What Will TRXF11 Pay in Dividends After the New Acquisition?
Between R$ 0.90 and R$ 0.93 per unit per month through December 2026. The TRXF11 real estate fund confirmed this formal estimate in its September 25, 2026 material fact, even after closing the indirect purchase of two office buildings in São Paulo for R$ 143.8 million (precisely R$ 143,795,593.00) via HIRE11. For unitholders wondering whether the monthly distribution would face an immediate cut due to the cash outflow, the short-term answer is stability: in July and August, the fund distributed R$ 0.93 per unit, right at the top of the administration's projected range.
The surprise in the document is not the amount hitting accounts this month, but the structure of the leases supporting that cash flow over the long term. While our previous analysis highlighted a portfolio with 74.25% of its revenue tied to atypical leases carrying an average term of 13.41 years, the post-acquisition presentation revealed a different picture: atypical leases now account for 60.45% of revenue, with 39.55% classified as typical. The weighted average lease term also shortened, pulling back to 10.79 years.
What Did TRXF11 Buy for R$ 143.8 Million?
Two corporate office buildings in the Pinheiros neighborhood of São Paulo, acquired indirectly via units of the HIRE11 fund. The transaction involved the Passarelli Building, located at 524 Pais Leme Street, and the JFL Rebouças, situated at 3,084 Rebouças Avenue. Both have a 100% occupancy rate, with zero physical vacancy recorded on the transaction date.
The two assets add distinct operational characteristics to the fund's portfolio:
| Property | Location | Fund's GLA (m²) | Cap Rate p.a. | Average Term | Year Built |
|---|---|---|---|---|---|
| Passarelli Bldg. | Pinheiros - SP | 8,147.88 | 9.00% | 3.6 years | 1979 (Class C) |
| JFL Rebouças | Pinheiros - SP | 1,543.00 | 8.25% | 3.8 years | 2023 (Class B) |
The Passarelli Building has a total GLA of 13,240.00 m² (with TRXF11 holding 8,147.88 m²) and features a notable detail: its projected yield on cost for the first 12 months is 16.4% per year. Meanwhile, JFL Rebouças is a recent asset delivered in 2023, with a total GLA of 3,136.54 m², of which the fund holds 1,543.00 m² under an annual return rate of 8.25%. Both properties have short lease terms compared to the fund's logistics warehouses and retail stores: a weighted average of 3.6 years and 3.8 years, respectively.
How Will the Fund Pay the Bill Without Draining Its Cash?
Most of the payment will not come from the fund's liquid cash balance. Out of the total amount of R$ 143,795,593.00, R$ 82,590,751.00 will be settled primarily by offsetting credits from TRXF11's 13th Unit Issuance. In other words, the property seller will subscribe to newly issued units of the fund in exchange for their real estate stake.
The remainder of the cash outlay was split as follows:
- Cash at closing: R$ 8,731,532.00 paid in current currency upon the transaction's completion.
- Installment plan: R$ 52,473,310.00 divided into three installments maturing in up to 12, 18, and 24 months.
By combining R$ 82.59 million in credits with R$ 8.73 million in cash, the fund settles R$ 91.32 million upfront and pushes R$ 52.47 million into the cash flow of the next two years. This financial engineering preserves immediate liquidity and enables the buildings' income to start flowing without placing a single-outlay burden on the fund's R$ 6.03 billion net asset value.
Why Did the Share of Atypical Leases Drop to 60%?
The consolidated portfolio's composition reflects both the addition of the new properties and the recalibration of the fund's entire base following its latest moves. In the post-acquisition scenario, TRXF11 now accounts for 128 properties (compared to 124 previously) and a total Gross Leasable Area (GLA) of 2,043,798.69 m², spread across 19 states and the Federal District, covering 68 municipalities.
In our published analysis, TRXF11 derived 74.25% of its revenue from atypical leases—structures in which tenants cannot terminate agreements without paying the full remaining balance or heavy penalties. In the fund's updated revenue segmentation chart, atypical leases retreated to 60.45%, making room for 39.55% in typical leases.
