TRBL11 Approves Asset Sales: What Changes for Unitholders Now?

The portfolio recycling of the TRBL11 real estate fund has taken a definitive step forward. The September management report and the conclusion of the formal consultation show that unitholders have approved the sale of three of the fund's five properties, alongside opening a new phase of one-off expenses that require investor attention.

What Was Approved at the TRBL11 Meeting?

The formal consultation concluded on October 9, 2026, gave the green light to three profound structural changes. The partial sale of the current portfolio was approved, cementing the future exit of the One Park, TRBL Contagem, and TRBL Guarulhos II assets. Additionally, unitholders approved the sale of rights to lawsuits and amendments to the fund's bylaws.

This pivot places the TRBL11 real estate fund in a period of total transition. Management's plan is to divest mature or troubled assets—such as One Park, whose main tenant (Braskem) is under extrajudicial reorganization—and reallocate the proceeds into new properties whose names or locations have not yet been disclosed.

Why Did the Result Per Unit Fall to R$ 0.51 in September?

Cash earnings declined from R$ 0.54 in August to R$ 0.51 in September. The drop is not due to defaults or vacancy—the fund maintains 100% occupancy and zero delinquency—but rather to a temporary spike in operational and legal expenses during the period.

Total expenses surged to R$ 2,244,311 in September, compared to R$ 1,308,407 the previous month. This temporary inflation was driven by retrofitting work on the TRBL Contagem warehouse for the arrival of Shopee, maintenance expenses in Feira de Santana, and R$ 264,812 in legal fees related to the lawsuit against Almaviva.

Did the Almaviva Payout Save the Month's Result?

Partly, yes. Real estate revenue jumped from R$ 5.35 million in August to R$ 6.03 million in September, boosted by the extraordinary receipt of R$ 1,021,457.58 in compensation paid by Almaviva for the early termination of the lease at the Guarulhos I warehouse.

This is a non-recurring inflow. Without it, net operating revenue would have returned to normal market levels. However, combined with the solid accumulated result for the semester, it ensured that cash flow remained well above the dividend actually distributed.

Is the R$ 0.44 Dividend Safe Under the Guidance?

Yes. The fund distributed R$ 0.44 per unit in September—the same level paid in previous months and strictly within the guidance band set by management for the second half of 2026, which ranges from R$ 0.43 to R$ 0.47 per unit.

Because cash earnings per unit closed at R$ 0.51, the fund generated more than it paid out. The accumulated reserve for the semester rose to R$ 0.22 per unit, preserving the stability of monthly distributions while portfolio recycling is underway.

How Does Leverage Look with the CRI and High Inflation?

The fund carries a real estate credit note (CRI) balance of R$ 90.3 million adjusted by the IPCA inflation index plus 7.12% per year, with final maturity in October 2034. The ratio of debt to equity (LTV) stands at a comfortable 15.23%.

The point to watch on the liabilities side is the amortization schedule: the fund will need to pay off R$ 6.1 million in 2026, with a much heavier annual installment of R$ 23.6 million scheduled for 2027, requiring robust cash flow or proceeds from the approved sales.