[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:TEPP11:11362":3,"fii-documento:TEPP11":16,"seo:\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11362":363},{"id":4,"descricao":5,"assunto":6,"tipo":7,"situacao":8,"texto":9,"link_pdf":10,"estruturado":11,"link_original":12,"data_referencia":13,"data_entrega":14,"versao":15},11362,"(TEPP) Relatório gerencial em inglês - 31\u002F07\u002F2026","Relatório gerencial em inglês","Outras Informações","(Ativo)","\u003Ch3>TELLUS PROPERTIES FII TEPP11\u003C\u002Fh3>\u003Cp>MONTHLY MANAGEMENT REPORT \u003Cstrong>July | 2026\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>TABLE OF CONTENTS\u003C\u002Fh3>\u003Cul>\u003Cli>FUND PERFORMANCE 3\u003C\u002Fli>\u003Cli>M AN AG ER’S LETTER 4\u003C\u002Fli>\u003Cli>DISTRIBUTION PROJECTIONS 5\u003C\u002Fli>\u003Cli>PORTFOLIO 6\u003C\u002Fli>\u003Cli>FINANCIAL STATEMENTS 9\u003C\u002Fli>\u003Cli>PROJECTED CASH FLOW 10\u003C\u002Fli>\u003Cli>PORTFOLIO CONSOLIDATED OVERVIEW 11\u003C\u002Fli>\u003Cli>PORTFOLIO OPERATIONAL INDICATORS 12\u003C\u002Fli>\u003Cli>SECUNDARY MARKET 15\u003C\u002Fli>\u003Cli>PERFORMANCE 16\u003C\u002Fli>\u003Cli>TIMELINE ACQUISITIONS AND DISPOSALS 17\u003C\u002Fli>\u003Cli>THE MANAGER 18\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_2_image_0.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>TELLUS PROPERTIES FII\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>FUND CHARACTERISTICS\u003C\u002Fh3>\u003Cp>\u003Cstrong>TICKER\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>TEPP11\u003C\u002Fp>\u003Cp>\u003Cstrong>MANAGEMENT\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Tellus Investimentos e Consultoria Ltda.\u003C\u002Fp>\u003Cp>\u003Cstrong>ADMINISTRATOR\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BTG Pactual Serviços Financeiros S.A. Distribuidora de Títulos e Valores Mobiliários.\u003C\u002Fp>\u003Cp>\u003Cstrong>CNPJ\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>26.68.370\u002F0001 -25\u003C\u002Fp>\u003Cp>\u003Cstrong>AUDITOR\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Ernest & Young Auditores Independentes\u003C\u002Fp>\u003Cp>\u003Cstrong>TRADING START DATE ON B4\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>26\u002F09\u002F2019\u003C\u002Fp>\u003Cp>\u003Cstrong>MANAGEMENT FEE\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>0,90% a 1% a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>ADMINISTRATION FEE\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>0,13% a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>TAX\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>In\u003C\u002Fp>\u003Cp>memorandum, and laws nº. 8,668\u002F93 and nº.\u003C\u002Fp>\u003Cp>9,779\u002F1999.\u003C\u002Fp>\u003Ch3>ABOUT THE FUND\u003C\u002Fh3>\u003Cp>TEPP11 is an office-focused real estate fund dedicated to acquiring well-located properties with transformation and valueadd potential. The transformation process involves assessing each potential, taking into account factors such as average rental levels, services offered to tenants, accessibility, and improvements that may enhance the value, ultimately driving revenue growth for the Fund. This process is led by Management, which carefully evaluates costs, timelines, and implementation stages of the proposed improvements, often involving refurbishment works. Management is committed to providing transparency throughout the process, regularly reporting on the progress of each initiative.\u003C\u002Fp>\u003Ch3>GENERAL INDICATORS\u003C\u002Fh3>\u003Cp>\u003Cstrong>Net Asset Value\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BRL 468,033,533.38\u003C\u002Fp>\u003Cp>\u003Cstrong>Fund Market Capitalization\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BRL 395,446,876.31\u003C\u002Fp>\u003Cp>\u003Cstrong>Net Asset Value per Share\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BRL 9.43\u003C\u002Fp>\u003Cp>\u003Cstrong>Market Share Price\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend Yield (Monthly)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>47\u003C\u002Fp>\u003Cp>6\u003C\u002Fp>\u003Cp>M\u003C\u002Fp>\u003Cp>1.57%\u003C\u002Fp>\u003Cp>\u003Cstrong>OPERATING INDICATORS\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Number of Assets\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BRL 7.97\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend Yield (Annualized)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Number of Tenants\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>20.53%\u003C\u002Fp>\u003Cp>0.85\u003C\u002Fp>\u003Cp>BRL 1,196,577\u003C\u002Fp>\u003Cp>\u003Cstrong>P\u002FB\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Leasable Area ( per sqm)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>ADTV (30 days)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>52,514\u003C\u002Fp>\u003Cp>\u003Cstrong>Physical Vacancy\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>5.69%\u003C\u002Fp>\u003Cp>\u003Cstrong>WAULT (Years)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>2.67%\u003C\u002Fp>\u003Cp>\u003Cstrong>Financial Vacancy\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>5.36\u003C\u002Fp>\u003Cp>\u003Cstrong>Number of Shareholders\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>44,743\u003C\u002Fp>\u003Cp>\u003Cstrong>Asset Value ( per sqm)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BRL 10,446\u003C\u002Fp>\u003Cp>\u003Cu>YouTube channel\u003C\u002Fu> , YouTube channel or listen on Spotify.\u003C\u002Fp>\u003Cp>TEPP11's new website\u003C\u002Fp>\u003Ch3>MARKET OVERVIEW\u003C\u002Fh3>\u003Cp>\u003Cstrong>Global markets\u003C\u002Fstrong> maintained volatility in July, with investors reassessing the trajectory of interest rates in the United States amid persistent inflation signals. The Federal Reserve kept interest rates in the range of 3.50% 3.75% at its July 29 meeting, but the decision was accompanied by dissenting votes favoring a 0.25 p.p. increase, reinforcing the perception of greater caution in monetary policy conduct. In parallel, signs of economic slowdown in China and the continuation of geopolitical uncertainties kept the external environment selective for risk assets.\u003C\u002Fp>\u003Cp>In \u003Cstrong>Brazil\u003C\u002Fstrong>, the IPCA decelerated again in July, advancing 0.07% for the month, compared to 0.16% in June, bringing the 12-month cumulative figure to 4.44%, below the 4.64% observed in the previous month. The reading reinforced gradual improvement in current inflation, although medium-term expectations still warrant caution. With no Copom meeting during the month, the Selic remained at 14.25% p.a., with the market attentive to the next steps in monetary policy and the evolution of inflation, activity, and exchange rate data.\u003C\u002Fp>\u003Cp>In terms of \u003Cstrong>domestic asset performance\u003C\u002Fstrong>, the Ibovespa advanced 3.47% in July, closing the month at 177,999 points, interrupting a sequence of negative months and reflecting a more favorable external environment, along with corporate earnings season. On the exchange rate front, the commercial dollar declined 1.82% during the month, closing near R$ 5.07. Finally, the IFIX, the main real estate investment fund index, ended July at 3,818.52 points, with a slight decline of 0.32% for the period, still impacted by elevated interest rates and greater investor selectivity.\u003C\u002Fp>\u003Ch3>FUND HIGHLIGHTS\u003C\u002Fh3>\u003Cp>The Fund closed July with a NAV per share of BRL 7.97 and distributed BRL 0.125per share, representing a Fund Market Capitalization of 1.57% per month (equivalent to 20.53% on an annualized basis).