[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FLRDI11\u002Fdocumentos\u002F20567":3,"documento:LRDI11:20567":87,"fii-documento:LRDI11":96},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":79},"Relatório Gerencial LRDI11 de dezembro de 2025 | Kartac","Relatório Gerencial de dezembro de 2025 do LRDI11, entrega em 02\u002F03\u002F2026. DY 12 meses de 33,80% e P\u002FVP 2,10 em 29\u002F10\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FLRDI11\u002Fdocumentos\u002F20567","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":9,"@graph":10},"https:\u002F\u002Fschema.org",[11,17,22,31,49,64],{"@type":12,"@id":13,"name":14,"url":15,"logo":16},"Organization","https:\u002F\u002Fwww.kartac.com.br\u002F#organizacao","Kartac","https:\u002F\u002Fwww.kartac.com.br\u002F","https:\u002F\u002Fwww.kartac.com.br\u002Fandroid-chrome-512x512.png",{"@type":18,"@id":19,"name":14,"url":15,"inLanguage":20,"publisher":21},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":13},{"@type":23,"@id":24,"url":6,"name":4,"description":5,"inLanguage":20,"isPartOf":25,"dateModified":26,"mainEntity":27,"breadcrumb":29},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FLRDI11\u002Fdocumentos\u002F20567#pagina",{"@id":19},"2026-11-02",{"@id":28},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FLRDI11\u002Fdocumentos\u002F20567#documento",{"@id":30},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FLRDI11\u002Fdocumentos\u002F20567#migalhas",{"@type":32,"@id":28,"name":33,"alternateName":34,"url":6,"inLanguage":20,"about":35,"genre":37,"datePublished":38,"temporalCoverage":39,"author":40,"publisher":46,"isBasedOn":48},"Report","Relatório Gerencial LRDI11 de dezembro de 2025","(LRDI) Relatório Gerencial - 31\u002F12\u002F2025",{"@id":36},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FLRDI11#fundo","Relatórios","2026-03-02","2025-12",{"@type":12,"name":41,"identifier":42},"LEBLON EQUITIES GESTAO DE RECURSOS LTDA.",{"@type":43,"propertyID":44,"value":45},"PropertyValue","CNPJ","10.240.925\u002F0001-63",{"@type":12,"name":47},"BTG PACTUAL SERVICOS FINANCEIROS S.A. DISTRIBUIDOR","https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1125943",{"@type":50,"@id":36,"name":51,"alternateName":52,"url":55,"category":56,"identifier":57,"provider":62},"InvestmentFund","Leblon Realty Desenvolvimento I",[53,54],"LRDI11","LEBLON REALTY DESENVOLVIMENTO I FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FLRDI11","Híbrido",[58,60],{"@type":43,"propertyID":59,"value":53},"Ticker B3",{"@type":43,"propertyID":44,"value":61},"41.088.534\u002F0001-07",{"@type":12,"name":41,"identifier":63},{"@type":43,"propertyID":44,"value":45},{"@type":65,"@id":30,"itemListElement":66},"BreadcrumbList",[67,71,75,77],{"@type":68,"position":69,"name":70,"item":15},"ListItem",1,"Início",{"@type":68,"position":72,"name":73,"item":74},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":68,"position":76,"name":53,"item":55},3,{"@type":68,"position":78,"name":34,"item":6},4,{"atualizado_em":80,"frases":81},"2026-11-05",[82,83,84,85,86],"Relatório Gerencial do Leblon Realty Desenvolvimento I (LRDI11), fundo imobiliário híbrido, referente a dezembro de 2025, com entrega no FundosNet (B3) em 02\u002F03\u002F2026.","No pregão de 29\u002F10\u002F2026, a cota do LRDI11 fechou a R$ 182,46, com P\u002FVP de 2,10 (valor patrimonial de R$ 86,88 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 9,9124 por cota, com pagamento em out\u002F2026, e o dividend yield dos últimos 12 meses é de 33,80% sobre a cotação de 29\u002F10\u002F2026.","O patrimônio líquido era de R$ 32,2 milhões no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":88,"descricao":34,"assunto":89,"tipo":37,"situacao":90,"texto":91,"link_pdf":92,"estruturado":93,"link_original":48,"data_referencia":94,"data_entrega":95,"versao":69},20567,"Relatório