[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:VSHO11:21228":3,"seo:\u002Fdetalhes\u002FVSHO11\u002Fdocumentos\u002F21228":16,"fii-documento:VSHO11":91},{"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},21228,"(VSHO) Relatório Gerencial - 30\u002F09\u002F2026","Relatório Gerencial","Relatórios","(Ativo)","\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_0_Figure_1.jpeg\">\u003C\u002Fp>\u003Ch4>REDES TIVIO CAPITAL\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_1_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>ri@tivio.com\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_1_Picture_3.jpeg\">\u003C\u002Fp>\u003Cp>in\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_1_Picture_5.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_1_Picture_6.jpeg\">\u003C\u002Fp>\u003Cp>www.tivio.com\u003C\u002Fp>\u003Cp>Acesse o site dos fundos:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_1_Picture_9.jpeg\">\u003C\u002Fp>\u003Ch4>Votorantim Shopping Fundo de Investimento Imobiliário (FII)\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_2_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Ticker \u003Cb> VSHO11 \u003C\u002Fb> CNPJ \u003Cb> 23.740.595\u002F0001-17 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>TIVIO CAPITAL DTVM S.A.\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>TIVIO CAPITAL DTVM S.A.\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Banco Bradesco S.A.\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>PWC\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Jan-19\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Indeterminado\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>2.098.800\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Investidores em geral\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>0,75% a.a.\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Não há\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Mensal, com pagamento no 6º dia útil do mês\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>O objetivo do Fundo é proporcionar aos cotistas renda mensal por meio da exploração comercial de empreendimentos imobiliários como shopping centers, strip malls, outlets ou power centers. shoppings: Shopping Bay Market, Shopping Hortolândia e Shopping Valinhos.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_3_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_3_Picture_3.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_3_Picture_4.jpeg\">\u003C\u002Fp>\u003Ch5>Rentabilidade\u003C\u002Fh5>\u003Cp>Rendimento por Cota\u003C\u002Fp>\u003Cp>R$ 1,50\u003C\u002Fp>\u003Cp>Dividend Yield Mensal\u003C\u002Fp>\u003Cp>1,90%\u003C\u002Fp>\u003Cp>Dividend Yield Anualizado\u003C\u002Fp>\u003Cp>22,76%\u003C\u002Fp>\u003Cp>Dividend Yield Médio (12 M)<sup>1<\u002Fsup>\u003C\u002Fp>\u003Cp>12,55%\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_3_Picture_14.jpeg\">\u003C\u002Fp>\u003Ch4>Valuation\u003C\u002Fh4>\u003Cp>Cota Fechamento\u003C\u002Fp>\u003Cp>R$ 79,10\u003C\u002Fp>\u003Cp>Cota Patrimonial\u003C\u002Fp>\u003Cp>R$ 121,37\u003C\u002Fp>\u003Cp>Valor de Mercado\u003C\u002Fp>\u003Cp>R$ 166,02 MM\u003C\u002Fp>\u003Cp>Valor Patrimonial\u003C\u002Fp>\u003Cp>R$ 254,74 MM\u003C\u002Fp>\u003Cp>P\u002FVP\u003C\u002Fp>\u003Cp>0,65\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_3_Picture_26.jpeg\">\u003C\u002Fp>\u003Ch4>Liquidez\u003C\u002Fh4>\u003Cp>Média Diária Volume Negociado\u003C\u002Fp>\u003Cp>R$ 55.460\u003C\u002Fp>\u003Cp>Número de Negócios no Mês\u003C\u002Fp>\u003Cp>863\u003C\u002Fp>\u003Cp>Número de Cotistas\u003C\u002Fp>\u003Cp>2.736\u003C\u002Fp>\u003Cp>Quantidade de Cotas\u003C\u002Fp>\u003Cp>2.098.800\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_3_Picture_36.jpeg\">\u003C\u002Fp>\u003Ch4>Portfólio\u003C\u002Fh4>\u003Cp>Ativos\u003C\u002Fp>\u003Cp>3\u003C\u002Fp>\u003Cp>Área Bruta Locável (m²)\u003C\u002Fp>\u003Cp>45.913\u003C\u002Fp>\u003Cp>Vacância Física\u003C\u002Fp>\u003Cp>9,9%\u003C\u002Fp>\u003Cp>Acesse a Planilha de Fundamentos\u003C\u002Fp>\u003Ch3>Relatório Gerencial \u003Cb> VSHO11 \u003C\u002Fb> Votorantim Shopping FII Comentário do Gestor\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_4_Picture_4.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_4_Picture_5.jpeg\">\u003C\u002Fp>\u003Ch5>RETORNO\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_4_Picture_7.jpeg\">\u003C\u002Fp>\u003Cp>Em setembro, o resultado caixa foi de R$ 4,26 por cota, sendo que a rentabilidade do Fundo nos últimos 12 meses foi de 19,9%, frente a uma rentabilidade de 4,6% do IFIX para o mesmo período, enquanto a rentabilidade YTD foi de 12,6%, frente a rentabilidade do IFIX de -0,5%.