[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:TEPP11:11372":3,"seo:\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11372":16,"fii-documento:TEPP11":96},{"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},11372,"(TEPP) Relatório gerencial em inglês - 30\u002F06\u002F2026","Relatório gerencial em inglês","Outras Informações","(Ativo)","\u003Ch3>TELLUS PROPERTIES FII TEPP11\u003C\u002Fh3>\u003Cp>MONTHLY MANAGEMENT REPORT \u003Cstrong>June | 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\u002F11372\u002Fpage_2_image_0.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>TELLUS PROPERTIES FII\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>FUND CHARACTERISTICS\u003C\u002Fh3>\u003Ch3>ABOUT THE FUND\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>26.681.370\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>P\u002FB\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend Yield (Monthly)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>BRL 471,860,650.53\u003C\u002Fp>\u003Cp>BRL 400,904,737.84\u003C\u002Fp>\u003Cp>1.62%\u003C\u002Fp>\u003Cp>0.85\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 9.51\u003C\u002Fp>\u003Cp>BRL 8.08\u003C\u002Fp>\u003Cp>21.29%\u003C\u002Fp>\u003Cp>BRL 1,558,804\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>45,240\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>5.4\u003C\u002Fp>\u003Cp>1.27%\u003C\u002Fp>\u003Cp>BRL 0.526\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>\u003Cstrong>Global markets\u003C\u002Fstrong> remained highly volatile in June, still influenced by the trajectory of interest rates in the United States and ongoing geopolitical uncertainties. The Federal Reserve held its benchmark rate in the 3.50%–3.75% range, reaffirming its data-dependent stance, while some officials signaled increased caution in light of persistent inflationary pressures. At the same time, a reduction in the oil risk premium — following signs of easing tensions in the Middle East — helped relieve part of the external pressure, although the environment for risk assets remained selective.\u003C\u002Fp>\u003Cp>In \u003Cstrong>Brazil\u003C\u002Fstrong>, inflation eased in June, with the IPCA rising 0.16% month-over-month and bringing the 12-month reading to 4.64%, down from 4.72% recorded in May. Despite the marginal improvement in current inflation, expectations remained above the midpoint of the target, keeping the Central Bank in a cautious stance. At its June meeting, the Copom cut the Selic rate by 25 basis points to 14.25% p.y., while reinforcing that future steps will depend on incoming data, inflation expectations, and the external environment.\u003C\u002Fp>\u003Cp>In terms of \u003Cstrong>domestic asset performance\u003C\u002Fstrong>, the Ibovespa fell 1.01% in June, closing the month at 172,024 points, pressured by foreign capital outflows, still-elevated interest rates, and heightened caution around the fiscal outlook. In the currency market, the U.S. dollar advanced 2.32%, closing at BRL 5.16. Finally, the IFIX — Brazil's main real estate investment fund index — closed June at 3,830.59 points, slightly below its May closing level.\u003C\u002Fp>\u003Ch3>FUND HIGHLIGHTS\u003C\u002Fh3>\u003Cp>The Fund closed June with a NAV per share of BRL 8.08 and distributed BRL 0.131 per share, representing a Fund Market Capitalization of 1.62% per month (equivalent to 21.29% on an annualized basis).\u003C\u002Fp>\u003Cp>As disclosed in the Material Fact regarding the exercise of Pre-emptive Rights under the Fund's 5th issuance of new units, 12,090 new units were subscribed and paid in\u003C\u002Fp>\u003Cp>Management also disclosed a Material Fact regarding the acquisition of 5,033.58 sqm of BOMA area at Ed. Parque Cultural Paulista. One of the current tenants elected to exercise its Right of First Refusal over units no. 82, 111, 112, 121, 122, 141, 142, 151, and 152. As a result, the acquisition agreement was terminated between the parties, with no material change to the portfolio or financial impact on the Class. It is worth noting that, under Brazilian real estate law, a tenant holds a right of first refusal to acquire the property under the same terms and conditions offered to third parties Number\u003C\u002Fp>\u003Cp>Regarding the previously announced sale of one of the portfolio assets, discussions on the definitive transaction documents are ongoing. The transaction is expected to be completed by September of this year, subject to the satisfaction of the precedent conditions agreed upon between the parties. Management will continue to keep the market and investors informed of any new developments.