\u003C\u002Fp>\u003Cp>Ed. Torre Sul The acquisition of commercial units no. 171 and no. 172 was completed for a total amount of R$ 10,767,131.82, with an estimated cap rate of 9.7% p.a. The acquisition price was 16% lower than the Fund's historical acquisition cost for the fraction currently held in the asset, based on reference values from 2019, demonstrating the opportunistic nature of the transaction. Upon completion of the transaction, the Fund's participation in the asset will increase from 49.5% to approximately 55.0%.\u003C\u002Fp>\u003Cp>Ed. Passarelli The acquisition of commercial units no. 43, 44, 45, 61, 62, and 66 was completed for a total amount of R$ 13,441,494.74. Management estimates a cap rate of 9.1% p.a. after the review of current rental rates, seeking alignment with other values practiced in the asset. With the acquisition, the Fund's participation in the property will increase from 54.0% to 61.6%.\u003C\u002Fp>\u003Cp>Regarding the potential sale of Ed. Passarelli, negotiations for the execution of the Purchase and Sale Agreement are ongoing, with expected completion by the end of August. It is estimated that the transaction, if completed and upon satisfaction of customary precedent conditions for this type of transaction, will be finalized between late September and early October. Management will provide additional details to investors and the market in due course, after completion of the transaction.\u003C\u002Fp>\u003Cp>In terms of leasing, one of the Ed. Top Center contracts \u003Cstrong>was renewed with a 92% adjustment in the nominal rent value\u003C\u002Fstrong>. At Ed. Passarelli, \u003Cstrong>a 24% adjustment\u003C\u002Fstrong> in one of the lease contracts is being formalized. Finally, negotiations for adjustment of one of the tenants' contracts at Ed. BFL are in final stages, at \u003Cstrong>a value 44% higher than the current amount.\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Lastly, Management continues active in absorbing vacant areas in the portfolio. Currently, there are advanced discussions with potential tenants for part of the available areas at Ed. Fujitsu, which will be communicated to the market if they materialize.\u003C\u002Fp>\u003Cp>_ DIVIDEND YIELD AND DISTRIBUTION PER SHARE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_4_chart_4.jpg\">\u003C\u002Fp>\u003Cp>PERFORMANCE\u003C\u002Fp>\u003Cp>¹ Assumed tax rate of 15% ² Dividends based on July \u002F2026\u003C\u002Fp>\u003Cp>%\u003Cstrong>Dividend² per Share BRL 0.125\u003C\u002Fstrong>, \u003Cstrong>per share for the month\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Distribution Equivalent to 164.93% of net CDI¹\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend Yield 1.57% p.m. or 20.53% p.y. based on month-end share price\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_4_chart_10.jpg\">\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>July\u003C\u002Fth>\u003Cth>2026\u003C\u002Fth>\u003Cth>Since Inception\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>TEPP11 ■\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0.19% 1.08%\u003C\u002Ftd>\u003Ctd>50.76%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NET CDI\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0.95% 6,83%\u003C\u002Ftd>\u003Ctd>72,03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IFIX\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-0,32% 1.05%\u003C\u002Ftd>\u003Ctd>43.04%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IBOV\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>3.47% 10.88%\u003C\u002Ftd>\u003Ctd>69.01%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>ASSET\u003C\u002Fth>\u003Cth>% IFIX\u003C\u002Fth>\u003Cth>P\u002FB\u003C\u002Fth>\u003Cth>ANNUALIZED DIVIDEND YIELD ²\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>TEPP11\u003C\u002Ftd>\u003Ctd>0.22%\u003C\u002Ftd>\u003Ctd>0.84\u003C\u002Ftd>\u003Ctd>19.7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 1\u003C\u002Ftd>\u003Ctd>0.27%\u003C\u002Ftd>\u003Ctd>0.82\u003C\u002Ftd>\u003Ctd>12.0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 2\u003C\u002Ftd>\u003Ctd>0.91%\u003C\u002Ftd>\u003Ctd>0.82\u003C\u002Ftd>\u003Ctd>15.0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 3\u003C\u002Ftd>\u003Ctd>0.62%\u003C\u002Ftd>\u003Ctd>0.79\u003C\u002Ftd>\u003Ctd>13.5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 4\u003C\u002Ftd>\u003Ctd>0.33%\u003C\u002Ftd>\u003Ctd>0.72\u003C\u002Ftd>\u003Ctd>12.0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 5\u003C\u002Ftd>\u003Ctd>1.22%\u003C\u002Ftd>\u003Ctd>0.67\u003C\u002Ftd>\u003Ctd>6.9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 6\u003C\u002Ftd>\u003Ctd>0.13%\u003C\u002Ftd>\u003Ctd>0.66\u003C\u002Ftd>\u003Ctd>15.7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 7\u003C\u002Ftd>\u003Ctd>0.20%\u003C\u002Ftd>\u003Ctd>0.65\u003C\u002Ftd>\u003Ctd>16.9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 8\u003C\u002Ftd>\u003Ctd>0.41%\u003C\u002Ftd>\u003Ctd>0.62\u003C\u002Ftd>\u003Ctd>10.8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 9\u003C\u002Ftd>\u003Ctd>0.79%\u003C\u002Ftd>\u003Ctd>0.58\u003C\u002Ftd>\u003Ctd>9.7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 10\u003C\u002Ftd>\u003Ctd>0.45%\u003C\u002Ftd>\u003Ctd>0.55\u003C\u002Ftd>\u003Ctd>11.4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 11\u003C\u002Ftd>\u003Ctd>0.70%\u003C\u002Ftd>\u003Ctd>0.50\u003C\u002Ftd>\u003Ctd>12.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 12\u003C\u002Ftd>\u003Ctd>0.24%\u003C\u002Ftd>\u003Ctd>0.47\u003C\u002Ftd>\u003Ctd>11.0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MÉDIA³\u003C\u002Ftd>\u003Ctd>6.49%\u003C\u002Ftd>\u003Ctd>0,65\u003C\u002Ftd>\u003Ctd>11.5%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>in light of new facts, events, or changes in market conditions.\u003C\u002Fp>\u003Cp>Source: Broadcast\u003C\u002Fp>\u003Ch3>ED. TORRE SUL\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_5_image_4.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Location: R. James Joule, 65 | Berrini% Ownership: 49.5% Leasable Area (sqm): 9,950 LEED Certification: Platinum Classification: A\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_5_image_6.jpg\">\u003C\u002Fp>\u003Cp>Torre Sul is a Class A office building located in the Berrini submarket of São Paulo, integrated into the Centro Empresarial Nações Unidas (CENU) complex. Delivered in 2004, the property comprises 16 typical office floors, with floor plates ranging from approximately 865 sqm to 1,081 sqm of Gross Leasable Area (GLA).The building features five underground parking levels, central air conditioning, raised flooring, modular suspended ceilings, building automation systems, and a full-capacity backup generator serving 100% of the property. It offers a clear ceiling height of 2.80 meters and complementary infrastructure including an auditorium, a fully operational helipad, and 24-hour security systems. Additionally, the property is located approximately 800 meters from Berrini Station\u003C\u002Fp>\u003Ch3>PORTFOLIO UPDATE\u003C\u002Fh3>\u003Cp>Management, together with the asset administrator, established strategies for the start of helipad operations.\u003C\u002Fp>\u003Cp>On the leasing side, Management is currently negotiating with 3 tenants for contract renewals, all with potential revenue upsides.\u003C\u002Fp>\u003Cp>Additionally, the implementation of an advanced call system for elevators is being studied, which will bring greater convenience and modernization to the building.\u003C\u002Fp>\u003Cp>Finally, a schedule is being established for the start of parking garage retrofit of the asset, with epoxy painting and other interventions.\u003C\u002Fp>\u003Ch3>ED. PASSARELLI\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_5_image_14.