\u003C\u002Fp>\u003Cp>Também em setembro, tivemos o fechamento da alienação de frações ideais correspondentes a 20% dos Shoppings Valinhos e Hortolândia, com o recebimento da primeira parcela do preço, equivalente a 50% do valor total da venda.\u003C\u002Fp>\u003Cp>Em agosto, o portfólio apresentou um retorno de inadimplência pontual para os Shoppings Bay Market e Hortolândia, marcada pelo efeito da entrada em recuperação judicial da Casas Bahia e pelo fluxo de caixa das Lojas Pernambucanas, respectivamente, fechando com uma inadimplência líquida de 12,6%.\u003C\u002Fp>\u003Cp>Por fim, a partir deste relatório, retornamos com o lançamento das despesas ordinárias dos shoppings arcadas pelo Fundo, na condição de proprietário, na linha de NOI Líquido, deixando de serem apresentadas como despesas administrativas do Fundo, conforme indicado no relatório anterior.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_5_Picture_3.jpeg\">\u003C\u002Fp>\u003Ch2>Resultado e Rentabilidade\u003C\u002Fh2>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_6_Picture_3.jpeg\">\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>jul\u002F26\u003Cbr>(R$ mil)\u003C\u002Fth>\u003Cth>ago\u002F 26\u003Cbr>(R$ mil)\u003C\u002Fth>\u003Cth>set\u002F26\u003Cbr>(R$ mil)\u003C\u002Fth>\u003Cth>set\u002F26\u003Cbr>(R$\u002FCota)\u003C\u002Fth>\u003Cth>Ano (YTD)\u003C\u002Fth>\u003Cth colspan=\"2\">12 Meses\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receitas\u003C\u002Ftd>\u003Ctd>2.670\u003C\u002Ftd>\u003Ctd>3.334\u003C\u002Ftd>\u003Ctd>2.441\u003C\u002Ftd>\u003Ctd>1,16\u003C\u002Ftd>\u003Ctd>20.398\u003C\u002Ftd>\u003Ctd colspan=\"2\">26.454\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NOI Líquido\u003C\u002Ftd>\u003Ctd>2.649\u003C\u002Ftd>\u003Ctd>3.314\u003C\u002Ftd>\u003Ctd>2.326\u003C\u002Ftd>\u003Ctd>1,11\u003C\u002Ftd>\u003Ctd>20.114\u003C\u002Ftd>\u003Ctd>26.090\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita Financeira Caixa\u003C\u002Ftd>\u003Ctd>21\u003C\u002Ftd>\u003Ctd>20\u003C\u002Ftd>\u003Ctd>114\u003C\u002Ftd>\u003Ctd>0 ,0 5\u003C\u002Ftd>\u003Ctd>284\u003C\u002Ftd>\u003Ctd>364\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\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>Despesas\u003C\u002Ftd>\u003Ctd>(1.001)\u003C\u002Ftd>\u003Ctd>(1.065)\u003C\u002Ftd>\u003Ctd>(235)\u003C\u002Ftd>\u003Ctd>(11, 0)\u003C\u002Ftd>\u003Ctd>(4.721)\u003C\u002Ftd>\u003Ctd>(5.359)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Obras e Manutenção\u003C\u002Ftd>\u003Ctd>(81)\u003C\u002Ftd>\u003Ctd>(31)\u003C\u002Ftd>\u003Ctd>(11)\u003C\u002Ftd>\u003Ctd>(0,00)\u003C\u002Ftd>\u003Ctd>(1.245)\u003C\u002Ftd>\u003Ctd>(1.777)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas Administrativas\u003C\u002Ftd>\u003Ctd>(919)\u003C\u002Ftd>\u003Ctd>(1.034)\u003C\u002Ftd>\u003Ctd>(224)\u003C\u002Ftd>\u003Ctd>(0,11)\u003C\u002Ftd>\u003Ctd>(3.476)\u003C\u002Ftd>\u003Ctd>(3.583)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxas do Fundo\u003C\u002Ftd>\u003Ctd>(150)\u003C\u002Ftd>\u003Ctd>(171)\u003C\u002Ftd>\u003Ctd>(161)\u003C\u002Ftd>\u003Ctd>(0,08)\u003C\u002Ftd>\u003Ctd>(1.4 16)\u003C\u002Ftd>\u003Ctd>(1.887)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa Admnistração e Gestão\u003C\u002Ftd>\u003Ctd>(150)\u003C\u002Ftd>\u003Ctd>(171)\u003C\u002Ftd>\u003Ctd>(157)\u003C\u002Ftd>\u003Ctd>(0,07)\u003C\u002Ftd>\u003Ctd>(70 1)\u003C\u002Ftd>\u003Ctd>(1.163)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Demais Taxas\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>(5)\u003C\u002Ftd>\u003Ctd>(0,00)\u003C\u002Ftd>\u003Ctd>(52)\u003C\u002Ftd>\u003Ctd>(61)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado Recorrente\u003C\u002Ftd>\u003Ctd>1.519\u003C\u002Ftd>\u003Ctd>2.097\u003C\u002Ftd>\u003Ctd>2.045\u003C\u002Ftd>\u003Ctd>0,97\u003C\u002Ftd>\u003Ctd>14.262\u003C\u002Ftd>\u003Ctd>19.208\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado não recorrente\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>6.892\u003C\u002Ftd>\u003Ctd>3,28\u003C\u002Ftd>\u003Ctd>6.892\u003C\u002Ftd>\u003Ctd>6.892\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado Total\u003C\u002Ftd>\u003Ctd>1.519\u003C\u002Ftd>\u003Ctd>2.097\u003C\u002Ftd>\u003Ctd>8.937\u003C\u002Ftd>\u003Ctd>4,26\u003C\u002Ftd>\u003Ctd>21.154\u003C\u002Ftd>\u003Ctd>26.101\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Acesse a Planilha de Fundamentos\u003C\u002Fp>\u003Cp>Fonte: Tivio Capital\u003C\u002Fp>\u003Cp>Resultado (DRE)\u003C\u002Fp>\u003Ch4>Resultado e Distribuição de Rendimentos\u003C\u002Fh4>\u003Cp>O resultado gerado em setembro foi de R$ 4,26\u002Fcota.