Gerencial","(Ativo)","\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20567\u002Fpage_0_image_3.jpg\">\u003C\u002Fp>\u003Ch2>FII Leblon Realty Desenvolvimento I\u003C\u002Fh2>\u003Cp>\u003Cstrong>ISIN:\u003C\u002Fstrong> BRLRDICTF006 \u003Cstrong>Código Anbima:\u003C\u002Fstrong> 641804 \u003Cstrong>Ticker B3:\u003C\u002Fstrong> LRDI11\u003C\u002Fp>\u003Ch2>FII Híbrido Gestão Ativa\u003C\u002Fh2>\u003Ch3>INFORMATIVO SEMESTRAL – Dezembro de 2025\u003C\u002Fh3>\u003Ch3>DESCRIÇÃO E ESTRATÉGIA\u003C\u002Fh3>\u003Cp>O FII Leblon Realty Desenvolvimento I, fundo imobiliário híbrido de gestão ativa focado em desenvolvimentos residenciais. Através de uma estratégia de diversificação, investe em SPEs em parceria com os principais incorporadores do setor imobiliário.\u003C\u002Fp>\u003Cp>O objetivo do FII é proporcionar ao seus investidores uma alternativa clássica de exposição ao segmento de desenvolvimento residencial e entregar retornos superiores.\u003C\u002Fp>\u003Ch3>CARTEIRA\u003C\u002Fh3>\u003Cp>Contamos com um caixa de R$ 4,8 milhões para fazer frente às despesas e aportes nos projetos e o restante do capital comprometido a ser eventualmente chamado de R$ 4,57 milhões. A tabela abaixo apresenta a composição do patrimônio líquido do Fundo e a sua carteira de ativos:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>R$\u003C\u002Fth>\u003Cth>Percentual\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>SPEs\u003C\u002Ftd>\u003Ctd>28.100.300\u003C\u002Ftd>\u003Ctd>91,19%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aplicações e outros\u003C\u002Ftd>\u003Ctd>2.788.253,19\u003C\u002Ftd>\u003Ctd>9,05%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>A receber \u002F (a pagar)\u003C\u002Ftd>\u003Ctd>(74.882,53)\u003C\u002Ftd>\u003Ctd>(0,002%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Patrimônio Líquido\u003C\u002Ftd>\u003Ctd>30.813.670,66\u003C\u002Ftd>\u003Ctd>100,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>Início do Fundo:\u003C\u002Fstrong> 02\u002F02\u002F2022\u003C\u002Fp>\u003Cp>\u003Cstrong>CNPJ:\u003C\u002Fstrong> 41.088.534\u002F0001-07\u003C\u002Fp>\u003Cp>\u003Cstrong>Número de Emissões:\u003C\u002Fstrong> 1\u003C\u002Fp>\u003Cp>\u003Cstrong>Gestor:\u003C\u002Fstrong> Leblon Equities Gestão de Recursos Ltda.\u003C\u002Fp>\u003Cp>\u003Cstrong>Consultor Imobiliário:\u003C\u002Fstrong> Leblon Realty Gestão de Recursos Ltda.\u003C\u002Fp>\u003Cp>\u003Cstrong>Administrador:\u003C\u002Fstrong> BTG Pactual Serviços Financeiros S.A. DTVM\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa de Administração:\u003C\u002Fstrong> 2,00% a,a. sobre o PL do Fundo\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa de Performance:\u003C\u002Fstrong> 20% sobre o que exceder o benchmark (IPCA + 6% a.a.)\u003C\u002Fp>\u003Cp>\u003Cstrong>Capital Comprometido:\u003C\u002Fstrong> R$ 41.600.500,00\u003C\u002Fp>\u003Cp>\u003Cstrong>Capital Chamado:\u003C\u002Fstrong> R$ 37.023.008,75 (88,89%)\u003C\u002Fp>\u003Cp>\u003Cstrong>Patrimônio Líquido:\u003C\u002Fstrong> R$ 30.813.670,66\u003C\u002Fp>\u003Cp>\u003Cstrong>Valor Patrimonial\u002FCota:\u003C\u002Fstrong> R$ 83,225\u003C\u002Fp>\u003Cp>\u003Cstrong>Quantidade de Cotas:\u003C\u002Fstrong> 370.244\u003C\u002Fp>\u003Ch3>NOTA DO GESTOR\u003C\u002Fh3>\u003Cp>O segundo semestre de 2025 foi marcado pela manutenção da taxa de juros em patamares elevados. Esse cenário econômico normalmente gera um ambiente de preocupação e insegurança aos compradores de imóveis. No entanto, o que verificamos nos nossos empreendimentos foi a manutenção da performance de vendas. Os bancos permanecem disponibilizando as linhas de financiamento imobiliário que são fundamentais para fomentar o setor e os compradores das unidades. O ponto de atenção passou a ser as linhas de financiamento a produção dos bancos, que registraram um acréscimo significativo nas taxas. Essa situação gera uma maior despesa de juros no financiamento às obras ainda não contratadas.