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Location: R. Paes Leme, 524 | Pinheiros% Ownership: 52.8% Leasable Area (sqm): 7,130 LEED Certification: Platinum Classification: B\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_5_image_16.jpg\">\u003C\u002Fp>\u003Cp>Delivered in 1980, Edifício Passarelli is a Class B office building located in the Pinheiros submarket of São Paulo. The property comprises 17 floors, with typical floor plates of approximately 1,019 sqm of Gross Leasable Area (GLA) per floor, subdivided into six office suites. The building features central air conditioning, building automation systems, a backup generator serving the common areas, and LEED Platinum certification. It also includes one underground parking level, ground-level parking, and three upper parking levels. The asset is situated in a well-established office district, with direct access to Pinheiros Station (CPTM\u002FMetro) and close proximity to the Faria Lima and Marginal Pinheiros corridors.\u003C\u002Fp>\u003Ch3>PORTFOLIO UPDATE\u003C\u002Fh3>\u003Cp>There were no significant updates related to the asset during the month.\u003C\u002Fp>\u003Cp>Final negotiations are underway with one of the occupants regarding lease contract renegotiation, with an estimated increase of 23% in the lease value.\u003C\u002Fp>\u003Cp>Regarding the sale of the property, Management and the potential buyer continue discussing the final terms of the transaction documents. The expectation is that the instruments will be signed in August, with a deadline for completion of the transaction between September and October, provided that the precedent conditions established between the parties are met.\u003C\u002Fp>\u003Ch3>ED. FUJITSU\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_6_image_4.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Location: R. Treze de Maio, 1633 | Paulista% Ownership: 52% Leasable Area (sqm): 4,985 LEED Certification: Gold Classification: B\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_6_image_6.jpg\">\u003C\u002Fp>\u003Cp>Developed in 1994, Edifício Fujitsu is a Class B office building located in the Paulista submarket of São Paulo. The property comprises 14 floors, with typical floor plates of approximately 681 sqm of Gross Leasable Area (GLA).\u003C\u002Fp>\u003Cp>The building features central air conditioning, raised flooring, a clear ceiling height of 2.60 meters, a backup generator serving the common areas, and LEED Gold certification.\u003C\u002Fp>\u003Cp>The asset is located near Brigadeiro and Vergueiro metro stations, close to Shopping Pátio Paulista, and offers convenient access to Paulista, 23 de Maio, Bernardino de Campos, and 9 de Julho avenues.\u003C\u002Fp>\u003Ch3>PORTFOLIO UPDATE\u003C\u002Fh3>\u003Cp>At Ed. Fujitsu, Management plans a new round of interventions, including removal of the external fence, expansion of the vehicle entrance to the building, replacement of the parking operator, retrofit of the social area on the top floor, implementation of a café on the ground floor, and change of the building name.\u003C\u002Fp>\u003Cp>Management continues actively working on the commercialization of vacant spaces, including by evaluating leasing opportunities in the turn-key or plug-and-play modality, with the objective of accelerating area absorption.\u003C\u002Fp>\u003Cp>Finally, July marked the beginning of amortizations of the CRI contracted by the Fund for the asset acquisition.\u003C\u002Fp>\u003Ch3>ED. BRIGADEIRO FARIA LIMA (BFL)\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_6_image_15.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Location: Av. Brigadeiro Faria Lima, 1355 | Faria Lima% Ownership: 25.7% Leasable Area (sqm): 5,761 LEED Certification: In process Classification: B\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Edifício Brigadeiro Faria Lima is a Class B office building located in the Faria Lima submarket of São Paulo. Developed in 1986, the property comprises 23 floors, with typical floor plates of approximately 951 sqm of Gross Leasable Area (GLA).\u003C\u002Fp>\u003Cp>The building features central air conditioning, raised flooring, a clear ceiling height of 2.65 meters, and a full-capacity backup generator serving 100% of the property. It is currently undergoing the LEED certification process.\u003C\u002Fp>\u003Cp>Located just a few meters from Eldorado and Iguatemi shopping centers, the building is approximately 350 meters from Faria Lima metro station and offers convenient access to Rebouças Avenue and Marginal Pinheiros.\u003C\u002Fp>\u003Ch3>PORTFOLIO UPDATE\u003C\u002Fh3>\u003Cp>At Ed. BFL, the allocation of resources for the elaboration of the retrofit legal project, including the development of the architectural design and estimation of costs involved, was approved at the Condominium Assembly.\u003C\u002Fp>\u003Cp>The project provides for the implementation of an active facade, renovation of the ground floor, lobby and building facade, as well as the adequacy of technical areas. As investments will still require assembly approval, Management will keep the market informed about further developments.\u003C\u002Fp>\u003Cp>Negotiations with one of the tenants for rent review are in the finalization phase, with a 44% increase relative to the currently practiced value.\u003C\u002Fp>\u003Ch3>_ ED. GPA\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_7_image_4.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Location: Av. Brigadeiro Luís Antônio, 3172 | Jardins% Ownership: 100% Leasable Area (sqm): 11,224 LEED Certification: Not Certified Classification: B\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Ed. GPA is a Class B, single-tenant office building constructed in the 1990s. The asset is located on one of São P main thoroughfares, at the intersection of Avenida Brigadeiro Luís Antônio and Alameda Lorena.\u003C\u002Fp>\u003Cp>The property benefits from a wide range of public transportation options, being approximately 900 meters from Brigadeiro metro station, and offers convenient access to the main avenues.\u003C\u002Fp>\u003Cp>The building is situated in Jardim Paulista, one of São P most prestigious and traditional neighborhoods. The headquarters is located next to the first Pão de Açúcar store, inaugurated in 1959, a landmark of historical relevance to the area.\u003C\u002Fp>\u003Ch3>PORTFOLIO UPDATE\u003C\u002Fh3>\u003Cp>No significant updates were provided for the asset during the month.\u003C\u002Fp>\u003Ch3>ED. TOP CENTER\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_7_image_12.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Location: Av. Paulista, 854 | Paulista% Ownership: 100% Leasable Area (sqm): 13,463 LEED Certification: Not Certified Classification: B\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Top Center is a mixed-use complex comprising a Commercial Tower integrated with a shopping center, as well as a standalone parking structure serving the entire development.\u003C\u002Fp>\u003Cp>The Commercial Tower features 17 floors, with typical floor plates of approximately 792 sqm, allowing for multiple occupancy configurations and accommodating different tenant profiles.\u003C\u002Fp>\u003Cp>Located between Avenida Paulista, Alameda Joaquim Eugênio de Lima, and Rua São Carlos do Pinhal, Top Center occupies a 3,948 sqm site and is close to key urban mobility hubs: approximately 500 meters from Brigadeiro station, 400 meters from Trianon-Masp station, and 1,300 meters from Consolação station.\u003C\u002Fp>\u003Ch3>PORTFOLIO UPDATE\u003C\u002Fh3>\u003Cp>At Edifício Top Center, the review of lease values for one of the contracts was formalized, with a 92% adjustment in rent. Adjustments to another lease contract remain under negotiation, with an estimated increase of 40%, plus expansion of one of the occupants by approximately 175 m².