O que mostrou o Informe Trimestral 2T26 do TRBL11?
For the first time in the semester, the real estate fund TRBL11 (Tellus Rio Bravo Renta Logística) reported the portfolio. 100% occupied: the Contagem shed, 100% vacant in the previous quarter, began to generate 19.45% of revenue with the entry of Shopee, and Guarulhos II went from 32.66% vacant to 0%. Still, the financial result for the quarter was only a mere quarter. R$ 1.929.498 (R$ 0,249/cota no trimestre, ou R$ 0,083/cota/mês), deprimido por uma despesa de R$ 10.023.604 in "other property expenses" that the report does not detail.
Portfolio: the operational standardization.
O 2T26 marca o fim de um ciclo de vacância que vinha pesando sobre o fundo desde o começo do ano. The two points that erased revenue — the Contagem warehouse, totally empty, and a relevant portion of Guarulhos II — were resolved in the same quarter.
| Imóvel | Vacância 1T26 | Vacância 2T26 | % receita 2T26 |
|---|---|---|---|
| One Park (Ribeirão Pires/SP) | 0% | 0% | 38,51% |
| Contagem / Shopee | 100% Vague (0% Recipe) | 0% | 19,45% |
| Guarulhos II / GRU LOG | 32,66% vago | 0% | 12,03% |
| Feira de Santana / Ambev | 0% | 0% | 8,77% |
| Guarulhos I (Futura + Lab System) | 0% | 0% | 8,26% |
The most important entrance is that of the da. Shopee no galpão de Contagem (56,749 m2): typical contract, started in May/2026, with term of 5 years and readjustment by IPCA. O fundo retém sobre esse imóvel um usufruto avaliado em R$ 84.327.797 no 2T26 (R$ 86.471.325 no 1T26). In practice, the asset that generated zero revenue became the second largest contributor to the portfolio.
There is a second recent lease that still remains. entra no caixa: o Lab System, in the warehouse Guarulhos I. É um contrato de 10 anos, mas com carência de 11 meses since June/2026 — that is, the tenant occupies the space, but the rent only begins to drip financially in May/2027, when it must add about +R$ 0.034/unit/month.
The portfolio of contracts is long and mostly indexed to inflation: 57.27% of contracts expire on more than 36 months and only 3.04% expire in up to 12 months. The average term (WAULT) is 4.94 years. Nos indexadores, 88,16% seguem o IPCA and 11.84% the IGP-M — which anchors the realignment of rents to measured inflation, and not to more volatile construction cost indices.
The financial result of the quarter — and the expense that no one explained.
With all tenants paying and zero defaults, rental revenue was robust: R$ 12.693.965 for the quarter. But the result that effectively reaches the unitholder was less than a sixth of that. The bridge between one number and another is almost entirely in a single line.
The account is direct: from R$ 12.7 mi rent, there were R$ 2.42 mi real estate income after deducting R$ 0.25 mi maintenance and, above all, R$ 10.02 mi "other property expenses". Adding the interest of the applications (R$ 1.99 mi) and subtracting administration fee (R$ 1.54 mi) and other operating expenses (R$ 1.02 mi), we arrive at the final result of R$ 1.929.498. If that line of R$ 10 mi did not exist, the result would be of another order of magnitude.
The problem is that the Quarterly Report does not open what makes up these R$ 10.02 mi 10.02. Without the Quarter Management Report — which had not been published until the close of this text —, there are only hypotheses that the material itself does not confirm: it can be Capex of adaptation of the shed for Shopee (a point of attention already signaled in previous analysis of the fund), it can be an accounting adjustment linked to the usufruct structure of Contagem, or remaining transaction costs of that operation. The report does not say which.
In terms of unit, the quarter generated R$ 0.249, the equivalent of R$ 0.249, the equivalent of R$ 0.249. R$ 0.083/unit/month. It is well below the recurring guidance of DPS that the management company put for the second semester — R$ 0.45 to R$ 0.47 / unit / month. The distance between one number and another is essentially the same expense of R$ 10 mi.
