[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11371":3,"documento:TEPP11:11371":87,"fii-documento:TEPP11":96},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":79},"Relatório gerencial em inglês TEPP11 de maio de 2026 | Kartac","Relatório gerencial em inglês de maio de 2026 do TEPP11 (Tellus Properties), entrega em 30\u002F07\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\u002F11371","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\u002FTEPP11\u002Fdocumentos\u002F11371#pagina",{"@id":19},"2026-11-01",{"@id":28},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11371#documento",{"@id":30},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11371#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 em inglês TEPP11 de maio de 2026","(TEPP) Relatório gerencial em inglês - 29\u002F05\u002F2026",{"@id":36},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11#fundo","Outras Informações","2026-07-30","2026-05",{"@type":12,"name":41,"identifier":42},"TELLUS INVESTIMENTOS E CONSULTORIA LTDA",{"@type":43,"propertyID":44,"value":45},"PropertyValue","CNPJ","25.287.778\u002F0001-54",{"@type":12,"name":47},"BTG PACTUAL SERVICOS FINANCEIROS S.A. DISTRIBUIDOR","https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1271034",{"@type":50,"@id":36,"name":51,"alternateName":52,"url":55,"category":56,"identifier":57,"provider":62},"InvestmentFund","Tellus Properties",[53,54],"TEPP11","TELLUS PROPERTIES - FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11","Tijolo",[58,60],{"@type":43,"propertyID":59,"value":53},"Ticker B3",{"@type":43,"propertyID":44,"value":61},"26.681.370\u002F0001-25",{"@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 em inglês do Tellus Properties (TEPP11), fundo imobiliário de tijolo, referente a maio de 2026, com entrega no FundosNet (B3) em 30\u002F07\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.",{"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},11371,"Relatório gerencial em inglês","(Ativo)","\u003Ch3>TELLUS PROPERTIES FII TEPP11\u003C\u002Fh3>\u003Cp>MONTHLY MANAGEMENT REPORT \u003Cstrong>May | 2026\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>TABLE OF CONTENTS\u003C\u002Fh3>\u003Cul>\u003Cli>FUND PERFORMANCE 3\u003C\u002Fli>\u003Cli>MANAGER’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\u002F11371\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>\u003Ch3>ABOUT THE FUND\u003C\u002Fh3>\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>26.681.370\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 accordance with the Fund’s by laws, offering memorandum, and laws nº. 8,668\u002F93 and nº. 9,779\u002F1999.\u003C\u002Fp>\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 building’s potential, taking into account factors such as average rental levels, services offered to tenants, accessibility, and improvements that may enhance the asset’s 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>\u003Cstrong>Fund Market Capitalization\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend Yield (Monthly)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>P\u002FB\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BRL 478,378,282.93\u003C\u002Fp>\u003Cp>BRL 430.674.891,64\u003C\u002Fp>\u003Cp>1.51%\u003C\u002Fp>\u003Cp>0.91\u003C\u002Fp>\u003Cp>\u003Cstrong>Net Asset Value per Share\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Market Share Price\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend Yield (Annualized)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>ADTV (30 days)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BRL 9.58\u003C\u002Fp>\u003Cp>BRL 8.68\u003C\u002Fp>\u003Cp>19.69%\u003C\u002Fp>\u003Cp>BRL 1,903,314\u003C\u002Fp>\u003Cp>\u003Cstrong>OPERATING INDICATORS\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Number of Assets\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Leasable Area ( per sqm)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Physical Vacancy\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Number of Shareholders\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>6\u003C\u002Fp>\u003Cp>52,514\u003C\u002Fp>\u003Cp>5.69%\u003C\u002Fp>\u003Cp>44,450\u003C\u002Fp>\u003Cp>\u003Cstrong>Number