | 26,4% | 18,2% | Larger active + greater vacancy. Condominial management 100% in Apr/26, CAPEX to scale. |
| GPA | Gardens · Av. Brig. Luís Antônio, 3172 | 17,6% | 0% | Monousuary in extrajudicial RJ since Mar/26, adiplente em Apr/26. WAULT 1,4 year. |
| Passarelli | Pines · R. Paes Leme, 524 | 12,7% | 0% | Defensive — 100% busy, 13 tenants. LEED Platinum. |
| Brigadier Faria Lima | Faria Lima · Av. Brig. Faria Lima, 1355 | 16,4% | 0% | Retrofit in progress. Award-address supports patrimonial valuation thesis. |
| Fujitsu | Paulista · R. 13th of May, 1633 | 8,3% | 0% | Fujitsu renovation is priority number 2S/26. Class B LEED Gold. |
The broadcast that's not for you
The 5th issue of TEPP11 rises R$ 120,1 millions, but is not a general public offer — is restricted to Professional Investor (declaration of R$ 10 million or more in financial applications). The average physical person unitholder does not participate.
The issue price is R$ 9,71, slightly above the current market share (R$ 9,04). Mathematically, this means that the issue is non-dilutive: new money enters at a price above what the market practices, which benefits current unit holders. The preferred period for unit holders who qualify as Professional Investor has passed (21/05/26). Effective subscription takes place between 16/06/2026 and 16/11/2026.
The point of attention is in the use of resources: the acquisition thesis with input cap rate ≥9% needs to materialize. If the capture is below 50% and the resources are allocated to assets with low cap rate, the net effect on the DPS is negative (-R$ 0,20 to R$ 0,40/unit on sensitivity). It is the medium-term lever that most depends on the execution of the fund manager.
What's the unit really worth?
The fair price of TEPP11, in the base-medium-teto range, is between R$ 8,50 and R$ 10,00, with medium point in R$ 9,25. The current unit of R$ 9,04 is within the central range — it is not a generous discount, it is fair pricing. 0,94 P/VP has already built up a large part of the South Tower catalyst.
Compared to the brick bucket · offices · medium quality, the TEPP11 It occupies position 4 of 13. Above him, RCRB11 (note 7,2) and KORE11 (6,7); below, ERPA11 (6,2). Those seeking exposure to the thesis of corporate slabs in São Paulo with award on the CDI and catalyst trigger find a reasonable candidate — not the best choice of the bucket, but neither the worst.
The sensitivity below shows what moves the thesis, active per asset, event by event:
| Scene | Impact on unit | Horizon |
|---|---|---|
| Sale South Tower a cap rate 7,5% | +R$ 0,50 to R$ 0,80 | up to 1S/27 |
| Top Center: vacancy back to 5% | +R$ 0,30 to R$ 0,50 | 12-24 months |
| Selic drops to 12% in 2027 | +R$ 0,80 to R$ 1,20 | 2027 |
| GPA does not renew contract | -R$ 0,60 to R$ 1,00 | until the end of 2026 |
| 5th emission captured below 50% | -R$ 0,20 to R$ 0,40 | until Nov/26 |
The sum of the positive scenarios (South Tower + Top Center + Selic) reaches +R$ 2,50/unit over a 24-month horizon. Negative scenarios add up to -R$ 1,40/unit. The asymmetry hangs to the good side, but the path passes by execution: sell South Tower to multiple full, occupy Top Center, renew GPA. It's all up to the fund manager to deliver.
Verdict: KEEP — note 6,4/10
Update of +0,1 point by the materialization of the South Tower catalyst and confirmed adplicity of the GPA in April.
It is not aggressive purchase — the P/VP of 0,94 is modest discount and the recurring DPS of ZQX1ZX-0,09 is not fully priced on the market yet. But it's not even a sale: the investor already positioned secure to capture the South Tower divestment and Selic's downturn. Position 4/13 in the brick bucket · offices · medium quality.
O TEPP11 requires two parallel readings: the 18,84% headline Yield (beautiful, attractive, expiration date until July) and the recurring thesis (DY 11,3%, P/VP 0,94, portfolio in SP award addresses, three catalysts unlocking value in 24 months). Those who confuse the two are disappointed in August.
Fonts
- Management Report TEPP11 Apr/2026 (doc FundsNET 1200821, published in 21/05/2026)
- 5th Emission prospect TEPP11 (Professional Investor)
- Status Invest — TEPP11
- Fund Explorer — TEPP11