Semi-annual distribution and the cash box.
Para entender o que o cotista efetivamente recebeu, é preciso olhar o semestre inteiro — e não o 2T26 isolado. O O O 1T26 was the quarter of the sale of the shed of Contagem for R$ 83 million., an operation that inflated the financial result of that period to R$ 52,081,518 (including gain from sale). O 2T26, mais fraco, veio na sequência.
A real estate fund is obliged to distribute at least 95% of the cash result determined in the semester — and it is just about the result. acumulado that the TRBL11 calculates the R$ 51.31 mi (R$ 6.63/unit) to review. Of this total, R$ 30.57 mi had already been paid within the 2XT26 and other R$ 20.74 mi still remained to distribute at the end of the semester.
Esse fluxo de saída aparece direto na liquidez: as aplicações caíram de R$ 70.539.907 no 1T26 para R$ 42,235,832 no 2T26, a reduction of R$ 28.3 millions consistent with paid distributions. In terms of unit, the fund held about R$ 5.46 box per unit (R$ 42.2 mi ÷ 7,739,092 units). The leverage follows low: one CRI to IPCA+7.12%, balance around R$ 97.3 mi and LTV (debt/asset value ratio) of 15.7%.
What to expect from the DPS recurring DPS
Here it is worth separating two concepts that are confused: the resultado reportado de um trimestre and is the DPS (dividing per share) that the fund effectively pays off. O TRBL11 distribui com base no resultado acumulado do semestre, não no resultado de cada trimestre isolado — por isso o cotista recebeu R$ 3,95/cota no 2T26 mesmo com o trimestre gerando apenas R$ 0,083/cota/mês de caixa próprio. The relevant question is what comes next when the effect of the Countdown sale comes out of the account.
The manager's guidance for 2H26 is R$ 0.45 to R$ 0.47 per unit per month of recurring DPS. Q2 2026 generated R$ 0.083 per month — and the entire gap comes down to whether that R$ 10 million expense is one-off (a fit-out capex for Shopee, say, that does not repeat) or structural. Until that is clarified, the fund's own recurring level remains an open question.
Two known triggers help to compose the box ahead. O O O Lab System It starts to pay rent in May/2027, at the end of the grace, adding +R$ 0.034/unit/month. On the other hand, the atypical contract of the Ambev, in Feira de Santana, wins in August / 2027XQ: are 8.77% of revenue concentrated in a single tenant of a single tenant's property, which makes renewal a sensitive point of follow-up.
A linha "outras receitas/despesas das propriedades para investimento" registrou −R$ 10.023.604 no 2T26. No 1T26, a mesma linha havia registrado +R$ 19.184.905 (parte do ganho da venda de Contagem por R$ 83M). The Quarterly Report does not detail this line. The fund did not publish the Apr-Jun/2026 Management Report until the publication of this article.
What to follow from here forward
- Relatório Gerencial do 2T26: should detail the expenditure of R$ 10 mi and confirm if the Shopee Adaptation Capex has already been completed — the key to knowing if the weak result is punctual or recurring.
- Next report CBRE Counting (ten/2026): the report of Dec/2025 re-evaluated the property at −28.27% (from ~R$ 311M to R$ 223M).). With Shopee leased by 5 years, the next report may recompose part of that loss.
- Ambev (August/2027): renovação ou saída definirá o destino de 8,77% da receita, hoje concentrada num único inquilino.
- Lab System (May/2027): +R$ 0.034/unit/month when the lack of 11 months expires.
- DPS of the next months: confirm or contradict the guideline of R$ 0.45–0.47/unit/month of the fund manager.
With vacancy zero, TRBL11 today has an entire portfolio paying rent indexed to inflation, long contracts and low leverage. The impasse is not in the operation, but in the result: the expense of R$ 10.02 mi not detailed is the only variable that separates the R$ 0.083/unit/month reported from the R$ 0.45/unit/month projected by the fund manager. The Quarter Management Report is the document that will tell you if the weak number is photo or film.