\u003C\u002Fp>\u003Cp>At Edifício Fujitsu, the termination of the lease for the four floors previously occupied by Fujitsu has been formalized. As a result, the Fund's physical vacancy is expected to increase from 5.7% to 11.3%. It is worth noting that the Fund's distribution guidance already factored in the potential vacation of these areas; therefore, there is no change to the guidance currently disclosed.\u003C\u002Fp>\u003Cp>_ DIVIDEND YIELD AND DISTRIBUTION PER SHARE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_4_chart_4.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend² per Share BRL 0.131 per share for the month\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Distribution Equivalent to 170.52% of net CDI¹\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Dividend Yield 1.62% p.m. or 21.29% p.y. based on month-end share price\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>PERFORMANCE\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_4_chart_9.jpg\">\u003C\u002Fp>\u003Cp>The distribution projection disclosed does not constitute a promise or guarantee of returns. It is an estimate based on Management’s current assumptions and may be revised at any time in light of new facts, events, or changes in market conditions. ² Value weighted by Net Asset Value\u003C\u002Fp>\u003Cp>¹ Assumed tax rate of 15% ² Dividends based on June \u002F2026\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>FII 1\u003C\u002Ftd>\u003Ctd>0.96%\u003C\u002Ftd>\u003Ctd>0.86\u003C\u002Ftd>\u003Ctd>14.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TEPP11\u003C\u002Ftd>\u003Ctd>0.21%\u003C\u002Ftd>\u003Ctd>0.83\u003C\u002Ftd>\u003Ctd>19.8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 2\u003C\u002Ftd>\u003Ctd>0.26%\u003C\u002Ftd>\u003Ctd>0.83\u003C\u002Ftd>\u003Ctd>12.0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 3\u003C\u002Ftd>\u003Ctd>0.62%\u003C\u002Ftd>\u003Ctd>0.79\u003C\u002Ftd>\u003Ctd>1.4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 4\u003C\u002Ftd>\u003Ctd>0.33%\u003C\u002Ftd>\u003Ctd>0.69\u003C\u002Ftd>\u003Ctd>9.4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 5\u003C\u002Ftd>\u003Ctd>1.27%\u003C\u002Ftd>\u003Ctd>0.68\u003C\u002Ftd>\u003Ctd>6.5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 6\u003C\u002Ftd>\u003Ctd>0.12%\u003C\u002Ftd>\u003Ctd>0.63\u003C\u002Ftd>\u003Ctd>16.5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 7\u003C\u002Ftd>\u003Ctd>0.38%\u003C\u002Ftd>\u003Ctd>0.58\u003C\u002Ftd>\u003Ctd>11.6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 8\u003C\u002Ftd>\u003Ctd>0.18%\u003C\u002Ftd>\u003Ctd>0.58\u003C\u002Ftd>\u003Ctd>16.5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 9\u003C\u002Ftd>\u003Ctd>0.78%\u003C\u002Ftd>\u003Ctd>0.57\u003C\u002Ftd>\u003Ctd>9.8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 10\u003C\u002Ftd>\u003Ctd>0.46%\u003C\u002Ftd>\u003Ctd>0.57\u003C\u002Ftd>\u003Ctd>10.8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 11\u003C\u002Ftd>\u003Ctd>0.72%\u003C\u002Ftd>\u003Ctd>0.52\u003C\u002Ftd>\u003Ctd>11.6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII 12\u003C\u002Ftd>\u003Ctd>0.25%\u003C\u002Ftd>\u003Ctd>0.48\u003C\u002Ftd>\u003Ctd>10.8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MÉDIA³\u003C\u002Ftd>\u003Ctd>6.54%\u003C\u002Ftd>\u003Ctd>0,65\u003C\u002Ftd>\u003Ctd>10.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>ED. TORRE SUL\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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\u002F11372\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>\u003Ch3>ED. PASSARELLI\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_5_image_10.jpg\">\u003C\u002Fp>\u003Cp>At Edifício Torre Sul, Management continues to advance its studies and evaluation of scenarios to facilitate the leasing of the vacant area, which corresponds to half a floor.