of Tenants\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>WAULT (Years)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Financial Vacancy\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Asset Value ( per sqm)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>47\u003C\u002Fp>\u003Cp>5.0\u003C\u002Fp>\u003Cp>2,85%\u003C\u002Fp>\u003Cp>BRL 11,144\u003C\u002Fp>\u003Cp>Watch Management’s report presentation on YouTube channel , YouTube channel or listen on Spotify. TEPP11's new website\u003C\u002Fp>\u003Ch3>MARKET OVERVIEW\u003C\u002Fh3>\u003Cp>Global markets maintained elevated volatility in May, with investors reassessing the trajectory of interest rates in the United States amid more persistent inflation signals and heightened geopolitical uncertainties. The Federal Reserve kept interest rates unchanged at 3.50%–3.75%, reinforcing its \"data-dependent\" approach, while the rise in oil prices and noise in the international scenario continued to pressure global inflation expectations. This environment reduced risk appetite throughout the month, especially in emerging markets.\u003C\u002Fp>\u003Cp>In Brazil, inflation accelerated again over the 12-month window: the IPCA advanced 0.58% in May, bringing the accumulated total to 4.72%, above the 4.39% registered through April. The result came in above expectations and reignited caution regarding the pace of monetary easing. Without a Copom meeting in the month, the Selic remained at 14.50% p.a., while the market revised its inflation and interest rate projections, incorporating a more gradual rate-cutting cycle in light of inflationary pressures and a more challenging external environment.\u003C\u002Fp>\u003Cp>In terms of domestic asset performance, the Ibovespa recorded a decline of 7.22% in May, ending the month at 173,787 points, marking its worst monthly performance since February 2023. In the exchange rate, the commercial dollar advanced 1.82% in the period and closed at R$ 5.04, reflecting greater risk aversion and outflows of foreign capital from the Brazilian stock exchange. Finally, the IFIX retreated 1.33% in the month, impacted by increased risk aversion, uncertainties regarding the Selic trajectory, and profit-taking following the positive performance observed in previous months.\u003C\u002Fp>\u003Ch3>FUND HIGHLIGHTS\u003C\u002Fh3>\u003Cp>The Fund closed the month of May with a net asset value per share of BRL 8.68 and distributed dividends of BRL 0.131 per share, representing a Dividend Yield of 1.51% per month, or 19.69% on an annualized basis.\u003C\u002Fp>\u003Cp>During the month, the Fund disclosed Material Facts and Market Communications in line with themes already addressed by Management team in its previous reports. The main focus remains on the Fund's growth strategy through acquisitions via share issuance, combined with portfolio recycling, which currently stands at a more mature stage. In this context, the following events are noteworthy:\u003C\u002Fp>\u003Cp>I. 5th Share Issuance in the amount of BRL 120,371,908.45, with resources allocated to the acquisition of new Real Estate Assets;\u003C\u002Fp>\u003Cp>II. Memorandum of Understanding for the disposal of one of the TEPP11 portfolio assets. If completed, the transaction is expected to generate an approximate profit of BRL 27 million, approximately BRL 0.55 per share, with an estimated IRR of 12% per annum;\u003C\u002Fp>\u003Cp>III. Purchase and Sale Agreement I with precedent conditions for the acquisition of 5,033.58 m² of BOMA area at Ed. Parque Cultural Paulista, for the amount of BRL 77,079,295.36 to be paid in installments over a period of up to 28 months;\u003C\u002Fp>\u003Cp>IV. Purchase and Sale Agreement II with precedent conditions for the acquisition of 1,118.56 m² of BOMA area at the same Ed. Parque Cultural Paulista, for the amount of BRL 15,939,114.06, to be paid upfront.\u003C\u002Fp>\u003Cp>Additionally, Management launched a monthly Questions and Answers segment on its YouTube channel, through which doubts sent by shareholders will be periodically selected and answered, with the aim of increasing transparency and strengthening the communication channel with investors.