\u003C\u002Fp>\u003Cp>O empreendimento Teixeira de Melo teve o seu lançamento realizado em dezembro de 2025. Tivemos um desempenho nas vendas das unidades bastante expressivo (93% vendido).\u003C\u002Fp>\u003Cp>As obras dos dois empreendimentos mais relevantes que compõem a carteira de investimentos do Fundo, Iconyc by Yoo e Only by Living, em parceria com a Cyrela, seguem em linha com o cronograma físico e orçamento. Com relação a comercialização, o ponto de reflexão permanece sendo o projeto Green Tijuca. Nesse momento permanecemos analisando algumas alternativas para viabilizar um novo projeto.\u003C\u002Fp>\u003Cp>Aportes e distribuições de Capital: 55% do capital investido já foi devolvido.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Data\u003C\u002Fth>\u003Cth>Valor\u003C\u002Fth>\u003Cth>Valor por cota\u003C\u002Fth>\u003Cth>Natureza\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>22\u002F03\u002F2022\u003C\u002Ftd>\u003Ctd>-R$ 23.187.900,00\u003C\u002Ftd>\u003Ctd>R$ 100,00\u003C\u002Ftd>\u003Ctd>Aporte\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>23\u002F11\u002F2022\u003C\u002Ftd>\u003Ctd>-R$ 4.250.000,00\u003C\u002Ftd>\u003Ctd>R$ 100,00\u003C\u002Ftd>\u003Ctd>Aporte\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>30\u002F05\u002F2023\u003C\u002Ftd>\u003Ctd>-R$ 3.975.000,00\u003C\u002Ftd>\u003Ctd>R$ 100,00\u003C\u002Ftd>\u003Ctd>Aporte\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>25\u002F07\u002F2023\u003C\u002Ftd>\u003Ctd>-R$ 3.975.000,00\u003C\u002Ftd>\u003Ctd>R$ 100,00\u003C\u002Ftd>\u003Ctd>Aporte\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>08\u002F01\u002F2024\u003C\u002Ftd>\u003Ctd>-R$ 1.590.000,00\u003C\u002Ftd>\u003Ctd>R$ 100,00\u003C\u002Ftd>\u003Ctd>Aporte\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>29\u002F05\u002F2025\u003C\u002Ftd>\u003Ctd>-R$ 46.545,00\u003C\u002Ftd>\u003Ctd>R$ 100,00\u003C\u002Ftd>\u003Ctd>Aporte\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>29\u002F05\u002F2025\u003C\u002Ftd>\u003Ctd>R$ 5.000.000,00\u003C\u002Ftd>\u003Ctd>R$ 13,52\u003C\u002Ftd>\u003Ctd>Amortização\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>04\u002F07\u002F2025\u003C\u002Ftd>\u003Ctd>R$2.200.000,00\u003C\u002Ftd>\u003Ctd>R$ 5,95\u003C\u002Ftd>\u003Ctd>Amortização\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Data\u003C\u002Fth>\u003Cth>Valor\u003C\u002Fth>\u003Cth>Valor por cota\u003C\u002Fth>\u003Cth>Natureza\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>13\u002F11\u002F2025\u003C\u002Ftd>\u003Ctd>R$1.200.000,00\u003C\u002Ftd>\u003Ctd>R$ 3,24\u003C\u002Ftd>\u003Ctd>Dividendos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>27\u002F11\u002F2025\u003C\u002Ftd>\u003Ctd>R$ 12.069.773,86\u003C\u002Ftd>\u003Ctd>R$ 32,60\u003C\u002Ftd>\u003Ctd>Dividendos\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctr>\u003Ctd colspan=\"2\">Projeções Fll Leblon Realty Desenvolvimento I\u003C\u002Ftd>\u003Ctd>2022\u003C\u002Ftd>\u003Ctd>2023\u003C\u002Ftd>\u003Ctd>2024\u003C\u002Ftd>\u003Ctd>2025\u003C\u002Ftd>\u003Ctd>2026\u003C\u002Ftd>\u003Ctd>2027\u003C\u002Ftd>\u003Ctd>2028\u003C\u002Ftd>\u003Ctd>2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">valores em RS M\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">Investimentos em projetos\u003C\u002Ftd>\u003Ctd>-15.705.680\u003C\u002Ftd>\u003Ctd>-13.316.921\u003C\u002Ftd>\u003Ctd>-4.030.385\u003C\u002Ftd>\u003Ctd>-2.054.450\u003C\u002Ftd>\u003Ctd>-963.434\u003C\u002Ftd>\u003Ctd>-1.663.505\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">Dividendos de