\u003C\u002Fp>\u003Cp>No mês, a distribuição foi de R$ 1,50\u002Fcota e o fundo encerrou com uma reserva de resultado caixa de R$ 3,25\u002Fcota.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_7_Figure_7.jpeg\">\u003C\u002Fp>\u003Ch5>RESULTADO GERADO RESULTADO GERADO versus RESULTADO DISTRIBUIDO\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_7_Figure_9.jpeg\">\u003C\u002Fp>\u003Cp>Saldo de resultado gerado não distribuído\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>0, 43\u003C\u002Fth>\u003Cth>0,51\u003C\u002Fth>\u003Cth>0,25\u003C\u002Fth>\u003Cth>0,28\u003C\u002Fth>\u003Cth>1,01\u003C\u002Fth>\u003Cth>0,17\u003C\u002Fth>\u003Cth>0,18\u003C\u002Fth>\u003Cth>0,13\u003C\u002Fth>\u003Cth>0,17\u003C\u002Fth>\u003Cth>0,19\u003C\u002Fth>\u003Cth>0,49\u003C\u002Fth>\u003Cth>3,25\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Fonte: Tivio Capital\u003C\u002Fp>\u003Ch4>Rentabilidade e Liquidez\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_8_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_8_Figure_2.jpeg\">\u003C\u002Fp>\u003Cp>No mês de setembro, o VSHO teve uma rentabilidade de 10,9% e, no acumulado dos últimos 12 meses, o fundo apresentou uma rentabilidade de 19,9%, acima do IFIX que teve uma rentabilidade de 4,6% no período.\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Índice\u003C\u002Fth>\u003Cth>Mês\u003C\u002Fth>\u003Cth>Ano\u003C\u002Fth>\u003Cth colspan=\"2\">12 Meses\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>VSHO11\u003C\u002Fth>\u003Cth>10,9%\u003C\u002Fth>\u003Cth>12,6%\u003C\u002Fth>\u003Cth>19,9%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>IFIX\u003C\u002Fth>\u003Cth>-0,2%\u003C\u002Fth>\u003Cth>-0,5%\u003C\u002Fth>\u003Cth>4,6%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CDI Líquido1\u003C\u002Fth>\u003Cth>0,9%\u003C\u002Fth>\u003Cth>8,9%\u003C\u002Fth>\u003Cth>12,3%\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch4>Rentabilidade e Liquidez\u003C\u002Fh4>\u003Cp>O Fundo encerrou o mês com uma relação P\u002FVP de 0,65. O volume médio de negociação média diária no mês foi de R$55 mil por dia.\u003C\u002Fp>\u003Ch5>PREÇO A MERCADO E PATRIMONIAL (R$ \u002F cota)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_9_Figure_7.jpeg\">\u003C\u002Fp>\u003Ch5>VOLUME DE NEGOCIAÇÃO DIÁRIO - ADTV (R$ mil)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_9_Figure_9.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_10_Picture_3.jpeg\">\u003C\u002Fp>\u003Ch2>Indicadores Operacionais\u003C\u002Fh2>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_11_Picture_4.jpeg\">\u003C\u002Fp>\u003Ch4>Carteira do Fundo\u003C\u002Fh4>\u003Ch5>COMPOSIÇÃO DA CARTEIRA DO FUNDO (R$ MM)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_11_Figure_7.jpeg\">\u003C\u002Fp>\u003Ch5>\u003Cb> Patrimônio Líquido do Fundo \u003C\u002Fb>\u003C\u002Fh5>\u003Cp>O patrimônio líquido do Fundo encerrou o mês de setembro em R$254,7 milhões e é composto por R$ 213,0 milhões de imóveis, R$ 21,6 milhões são caixa alocados em fundo de liquidez¹ e R$ 20,1 milhões são valores a receber.\u003C\u002Fp>\u003Cp>\u003Cb> O Fundo não possui alavancagem ou obrigações futuras por compra de ativos. \u003C\u002Fb>\u003C\u002Fp>\u003Cp>Fonte: Tivio Capital 12 ¹ Fundos atrelados a CDI com liquidez diária\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_12_Picture_3.jpeg\">\u003C\u002Fp>\u003Ch3>Portfólio\u003C\u002Fh3>\u003Ch4>Indicadores Operacionais\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_13_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>O portfólio registrou em setembro desempenho consolidado de 15,8% acima do observado no mesmo mês do ano anterior. O destaque positivo ficou com o aumento das linhas de receita, mesmo considerando uma inadimplência e vacância superior da observada em 2025.