\u003C\u002Fp>\u003Cp>In parallel, Management continues to conduct, jointly with the company responsible for building management, the mapping of improvements that can be implemented in the enterprise, including the definition of scopes, schedules, and resources necessary for their execution.\u003C\u002Fp>\u003Cp>Finally, the elaboration of NBR\u002FBOMA statements for the asset is in the final stage, as well as the implementation of the new sub-condominium structure.\u003C\u002Fp>\u003Cp>INCOME STATEMENT\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>Jun\u002F26\u003C\u002Fth>\u003Cth>Jun\u002F26\u003C\u002Fth>\u003Cth>1S26\u003C\u002Fth>\u003Cth>YTD\u003C\u002Fth>\u003Cth>LTM\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Lease Income\u003C\u002Ftd>\u003Ctd>(BRL\u002Fshare)0.09\u003C\u002Ftd>\u003Ctd>(BRL '000)4,308\u003C\u002Ftd>\u003Ctd>(BRL '000)26,879\u003C\u002Ftd>\u003Ctd>(BRL '000)26,879\u003C\u002Ftd>\u003Ctd>(BRL '000)48,461\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GuaranteedIncome\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Financial Income\u003C\u002Ftd>\u003Ctd>0.005\u003C\u002Ftd>\u003Ctd>373\u003C\u002Ftd>\u003Ctd>1,890\u003C\u002Ftd>\u003Ctd>1,890\u003C\u002Ftd>\u003Ctd>2,806\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Other Income\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>18,374\u003C\u002Ftd>\u003Ctd>18,374\u003C\u002Ftd>\u003Ctd>20,232\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Total Revenues\u003C\u002Fth>\u003Cth>0.101\u003C\u002Fth>\u003Cth>4,682\u003C\u002Fth>\u003Cth>47,153\u003C\u002Fth>\u003Cth>47,153\u003C\u002Fth>\u003Cth>71,499\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Property Expenses\u003C\u002Ftd>\u003Ctd>(0.025)\u003C\u002Ftd>\u003Ctd>(1,230)\u003C\u002Ftd>\u003Ctd>(2,480)\u003C\u002Ftd>\u003Ctd>(2,480)\u003C\u002Ftd>\u003Ctd>(2,660)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Financial Expenses\u003C\u002Ftd>\u003Ctd>(0.012)\u003C\u002Ftd>\u003Ctd>(600)\u003C\u002Ftd>\u003Ctd>(3,871)\u003C\u002Ftd>\u003Ctd>(3,871)\u003C\u002Ftd>\u003Ctd>(7,623)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>OperatingExpenses\u003C\u002Ftd>\u003Ctd>(0.001)\u003C\u002Ftd>\u003Ctd>(64)\u003C\u002Ftd>\u003Ctd>(511)\u003C\u002Ftd>\u003Ctd>(511)\u003C\u002Ftd>\u003Ctd>(1,155)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Management, AdministrationandCustodyFee\u003C\u002Ftd>\u003Ctd>(0.007)\u003C\u002Ftd>\u003Ctd>(371)\u003C\u002Ftd>\u003Ctd>(2,398)\u003C\u002Ftd>\u003Ctd>(2,398)\u003C\u002Ftd>\u003Ctd>(4,504)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Expenses\u003C\u002Ftd>\u003Ctd>(0.046)\u003C\u002Ftd>\u003Ctd>(2,265)\u003C\u002Ftd>\u003Ctd>(9,260)\u003C\u002Ftd>\u003Ctd>(9,260)\u003C\u002Ftd>\u003Ctd>(15,942)\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Net Income\u003C\u002Fth>\u003Cth>0.05\u003C\u002Fth>\u003Cth>2,731\u003C\u002Fth>\u003Cth>37,894\u003C\u002Fth>\u003Cth>37,894\u003C\u002Fth>\u003Cth>55,424\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>BegginingofUndistributedEarnings\u003C\u002Ftd>\u003Ctd>0.118\u003C\u002Ftd>\u003Ctd>5,831\u003C\u002Ftd>\u003Ctd>637\u003C\u002Ftd>\u003Ctd>637\u003C\u002Ftd>\u003Ctd>7,875\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Net Income for thePeriod\u003C\u002Ftd>\u003Ctd>0.05\u003C\u002Ftd>\u003Ctd>2,731\u003C\u002Ftd>\u003Ctd>37,894\u003C\u002Ftd>\u003Ctd>37,894\u003C\u002Ftd>\u003Ctd>59,832\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Result DividendsDeclared\u003C\u002Ftd>\u003Ctd>(0.125)\u003C\u002Ftd>\u003Ctd>(6,499)\u003C\u002Ftd>\u003Ctd>(36,171)\u003C\u002Ftd>\u003Ctd>(36,171)\u003C\u002Ftd>\u003Ctd>(57,846)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>EndofUndistributedEarnings\u003C\u002Ftd>\u003Ctd>0.04\u003C\u002Ftd>\u003Ctd>2,360\u003C\u002Ftd>\u003Ctd>2,360\u003C\u002Ftd>\u003Ctd>2,360\u003C\u002Ftd>\u003Ctd>2,360\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>FUND NET ASSET VALUE COMPOSITION\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_8_chart_7.jpg\">\u003C\u002Fp>\u003Cp>CLICK HERE O ACCES EP\u003C\u002Fp>\u003Cp>FUN D AM EN TALS D ATA SHEET\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_9_chart_3.jpg\">\u003C\u002Fp>\u003Cp>ACQUISITIONS AND DISPOSALS\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>Transaction Type\u003C\u002Fth>\u003Cth>Amount (BRL MM)\u003C\u002Fth>\u003Cth>Payment Method\u003C\u002Fth>\u003Cth>Date\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Ed. Brigadeiro Faria Lima\u003C\u002Ftd>\u003Ctd>Acquisition\u003C\u002Ftd>\u003Ctd>-2.5\u003C\u002Ftd>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>Sep-26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ed. Brigadeiro Faria Lima\u003C\u002Ftd>\u003Ctd>Acquisition\u003C\u002Ftd>\u003Ctd>-1.3\u003C\u002Ftd>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>Mar-27\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ed. Top Center\u003C\u002Ftd>\u003Ctd>Acquisition\u003C\u002Ftd>\u003Ctd>-62.2\u003C\u002Ftd>\u003Ctd>Share\u003C\u002Ftd>\u003Ctd>Jul-27\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ed. Brigadeiro Faria Lima\u003C\u002Ftd>\u003Ctd>Acquisition\u003C\u002Ftd>\u003Ctd>-3.8\u003C\u002Ftd>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>Sep-27\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ed. Top Center\u003C\u002Ftd>\u003Ctd>Acquisition\u003C\u002Ftd>\u003Ctd>-29.5\u003C\u002Ftd>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>Dec-27\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Projections indicate that the Fund has sufficient financial capacity to fully meet its obligations through August 2027, without the need for new unit issuances or asset divestments. During this period, Management continues to evaluate the execution of a new issuance aimed at expanding the Fund's asset base, enabling capital raising at a more opportune moment. Additionally, a portion of the portfolio assets has already reached a maturation stage, which may enable strategic divestments with cash generation for the Fund.\u003C\u002Fp>\u003Cp>Management highlights that the variations observed in the cash flow are a result of updated assumptions, revised income projections, and adjustments to the projected balances of the Fund's liabilities. It is further noted that the figures presented refer exclusively to the net cash position, excluding illiquid assets such as real estate investment fund units. Finally, projections may be adjusted over time as new strategies are adopted, or material events occur.\u003C\u002Fp>\u003Cp>¹Cash inflows already reflect the net capital gain amount. Future contractual adjustments to receivables and payables are not considered.