projetos\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>3.800.000\u003C\u002Ftd>\u003Ctd>26.044.744\u003C\u002Ftd>\u003Ctd>35.836.752\u003C\u002Ftd>\u003Ctd>12.131.413\u003C\u002Ftd>\u003Ctd>13.529.647\u003C\u002Ftd>\u003Ctd>9.420.353\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">Fluxo de Caixa Projetos\u003C\u002Ftd>\u003Ctd>-15.705.680\u003C\u002Ftd>\u003Ctd>-13.316.921\u003C\u002Ftd>\u003Ctd>-230.385\u003C\u002Ftd>\u003Ctd>23.990.294\u003C\u002Ftd>\u003Ctd>34.873.318\u003C\u002Ftd>\u003Ctd>10.467.908\u003C\u002Ftd>\u003Ctd>13.529.647\u003C\u002Ftd>\u003Ctd>9.420.353\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TIR Projetos\u003C\u002Ftd>\u003Ctd>33,3% a.a.\u003C\u002Ftd>\u003Ctd colspan=\"4\">\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Custos Fundo\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">-599.036\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-2.195.431\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de Gestão\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">-362.819\u003C\u002Ftd>\u003Ctd>-3.583.000 -966.385 -739.558 -739.558\u003C\u002Ftd>\u003Ctd>-2.682.039 -739.558\u003C\u002Ftd>\u003Ctd>-3.869.721 -739.558\u003C\u002Ftd>\u003Ctd>-677.928\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de Performance\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">0\u003C\u002Ftd>\u003Ctd>0 -2.616.615\u003C\u002Ftd>\u003Ctd>-1.715.654\u003C\u002Ftd>\u003Ctd>-2.903.336\u003C\u002Ftd>\u003Ctd>-1.363.265\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas Operacionais\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">-236.217\u003C\u002Ftd>\u003Ctd>-226.827 -226.827\u003C\u002Ftd>\u003Ctd>-226.827\u003C\u002Ftd>\u003Ctd>-226.827\u003C\u002Ftd>\u003Ctd>-154.238\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras receitas (despesas)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">218.749\u003C\u002Ftd>\u003Ctd>307.029\u003C\u002Ftd>\u003Ctd>260.707 115.778\u003C\u002Ftd>\u003Ctd>60.889\u003C\u002Ftd>\u003Ctd>18.236\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fluxo de Caixa Fll\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">-16.085.967 -13.915.301\u003C\u002Ftd>\u003Ctd>23.330.938\u003C\u002Ftd>\u003Ctd>31.551.025 7.901.647\u003C\u002Ftd>\u003Ctd>9.720.814\u003C\u002Ftd>\u003Ctd>7.243.158\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TIR\u003C\u002Ftd>\u003Ctd>27,8% a.a.\u003C\u002Ftd>\u003Ctd colspan=\"7\">\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Multiplo s\u002F Capital Próprio\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"8\">\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2,56 x\u003C\u002Ftd>\u003Ctd colspan=\"8\">\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Exposição Máxima Payback\u003C\u002Ftd>\u003Ctd>RS 31,3\u003C\u002Ftd>\u003Ctd colspan=\"8\">\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Ctable>\u003Ctr>\u003Ctd>Análise Caixa e Retorno Cotista\u003C\u002Ftd>\u003Ctd>2022\u003C\u002Ftd>\u003Ctd>2023\u003C\u002Ftd>\u003Ctd>2024\u003C\u002Ftd>\u003Ctd>2025\u003C\u002Ftd>\u003Ctd>2026\u003C\u002Ftd>\u003Ctd>2027\u003C\u002Ftd>\u003Ctd>2028\u003C\u002Ftd>\u003Ctd>2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"9\">valores em RS M\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Caixa Inicial\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>11.351.933\u003C\u002Ftd>\u003Ctd>5.386.632\u003C\u002Ftd>\u003Ctd>5.978.550\u003C\u002Ftd>\u003Ctd>8.839.714\u003C\u002Ftd>\u003Ctd>5.045.662\u003C\u002Ftd>\u003Ctd>4.369.037\u003C\u002Ftd>\u003Ctd>-426.831\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aportes Cotistas\u003C\u002Ftd>\u003Ctd>27.437.900\u003C\u002Ftd>\u003Ctd>7.950.000\u003C\u002Ftd>\u003Ctd>1.590.000\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fluxo de Caixa