\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>Mê\u003C\u002Fth>\u003Cth>S\u003C\u002Fth>\u003Cth>Variação\u003C\u002Fth>\u003Cth>Acumulado\u003C\u002Fth>\u003Cth>no ano\u003C\u002Fth>\u003Cth>Variação\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>ago\u002F25\u003C\u002Fth>\u003Cth>Δ\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>ago\u002F25\u003C\u002Fth>\u003Cth>Δ\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas\u003C\u002Ftd>\u003Ctd>2.744\u003C\u002Ftd>\u003Ctd>2.452\u003C\u002Ftd>\u003Ctd>11,9 %\u003C\u002Ftd>\u003Ctd>22.712\u003C\u002Ftd>\u003Ctd>21.453\u003C\u002Ftd>\u003Ctd>5,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aluguel Mínimo\u003C\u002Ftd>\u003Ctd>1.646\u003C\u002Ftd>\u003Ctd>1.576\u003C\u002Ftd>\u003Ctd>4 ,4 %\u003C\u002Ftd>\u003Ctd>14.032\u003C\u002Ftd>\u003Ctd>12.878\u003C\u002Ftd>\u003Ctd>9,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aluguel Complementar\u003C\u002Ftd>\u003Ctd>321\u003C\u002Ftd>\u003Ctd>280\u003C\u002Ftd>\u003Ctd>14 ,4 %\u003C\u002Ftd>\u003Ctd>2.566\u003C\u002Ftd>\u003Ctd>2.646\u003C\u002Ftd>\u003Ctd>-3,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Mall & Mídia\u003C\u002Ftd>\u003Ctd>476\u003C\u002Ftd>\u003Ctd>427\u003C\u002Ftd>\u003Ctd>11,6 %\u003C\u002Ftd>\u003Ctd>3.492\u003C\u002Ftd>\u003Ctd>3.303\u003C\u002Ftd>\u003Ctd>5,7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Receitas\u003C\u002Ftd>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>(22)\u003C\u002Ftd>\u003Ctd>-228,1%\u003C\u002Ftd>\u003Ctd>(158)\u003C\u002Ftd>\u003Ctd>(26)\u003C\u002Ftd>\u003Ctd>-507,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>l nadimplência Líquida\u003C\u002Ftd>\u003Ctd>(335)\u003C\u002Ftd>\u003Ctd>(212)\u003C\u002Ftd>\u003Ctd>-58,2%\u003C\u002Ftd>\u003Ctd>(1.301)\u003C\u002Ftd>\u003Ctd>(654)\u003C\u002Ftd>\u003Ctd>-99,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita de\u003Cbr>Estacionamento\u003C\u002Ftd>\u003Ctd>609\u003C\u002Ftd>\u003Ctd>402\u003C\u002Ftd>\u003Ctd>51,3%\u003C\u002Ftd>\u003Ctd>4.082\u003C\u002Ftd>\u003Ctd>3.306\u003C\u002Ftd>\u003Ctd>23,5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Despesas\u003C\u002Ftd>\u003Ctd>(592)\u003C\u002Ftd>\u003Ctd>(594)\u003C\u002Ftd>\u003Ctd>0,3%\u003C\u002Ftd>\u003Ctd>(5.888)\u003C\u002Ftd>\u003Ctd>(6.216)\u003C\u002Ftd>\u003Ctd>5,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Encargos com Lojas Vagas\u003C\u002Ftd>\u003Ctd>(546)\u003C\u002Ftd>\u003Ctd>(308)\u003C\u002Ftd>\u003Ctd>-77,2%\u003C\u002Ftd>\u003Ctd>(4.074)\u003C\u002Ftd>\u003Ctd>(3.280)\u003C\u002Ftd>\u003Ctd>-24,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Despesas\u003C\u002Ftd>\u003Ctd>(46)\u003C\u002Ftd>\u003Ctd>(286)\u003C\u002Ftd>\u003Ctd>83,8%\u003C\u002Ftd>\u003Ctd>(1.8 14)\u003C\u002Ftd>\u003Ctd>(2.937)\u003C\u002Ftd>\u003Ctd>38,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NOI 100%\u003C\u002Ftd>\u003Ctd>2.152\u003C\u002Ftd>\u003Ctd>1.858\u003C\u002Ftd>\u003Ctd>15,8%\u003C\u002Ftd>\u003Ctd>16.824\u003C\u002Ftd>\u003Ctd>15.236\u003C\u002Ftd>\u003Ctd>10 ,4 %\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch4>Indicadores operacionais\u003C\u002Fh4>\u003Cp>NOI Portfolio (R$ mil)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_14_Figure_2.jpeg\">\u003C\u002Fp>\u003Ch5>Fluxo de Veículos Total Portfolio (mil)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_14_Figure_4.jpeg\">\u003C\u002Fp>\u003Cp>Relatório Gerencial\u003C\u002Fp>\u003Cp>\u003Cb> VSHO11 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>Votorantim Shopping FII\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_14_Picture_8.jpeg\">\u003C\u002Fp>\u003Ch5>Vacância Portfolio (%)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_14_Figure_10.jpeg\">\u003C\u002Fp>\u003Ch5>Inadimplência Portfolio (%)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_14_Picture_12.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_15_Picture_0.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_15_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>Ano de Inauguração 1994\u003C\u002Fp>\u003Cp>ABL 11,7 mil m²\u003C\u002Fp>\u003Cp>Número de Lojas 81\u003C\u002Fp>\u003Cp>Âncoras 3\u003C\u002Fp>\u003Cp>Estacionamento 204 vagas\u003C\u002Fp>\u003Cp>Principais Operações Casas Bahia, C&A, Lojas Americanas, Mc Donald's, O Boticário\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_15_Picture_8.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_0.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_2.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_3.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_4.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_5.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_6.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_7.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_8.