\u003C\u002Fp>\u003Cp>Among the alternatives under review, the plug-and-play layout format stands out as an option that offers greater flexibility and attractiveness for prospective tenants.\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>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_5_image_15.jpg\">\u003C\u002Fp>\u003Ch3>PORTFOLIO UPDATE\u003C\u002Fh3>\u003Cp>No material updates were recorded for this asset during the month.\u003C\u002Fp>\u003Cp>Regarding the sale of this property, the Fund and the prospective buyer continue to discuss the definitive transaction documents. The agreements are expected to be signed in August, with a settlement deadline in September, subject to the fulfillment of the precedent conditions agreed upon between the parties.\u003C\u002Fp>\u003Ch3>ED. FUJITSU\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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\u002F11372\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>During the month, the partial termination of the lease agreement with Fujitsu was formalized, with the surrender of four floors and the tenant's continued occupancy of one floor of the building.\u003C\u002Fp>\u003Cp>The lease agreement for the remaining floor was renewed at a rental rate 16% above the previously contracted level. As a result of the partial surrender, the Fund's physical vacancy is expected to reach approximately 11.3% starting in July.\u003C\u002Fp>\u003Cp>Management continues to actively pursue the commercialization of the vacant spaces, including through the evaluation of leasing opportunities in the turn-keyformat, with the aim of accelerating absorption and maximizing revenue generation for the Fund.\u003C\u002Fp>\u003Ch3>ED. BRIGADEIRO FARIA LIMA (BFL)\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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 Edifício Brigadeiro Faria Lima, the Condominium Assembly approved the allocation of funds for the development of the retrofit's legal project, including the architectural design and cost estimation.\u003C\u002Fp>\u003Cp>The project entails the installation of an active façade, the renovation of the ground floor area, lobby, and building façade, as well as the refurbishment of technical areas. As the investments will still require assembly approval, Management will keep the market informed of further developments.\u003C\u002Fp>\u003Cp>Negotiations with one of the building's tenants regarding a rent review are ongoing, with a minimum increase of 27% expected over the currently contracted rent.\u003C\u002Fp>\u003Ch3>ED. GPA\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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 Phase 2 of the structural repairs, progress has been made in the preparation of technical reports by the engaged consultants. The expectation is that during August, an amendment to the lease agreement will be formalized establishing the timeline for the execution of the repairs, after which the tenant will commence the planned works.\u003C\u002Fp>\u003Ch3>ED. TOP CENTER\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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 formalization of rent review adjustments for two lease agreements is ongoing, with expected increases of 92% and 40%, respectively, over currently contracted rents. Management believes the asset continues to offer potential for the gradual repositioning of rental rates, with a significant portion of existing contracts expected to be adjusted to market levels over the next two years.\u003C\u002Fp>\u003Cp>In parallel, Management continues to work alongside the property management company to map out potential improvements for the development, including the definition of scopes, timelines, and resources required for their implementation.