Fll\u003C\u002Ftd>\u003Ctd>-16.085.967\u003C\u002Ftd>\u003Ctd>-13.915.301\u003C\u002Ftd>\u003Ctd>-998.082\u003C\u002Ftd>\u003Ctd>23.330.938\u003C\u002Ftd>\u003Ctd>31.551.025\u003C\u002Ftd>\u003Ctd>7.901.647\u003C\u002Ftd>\u003Ctd>9.720.814\u003C\u002Ftd>\u003Ctd>7.243.158\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Dividendos aos Cotistas\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>-20.469.774\u003C\u002Ftd>\u003Ctd>-35.345.077\u003C\u002Ftd>\u003Ctd>-8.578.272\u003C\u002Ftd>\u003Ctd>-14.516.682\u003C\u002Ftd>\u003Ctd>-6.816.327\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Caixa Final\u003C\u002Ftd>\u003Ctd>11.351.933\u003C\u002Ftd>\u003Ctd>5.386.632\u003C\u002Ftd>\u003Ctd>5.978.550\u003C\u002Ftd>\u003Ctd>8.839.714\u003C\u002Ftd>\u003Ctd>5.045.662\u003C\u002Ftd>\u003Ctd>4.369.037\u003C\u002Ftd>\u003Ctd>-426.831\u003C\u002Ftd>\u003Ctd>-0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fluxo de Caixa do Cotistas\u003C\u002Ftd>\u003Ctd>-27.437.900\u003C\u002Ftd>\u003Ctd>-7.950.000\u003C\u002Ftd>\u003Ctd>-1.590.000\u003C\u002Ftd>\u003Ctd>20.469.774\u003C\u002Ftd>\u003Ctd>35.345.077\u003C\u002Ftd>\u003Ctd>8.578.272\u003C\u002Ftd>\u003Ctd>14.516.682\u003C\u002Ftd>\u003Ctd>6.816.327\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TIR\u003C\u002Ftd>\u003Ctd>21,3% a.a.\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Cp>Notas: Considerando captação de R$41.6 M com irvestimento em 4 projetos\u003C\u002Fp>\u003Ch3>PROJETOS DA CARTEIRA\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20567\u002Fpage_2_image_4.jpg\">\u003C\u002Fp>\u003Cp>Link:\u003C\u002Fp>\u003Cp>https:\u002F\u002Fwww.cyrela.com.br\u002Fempreendimentos\u002Ficonyc-yoo\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20567\u002Fpage_2_image_7.jpg\">\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>ICONYC by Yoo\u003C\u002Fth>\u003Cth>Botafogo, RJ\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Segmento de Renda\u003C\u002Ftd>\u003Ctd>A\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Parceiro\u003C\u002Ftd>\u003Ctd>Cyrela e BTG\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Participação\u003C\u002Ftd>\u003Ctd>15%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Incorporador\u003C\u002Ftd>\u003Ctd>Cyrela\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Estágio do Desenvolvimento\u003C\u002Ftd>\u003Ctd>Obras em execução\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Lançamento\u003C\u002Ftd>\u003Ctd>3T23\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VGV (total \u002F realizado)\u003C\u002Ftd>\u003Ctd>R$482,3 M \u002F R$405,1 M\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Unidades (total \u002F realizado)\u003C\u002Ftd>\u003Ctd>293 un. \u002F 246 un.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor por Unidade\u003C\u002Ftd>\u003Ctd>R$1,64 M (~R$16,2k\u002Fm\u003Csup>2\u003C\u002Fsup>)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TIR real estimada\u003C\u002Ftd>\u003Ctd>41,98 % a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>DESTAQUES :\u003C\u002Fh3>\u003Cp>• Investimento comprometido em maio\u002F23 pelo valor estimado de R$13,5 M\u003C\u002Fp>\u003Cp>Maior projeto na Zona Sul no ano de 2023\u003C\u002Fp>\u003Cp>Primeiro residencial by Yoo (Philippe Starck) em Botafogo\u003C\u002Fp>\u003Cp>Lançamento realizado em agosto\u002F23\u003C\u002Fp>\u003Cp>• 84% das unidades vendidas\u003C\u002Fp>\u003Cp>• 97% das obras executadas.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Green Residencial\u003C\u002Fth>\u003Cth>Tijuca, RJ\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Segmento de Renda\u003C\u002Ftd>\u003Ctd>A \u002F B\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Parceiro\u003C\u002Ftd>\u003Ctd>n\u002Fd\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Participação\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Incorporador\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Estágio do Desenvolvimento\u003C\u002Ftd>\u003Ctd>Em análise\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Lançamento\u003C\u002Ftd>\u003Ctd>3T26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VGV (total \u002F realizado)\u003C\u002Ftd>\u003Ctd>R$34,5 M \u002F R$0 M\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Unidades (total \u002F realizado)\u003C\u002Ftd>\u003Ctd>63 un. \u002F 0 un.