\u003C\u002Fp>\u003Cp>\u003Cstrong>Ed. Passarelli\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Ed. Top Center\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Ed. Brigadeiro Faria Lima\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Ed. GPA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>EP 100% located in São Paulo \u003Cstrong>office submarkets\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>ASSET\u003C\u002Fth>\u003Cth>CLASSIFICATION\u003C\u002Fth>\u003Cth>LEASEBLE AREA (sqm)\u003C\u002Fth>\u003Cth>PHYSICAL VACANCY\u003C\u002Fth>\u003Cth>FINANCIAL VACANCY\u003C\u002Fth>\u003Cth>% ofASSET VALUE\u003C\u002Fth>\u003Cth>NUMBER OF TENANTS\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Torre Sul\u003C\u002Ftd>\u003Ctd>A\u003C\u002Ftd>\u003Ctd>9,950\u003C\u002Ftd>\u003Ctd>5.5%\u003C\u002Ftd>\u003Ctd>0.90%\u003C\u002Ftd>\u003Ctd>18.6%\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Passarelli\u003C\u002Ftd>\u003Ctd>B\u003C\u002Ftd>\u003Ctd>7,130\u003C\u002Ftd>\u003Ctd>0.0%\u003C\u002Ftd>\u003Ctd>10.01%\u003C\u002Ftd>\u003Ctd>12.7%\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fujitsu\u003C\u002Ftd>\u003Ctd>B\u003C\u002Ftd>\u003Ctd>4,985\u003C\u002Ftd>\u003Ctd>0.0%\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003Ctd>8.3%\u003C\u002Ftd>\u003Ctd>3\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Brigadeiro Faria Lima\u003C\u002Ftd>\u003Ctd>B\u003C\u002Ftd>\u003Ctd>5,761\u003C\u002Ftd>\u003Ctd>0.0%\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003Ctd>16.4%\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GPA\u003C\u002Ftd>\u003Ctd>B\u003C\u002Ftd>\u003Ctd>11,224\u003C\u002Ftd>\u003Ctd>0.0%\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003Ctd>17.6%\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Top Center\u003C\u002Ftd>\u003Ctd>B\u003C\u002Ftd>\u003Ctd>13,463\u003C\u002Ftd>\u003Ctd>18.2%\u003C\u002Ftd>\u003Ctd>4.05%\u003C\u002Ftd>\u003Ctd>26.4%\u003C\u002Ftd>\u003Ctd>18\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>52,514\u003C\u002Ftd>\u003Ctd>5.69%\u003C\u002Ftd>\u003Ctd>2.67%\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>47\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_11_chart_3.jpg\">\u003C\u002Fp>\u003Cp>LEASE ADJUSTMENT INDEX\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_11_chart_5.jpg\">\u003C\u002Fp>\u003Cp>WAULT (YEARS)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_11_chart_7.jpg\">\u003C\u002Fp>\u003Cp>TENANT INDUSTRY SECTOR (AS % OF REVENUE)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_11_chart_9.jpg\">\u003C\u002Fp>\u003Cp>_ LEASE READJUSTMENT (% OF RENTAL REVENUES)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_12_chart_4.jpg\">\u003C\u002Fp>\u003Cp>1 FINANCIAL & PHYSICAL VACANCY EVOLUTION\u003C\u002Fp>\u003Cp>LEASE EXPIRATIONS (% OF RENTAL INCOME)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_12_chart_7.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_12_chart_8.jpg\">\u003C\u002Fp>\u003Cp>DISTRIBUTION OF RENT REVIEWS (NUMBER OF CONTRACTS)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_12_chart_10.jpg\">\u003C\u002Fp>\u003Ch3>OUTSTANDING FINANCIAL DEBT\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>CRI FUJITSU\u003C\u002Fth>\u003Cth>CRI GPA\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>IssueDate\u003C\u002Ftd>\u003Ctd>Jun\u002F21\u003C\u002Ftd>\u003Ctd>Dec\u002F24\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Maturity\u003C\u002Ftd>\u003Ctd>Jun\u002F33\u003C\u002Ftd>\u003Ctd>Dec\u002F34\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Index\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>InterestRate (p.y.)\u003C\u002Ftd>\u003Ctd>6.00%\u003C\u002Ftd>\u003Ctd>8.17%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PaymentFrequency\u003C\u002Ftd>\u003Ctd>Monthly\u003C\u002Ftd>\u003Ctd>Monthly\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IssuedAmount(BRL)\u003C\u002Ftd>\u003Ctd>24,750,000\u003C\u002Ftd>\u003Ctd>62,000,000\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>UpdatedAmount(BRL)\u003C\u002Ftd>\u003Ctd>34,599,290\u003C\u002Ftd>\u003Ctd>67,587,028\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>AmortizationStart\u003C\u002Ftd>\u003Ctd>Jul\u002F26\u003C\u002Ftd>\u003Ctd>Jan\u002F27\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NumberofAmortization Installments\u003C\u002Ftd>\u003Ctd>84\u003C\u002Ftd>\u003Ctd>96\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>FUND LEVERAGE TREND (% OF NAV)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_13_chart_6.jpg\">\u003C\u002Fp>\u003Cp>DEBT AMORTIZATION SCHEDULE (BRL MM)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_13_chart_8.jpg\">\u003C\u002Fp>\u003Cp>FUND UNITS TRADING ON B3\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>B3 MARKET DATA\u003C\u002Fth>\u003Cth>May\u002F26\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Market Capitalization(BRL '000)\u003C\u002Ftd>\u003Ctd>395,447\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NumberofShareholders\u003C\u002Ftd>\u003Ctd>44,743\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Daily Trading Presence\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>AverageDaily Trading Volume (BRL Thousand)\u003C\u002Ftd>\u003Ctd>1,197\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Turnover (% of Shares Traded in the month)\u003C\u002Ftd>\u003Ctd>8%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>HISTORICAL SHARE PRICE AND TRADING VOLUME\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_14_chart_6.jpg\">\u003C\u002Fp>\u003Cp>SHAREHOLDER BASE GROWTH\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_14_chart_8.jpg\">\u003C\u002Fp>\u003Cp>HISTORICAL P\u002FB\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_14_chart_10.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>DISTRIBUTION HISTORY\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>2019\u003C\u002Fth>\u003Cth>2020\u003C\u002Fth>\u003Cth>2021\u003C\u002Fth>\u003Cth>2022\u003C\u002Fth>\u003Cth>2023\u003C\u002Fth>\u003Cth>2024\u003C\u002Fth>\u003Cth>2025\u003C\u002Fth>\u003Cth>2026\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>January\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.055\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.047\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.064\u003C\u002Ftd>\u003Ctd>0.080\u003C\u002Ftd>\u003Ctd>0.075\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>February\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.056\u003C\u002Ftd>\u003Ctd>0.045\u003C\u002Ftd>\u003Ctd>0.047\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.064\u003C\u002Ftd>\u003Ctd>0.095\u003C\u002Ftd>\u003Ctd>0.075\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>March\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.045\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.051\u003C\u002Ftd>\u003Ctd>0.100\u003C\u002Ftd>\u003Ctd>0.095\u003C\u002Ftd>\u003Ctd>0.080\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>April\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.045\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.052\u003C\u002Ftd>\u003Ctd>0.105\u003C\u002Ftd>\u003Ctd>0.095\u003C\u002Ftd>\u003Ctd>0.131\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>May\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.045\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.055\u003C\u002Ftd>\u003Ctd>0.118\u003C\u002Ftd>\u003Ctd>0.095\u003C\u002Ftd>\u003Ctd>0.131\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>June\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.042\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.081\u003C\u002Ftd>\u003Ctd>0.118\u003C\u002Ftd>\u003Ctd>0.110\u003C\u002Ftd>\u003Ctd>0.131\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>July\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.052\u003C\u002Ftd>\u003Ctd>0.038\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.058\u003C\u002Ftd>\u003Ctd>0.078\u003C\u002Ftd>\u003Ctd>0.091\u003C\u002Ftd>\u003Ctd>0.131\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>August\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.045\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.058\u003C\u002Ftd>\u003Ctd>0.078\u003C\u002Ftd>\u003Ctd>0.074\u003C\u002Ftd>\u003Ctd>0.125\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>September\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.048\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.058\u003C\u002Ftd>\u003Ctd>0.078\u003C\u002Ftd>\u003Ctd>0.074\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>October\u003C\u002Ftd>\u003Ctd>0.027\u003C\u002Ftd>\u003Ctd>0.047\u003C\u002Ftd>\u003Ctd>0.048\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.064\u003C\u002Ftd>\u003Ctd>0.078\u003C\u002Ftd>\u003Ctd>0.074\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>November\u003C\u002Ftd>\u003Ctd>0.034\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.048\u003C\u002Ftd>\u003Ctd>0.050\u003C\u002Ftd>\u003Ctd>0.064\u003C\u002Ftd>\u003Ctd>0.078\u003C\u002Ftd>\u003Ctd>0.074\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>December\u003C\u002Ftd>\u003Ctd>0.055\u003C\u002Ftd>\u003Ctd>0.052\u003C\u002Ftd>\u003Ctd>0.051\u003C\u002Ftd>\u003Ctd>0.051\u003C\u002Ftd>\u003Ctd>0.090\u003C\u002Ftd>\u003Ctd>0.078\u003C\u002Ftd>\u003Ctd>0.075\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>0.116\u003C\u002Ftd>\u003Ctd>0.610\u003C\u002Ftd>\u003Ctd>0.550\u003C\u002Ftd>\u003Ctd>0.590\u003C\u002Ftd>\u003Ctd>0.730\u003C\u002Ftd>\u003Ctd>1.037\u003C\u002Ftd>\u003Ctd>1.032\u003C\u002Ftd>\u003Ctd>0.754\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Average\u003C\u002Ftd>\u003Ctd>0.290\u003C\u002Ftd>\u003Ctd>0.051\u003C\u002Ftd>\u003Ctd>0.046\u003C\u002Ftd>\u003Ctd>0.049\u003C\u002Ftd>\u003Ctd>0.061\u003C\u002Ftd>\u003Ctd>0.086\u003C\u002Ftd>\u003Ctd>0.086\u003C\u002Ftd>\u003Ctd>0.108\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>¹ Source: Broadcast\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>JAN\u003C\u002Fth>\u003Cth>FEB\u003C\u002Fth>\u003Cth>MAR\u003C\u002Fth>\u003Cth>APR\u003C\u002Fth>\u003Cth>MAY\u003C\u002Fth>\u003Cth>JUN\u003C\u002Fth>\u003Cth>JUL\u003C\u002Fth>\u003Cth>AUG\u003C\u002Fth>\u003Cth>SEP\u003C\u002Fth>\u003Cth>OCT\u003C\u002Fth>\u003Cth>NOV\u003C\u002Fth>\u003Cth>DEC\u003C\u002Fth>\u003Cth>Year\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>TEPP11\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>\u003Ctd>0.0%\u003C\u002Ftd>\u003Ctd>-0.6%\u003C\u002Ftd>\u003Ctd>2.2%\u003C\u002Ftd>\u003Ctd>11.1%\u003C\u002Ftd>\u003Ctd>12.8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2019\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>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IFIX\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>\u003Ctd>0.5%\u003C\u002Ftd>\u003Ctd>4.0%\u003C\u002Ftd>\u003Ctd>3.5%\u003C\u002Ftd>\u003Ctd>10.6%\u003C\u002Ftd>\u003Ctd>15.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TEPP11\u003C\u002Ftd>\u003Ctd>-2.7%\u003C\u002Ftd>\u003Ctd>-7.3%\u003C\u002Ftd>\u003Ctd>-9.2%\u003C\u002Ftd>\u003Ctd>1.7%\u003C\u002Ftd>\u003Ctd>-4.8%\u003C\u002Ftd>\u003Ctd>8.5%\u003C\u002Ftd>\u003Ctd>-1.6%\u003C\u002Ftd>\u003Ctd>3.0%\u003C\u002Ftd>\u003Ctd>-2.2%\u003C\u002Ftd>\u003Ctd>-2.1%\u003C\u002Ftd>\u003Ctd>1.2%\u003C\u002Ftd>\u003Ctd>3.8%\u003C\u002Ftd>\u003Ctd>-12.3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2020\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>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IFIX\u003C\u002Ftd>\u003Ctd>-3.8%\u003C\u002Ftd>\u003Ctd>-3.7%\u003C\u002Ftd>\u003Ctd>-15.9%\u003C\u002Ftd>\u003Ctd>4.4%\u003C\u002Ftd>\u003Ctd>2.1%\u003C\u002Ftd>\u003Ctd>5.6%\u003C\u002Ftd>\u003Ctd>-2.6%\u003C\u002Ftd>\u003Ctd>1.8%\u003C\u002Ftd>\u003Ctd>0.5%\u003C\u002Ftd>\u003Ctd>-1.0%\u003C\u002Ftd>\u003Ctd>1.5%\u003C\u002Ftd>\u003Ctd>2.2%\u003C\u002Ftd>\u003Ctd>-10.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TEPP11\u003C\u002Ftd>\u003Ctd>-1.0%\u003C\u002Ftd>\u003Ctd>-1.7%\u003C\u002Ftd>\u003Ctd>-2.4%\u003C\u002Ftd>\u003Ctd>-1.6%\u003C\u002Ftd>\u003Ctd>-5.1%\u003C\u002Ftd>\u003Ctd>-0.7%\u003C\u002Ftd>\u003Ctd>4.5%\u003C\u002Ftd>\u003Ctd>-10.5%\u003C\u002Ftd>\u003Ctd>2.7%\u003C\u002Ftd>\u003Ctd>-4.6%\u003C\u002Ftd>\u003Ctd>-5.3%\u003C\u002Ftd>\u003Ctd>14.8%\u003C\u002Ftd>\u003Ctd>-12.1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2021\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>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IFIX\u003C\u002Ftd>\u003Ctd>0.8%\u003C\u002Ftd>\u003Ctd>-0.2%\u003C\u002Ftd>\u003Ctd>-1.4%\u003C\u002Ftd>\u003Ctd>0.5%\u003C\u002Ftd>\u003Ctd>-1.6%\u003C\u002Ftd>\u003Ctd>-2.2%\u003C\u002Ftd>\u003Ctd>2.5%\u003C\u002Ftd>\u003Ctd>-2.6%\u003C\u002Ftd>\u003Ctd>-1.2%\u003C\u002Ftd>\u003Ctd>-1.5%\u003C\u002Ftd>\u003Ctd>-3.6%\u003C\u002Ftd>\u003Ctd>8.8%\u003C\u002Ftd>\u003Ctd>-2.3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TEPP11\u003C\u002Ftd>\u003Ctd>-1.7%\u003C\u002Ftd>\u003Ctd>-2.1%\u003C\u002Ftd>\u003Ctd>0.0%\u003C\u002Ftd>\u003Ctd>-0.1%\u003C\u002Ftd>\u003Ctd>-2.0%\u003C\u002Ftd>\u003Ctd>0.6%\u003C\u002Ftd>\u003Ctd>6.0%\u003C\u002Ftd>\u003Ctd>15.3%\u003C\u002Ftd>\u003Ctd>3.3%\u003C\u002Ftd>\u003Ctd>-2.6%\u003C\u002Ftd>\u003Ctd>-8.0%\u003C\u002Ftd>\u003Ctd>-10.1%\u003C\u002Ftd>\u003Ctd>-3.1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2022\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>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IFIX\u003C\u002Ftd>\u003Ctd>-1.0%\u003C\u002Ftd>\u003Ctd>-1.3%\u003C\u002Ftd>\u003Ctd>1.4%\u003C\u002Ftd>\u003Ctd>1.2%\u003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\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>1.5%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>IPO Tellus Properties (TEPP11)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Cond. São Luiz\u003C\u002Fstrong> BRL 145M (BRL 12.833\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Cond. São Luiz\u003C\u002Fstrong> BRL 26,5M (BRL 14.10\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Passarelli\u003C\u002Fstrong> BRL 63,42M (BRL 8.895\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Fujitsu\u003C\u002Fstrong> BRL 50M (BRL 10.030\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Torre Sul\u003C\u002Fstrong> BRL 115M (BRL 11.176\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Disposal - Ed. Cond. São Luiz\u003C\u002Fstrong> BRL 215,0M (BRL 16.314\u002Fsqm) \u003Cstrong>Capital Gain: BRL 39.4M\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Brigadeiro Faria Lima\u003C\u002Fstrong> BRL 95.0M (BRL 19.969\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. GPA\u003C\u002Fstrong> BRL 109,0M (BRL 9.710\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>2019\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>2020\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>2021\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>2023\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>2024\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>2025\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Timbaúba\u003C\u002Fstrong> BRL 26.5M (BRL 11.313\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Disposal - Ed. Timbaúba\u003C\u002Fstrong> BRL 30.6M (BRL 13.072\u002Fsqm) \u003Cstrong>Capital Gain: BRL 1.8M\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Brigadeiro Faria Lima\u003C\u002Fstrong> BRL 12.6M (BRL 12.562\u002Fsqm) \u003Cstrong>Aquisition - Ed. Top Center\u003C\u002Fstrong> BRL 167,4M (BRL 12.435\u002Fsqm)\u003C\u002Fp>\u003Cp>TELLUS is an independent asset management firm, with more than R$6.3* billion under management on real estate private equity. Since 2007, TELLUS has been active in all real estate sectors, with proven expertise in land entitlement, acquisition, development, redevelopment and value creation of office, industrial, mixed-use and for rent and for sale residential projects. We are committed with the transparency and fully integrated with our stakeholders. With an experienced and multidisciplinary team of professionals, TELLUS builds the capacity and agility to select assets to invest according to the different moments of the real estate market.\u003C\u002Fp>\u003Cp>ASSET UNDER MANAGEMENT¹\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_17_chart_4.jpg\">\u003C\u002Fp>\u003Cp>AuM BY TYPE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_17_chart_6.