\u003C\u002Fp>\u003Cp>INCOME STATEMENT\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>Apr\u002F26\u003C\u002Fth>\u003Cth>Apr\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)0.087\u003C\u002Ftd>\u003Ctd>(BRL '000)4,308\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>0.008\u003C\u002Ftd>\u003Ctd>373\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>-\u003C\u002Ftd>\u003Ctd>-\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>0,094\u003C\u002Fth>\u003Cth>4.682\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>(0.011)\u003C\u002Ftd>\u003Ctd>(537)\u003C\u002Ftd>\u003Ctd>(713)\u003C\u002Ftd>\u003Ctd>(713)\u003C\u002Ftd>\u003Ctd>(921)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Financial Expenses\u003C\u002Ftd>\u003Ctd>(0.014)\u003C\u002Ftd>\u003Ctd>(700)\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>(109)\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>(392)\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>(0.035)\u003C\u002Ftd>\u003Ctd>(1,738)\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>0.059 ¹\u003C\u002Fth>\u003Cth>2,944\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>0.189\u003C\u002Ftd>\u003Ctd>9,387\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>0.059\u003C\u002Ftd>\u003Ctd>2,944\u003C\u002Ftd>\u003Ctd>35,162\u003C\u002Ftd>\u003Ctd>35,162\u003C\u002Ftd>\u003Ctd>59,832\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>(57,846)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>EndofUndistributedEarnings\u003C\u002Ftd>\u003Ctd>0.117\u003C\u002Ftd>\u003Ctd>5,831\u003C\u002Ftd>\u003Ctd>5,831\u003C\u002Ftd>\u003Ctd>5,831\u003C\u002Ftd>\u003Ctd>5,831\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>¹ During the month, net income was negatively impacted due to the receipt of one rental payment only in the following month.\u003C\u002Fp>\u003Cp>FUND NET ASSET VALUE COMPOSITION¹\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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\u002F11372\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\u002F11372\u002Fpage_11_chart_3.jpg\">\u003C\u002Fp>\u003Cp>LEASE ADJUSTMENT INDEX\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_11_chart_5.jpg\">\u003C\u002Fp>\u003Cp>WAULT (YEARS)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_11_chart_7.jpg\">\u003C\u002Fp>\u003Cp>TENANT INDUSTRY SECTOR (AS % OF REVENUE)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_11_chart_9.jpg\">\u003C\u002Fp>\u003Cp>_ LEASE READJUSTMENT (% OF RENTAL REVENUES)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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\u002F11372\u002Fpage_12_chart_7.jpg\">\u003C\u002Fp>\u003Cp>DISTRIBUTION OF RENT REVIEWS (NUMBER OF CONTRACTS)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_12_chart_9.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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\u002F11372\u002Fpage_13_chart_6.jpg\">\u003C\u002Fp>\u003Cp>DEBT AMORTIZATION SCHEDULE (BRL MM)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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>400,905\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NumberofShareholders\u003C\u002Ftd>\u003Ctd>45,240\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>1,559\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\u002F11372\u002Fpage_14_chart_6.jpg\">\u003C\u002Fp>\u003Cp>SHAREHOLDER BASE GROWTH\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_14_chart_8.jpg\">\u003C\u002Fp>\u003Cp>HISTORICAL P\u002FB\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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>-\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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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 14.100\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\u002F11372\u002Fpage_17_chart_4.jpg\">\u003C\u002Fp>\u003Cp>AuM BY TYPE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\u002Fpage_17_chart_6.