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor por Unidade\u003C\u002Ftd>\u003Ctd>R$0,54 M (~R$11,5k\u002Fm\u003Csup>2\u003C\u002Fsup>)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TIR real estimada\u003C\u002Ftd>\u003Ctd>0,77% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>DESTAQUES :\u003C\u002Fh3>\u003Cp>Projeto adquirido em fevereiro\u002F22 por R$4,75 M\u003C\u002Fp>\u003Cp>• Analise de alternativas para viabilizar o projeto.\u003C\u002Fp>\u003Ch3>RELATÓRIO SEMESTRAL – 2S25\u003C\u002Fh3>\u003Cp>PROJETOS DA CARTEIRA (cont.)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20567\u002Fpage_3_image_4.jpg\">\u003C\u002Fp>\u003Cp>Link:\u003C\u002Fp>\u003Cp>https:\u002F\u002Fwww.onlybyliving.com.br\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>ONLY by Living\u003C\u002Fth>\u003Cth>Del Castilho, RJ\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Segmento de Renda\u003C\u002Ftd>\u003Ctd>B \u002F C\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Parceiro\u003C\u002Ftd>\u003Ctd>Cyrela\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Participação\u003C\u002Ftd>\u003Ctd>40%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Incorporador\u003C\u002Ftd>\u003Ctd>Cyrela\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Estágio do Desenvolvimento\u003C\u002Ftd>\u003Ctd>Obras em execução\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Lançamento\u003C\u002Ftd>\u003Ctd>3T23\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VGV (total \u002F realizado)\u003C\u002Ftd>\u003Ctd>R$432,2 M \u002F R$401,5 M\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Unidades (total \u002F realizado)\u003C\u002Ftd>\u003Ctd>782 un. \u002F 730 un.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor por Unidade\u003C\u002Ftd>\u003Ctd>R$0,56 M (~R$7,93k\u002Fm\u003Csup>2\u003C\u002Fsup>)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TIR real estimada\u003C\u002Ftd>\u003Ctd>59,33% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>DESTAQUES :\u003C\u002Fh3>\u003Cp>Projeto adquirido em março\u002F22 por R$12,6 M\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20567\u002Fpage_3_image_10.jpg\">\u003C\u002Fp>\u003Cp>Lançamento da 1ª fase realizado em outubro\u002F23 e da 2ª fase em janeiro\u002F24 (antecipação em 10 meses)\u003C\u002Fp>\u003Cp>• 93,5% das unidades vendidas\u003C\u002Fp>\u003Cp>• 76% das obras executadas.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Teixeira de Melo Residencial\u003C\u002Fth>\u003Cth>Ipanema, RJ\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Segmento de Renda\u003C\u002Ftd>\u003Ctd>A\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Parceiro\u003C\u002Ftd>\u003Ctd>Investidores PF\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Participação\u003C\u002Ftd>\u003Ctd>52%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Incorporador\u003C\u002Ftd>\u003Ctd>Piimo\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Estágio do Desenvolvimento\u003C\u002Ftd>\u003Ctd>Lançado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Lançamento\u003C\u002Ftd>\u003Ctd>4T25\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VGV (est. \u002F realizado)\u003C\u002Ftd>\u003Ctd>R$54,2 M \u002F R$50,4 M\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Unidades (est. \u002F realizado)\u003C\u002Ftd>\u003Ctd>26 un. \u002F 24 un.