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_17_image_7.jpg\">\u003C\u002Fp>\u003Ch3>PRIVATE FUNDS\u003C\u002Fh3>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"3\">BRL 6,076\u003C\u002Ftd>\u003Ctd rowspan=\"3\">Development of corporate, healthcare, residential,\u003C\u002Ftd>\u003Ctd>BRL 430,49 MM\u003C\u002Ftd>\u003Ctd>TRBL11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BRL 474,01 MM\u003C\u002Ftd>\u003Ctd>TEPP11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BRL 31,52 MM\u003C\u002Ftd>\u003Ctd>TELM11\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Cp>FII\u002FREIT\u003C\u002Fp>\u003Cp>¹Source: TELLUS. Database: Dec.\u002F25\u003C\u002Fp>\u003Ch3>JK Square Itaim\u003C\u002Fh3>\u003Cp>Mixed-use project in a very well-located land plot at one of the best neighborhoods of São Paulo.\u003C\u002Fp>\u003Ch3>Sustainability Commitment\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_18_image_3.jpg\">\u003C\u002Fp>\u003Cp>Tellus became a signatory to the PRI (Principles for Responsible Investment) in 2021, reflecting its commitment to understanding and addressing the environmental, social, and governance (ESG) implications of its investment activities. assets incorporate a set of principles, values, and guidelines that support the management of its investments.Tellus believes that, in the management of third-party capital, the consideration of ESG factors in investment decisions contributes to improved risk management and the creation of long-term value for clients and society as a whole. The PRI is an investor initiative in partnership with the United Nations Environment Programme Finance Initiative (UNEP FI) and the UN Global Compact. It works alongside its international network of signatories to implement the six Principles for Responsible Investment. These Principles aim to promote the integration of ESG considerations into investment and ownership decisions and to support signatories in this process. In addition, Tellus incorporates relevant responsible investment practices as part of its fiduciary duty.\u003C\u002Fp>\u003Cp>Tellus conducts ESG assessments across its investment portfolio, enabling a broader view of associated risks and opportunities. The Tellus ESG assessment framework combines both an integration approach and a best-in-class methodology.\u003C\u002Fp>\u003Cp>The integration approach consists of the systematic inclusion of ESG considerations in investment analyses and decision-making processes. Tellus performs this analysis through its due diligence procedures. If any environmental or other liabilities are identified, such as soil contamination, Tellus commits to implementing appropriate mitigation measures.\u003C\u002Fp>\u003Cp>The best-in-class analysis is based on the Tellus ESG Score, which incorporates both ESG and financial criteria to evaluate each performance against environmental, social, and governance benchmarks. Tellus applies specific methodologies tailored to new developments, major refurbishments, and stabilized assets. After passing through these evaluation filters, each asset receives a final score with a corresponding adherence classification.\u003C\u002Fp>\u003Ch3>Additional Information\u003C\u002Fh3>\u003Cp>TEPP11\u003C\u002Fp>\u003Cp>Tellus Investimentos\u003C\u002Fp>\u003Ch3>Contact and Social Media\u003C\u002Fh3>\u003Cp>Email: ri@tellus.com.br\u003C\u002Fp>\u003Cp>Click Here\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11362\u002Fpage_18_image_14.jpg\">\u003C\u002Fp>\u003Ch3>Thank You!\u003C\u002Fh3>\u003Cp>+55 11 4280-4314 | ri@tellus.com.br\u003C\u002Fp>\u003Cp>Av. Brigadeiro de Faria Lima, 2179 10º floor I São Paulo SP 01452-001\u003C\u002Fp>\u003Cp>TELLUS.COM.BR\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FTEPP11\u002Fdocumentos\u002F11362\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1300195","2026-07-31","2026-08-25 20:38:00",1,{"id":17,"empresa":18,"gestor":26,"cotacoes":32,"patrimonio":140,"vpa":141,"p_vpa":142,"tipo_gestao":143,"mandato":144,"segmento":145,"categoria":146,"grupo":146,"preco_atual":138,"cotacao_atualizada_em":147,"ultima_variacao_cotacao_24h":148,"variacao_cotacao_7d":149,"variacao_cotacao_1m":150,"variacao_cotacao_3m":151,"variacao_cotacao_6m":152,"variacao_cotacao_12m":153,"vacancia_fisica":154,"liquidez_atual":155,"ultimo_dividendo":156,"ultimo_dividend_yield":157,"mes_pagamento_ultimo_dividendo":158,"dividend_yield_3m":159,"dividend_yield_6m":160,"dividend_yield_12m":161,"dividend_yield_medio_12m":162,"qtd_dividendos_pagos_ano_passado":163,"data_ultima_cotacao":136,"pregoes_com_negocio_21":164,"alertas":165,"updated_at":166,"liquidez_media_reais":167,"administrador":168,"taxa_administracao_paga":169,"balanco":170,"resultado_distribuido":178,"publico_alvo":181,"mercados_negociacao_cotas":182,"data_funcionamento":184,"data_final":144,"quantidade_cotas":185,"quantidade_cotistas":186,"detalhes_cotistas":187,"total_investido":194,"investimentos_fundo":195,"imoveis":198,"contratos":288,"custodiante":342,"auditor_independente":349,"formador_mercado":144,"distribuidor_cotas":144,"consultor_especializado":144,"administrador_locacoes":144,"relatorio_anual":356,"analise_administrador":359},667,{"nome":19,"nome_simplificado":20,"nome_comercial":21,"ticker":22,"nome_ticker":23,"nome_pregao":24,"cnpj":25},"TELLUS PROPERTIES - FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","TELLUS PROPERTIES    RESPONSABILIDADE LIMITADA","Tellus Properties","TEPP11","TEPP11 - TELLUS PROPERTIES - FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","FII TEL PROP","26.681.370\u002F0001-25",{"id":15,"nome":27,"cnpj":28,"endereco":29,"telefone":30,"created_at":31,"updated_at":31},"TELLUS INVESTIMENTOS E CONSULTORIA LTDA","25287778000154","Avenida Brigadeiro Faria Lima, n° 2055, 4º andar, conjunto 42, São Paulo \u002FSP","(11) 4280-4300","2026-06-07T17:17:20.000000Z",[33,39,45,51,56,62,66,71,75,79,84,89,94,99,105,111,116,122,128,134],{"id":34,"data":35,"abertura":36,"ultimo":37,"volume":38},3288943,"2026-10-06",7.45,7.53,619548,{"id":40,"data":41,"abertura":42,"ultimo":43,"volume":44},3289545,"2026-10-07",7.68,7.6,387065,{"id":46,"data":47,"abertura":48,"ultimo":49,"volume":50},3290217,"2026-10-08",7.65,7.66,365378,{"id":52,"data":53,"abertura":49,"ultimo":54,"volume":55},3291155,"2026-10-09",7.77,254810,{"id":57,"data":58,"abertura":59,"ultimo":60,"volume":61},3357294,"2026-10-13",7.81,7.7,291934,{"id":63,"data":64,"abertura":60,"ultimo":49,"volume":65},3375724,"2026-10-14",154841,{"id":67,"data":68,"abertura":49,"ultimo":69,"volume":70},3376269,"2026-10-15",7.59,443442,{"id":72,"data":73,"abertura":49,"ultimo":48,"volume":74},3377234,"2026-10-16",521661,{"id":76,"data":77,"abertura":49,"ultimo":60,"volume":78},3444923,"2026-10-19",185053,{"id":80,"data":81,"abertura":60,"ultimo":82,"volume":83},3446572,"2026-10-20",7.75,233867,{"id":85,"data":86,"abertura":54,"ultimo":87,"volume":88},3459509,"2026-10-21",7.74,330666,{"id":90,"data":91,"abertura":54,"ultimo":92,"volume":93},3473560,"2026-10-22",7.79,280570,{"id":95,"data":96,"abertura":92,"ultimo":97,"volume":98},3488190,"2026-10-23",7.84,441814,{"id":100,"data":101,"abertura":102,"ultimo":103,"volume":104},3566108,"2026-10-26",7.19,7.03,855539,{"id":106,"data":107,"abertura":108,"ultimo":109,"volume":110},3580044,"2026-10-27",7.11,7.05,380464,{"id":112,"data":113,"abertura":114,"ultimo":103,"volume":115},3594165,"2026-10-28",7,386522,{"id":117,"data":118,"abertura":119,"ultimo":120,"volume":121},3609022,"2026-10-29",6.99,6.98,309128,{"id":123,"data":124,"abertura":125,"ultimo":126,"volume":127},3624750,"2026-10-30",6.95,6.91,192210,{"id":129,"data":130,"abertura":131,"ultimo":132,"volume":133},3682077,"2026-11-03",6.86,6.65,285358,{"id":135,"data":136,"abertura":137,"ultimo":138,"volume":139},3695700,"2026-11-04",6.7,6.69,163885,512304330.56,9.53,"0.70","Ativa",null,"Outros","Tijolo","2026-11-05 09:00","0.0060","-0.0415","-0.1116","-0.1300","-0.2328","-0.1775","0.30522",6873,"0.0680","0.0098","Nov\u002F2026","0.0305","0.0883","0.1729","0.0115",12,21,[],"05\u002F11\u002F2026 06:00",2621351.08,"BTG