\u003C\u002Fp>\u003Ch3>_ DIVIDEND YIELD AND DISTRIBUTION PER SHARE\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_4_chart_4.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend per Share\u003C\u002Fstrong> Distribution Equivalent to \u003Cstrong>BRL 0.131\u003C\u002Fstrong> 157.49% \u003Cstrong>per share for the month of net CDI¹\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend Yield 1.51% p.m. or 19,69% p.y. based on month-end share price\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>PERFORMANCE\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_4_chart_8.jpg\">\u003C\u002Fp>\u003Cp>¹ Assumed tax rate of 15%\u003C\u002Fp>\u003Cp>The distribution projection disclosed does not constitute\u003C\u002Fp>\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>0.85\u003C\u002Ftd>\u003Ctd>19.1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 1\u003C\u002Ftd>\u003Ctd>0.93%\u003C\u002Ftd>\u003Ctd>0.83\u003C\u002Ftd>\u003Ctd>8.3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 2\u003C\u002Ftd>\u003Ctd>0.27%\u003C\u002Ftd>\u003Ctd>0.83\u003C\u002Ftd>\u003Ctd>11.9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 3\u003C\u002Ftd>\u003Ctd>0.61%\u003C\u002Ftd>\u003Ctd>0.79\u003C\u002Ftd>\u003Ctd>13.6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 4\u003C\u002Ftd>\u003Ctd>0.34%\u003C\u002Ftd>\u003Ctd>0.71\u003C\u002Ftd>\u003Ctd>9.1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 5\u003C\u002Ftd>\u003Ctd>1.26%\u003C\u002Ftd>\u003Ctd>0.67\u003C\u002Ftd>\u003Ctd>6.7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 6\u003C\u002Ftd>\u003Ctd>0.12%\u003C\u002Ftd>\u003Ctd>0.62\u003C\u002Ftd>\u003Ctd>16.6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 7\u003C\u002Ftd>\u003Ctd>0.40%\u003C\u002Ftd>\u003Ctd>0.60\u003C\u002Ftd>\u003Ctd>11.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 8\u003C\u002Ftd>\u003Ctd>0.82%\u003C\u002Ftd>\u003Ctd>0.59\u003C\u002Ftd>\u003Ctd>9.4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 9\u003C\u002Ftd>\u003Ctd>0.18%\u003C\u002Ftd>\u003Ctd>0.59\u003C\u002Ftd>\u003Ctd>16.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 10\u003C\u002Ftd>\u003Ctd>0.74%\u003C\u002Ftd>\u003Ctd>0.50\u003C\u002Ftd>\u003Ctd>11.4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 11\u003C\u002Ftd>\u003Ctd>0.41%\u003C\u002Ftd>\u003Ctd>0.50\u003C\u002Ftd>\u003Ctd>12.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 12\u003C\u002Ftd>\u003Ctd>0.25%\u003C\u002Ftd>\u003Ctd>0.48\u003C\u002Ftd>\u003Ctd>10.1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>AVERAGE³\u003C\u002Ftd>\u003Ctd>6.54%\u003C\u002Ftd>\u003Ctd>0.65\u003C\u002Ftd>\u003Ctd>10.5%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>² Dividends based on April\u002F2026\u003C\u002Fp>\u003Cp>³ Value weighted by Net Asset Value\u003C\u002Fp>\u003Ch3>ED. TORRE SUL\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\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\u002F11371\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>At Ed. Torre Sul, Management continues advancing studies and scenarios to enable the leasing of the vacant space, which corresponds to half a floor.\u003C\u002Fp>\u003Cp>Among the alternatives under evaluation, the layout model in plug and play format stands out, offering greater flexibility and attractiveness for potential tenants.\u003C\u002Fp>\u003Cp>Asset improvements and continuous enhancements are ongoing, with the aim of maintaining the property's competitiveness.\u003C\u002Fp>\u003Ch3>ED. PASSARELLI\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_5_image_13.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>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>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_5_image_17.jpg\">\u003C\u002Fp>\u003Cp>At Ed. Passarelli, Management successfully concluded expansion negotiations with the tenant, which increased its area by 3 units. The new lease agreements executed feature rental rates 33% higher than the previous contract.\u003C\u002Fp>\u003Cp>In parallel, Management renewed the contract with Casa Bauducco, the current occupant of part of the ground floor, for an additional 5 years with a 40% adjustment in the rental rate.