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor por Unidade\u003C\u002Ftd>\u003Ctd>R$2,08 M (~R$41 k\u002Fm\u003Csup>2\u003C\u002Fsup>)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TIR real estimada\u003C\u002Ftd>\u003Ctd>18,9% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>DESTAQUES:\u003C\u002Fh3>\u003Cp>Projeto adquirido em março\u002F22 por R$3,9 M\u003C\u002Fp>\u003Cp>• Projeto beneficiado pelo programa Reviver 2 (gabarito do prédio aumentou de 4 para 9 pavimentos)\u003C\u002Fp>\u003Cp>• VGV realizado subiu de R$ 30,1M para R$ 54,2M\u003C\u002Fp>\u003Cp>Lançado em dezembro de 2025\u003C\u002Fp>\u003Cp>Projeto realizado pelo escritório Bernardes Arquitetura\u003C\u002Fp>\u003Cp>• 93% das unidades vendidas\u003C\u002Fp>\u003Ch2>RELATÓRIO SEMESTRAL – 2S25\u003C\u002Fh2>\u003Ch3>GESTOR:\u003C\u002Fh3>\u003Cp>Leblon Equities Gestão de Recursos Ltda. Av. Niemeyer, 2 – 201 | Rio de Janeiro Tel.: +55 21 3206-7300 www.leblonequities.com\u003Cu>.br\u003C\u002Fu>\u003C\u002Fp>\u003Ch3>CONSULTOR IMOBILIÁRIO:\u003C\u002Fh3>\u003Cp>Leblon Realty Gestão de Recursos Ltda. Av. Niemeyer, 2 – 202 | Rio de Janeiro Tel.: +55 21 3206-7300\u003C\u002Fp>\u003Cp>Autorregulação ANBIMA\u003C\u002Fp>\u003Cp>M Autorregulação ANBIMA\u003C\u002Fp>\u003Cp>Administração Fiduciária\u003C\u002Fp>\u003Ch3>DISCLAIMER\u003C\u002Fh3>\u003Cp>As informações contidas nesta apresentação não podem ser consideradas como única fonte de informações no processo decisório do investidor, que, antes de tomar qualquer decisão, deverá realizar uma avaliação minuciosa do produto e respectivos riscos, face aos seus objetivos pessoais e ao seu perfil de risco (\"Suitability\"). RENTABILIDADE PASSADA NÃO REPRESENTA GARANTIA DE RENTABILIDADE FUTURA. Assim, não é possível prever o desempenho futuro de um investimento a partir da variação de seu valor de mercado no passado. O BTG não assume que os investidores vão obter lucros, nem se responsabiliza pelas perdas. FUNDOS DE INVESTIMENTO NÃO CONTAM COM GARANTIA DO ADMINISTRADOR, DO GESTOR, DE QUALQUER MECANISMO DE SEGURO OU FUNDO GARANTIDOR DE CRÉDITO – FGC. É recomendada a leitura cuidadosa do Formulário de Informações Complementares e regulamento do fundo de investimento pelo investidor ao aplicar seus recursos. ESTE FUNDO TEM MENOS DE 12 (DOZE) MESES. PARA AVALIAÇÃO DA PERFORMANCE DE UM FUNDO DE INVESTIMENTO, É RECOMENDÁVEL A ANÁLISE DE, NO MÍNIMO, 12 (DOZE) MESES.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FLRDI11\u002Fdocumentos\u002F20567\u002Fpdf",false,"2025-12-31","2026-03-02 18:59:00",{"id":97,"empresa":98,"gestor":102,"cotacoes":108,"patrimonio":156,"vpa":157,"p_vpa":158,"tipo_gestao":159,"mandato":160,"segmento":161,"categoria":160,"grupo":56,"preco_atual":155,"cotacao_atualizada_em":162,"ultima_variacao_cotacao_24h":160,"variacao_cotacao_7d":163,"variacao_cotacao_1m":164,"variacao_cotacao_3m":165,"variacao_cotacao_6m":166,"variacao_cotacao_12m":167,"vacancia_fisica":160,"liquidez_atual":69,"ultimo_dividendo":168,"ultimo_dividend_yield":169,"mes_pagamento_ultimo_dividendo":170,"dividend_yield_3m":171,"dividend_yield_6m":171,"dividend_yield_12m":172,"dividend_yield_medio_12m":173,"qtd_dividendos_pagos_ano_passado":69,"data_ultima_cotacao":154,"pregoes_com_negocio_21":174,"alertas":175,"updated_at":176,"liquidez_media_reais":177,"administrador":47,"taxa_administracao_paga":178,"balanco":179,"resultado_distribuido":185,"publico_alvo":190,"mercados_negociacao_cotas":191,"data_funcionamento":193,"data_final":194,"quantidade_cotas":195,"quantidade_cotistas":196,"detalhes_cotistas":197,"total_investido":199,"investimentos_fundo":200,"imoveis":201,"contratos":160,"custodiante":203,"auditor_independente":209,"formador_mercado":160,"distribuidor_cotas":160,"consultor_especializado":160,"administrador_locacoes":160,"relatorio_anual":215,"analise_administrador":218},649,{"nome":54,"nome_simplificado":99,"nome_comercial":51,"ticker":53,"nome_ticker":100,"nome_pregao":101,"cnpj":61},"LEBLON