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F11372\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\u002F11372\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\u002F11372\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\u002F11372\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1271033","2026-06-30","2026-07-30 19:22:00",1,{"title":17,"description":18,"canonical":19,"image":20,"json_ld":21,"nome":46,"resumo":88},"Relatório gerencial em inglês TEPP11 de junho de 2026 | Kartac","Relatório gerencial em inglês de junho 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\u002F11372","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":22,"@graph":23},"https:\u002F\u002Fschema.org",[24,30,35,44,59,74],{"@type":25,"@id":26,"name":27,"url":28,"logo":29},"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":31,"@id":32,"name":27,"url":28,"inLanguage":33,"publisher":34},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":26},{"@type":36,"@id":37,"url":19,"name":17,"description":18,"inLanguage":33,"isPartOf":38,"dateModified":39,"mainEntity":40,"breadcrumb":42},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11372#pagina",{"@id":32},"2026-11-01",{"@id":41},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11372#documento",{"@id":43},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11\u002Fdocumentos\u002F11372#migalhas",{"@type":45,"@id":41,"name":46,"alternateName":5,"url":19,"inLanguage":33,"about":47,"genre":7,"datePublished":49,"temporalCoverage":50,"author":51,"publisher":57,"isBasedOn":12},"Report","Relatório gerencial em inglês TEPP11 de junho de 2026",{"@id":48},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11#fundo","2026-07-30","2026-06",{"@type":25,"name":52,"identifier":53},"TELLUS INVESTIMENTOS E CONSULTORIA LTDA",{"@type":54,"propertyID":55,"value":56},"PropertyValue","CNPJ","25.287.778\u002F0001-54",{"@type":25,"name":58},"BTG PACTUAL SERVICOS FINANCEIROS S.A. DISTRIBUIDOR",{"@type":60,"@id":48,"name":61,"alternateName":62,"url":65,"category":66,"identifier":67,"provider":72},"InvestmentFund","Tellus Properties",[63,64],"TEPP11","TELLUS PROPERTIES - FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTEPP11","Tijolo",[68,70],{"@type":54,"propertyID":69,"value":63},"Ticker B3",{"@type":54,"propertyID":55,"value":71},"26.681.370\u002F0001-25",{"@type":25,"name":52,"identifier":73},{"@type":54,"propertyID":55,"value":56},{"@type":75,"@id":43,"itemListElement":76},"BreadcrumbList",[77,80,84,86],{"@type":78,"position":15,"name":79,"item":28},"ListItem","Início",{"@type":78,"position":81,"name":82,"item":83},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":78,"position":85,"name":63,"item":65},3,{"@type":78,"position":87,"name":5,"item":19},4,{"atualizado_em":89,"frases":90},"2026-11-05",[91,92,93,94,95],"Relatório gerencial em inglês do Tellus Properties (TEPP11), fundo imobiliário de tijolo, referente a junho 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":97,"empresa":98,"gestor":102,"cotacoes":107,"patrimonio":215,"vpa":216,"p_vpa":217,"tipo_gestao":218,"mandato":219,"segmento":220,"categoria":66,"grupo":66,"preco_atual":213,"cotacao_atualizada_em":221,"ultima_variacao_cotacao_24h":222,"variacao_cotacao_7d":223,"variacao_cotacao_1m":224,"variacao_cotacao_3m":225,"variacao_cotacao_6m":226,"variacao_cotacao_12m":227,"vacancia_fisica":228,"liquidez_atual":229,"ultimo_dividendo":230,"ultimo_dividend_yield":231,"mes_pagamento_ultimo_dividendo":232,"dividend_yield_3m":233,"dividend_yield_6m":234,"dividend_yield_12m":235,"dividend_yield_medio_12m":236,"qtd_dividendos_pagos_ano_passado":237,"data_ultima_cotacao":211,"pregoes_com_negocio_21":238,"alertas":239,"updated_at":240,"liquidez_media_reais":241,"administrador":58,"taxa_administracao_paga":242,"balanco":243,"resultado_distribuido":251,"publico_alvo":253,"mercados_negociacao_cotas":254,"data_funcionamento":256,"data_final":219,"quantidade_cotas":257,"quantidade_cotistas":258,"detalhes_cotistas":259,"total_investido":265,"investimentos_fundo":266,"imoveis":269,"contratos":359,"custodiante":413,"auditor_independente":420,"formador_mercado":219,"distribuidor_cotas":219,"consultor_especializado":219,"administrador_locacoes":219,"relatorio_anual":427,"analise_administrador":430},667,{"nome":64,"nome_simplificado":99,"nome_comercial":61,"ticker":63,"nome_ticker":100,"nome_pregao":101,"cnpj":71},"TELLUS