What happened to the real estate fund? XPCM11 no 2T26?
The rental revenue of the XPCM11 fell 32% in the 2QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ The financial result worsened to -R$ 367,847 (-R$ 0.152/unit) and the distribution was zero for the 2 consecutive quarter.
Os números do trimestre
The Quarterly Competence Report 2/2026 (locked in 30/06/2026) describes a mono-active fund — Ed. The Corporate Macaé, with 19,664.23 m2 and 43 units, occupied by tenants of the oil and gas sector. The reported default is 0.00%. The numbers that matter for those who follow the turnaround are below.
Why did the revenue fall 32% if the vacancy has not changed?
This is the point that draws the most attention in the report. The physical vacancy followed nailed in 51.4% — that is, the number of square meters occupied did not change between one quarter and another. Even so, the rental income that effectively went into the cash register shrank by nearly a third. Stable vacation with falling revenue points to factors that do not appear in the percentage of occupation.
There are three possible explanations, and the report works on a financial basis (what went into the cash), not on a jurisdictional basis (what was invoiced):
- Contractual deficiency: Recent reoccupation contracts usually have months of free or reduced rent to attract the tenant. A lack initiated in the quarter knocks down the cashier without touching the occupation.
- Discount on current rental:: Renegotiations to insure tenants in a high vacancy square like Macaé can reduce the value per m2 without freeing up the area.
- Descasamento de caixa: como o informe é financeiro e a inadimplência está em 0,00%, um pagamento que entrou concentrado no 1T26 (ou que só entrará no 3T26) distorce a comparação trimestre a trimestre.
In any of the scenarios, the reading for the unit holder is the same: the recurring income of the fund is weaker than the number of vacancies suggests in isolation. Para uma tese de reocupação, a receita de aluguel deveria estar subindo — e o 2T26 mostrou o oposto.
The contract of 3,041.75 m2 expires in August of 2027X m2
Among existing contracts, the report highlights a block of 3,041.75 m2 with maturity in 31/08/2027 — the largest block at risk and the next big maturity. The other relevant contracts are further away: 532.07 m2 in 31/12/2028 and the rest between 2030 and 2034. All are corrected by IPCA.
If this contract of 3,041 m2 is not renewed, the account changes level. The empty area today already corresponds to approximately 51.4% of 19,664 m2, or about 10,107 m2.2. Adding up the 3,041 m2 that would come out, we arrive at about 13,148 m2 unoccupied — which would raise the vacancy to approximately 66.9%, compared to the current 51.4%.
The August Trigger of 2027:: The non-renewal of the contract of 3,041.75 m2 would push the vacancy of 51.4% to about 67%. It is the single event of greatest impact on the visible horizon from the background — and it is about 12 months from the date of this report.
O acumulado do semestre e a emissão de R$ 10 milhões
In the first half of 2026, the cumulative result was -R$ 580,471. Anualizando o prejuízo por cota do 2T26 (-R$ 0,152 × 4 ≈ -R$ 0,608/cota) sobre um valor patrimonial de R$ 20,54, o fundo está queimando algo próximo de 3% do patrimônio líquido por ano apenas na operação. It is a slow, but continuous sangria, costed by the cashier and the patrimony of the shareholders.
The cash fund at the end of the quarter totaled R$ 47,938.53 in availabilities, R$ 387,947.27 in fixed income funds and R$ 460,880.18 in Itaú Cash DI — about R$ 897 thousand in total. It is the mattress that holds the bottom while the operating result is negative, but, at the half-year burning pace, it is a reserve of months, not years.
It is in this context that the 2 emission of shares of R$ 10 million, launched in June of 2026 after the approval of the Formal Consultation, makes operational sense: new capital to cover retrofit works, rental commissions and the negative cash itself while the reoccupation does not happen. The negative cumulative of the semester explains the urgency of the money; it does not come to distribute, it comes to sustain the operation and finance the search for new tenants.
Context: five years trying to reoccupy the real estate.
Petrobras was the anchor of the building and vacated in December 2020, after notification in mid-2019. Since then, the fund has never re-distributed dividends regularly — the last distribution was R$ 0.02/unit in January of 2024, over 30 months ago. Urca Capital took over the management in August of 2025 with a turnaround proposal: reduce vacancy, make retrofit works and resume cash generation. The XPCM11 trades today with P/VP of 0.40, which embodies in the price much of the pessimism — but the 2X26 did not bring the data that the reoccupation thesis needed to show. For the indicators and history step by step, see the step-by-step guide. análise completa do XPCM11.
What the 2XT26 answers and what it leaves open
For those who already follow the turnaround, the objective response of the 2XT26 is direct: the vacancy has not changed, the result has worsened, the cashier still holds the operation for now, and the recurring revenue has become weaker than the stable occupation suggested. No sign of a turnaround in the reoccupation appeared this quarter — and the next relevant trigger already has a date set.
What to monitor in upcoming reports:
- Vacância: Any drop below 51.4% would be the first concrete sign of reoccupation; stability or high holds the thesis under pressure.
- Income from rental: confirmar se a queda do 2T26 foi pontual (carência/descasamento de caixa) ou se marca um novo patamar mais baixo.
- Contrato de 3,041.75 m² (vence 31/08/2027): Any signage renewal or exit — is the event that can take the vacancy to near 67%.
- 2a emissão de R$ 10 Mi: Volume effectively captured and destination of capital (retrofit, lease or operating cash).
- Box and burning: follow if the reserve of ~R$ 897 thousand and the issue sustain the operation until the reoccupation advances.
- Distribuição: The resumption of any proceeds would close the drought started in January of 2024.