REALTY DESENVOLVIMENTO I  RESPONSABILIDADE LIMITADA","LRDI11 - LEBLON REALTY DESENVOLVIMENTO I FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","FII LEBLON",{"id":103,"nome":41,"cnpj":104,"endereco":105,"telefone":106,"created_at":107,"updated_at":107},266,"10240925000163","AV NIEMEYER, 2, SLS 201 E 202 - LEBLON, RIO DE JANEIRO - RJ - 22450-220","()","2026-10-03T20:09:46.000000Z",[109,113,116,119,122,125,128,131,136,140,145,148,152],{"id":110,"data":111,"abertura":112,"ultimo":112,"volume":69},3288939,"2026-10-06",194,{"id":114,"data":115,"abertura":112,"ultimo":112,"volume":72},3289406,"2026-10-07",{"id":117,"data":118,"abertura":112,"ultimo":112,"volume":72},3290421,"2026-10-08",{"id":120,"data":121,"abertura":112,"ultimo":112,"volume":69},3291090,"2026-10-09",{"id":123,"data":124,"abertura":112,"ultimo":112,"volume":76},3357479,"2026-10-13",{"id":126,"data":127,"abertura":112,"ultimo":112,"volume":69},3376302,"2026-10-15",{"id":129,"data":130,"abertura":112,"ultimo":112,"volume":69},3377154,"2026-10-16",{"id":132,"data":133,"abertura":134,"ultimo":135,"volume":76},3444678,"2026-10-19",194.25,200,{"id":137,"data":138,"abertura":135,"ultimo":134,"volume":139},3446712,"2026-10-20",8,{"id":141,"data":142,"abertura":143,"ultimo":143,"volume":144},3473600,"2026-10-22",184.34,5,{"id":146,"data":147,"abertura":143,"ultimo":143,"volume":72},3566192,"2026-10-26",{"id":149,"data":150,"abertura":151,"ultimo":151,"volume":69},3580186,"2026-10-27",180.65,{"id":153,"data":154,"abertura":155,"ultimo":155,"volume":69},3609132,"2026-10-29",182.46,32167859.06,86.88,"2.10","Ativa",null,"Multicategoria","2026-10-30 09:00","0.0000","-0.0595","0.0949","0.2164","0.7203","9.9124","0.0510","Out\u002F2026","0.1129","0.3380","0.0307",14,[],"05\u002F11\u002F2026 08:11",459.25,0.0254363126790711,{"data_referencia":180,"ativo":181,"passivo":182,"obrigacoes_imoveis":183,"obrigacoes_securitizacao":183,"liquidez":184,"valores_receber":183},"2026-09-01",37151489.04,4983629.98,0,4151489.04,{"data_referencia":186,"resultado":187,"rendimentos":188,"percentual":189},"2026-06-30",12890323.55,12900000,1.0007506754940996,"Investidores em Geral",[192],"Bolsa","2022-02-02","2027-12-31",370244,156,{"Pessoa Física":198,"Investidores não residentes":69,"Outros fundos de investimento":69},154,33000000,{"Ações de sociedades imobiliárias":199},{"vacancia_total":183,"lista_imoveis":202,"data_referencia":186,"vacancia_suspeita":93},[],{"id":144,"nome":204,"cnpj":205,"endereco":206,"telefone":207,"created_at":208,"updated_at":208},"BANCO BTG PACTUAL S A","30306294000145","PR BOTAFOGO, 501, BLII SLO 501 BLC II SAL 601 - BOTAFOGO, RIO DE JANEIRO - RJ - 22250-911","(21) 32629600","2026-10-03T18:47:06.000000Z",{"id":76,"nome":210,"cnpj":211,"endereco":212,"telefone":213,"created_at":214,"updated_at":214},"PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES LTDA.","61562112000120","Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16º andar - Itaim Bibi, São Paulo - SP, 04538-132","(11) 4004-8000","2026-06-07T17:17:20.000000Z",{"ano_referencia":216,"data_disponibilizacao":217},"2025","2026-03-30",{"ResultadoFundo":219,"ConjunturaEconomica":220,"PerspectivaPeriodoSeguinte":221},"O Fundo encerrou o exercício social em linha com sua estratégia de investimentos, conforme detalhado no informe mensal de dezembro de 2025.","Em 2025, o mercado de FIIs operou em ambiente desafiador, marcado pela manutenção de taxas de juros em patamares elevados, o que impactou a atratividade do setor e manteve postura mais cautelosa por parte dos investidores.","Para 2026, a expectativa é de melhora gradual do setor, com possível redução das taxas de juros e retomada do interesse dos investidores, favorecendo a valorização dos ativos imobiliários."]