PROPERTIES    RESPONSABILIDADE LIMITADA","TEPP11 - TELLUS PROPERTIES - FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","FII TEL PROP",{"id":15,"nome":52,"cnpj":103,"endereco":104,"telefone":105,"created_at":106,"updated_at":106},"25287778000154","Avenida Brigadeiro Faria Lima, n° 2055, 4º andar, conjunto 42, São Paulo \u002FSP","(11) 4280-4300","2026-06-07T17:17:20.000000Z",[108,114,120,126,131,137,141,146,150,154,159,164,169,174,180,186,191,197,203,209],{"id":109,"data":110,"abertura":111,"ultimo":112,"volume":113},3288943,"2026-10-06",7.45,7.53,619548,{"id":115,"data":116,"abertura":117,"ultimo":118,"volume":119},3289545,"2026-10-07",7.68,7.6,387065,{"id":121,"data":122,"abertura":123,"ultimo":124,"volume":125},3290217,"2026-10-08",7.65,7.66,365378,{"id":127,"data":128,"abertura":124,"ultimo":129,"volume":130},3291155,"2026-10-09",7.77,254810,{"id":132,"data":133,"abertura":134,"ultimo":135,"volume":136},3357294,"2026-10-13",7.81,7.7,291934,{"id":138,"data":139,"abertura":135,"ultimo":124,"volume":140},3375724,"2026-10-14",154841,{"id":142,"data":143,"abertura":124,"ultimo":144,"volume":145},3376269,"2026-10-15",7.59,443442,{"id":147,"data":148,"abertura":124,"ultimo":123,"volume":149},3377234,"2026-10-16",521661,{"id":151,"data":152,"abertura":124,"ultimo":135,"volume":153},3444923,"2026-10-19",185053,{"id":155,"data":156,"abertura":135,"ultimo":157,"volume":158},3446572,"2026-10-20",7.75,233867,{"id":160,"data":161,"abertura":129,"ultimo":162,"volume":163},3459509,"2026-10-21",7.74,330666,{"id":165,"data":166,"abertura":129,"ultimo":167,"volume":168},3473560,"2026-10-22",7.79,280570,{"id":170,"data":171,"abertura":167,"ultimo":172,"volume":173},3488190,"2026-10-23",7.84,441814,{"id":175,"data":176,"abertura":177,"ultimo":178,"volume":179},3566108,"2026-10-26",7.19,7.03,855539,{"id":181,"data":182,"abertura":183,"ultimo":184,"volume":185},3580044,"2026-10-27",7.11,7.05,380464,{"id":187,"data":188,"abertura":189,"ultimo":178,"volume":190},3594165,"2026-10-28",7,386522,{"id":192,"data":193,"abertura":194,"ultimo":195,"volume":196},3609022,"2026-10-29",6.99,6.98,309128,{"id":198,"data":199,"abertura":200,"ultimo":201,"volume":202},3624750,"2026-10-30",6.95,6.91,192210,{"id":204,"data":205,"abertura":206,"ultimo":207,"volume":208},3682077,"2026-11-03",6.86,6.65,285358,{"id":210,"data":211,"abertura":212,"ultimo":213,"volume":214},3695700,"2026-11-04",6.7,6.69,163885,512304330.56,9.53,"0.70","Ativa",null,"Outros","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",2621351.08,0.00801455663735798,{"data_referencia":244,"ativo":245,"passivo":246,"obrigacoes_imoveis":247,"obrigacoes_securitizacao":248,"liquidez":249,"valores_receber":250},"2026-09-01",710900705.93,198596375.37,99640459.57,95638604.66,14198085.49,61264538.35,{"data_referencia":13,"resultado":252,"rendimentos":252,"percentual":15},37893619.08,"Investidores em Geral",[255],"Bolsa","2019-09-23",53763691,46738,{"Pessoa Física":260,"Pessoa jurídica não financeira":261,"Fundos de investimento imobiliário":262,"Outros fundos de investimento":263,"Investidores não residentes":264,"Entidade aberta de previdência complementar":85,"Entidade fechada de previdência complementar":15,"SSociedade de capitalização e de arrendamento mercantil":15,"Outros tipos de cotistas não relacionados":15},46608,81,17,15,11,635438082.09,{"Imóveis para renda":267,"Cotas de FIIs":268},592356116.56,43081965.53,{"vacancia_total":270,"lista_imoveis":271,"data_referencia":13,"vacancia_suspeita":11},0.30522408490795905,[272,287,304,324,344,355],{"nome":273,"vacancia":274,"numero_unidades":275,"area":276,"endereco":277,"percentual_inadimplencia":274,"percentual_receitas":278,"inquilinos":279,"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,[280,284],{"setor":281,"percentual_receita_imovel":282,"percentual_receita_fii":283},"Serviços Financeiros