\u003C\u002Fp>\u003Cp>Finally, Management signed a Memorandum of Understanding (MoU) for the sale of the asset. The process is still in the negotiation phase and subject to the fulfillment of precedent conditions.\u003C\u002Fp>\u003Ch3>ED. FUJITSU\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\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\u002F11371\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, the vacation of the main tenant, Fujitsu, will occur partially. Of the 7 floors currently occupied by the company, 2 have already been leased to new tenants, 4 will be returned, and 1 will remain occupied by Fujitsu itself.\u003C\u002Fp>\u003Cp>The contract for the remaining floor was renewed with a rental value 16% higher than previously practiced. Due to the partial return of the spaces, the Fund will record, starting in July, estimated physical vacancy of 11.8%.\u003C\u002Fp>\u003Cp>Management continues to act actively in the commercialization of vacant spaces, including the evaluation of leasing opportunities in the turn-key modality, with the aim of accelerating the absorption of areas and maximizing revenue generation for the Fund.\u003C\u002Fp>\u003Ch3>ED. BRIGADEIRO FARIA LIMA (BFL)\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\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, Management received the architectural projects from the design firms contracted as part of the bid for the property's retrofit. The next step will be to submit the proposals to the Owners' Assembly, where the architectural project to be adopted will be defined. The scope includes the requalification of the reception area, the utilization of construction potential, and the renovation of the facade, in line with the strategy for modernization and repositioning of the asset.\u003C\u002Fp>\u003Cp>Negotiations with one of the building's tenants regarding the revision of rental values, mentioned in the previous report, continue to be conducted. The initiative seeks to align contractual conditions with current market levels, with potential positive impact on the property's revenue generation.\u003C\u002Fp>\u003Ch3>_ ED. GPA\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\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 Paulo’s 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 city’s main avenues.\u003C\u002Fp>\u003Cp>The building is situated in Jardim Paulista, one of São Paulo’s 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>Regarding GPA, the Company disclosed a market communication informing the completion of its Extrajudicial Recovery Plan, with the renegotiation of part of its liabilities with creditors. Management continues to closely monitor the tenant's economic and financial situation and its developments.\u003C\u002Fp>\u003Cp>Regarding Phase 2 of the property's structural repairs, there was progress in the preparation of technical reports by the contracted consultants. The expectation is that, in the following month, an amendment to the lease contract will be formalized, outlining the schedule for the execution of the interventions, from which the tenant will begin the planned repairs.\u003C\u002Fp>\u003Ch3>ED. TOP CENTER\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_7_image_13.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 Ed. Top Center, negotiations are ongoing for the expansion of the space occupied by one of the current tenants, as well as negotiations aimed at renewing lease contracts. Management believes there is potential for a gradual repositioning of the rental rates practiced in the asset, so that a significant portion of the current contracts can be adjusted to market levels over the next two years.\u003C\u002Fp>\u003Cp>In parallel, Management continues to conduct, together with the company responsible for the building management of the property, the mapping of improvements that can be implemented in the asset, including the evaluation of their respective scopes, schedules, and resources necessary for their execution.