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_16_Picture_9.jpeg\">\u003C\u002Fp>\u003Ch4>Bay Market\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_17_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>Em agosto, a performance do shopping foi negativamente afetado pelo aumento pontual da inadimplência, em virtude da apresentação do pedido de recuperação judicial da Casas Bahia, bem como o aumento dos encargos com lojas vagas, considerando a vacância presente no ativo. Ainda assim, as receitas com aluguel mínimo e mall & mídia mostraram avanço de 0,2% e 3,1%, respectivamente, quando comparadas com o mesmo período do último ano.\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth colspan=\"2\">Mês\u003C\u002Fth>\u003Cth>Variação\u003C\u002Fth>\u003Cth colspan=\"2\">Acumulado no ano\u003C\u002Fth>\u003Cth>Variação\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>ago\u002F25\u003C\u002Fth>\u003Cth>Δ\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>ago\u002F25\u003C\u002Fth>\u003Cth>Δ\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas\u003C\u002Ftd>\u003Ctd>690\u003C\u002Ftd>\u003Ctd>697\u003C\u002Ftd>\u003Ctd>- 1,0 %\u003C\u002Ftd>\u003Ctd>6.937\u003C\u002Ftd>\u003Ctd>6.782\u003C\u002Ftd>\u003Ctd>2,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aluguel Mínimo\u003C\u002Ftd>\u003Ctd>586\u003C\u002Ftd>\u003Ctd>585\u003C\u002Ftd>\u003Ctd>0,2%\u003C\u002Ftd>\u003Ctd>5.195\u003C\u002Ftd>\u003Ctd>4.639\u003C\u002Ftd>\u003Ctd>12,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aluguel Complementar\u003C\u002Ftd>\u003Ctd>20\u003C\u002Ftd>\u003Ctd>27\u003C\u002Ftd>\u003Ctd>-26,4%\u003C\u002Ftd>\u003Ctd>238\u003C\u002Ftd>\u003Ctd>4 12\u003C\u002Ftd>\u003Ctd>-42,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Mall & Mídia\u003C\u002Ftd>\u003Ctd>179\u003C\u002Ftd>\u003Ctd>173\u003C\u002Ftd>\u003Ctd>3,1%\u003C\u002Ftd>\u003Ctd>1.472\u003C\u002Ftd>\u003Ctd>1.3 16\u003C\u002Ftd>\u003Ctd>11,9 %\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Receitas\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>-55,8%\u003C\u002Ftd>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>14 5\u003C\u002Ftd>\u003Ctd>-80,5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>l nadimplência Líquida\u003C\u002Ftd>\u003Ctd>(199)\u003C\u002Ftd>\u003Ctd>(166)\u003C\u002Ftd>\u003Ctd>20,3%\u003C\u002Ftd>\u003Ctd>(648)\u003C\u002Ftd>\u003Ctd>(393)\u003C\u002Ftd>\u003Ctd>-64,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita de\u003Cbr>Estacionamento\u003C\u002Ftd>\u003Ctd>99\u003C\u002Ftd>\u003Ctd>65\u003C\u002Ftd>\u003Ctd>51,5%\u003C\u002Ftd>\u003Ctd>651\u003C\u002Ftd>\u003Ctd>663\u003C\u002Ftd>\u003Ctd>- 1,8 %\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Despesas\u003C\u002Ftd>\u003Ctd>(343)\u003C\u002Ftd>\u003Ctd>(162)\u003C\u002Ftd>\u003Ctd>- 111,9 %\u003C\u002Ftd>\u003Ctd>(3.176)\u003C\u002Ftd>\u003Ctd>(2.659)\u003C\u002Ftd>\u003Ctd>- 19 ,4 %\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Encargos com Lojas Vagas\u003C\u002Ftd>\u003Ctd>(326)\u003C\u002Ftd>\u003Ctd>(94)\u003C\u002Ftd>\u003Ctd>-248,8%\u003C\u002Ftd>\u003Ctd>(2.382)\u003C\u002Ftd>\u003Ctd>(1.511)\u003C\u002Ftd>\u003Ctd>-57,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Despesas\u003C\u002Ftd>\u003Ctd>(17)\u003C\u002Ftd>\u003Ctd>(69)\u003C\u002Ftd>\u003Ctd>74,9%\u003C\u002Ftd>\u003Ctd>(793)\u003C\u002Ftd>\u003Ctd>(1.148)\u003C\u002Ftd>\u003Ctd>30,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NOI 100%\u003C\u002Ftd>\u003Ctd>346\u003C\u002Ftd>\u003Ctd>535\u003C\u002Ftd>\u003Ctd>-35,2%\u003C\u002Ftd>\u003Ctd>3.761\u003C\u002Ftd>\u003Ctd>4.123\u003C\u002Ftd>\u003Ctd>-8,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch4>Bay Market\u003C\u002Fh4>\u003Cp>NOI Bay Market (R$ mil)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_18_Figure_2.jpeg\">\u003C\u002Fp>\u003Cp>Fluxo de Veículos Bay Market (mil)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_18_Figure_4.jpeg\">\u003C\u002Fp>\u003Cp>Relatório Gerencial\u003C\u002Fp>\u003Cp>\u003Cb> VSHO11 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>Votorantim Shopping FII\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_18_Picture_8.jpeg\">\u003C\u002Fp>\u003Ch5>Vacância Bay Market (%)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_18_Figure_10.jpeg\">\u003C\u002Fp>\u003Ch5>Inadimplência Bay Market(%)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_18_Figure_12.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_19_Picture_0.