Diversos",0.14115732359639,0.01628854282662,{"setor":220,"percentual_receita_imovel":285,"percentual_receita_fii":286},0.85884267640361,0.09910428562623,{"nome":288,"vacancia":289,"numero_unidades":290,"area":291,"endereco":292,"percentual_inadimplencia":293,"percentual_receitas":294,"inquilinos":295,"ocupacao":303},"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,[296,299],{"setor":220,"percentual_receita_imovel":297,"percentual_receita_fii":298},0.61482372963411,0.06501226644714,{"setor":300,"percentual_receita_imovel":301,"percentual_receita_fii":302},"Comércio",0.25941736670287,0.02743113213138,0.2967364820332,{"nome":305,"vacancia":306,"numero_unidades":307,"area":308,"endereco":309,"percentual_inadimplencia":310,"percentual_receitas":311,"inquilinos":312,"ocupacao":323},"Shopping Top Center",0.46656044461652,30,29805,"Avenida Paulista, 854, Sem Complemento, Bela Vista, Sao Paulo\u002FSP, Brasil, 01311-100",0.44438792288404,0.08058271064757,[313,317,320],{"setor":314,"percentual_receita_imovel":315,"percentual_receita_fii":316},"Serviços Médico - Hospitalares",0.11509080287399,0.00927432886619,{"setor":220,"percentual_receita_imovel":318,"percentual_receita_fii":319},0.24272015502523,0.01955904802073,{"setor":300,"percentual_receita_imovel":321,"percentual_receita_fii":322},0.23312804372174,0.01878608969106,0.53343955538348,{"nome":325,"vacancia":326,"numero_unidades":327,"area":328,"endereco":329,"percentual_inadimplencia":330,"percentual_receitas":331,"inquilinos":332,"ocupacao":343},"Edificio Passarelli",0.46153846153846,78,22964,"Rua Pais Leme, 524, Sem Complemento, Pinheiros, São Paulo\u002FSP, Brasil, 05424-010",0.09375,0.07696610806868,[333,337,340],{"setor":334,"percentual_receita_imovel":335,"percentual_receita_fii":336},"Serviços Diversos",0.2709769904367,0.02085604433008,{"setor":220,"percentual_receita_imovel":338,"percentual_receita_fii":339},0.41647106447539,0.03205415695589,{"setor":300,"percentual_receita_imovel":341,"percentual_receita_fii":342},0.16023872958806,0.01233295137826,0.53846153846154,{"nome":345,"vacancia":346,"numero_unidades":189,"area":347,"endereco":348,"percentual_inadimplencia":274,"percentual_receitas":349,"inquilinos":350,"ocupacao":354},"Edificio Fujitsu",0.14285714285714,4107,"Rua Treze De Maio, 1633, Sem Complemento, Bela Vista, São Paulo\u002FSP, Brasil, 01327-001",0.06073212501641,[351],{"setor":300,"percentual_receita_imovel":352,"percentual_receita_fii":353},0.92601304205668,0.05623873983702,0.85714285714286,{"nome":356,"vacancia":274,"numero_unidades":15,"area":357,"endereco":358,"percentual_inadimplencia":274,"percentual_receitas":274,"ocupacao":15},"Imovel GPA - Brigadeiro Luis Antonio",17644,"Avenida Brigadeiro Luis Antonio, 3142, Sem Complemento, Jardim Paulista, São Paulo\u002FSP, Brasil, 01402-000",{"data_referencia":13,"prazos":360,"indexadores":400,"receita_aluguel_trimestre":407,"valor_imoveis":408,"cap_rate":409,"receita_sobre_mercado":410,"aluguel_m2_mes":411,"area_ocupada":412},[361,364,367,370,373,375,378,381,384,387,389,392,394,397],{"faixa":362,"percentual":363},"Até 3 meses",0.13839,{"faixa":365,"percentual":366},"3 a 6 meses",0.004561,{"faixa":368,"percentual":369},"6 a 9 meses",0.032284,{"faixa":371,"percentual":372},"9 a 12 meses",0.007791,{"faixa":374,"percentual":274},"12 a 15 meses",{"faixa":376,"percentual":377},"15 a 18 meses",0.012881,{"faixa":379,"percentual":380},"18 a 21 meses",0.286349,{"faixa":382,"percentual":383},"21 a 24 meses",0.012284,{"faixa":385,"percentual":386},"24 a 27 meses",0.036571,{"faixa":388,"percentual":274},"27 a 30 meses",{"faixa":390,"percentual":391},"30 a 33 meses",0.029934,{"faixa":393,"percentual":274},"33 a 36 meses",{"faixa":395,"percentual":396},"Acima de 36 meses",0.428591,{"faixa":398,"percentual":399},"Indeterminado",0.010364,[401,404],{"nome":402,"percentual":403},"IPCA",0.741106,{"nome":405,"percentual":406},"IGP-M",0.258894,14216227.14,644868659.64,0.088181,0.158099,43.45,109057,{"id":414,"nome":415,"cnpj":416,"endereco":417,"telefone":418,"created_at":419,"updated_at":419},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":421,"nome":422,"cnpj":423,"endereco":424,"telefone":425,"created_at":426,"updated_at":426},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":428,"data_disponibilizacao":429},"2025","2026-03-31",{"ResultadoFundo":431,"ConjunturaEconomica":432,"PerspectivaPeriodoSeguinte":433},"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."]