Pay attention to the lease profile: Typical leases offer less contractual predictability than TRXF11's traditional build-to-suit model. Under typical leases, tenants can request a rent review after three years or vacate the property upon prior notice and standard contractual penalties. In addition, the portfolio's weighted average lease term shrank from 13.41 years to 10.79 years.
Even so, the fund's timeline structure remains quite solid: leases backed by remaining penalty balances make up 60.45% of revenue. Near-term maturities account for 0.48% of revenue in 2026, 0.38% in 2027, 1.86% in 2028, and 1.75% in 2029. Major lease expiration concentrations only occur in 2035 (13.92%) and 2036 (17.74%).
Who Are TRXF11's Largest Tenants Now?
Even with the inclusion of corporate office slabs, e-commerce and grocery retail remain the primary revenue drivers. Mercado Livre leads TRXF11's rental generation on a standalone basis at 14.94% of the total, followed by a group of logistics multi-tenants accounting for 14.19% and shopping center retailers at 10.56%.
| Tenant / Category | % of Total Revenue | Operation Type |
|---|---|---|
| Mercado Livre | 14.94% | Logistics and E-commerce |
| Logistics Multi-Tenants | 14.19% | Distribution Centers |
| Shopping Center Retailers | 10.56% | Retail and Leisure |
| Assaí | 6.87% | Cash-and-Carry |
| Grupo Mateus | 6.57% | Cash-and-Carry / Retail |
| Albert Einstein Hospital | 6.12% | Healthcare / Hospital |
| Shopee | 4.05% | Logistics and E-commerce |
| Corporate Multi-Tenants | 3.96% | Corporate Slabs |
| DHL | 3.72% | Logistics |
| Pão de Açúcar | 3.37% | Grocery Retail |
Corporate office slabs account for 1.65% of the fund's GLA, while logistics warehouses dominate nearly half of all physical space at 49.95%, and retail properties concentrate 32.51%. Educational properties account for 5.78%, shopping centers for 5.20%, hospitals for 2.67%, and hotels for 0.35% of total leasable area.
Is TRXF11 Worth It at R$ 73.00 and a 0.76 P/BV Ratio?
The market is pricing TRXF11 units at a 24% discount to net asset value. At the close on September 25, 2026, the trading price stood at R$ 73.00, compared to a net asset value per unit of R$ 96.62—resulting in a price-to-book (P/BV) ratio of 0.7555. The trailing 12-month dividend yield hits 12.7%.
For unitholders evaluating whether to buy or hold the fund today, the weight of that decision balances between two distinct considerations:
Verdict: Does the Substantial Discount Offset Execution Risk?
Favorable points: The physical portfolio boasts extremely low vacancy (0.5% in the latest general reading and 100% occupancy in the newly purchased properties), a steady distribution flow of R$ 0.93 per unit, and a significant discount to net asset value (units trading at R$ 73.00 versus an NAV of R$ 96.62). The cancellation of the R$ 2.13 billion acquisition from Cy.Capital in August had already eliminated an expensive dilution and low cap rates.
Risk factors: The ongoing 13th issuance could still flood the market with up to 106.1 million new units if the additional tranche is exercised (issuance price of R$ 94.25, well above the market price of R$ 73.00). In addition, the fund's financial leverage remains under observation: securitizations totaled R$ 2.75 billion (29.05% of assets) in the previous report, and the atypical lease profile shrank to 60.45%.
What to Monitor in TRXF11 Over the Coming Months?
Three specific numerical milestones will dictate the fund's earnings and asset stability:
- Outcome of the 13th issuance: Monitor the final capital raise until it closes in January 2027. The volume raised will determine whether the fund needs to issue more debt or settle commitments using cash from new subscriptions.
- CADE's ruling on the Guarulhos asset: The acquisition of approximately R$ 1.435 billion in the Guarulhos complex remains pending antitrust approval and the structuring of the Senior Note at CDI + 2.5% per year.
- Inflation adjustments: Of the total leases adjusted by price indices, December concentrates the largest share of annual adjustments tied to the IPCA (14.22% of the fund's total revenue), serving as a bellwether for first-quarter 2027 revenue.