PACTUAL SERVICOS FINANCEIROS S.A. DISTRIBUIDOR",0.00801455663735798,{"data_referencia":171,"ativo":172,"passivo":173,"obrigacoes_imoveis":174,"obrigacoes_securitizacao":175,"liquidez":176,"valores_receber":177},"2026-09-01",710900705.93,198596375.37,99640459.57,95638604.66,14198085.49,61264538.35,{"data_referencia":179,"resultado":180,"rendimentos":180,"percentual":15},"2026-06-30",37893619.08,"Investidores em Geral",[183],"Bolsa","2019-09-23",53763691,46738,{"Pessoa Física":188,"Pessoa jurídica não financeira":189,"Fundos de investimento imobiliário":190,"Outros fundos de investimento":191,"Investidores não residentes":192,"Entidade aberta de previdência complementar":193,"Entidade fechada de previdência complementar":15,"SSociedade de capitalização e de arrendamento mercantil":15,"Outros tipos de cotistas não relacionados":15},46608,81,17,15,11,3,635438082.09,{"Imóveis para renda":196,"Cotas de FIIs":197},592356116.56,43081965.53,{"vacancia_total":199,"lista_imoveis":200,"data_referencia":179,"vacancia_suspeita":11},0.30522408490795905,[201,216,233,253,273,284],{"nome":202,"vacancia":203,"numero_unidades":204,"area":205,"endereco":206,"percentual_inadimplencia":203,"percentual_receitas":207,"inquilinos":208,"ocupacao":15},"Ed Faria Lima 1355",0,8,50000,"Avenida Brigadeiro Faria Lima, 1355, Sem Complemento, Jardim Paulistano, São Paulo\u002FSP, Brasil, 01452-002",0.11539282845285,[209,213],{"setor":210,"percentual_receita_imovel":211,"percentual_receita_fii":212},"Serviços Financeiros Diversos",0.14115732359639,0.01628854282662,{"setor":145,"percentual_receita_imovel":214,"percentual_receita_fii":215},0.85884267640361,0.09910428562623,{"nome":217,"vacancia":218,"numero_unidades":219,"area":220,"endereco":221,"percentual_inadimplencia":222,"percentual_receitas":223,"inquilinos":224,"ocupacao":232},"Edificio Torre Sul",0.7032635179668,198,32447,"Rua James Joule, 65, Sem Complemento, Cidade Monções, São Paulo\u002FSP, Brasil, 04576-080",0.06113775507902,0.10574130976667,[225,228],{"setor":145,"percentual_receita_imovel":226,"percentual_receita_fii":227},0.61482372963411,0.06501226644714,{"setor":229,"percentual_receita_imovel":230,"percentual_receita_fii":231},"Comércio",0.25941736670287,0.02743113213138,0.2967364820332,{"nome":234,"vacancia":235,"numero_unidades":236,"area":237,"endereco":238,"percentual_inadimplencia":239,"percentual_receitas":240,"inquilinos":241,"ocupacao":252},"Shopping Top Center",0.46656044461652,30,29805,"Avenida Paulista, 854, Sem Complemento, Bela Vista, Sao Paulo\u002FSP, Brasil, 01311-100",0.44438792288404,0.08058271064757,[242,246,249],{"setor":243,"percentual_receita_imovel":244,"percentual_receita_fii":245},"Serviços Médico - 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Brigadeiro Luis Antonio",17644,"Avenida Brigadeiro Luis Antonio, 3142, Sem Complemento, Jardim Paulista, São Paulo\u002FSP, Brasil, 01402-000",{"data_referencia":179,"prazos":289,"indexadores":329,"receita_aluguel_trimestre":336,"valor_imoveis":337,"cap_rate":338,"receita_sobre_mercado":339,"aluguel_m2_mes":340,"area_ocupada":341},[290,293,296,299,302,304,307,310,313,316,318,321,323,326],{"faixa":291,"percentual":292},"Até 3 meses",0.13839,{"faixa":294,"percentual":295},"3 a 6 meses",0.004561,{"faixa":297,"percentual":298},"6 a 9 meses",0.032284,{"faixa":300,"percentual":301},"9 a 12 meses",0.007791,{"faixa":303,"percentual":203},"12 a 15 meses",{"faixa":305,"percentual":306},"15 a 18 meses",0.012881,{"faixa":308,"percentual":309},"18 a 21 meses",0.286349,{"faixa":311,"percentual":312},"21 a 24 meses",0.012284,{"faixa":314,"percentual":315},"24 a 27 meses",0.036571,{"faixa":317,"percentual":203},"27 a 30 meses",{"faixa":319,"percentual":320},"30 a 33 meses",0.029934,{"faixa":322,"percentual":203},"33 a 36 meses",{"faixa":324,"percentual":325},"Acima de 36 meses",0.428591,{"faixa":327,"percentual":328},"Indeterminado",0.010364,[330,333],{"nome":331,"percentual":332},"IPCA",0.741106,{"nome":334,"percentual":335},"IGP-M",0.258894,14216227.14,644868659.64,0.088181,0.158099,43.45,109057,{"id":343,"nome":344,"cnpj":345,"endereco":346,"telefone":347,"created_at":348,"updated_at":348},5,"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":350,"nome":351,"cnpj":352,"endereco":353,"telefone":354,"created_at":355,"updated_at":355},24,"ERNST & YOUNG AUDITORES INDEPENDENTES S\u002FS LTDA","61366936000125","AV PRESIDENTE JUSCELINO KUBITSCHEK 1909, SP CORP TOWER TORRE NORTE ANDAR 8 CONJ 81 – VILA NOVA CONCEIÇÃO – SÃO PAULO\u002FSP – 04.543-907","(11) 2573-3000","2026-10-03T18:51:30.000000Z",{"ano_referencia":357,"data_disponibilizacao":358},"2025","2026-03-31",{"ResultadoFundo":360,"ConjunturaEconomica":361,"PerspectivaPeriodoSeguinte":362},"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.",{"title":364,"description":365,"canonical":366,"image":367,"json_ld":368,"nome":393,"resumo":427},"Relatório gerencial em inglês TEPP11 de julho de 2026 | Kartac","Relatório gerencial em inglês de julho de 2026 do TEPP11 (Tellus Properties), entrega em 25\u002F08\u002F2026. DY 12 meses de 17,29% e P\u002FVP 0,70 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11362","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":369,"@graph":370},"https:\u002F\u002Fschema.org",[371,377,382,391,404,414],{"@type":372,"@id":373,"name":374,"url":375,"logo":376},"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":378,"@id":379,"name":374,"url":375,"inLanguage":380,"publisher":381},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":373},{"@type":383,"@id":384,"url":366,"name":364,"description":365,"inLanguage":380,"isPartOf":385,"dateModified":386,"mainEntity":387,"breadcrumb":389},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11362#pagina",{"@id":379},"2026-10-31",{"@id":388},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11362#documento",{"@id":390},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11362#migalhas",{"@type":392,"@id":388,"name":393,"alternateName":5,"url":366,"inLanguage":380,"about":394,"genre":7,"datePublished":396,"temporalCoverage":397,"author":398,"publisher":403,"isBasedOn":12},"Report","Relatório gerencial em inglês TEPP11 de julho de 2026",{"@id":395},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11#fundo","2026-08-25","2026-07",{"@type":372,"name":27,"identifier":399},{"@type":400,"propertyID":401,"value":402},"PropertyValue","CNPJ","25.287.778\u002F0001-54",{"@type":372,"name":168},{"@type":405,"@id":395,"name":21,"alternateName":406,"url":407,"category":146,"identifier":408,"provider":412},"InvestmentFund",[22,19],"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11",[409,411],{"@type":400,"propertyID":410,"value":22},"Ticker B3",{"@type":400,"propertyID":401,"value":25},{"@type":372,"name":27,"identifier":413},{"@type":400,"propertyID":401,"value":402},{"@type":415,"@id":390,"itemListElement":416},"BreadcrumbList",[417,420,424,425],{"@type":418,"position":15,"name":419,"item":375},"ListItem","Início",{"@type":418,"position":421,"name":422,"item":423},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":418,"position":193,"name":22,"item":407},{"@type":418,"position":426,"name":5,"item":366},4,{"atualizado_em":428,"frases":429},"2026-11-05",[430,431,432,433,434],"Relatório gerencial em inglês do Tellus Properties (TEPP11), fundo imobiliário de tijolo, referente a julho de 2026, com entrega no FundosNet (B3) em 25\u002F08\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do TEPP11 fechou a R$ 6,69, com P\u002FVP de 0,70 (valor patrimonial de R$ 9,53 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,068 por cota, com pagamento em nov\u002F2026, e o dividend yield dos últimos 12 meses é de 17,29% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 512,3 milhões no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento."]