\u003C\u002Fp>\u003Cp>INCOME STATEMENT\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>Apr\u002F26\u003C\u002Fth>\u003Cth>Aprr\u002F26\u003C\u002Fth>\u003Cth>1Q26\u003C\u002Fth>\u003Cth>YTD\u003C\u002Fth>\u003Cth>LTM\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Lease Income\u003C\u002Ftd>\u003Ctd>(BRL\u002Fshare)0,0104\u003C\u002Ftd>\u003Ctd>(BRL '000)5.141\u003C\u002Ftd>\u003Ctd>(BRL '000)17.836\u003C\u002Ftd>\u003Ctd>(BRL '000)17.836\u003C\u002Ftd>\u003Ctd>(BRL '000)46.543\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>0,007\u003C\u002Ftd>\u003Ctd>342\u003C\u002Ftd>\u003Ctd>1.266\u003C\u002Ftd>\u003Ctd>1.266\u003C\u002Ftd>\u003Ctd>2.616\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Other Income\u003C\u002Ftd>\u003Ctd>0,000\u003C\u002Ftd>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>18.374\u003C\u002Ftd>\u003Ctd>18.374\u003C\u002Ftd>\u003Ctd>20.223\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Total Revenues\u003C\u002Fth>\u003Cth>0,111\u003C\u002Fth>\u003Cth>5.488\u003C\u002Fth>\u003Cth>37.476\u003C\u002Fth>\u003Cth>37.476\u003C\u002Fth>\u003Cth>69.382\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Property Expenses\u003C\u002Ftd>\u003Ctd>(0,010)\u003C\u002Ftd>\u003Ctd>(510)\u003C\u002Ftd>\u003Ctd>(713)\u003C\u002Ftd>\u003Ctd>(713)\u003C\u002Ftd>\u003Ctd>(921)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Financial Expenses\u003C\u002Ftd>\u003Ctd>(0,013)\u003C\u002Ftd>\u003Ctd>(662)\u003C\u002Ftd>\u003Ctd>(2.570)\u003C\u002Ftd>\u003Ctd>(2.570)\u003C\u002Ftd>\u003Ctd>(7.497)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>OperatingExpenses\u003C\u002Ftd>\u003Ctd>(0,002)\u003C\u002Ftd>\u003Ctd>(123)\u003C\u002Ftd>\u003Ctd>(338)\u003C\u002Ftd>\u003Ctd>(338)\u003C\u002Ftd>\u003Ctd>(1.142)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Management, AdministrationandCustodyFee\u003C\u002Ftd>\u003Ctd>(0,008)\u003C\u002Ftd>\u003Ctd>(411)\u003C\u002Ftd>\u003Ctd>(1.636)\u003C\u002Ftd>\u003Ctd>(1.636)\u003C\u002Ftd>\u003Ctd>(4.402)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Expenses\u003C\u002Ftd>\u003Ctd>(0,034)\u003C\u002Ftd>\u003Ctd>(1.707)\u003C\u002Ftd>\u003Ctd>(5.257)\u003C\u002Ftd>\u003Ctd>(5.257)\u003C\u002Ftd>\u003Ctd>(13.963)\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Net Income\u003C\u002Fth>\u003Cth>0,076\u003C\u002Fth>\u003Cth>3.780\u003C\u002Fth>\u003Cth>32.219\u003C\u002Fth>\u003Cth>32.219\u003C\u002Fth>\u003Cth>55.424\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>BegginingofUndistributedEarnings\u003C\u002Ftd>\u003Ctd>0,244\u003C\u002Ftd>\u003Ctd>12.106\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>0,076\u003C\u002Ftd>\u003Ctd>3.780\u003C\u002Ftd>\u003Ctd>32.219\u003C\u002Ftd>\u003Ctd>32.219\u003C\u002Ftd>\u003Ctd>59.307\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Result-DividendsDeclared\u003C\u002Ftd>\u003Ctd>(0,131)\u003C\u002Ftd>\u003Ctd>(6.499)\u003C\u002Ftd>\u003Ctd>(23.469)\u003C\u002Ftd>\u003Ctd>(23.469)\u003C\u002Ftd>\u003Ctd>(55.357)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>EndofUndistributedEarnings\u003C\u002Ftd>\u003Ctd>0,189\u003C\u002Ftd>\u003Ctd>9.387\u003C\u002Ftd>\u003Ctd>9.387\u003C\u002Ftd>\u003Ctd>9.387\u003C\u002Ftd>\u003Ctd>9.387\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>FUND NET ASSET VALUE COMPOSITION\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_8_chart_8.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>CLICK HERE\u003C\u002Fstrong> \u003Cstrong>TO ACCESS TEPP11’S FUNDAMENTALS DATA SHEET\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\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. Fujitsu\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Ed. GPA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>TEPP11’s portfolio is 100% located in São Paulo’s prime 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>0.91%\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>2.79%\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>13.98%\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>2.98%\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>47\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_11_chart_3.jpg\">\u003C\u002Fp>\u003Cp>WAULT (YEARS)\u003C\u002Fp>\u003Cp>LEASE ADJUSTMENT INDEX\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_11_chart_6.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_11_chart_7.jpg\">\u003C\u002Fp>\u003Cp>TENANT INDUSTRY SECTOR (AS % OF REVENUE)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_11_chart_9.jpg\">\u003C\u002Fp>\u003Cp>_ LEASE READJUSTMENT (% OF RENTAL REVENUES)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_12_chart_4.jpg\">\u003C\u002Fp>\u003Cp>LEASE EXPIRATIONS (% OF RENTAL INCOME)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_12_chart_6.jpg\">\u003C\u002Fp>\u003Cp>1 FINANCIAL & PHYSICAL VACANCY EVOLUTION\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_12_chart_8.jpg\">\u003C\u002Fp>\u003Cp>DISTRIBUTION OF RENT REVIEWS (NUMBER OF CONTRACTS)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\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>34.547.184\u003C\u002Ftd>\u003Ctd>65.747.612\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\u002F11371\u002Fpage_13_chart_6.jpg\">\u003C\u002Fp>\u003Cp>DEBT AMORTIZATION SCHEDULE (BRL MM)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\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>430.675\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NumberofShareholders\u003C\u002Ftd>\u003Ctd>44.450\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>1.908\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Turnover (% of Shares Traded in the month)\u003C\u002Ftd>\u003Ctd>9%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>HISTORICAL SHARE PRICE AND TRADING VOLUME\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_14_chart_6.jpg\">\u003C\u002Fp>\u003Cp>SHAREHOLDER BASE GROWTH\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_14_chart_8.jpg\">\u003C\u002Fp>\u003Cp>HISTORICAL P\u002FB\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\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>-\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>-\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>0,361\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>0,090\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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\u003Ctd>-\u003C\u002Ftd>\u003Ctd>2.7%\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 14.100\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Fujitsu\u003C\u002Fstrong> BRL 50M (BRL 10.030\u002Fsqm)\u003C\u002Fp>\u003Cp>\u003Cstrong>Aquisition - Ed. Passarelli\u003C\u002Fstrong> BRL 63,42M (BRL 8.895\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\u002F11371\u002Fpage_17_chart_4.jpg\">\u003C\u002Fp>\u003Cp>AuM BY TYPE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_17_chart_6.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11371\u002Fpage_17_image_7.jpg\">\u003C\u002Fp>\u003Ch3>PRIVATE FUNDS\u003C\u002Fh3>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"3\">BRL 6,076\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>BRL 430,49 MM\u003C\u002Ftd>\u003Ctd>TRBL11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Development of corporate, healthcare, residential,\u003C\u002Ftd>\u003Ctd>BRL 474,01 MM\u003C\u002Ftd>\u003Ctd>TEPP11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>logistics, and mixed-use projects, primarily focused on the São Paulo market.\u003C\u002Ftd>\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\u002F11371\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. Tellus’ 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 asset’s 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\u002F11371\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\u002F11371\u002Fpdf",false,"2026-05-29","2026-07-30 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meses",0.428591,{"faixa":399,"percentual":400},"Indeterminado",0.010364,[402,405],{"nome":403,"percentual":404},"IPCA",0.741106,{"nome":406,"percentual":407},"IGP-M",0.258894,14216227.14,644868659.64,0.088181,0.158099,43.45,109057,{"id":415,"nome":416,"cnpj":417,"endereco":418,"telefone":419,"created_at":420,"updated_at":420},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":422,"nome":423,"cnpj":424,"endereco":425,"telefone":426,"created_at":427,"updated_at":427},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":429,"data_disponibilizacao":430},"2025","2026-03-31",{"ResultadoFundo":432,"ConjunturaEconomica":433,"PerspectivaPeriodoSeguinte":434},"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."]