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_19_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>Ano de Inauguração 2011\u003C\u002Fp>\u003Cp>ABL 18,8 mil m²\u003C\u002Fp>\u003Cp>Número de Lojas 120\u003C\u002Fp>\u003Cp>Âncoras 4\u003C\u002Fp>\u003Cp>Estacionamento 722 vagas\u003C\u002Fp>\u003Cp>Salas de Cinema 5\u003C\u002Fp>\u003Cp>Principais Operações Tenda Atacado, C&A, Pernambucanas, Lojas Americanas, Marisa, McDonald's, Burger King\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_19_Picture_9.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_0.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_2.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_3.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_4.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_5.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_6.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_7.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_8.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_20_Picture_9.jpeg\">\u003C\u002Fp>\u003Ch4>Hortolândia\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_21_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>Em agosto, a performance do shopping foi negativamente impactada pelo aumento pontual da inadimplência. Ainda assim, as receitas com aluguel mínimo e mall & mídia mostraram avanço de 4,1% e 17,6%, respectivamente, quando comparadas com o mesmo período do último ano.\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth colspan=\"2\">Mês\u003C\u002Fth>\u003Cth>Variação\u003C\u002Fth>\u003Cth colspan=\"2\">Acumulado no ano\u003C\u002Fth>\u003Cth>Variação\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>ago\u002F25\u003C\u002Fth>\u003Cth>Δ\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>ago\u002F25\u003C\u002Fth>\u003Cth>Δ\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas\u003C\u002Ftd>\u003Ctd>1.19 1\u003C\u002Ftd>\u003Ctd>1.049\u003C\u002Ftd>\u003Ctd>13,5%\u003C\u002Ftd>\u003Ctd>9.429\u003C\u002Ftd>\u003Ctd>8.972\u003C\u002Ftd>\u003Ctd>5,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aluguel Mínimo\u003C\u002Ftd>\u003Ctd>730\u003C\u002Ftd>\u003Ctd>701\u003C\u002Ftd>\u003Ctd>4 ,1%\u003C\u002Ftd>\u003Ctd>6 .114\u003C\u002Ftd>\u003Ctd>5.748\u003C\u002Ftd>\u003Ctd>6,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aluguel Complementar\u003C\u002Ftd>\u003Ctd>10 0\u003C\u002Ftd>\u003Ctd>46\u003C\u002Ftd>\u003Ctd>116 ,4 %\u003C\u002Ftd>\u003Ctd>769\u003C\u002Ftd>\u003Ctd>682\u003C\u002Ftd>\u003Ctd>12,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Mall & Mídia\u003C\u002Ftd>\u003Ctd>194\u003C\u002Ftd>\u003Ctd>16 5\u003C\u002Ftd>\u003Ctd>17,6%\u003C\u002Ftd>\u003Ctd>1.268\u003C\u002Ftd>\u003Ctd>1.245\u003C\u002Ftd>\u003Ctd>1,8 %\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Receitas\u003C\u002Ftd>\u003Ctd>8\u003C\u002Ftd>\u003Ctd>(24)\u003C\u002Ftd>\u003Ctd>- 13 1,7 %\u003C\u002Ftd>\u003Ctd>(149)\u003C\u002Ftd>\u003Ctd>(103)\u003C\u002Ftd>\u003Ctd>-44,5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>l nadimplência Líquida\u003C\u002Ftd>\u003Ctd>(136)\u003C\u002Ftd>\u003Ctd>(36)\u003C\u002Ftd>\u003Ctd>-281,5%\u003C\u002Ftd>\u003Ctd>(516)\u003C\u002Ftd>\u003Ctd>(195)\u003C\u002Ftd>\u003Ctd>- 16 4 ,4 %\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita de\u003Cbr>Estacionamento\u003C\u002Ftd>\u003Ctd>295\u003C\u002Ftd>\u003Ctd>196\u003C\u002Ftd>\u003Ctd>50,5%\u003C\u002Ftd>\u003Ctd>1.943\u003C\u002Ftd>\u003Ctd>1.595\u003C\u002Ftd>\u003Ctd>21,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Despesas\u003C\u002Ftd>\u003Ctd>(123)\u003C\u002Ftd>\u003Ctd>(238)\u003C\u002Ftd>\u003Ctd>48,4%\u003C\u002Ftd>\u003Ctd>(1.526)\u003C\u002Ftd>\u003Ctd>(1.844)\u003C\u002Ftd>\u003Ctd>17,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Encargos com Lojas Vagas\u003C\u002Ftd>\u003Ctd>(104)\u003C\u002Ftd>\u003Ctd>(103)\u003C\u002Ftd>\u003Ctd>- 1,5 %\u003C\u002Ftd>\u003Ctd>(788)\u003C\u002Ftd>\u003Ctd>(853)\u003C\u002Ftd>\u003Ctd>7,5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Despesas\u003C\u002Ftd>\u003Ctd>(18)\u003C\u002Ftd>\u003Ctd>(135)\u003C\u002Ftd>\u003Ctd>86,4%\u003C\u002Ftd>\u003Ctd>(737)\u003C\u002Ftd>\u003Ctd>(992)\u003C\u002Ftd>\u003Ctd>25,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NOI 100%\u003C\u002Ftd>\u003Ctd>1.068\u003C\u002Ftd>\u003Ctd>8 11\u003C\u002Ftd>\u003Ctd>31,7%\u003C\u002Ftd>\u003Ctd>7.903\u003C\u002Ftd>\u003Ctd>7.127\u003C\u002Ftd>\u003Ctd>10 ,9 %\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch4>Hortolândia\u003C\u002Fh4>\u003Cp>NOI Hortolândia (R$ mil )\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_22_Figure_2.jpeg\">\u003C\u002Fp>\u003Cp>Fluxo de Veículos Hortolândia (mil)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_22_Figure_4.jpeg\">\u003C\u002Fp>\u003Cp>Relatório Gerencial\u003C\u002Fp>\u003Cp>\u003Cb> VSHO11 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>Votorantim Shopping FII\u003C\u002Fp>\u003Cp>2026\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_22_Picture_8.jpeg\">\u003C\u002Fp>\u003Ch5>Vacância Hortolândia (%)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_22_Figure_10.jpeg\">\u003C\u002Fp>\u003Ch5>Inadimplência Hortolândia (%)\u003C\u002Fh5>\u003Cp>2025\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_22_Figure_12.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_23_Picture_0.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_23_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>Ano de Inauguração 2007\u003C\u002Fp>\u003Cp>ABL 15,2 mil m²\u003C\u002Fp>\u003Cp>Número de Lojas 100\u003C\u002Fp>\u003Cp>Âncoras 3\u003C\u002Fp>\u003Cp>Estacionamento 300 vagas\u003C\u002Fp>\u003Cp>Salas de Cinema 3\u003C\u002Fp>\u003Cp>Principais Operações Lojas Renner, Cobasi, Marisa, Drogasil, Kopenhagen, Mc Donald's, O Boticário, Burger King\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_23_Picture_10.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_0.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_2.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_3.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_4.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_5.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_6.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_7.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_8.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_24_Picture_9.jpeg\">\u003C\u002Fp>\u003Ch4>Valinhos\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_25_Picture_1.jpeg\">\u003C\u002Fp>\u003Cp>Em agosto, a performance do shopping foi marcada positivamente por um bom resultado na arrecadação de receitas, principalmente em mall & mídia. Nesse sentido, as receitas com aluguel mínimo, mall & mídia e estacionamento mostraram avanço de 13,8%, 17,2% e 52,3%, respectivamente, quando comparadas com o mesmo período do último ano.\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth colspan=\"2\">Mês\u003C\u002Fth>\u003Cth>Variação\u003C\u002Fth>\u003Cth colspan=\"2\">Acumulado no ano\u003C\u002Fth>\u003Cth>Variação\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>ago\u002F25\u003C\u002Fth>\u003Cth>Δ\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>ago\u002F25\u003C\u002Fth>\u003Cth>Δ\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas\u003C\u002Ftd>\u003Ctd>863\u003C\u002Ftd>\u003Ctd>706\u003C\u002Ftd>\u003Ctd>22,3%\u003C\u002Ftd>\u003Ctd>6.346\u003C\u002Ftd>\u003Ctd>5.699\u003C\u002Ftd>\u003Ctd>11,4 %\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aluguel Mínimo\u003C\u002Ftd>\u003Ctd>330\u003C\u002Ftd>\u003Ctd>290\u003C\u002Ftd>\u003Ctd>13,8%\u003C\u002Ftd>\u003Ctd>2.722\u003C\u002Ftd>\u003Ctd>2.490\u003C\u002Ftd>\u003Ctd>9,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aluguel Complementar\u003C\u002Ftd>\u003Ctd>201\u003C\u002Ftd>\u003Ctd>208\u003C\u002Ftd>\u003Ctd>-3,1%\u003C\u002Ftd>\u003Ctd>1.559\u003C\u002Ftd>\u003Ctd>1.552\u003C\u002Ftd>\u003Ctd>0,5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Mall & Mídia\u003C\u002Ftd>\u003Ctd>10 3\u003C\u002Ftd>\u003Ctd>88\u003C\u002Ftd>\u003Ctd>17,2%\u003C\u002Ftd>\u003Ctd>752\u003C\u002Ftd>\u003Ctd>742\u003C\u002Ftd>\u003Ctd>1,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Receitas\u003C\u002Ftd>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>(10)\u003C\u002Ftd>\u003Ctd>-249,3%\u003C\u002Ftd>\u003Ctd>(38)\u003C\u002Ftd>\u003Ctd>(68)\u003C\u002Ftd>\u003Ctd>44,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>l nadimplência Líquida\u003C\u002Ftd>\u003Ctd>(1)\u003C\u002Ftd>\u003Ctd>(11)\u003C\u002Ftd>\u003Ctd>93,6%\u003C\u002Ftd>\u003Ctd>(137)\u003C\u002Ftd>\u003Ctd>(66)\u003C\u002Ftd>\u003Ctd>- 10 9 ,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita de\u003Cbr>Estacionamento\u003C\u002Ftd>\u003Ctd>215\u003C\u002Ftd>\u003Ctd>14 1\u003C\u002Ftd>\u003Ctd>52,3%\u003C\u002Ftd>\u003Ctd>1.488\u003C\u002Ftd>\u003Ctd>1.049\u003C\u002Ftd>\u003Ctd>4 1,9 %\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Despesas\u003C\u002Ftd>\u003Ctd>(126)\u003C\u002Ftd>\u003Ctd>(193)\u003C\u002Ftd>\u003Ctd>35,0%\u003C\u002Ftd>\u003Ctd>(1.387)\u003C\u002Ftd>\u003Ctd>(1.713)\u003C\u002Ftd>\u003Ctd>19 ,0 %\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Encargos com Lojas Vagas\u003C\u002Ftd>\u003Ctd>(115)\u003C\u002Ftd>\u003Ctd>(112)\u003C\u002Ftd>\u003Ctd>-3,2%\u003C\u002Ftd>\u003Ctd>(904)\u003C\u002Ftd>\u003Ctd>(9 16)\u003C\u002Ftd>\u003Ctd>1,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Despesas\u003C\u002Ftd>\u003Ctd>(11)\u003C\u002Ftd>\u003Ctd>(82)\u003C\u002Ftd>\u003Ctd>87,1%\u003C\u002Ftd>\u003Ctd>(483)\u003C\u002Ftd>\u003Ctd>(797)\u003C\u002Ftd>\u003Ctd>39,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>NOI 100%\u003C\u002Ftd>\u003Ctd>738\u003C\u002Ftd>\u003Ctd>512\u003C\u002Ftd>\u003Ctd>43,9%\u003C\u002Ftd>\u003Ctd>4.960\u003C\u002Ftd>\u003Ctd>3.986\u003C\u002Ftd>\u003Ctd>24,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch4>Valinhos\u003C\u002Fh4>\u003Cp>NOI Valinhos (R$ mil)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_26_Figure_2.jpeg\">\u003C\u002Fp>\u003Cp>Fluxo de Veículos Valinhos (mil)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_26_Figure_4.jpeg\">\u003C\u002Fp>\u003Cp>Relatório Gerencial\u003C\u002Fp>\u003Cp>\u003Cb> VSHO11 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>Votorantim Shopping FII\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_26_Picture_8.jpeg\">\u003C\u002Fp>\u003Ch5>Vacância Valinhos (%)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_26_Figure_10.jpeg\">\u003C\u002Fp>\u003Ch5>Inadimplência Valinhos (%)\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_26_Figure_12.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_27_Picture_3.jpeg\">\u003C\u002Fp>\u003Ch3>Estratégia e Transações Recentes\u003C\u002Fh3>\u003Ch3>Relatório Gerencial \u003Cb> VSHO11 \u003C\u002Fb> Votorantim Shopping FII Transações de Venda\u003C\u002Fh3>\u003Cp>Conforme divulgado nos últimos fatos relevantes, o Fundo realizou a venda de participação de 20% do Shopping Hortolândia e 20% do Shopping Valinhos.\u003C\u002Fp>\u003Cp>A venda das participações totaliza R$ 37 milhões e gera um lucro de R$ 14,2 milhões \u003Csup> 1 \u003C\u002Fsup> , equivalente a R$ 6,80\u002Fcota \u003Csup> 1 \u003C\u002Fsup> . Em relação ao valor dos laudos atuais, os ativos estão sendo vendido 21% acima do valor patrimonial atual.\u003C\u002Fp>\u003Cp>O valor será pago em três parcelas, sendo a primeira equivalente a 50% paga em setembro\u002F26, com a conclusão da operação, 25% em 6 meses e os 25% restantes em 12 meses. As parcelas a prazo serão corrigidas monetariamente, em periodicidade anual, pela variação acumulada do IPCA.\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Total\u003C\u002Fth>\u003Cth>R$ 37.000.000,00\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1ª. Parcela –\u003Cbr>50% -\u003Cbr>em setembro\u002F2026\u003C\u002Ftd>\u003Ctd colspan=\"3\">R$ 18.500.000,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2ª. Parcela –\u003Cbr>25% -\u003Cbr>6 meses da primeira parcela\u003C\u002Ftd>\u003Ctd>R$ 9.250.000\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3ª Parcela -\u003Cbr>25% -\u003Cbr>12 meses da primeira parcela\u003C\u002Ftd>\u003Ctd>R$ 9.250.000\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Preço Bruto de Venda em\u003Cbr>(% acima do preço de PL)\u003C\u002Fth>\u003Cth>Resultado da operação\u003C\u002Fth>\u003Cth>Lucro\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>21\u003Cbr>%\u003C\u002Ftd>\u003Ctd>R$ 6,80\u003Cbr>\u002Fcota1\u003C\u002Ftd>\u003Ctd>38%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>A transação está em linha com a estratégia de reciclagem do portfólio que busca destravar valor dos imóveis existentes e gerar recursos para a modernização dos ativos, a reciclagem e diversificação do portfólio através para a aquisição de novos ativos.\u003C\u002Fp>\u003Cp>\u003Csup> 1 \u003C\u002Fsup> Resultado apurado pré corretagem no momento da assinatura dos documentos definitivos\u003C\u002Fp>\u003Ch4>Disclaimer\u003C\u002Fh4>\u003Ch5>MATERIAL TÉCNICO\u003C\u002Fh5>\u003Cp>Este material foi elaborado pela Tivio Capital Distribuidora de Títulos e Valores Mobiliários S.A. e possui caráter meramente informativo. Não constitui oferta,recomendação ou aconselhamento de investimento.\u003C\u002Fp>\u003Cp>Antes de investir, leia a lâmina de informações básicas, se aplicável, o regulamento, o formulário de informações complementares, seus anexos e apêndices. Esses documentos e informações sobre tributação estão disponíveis em tivio.com\u002Ffundos\u002F e tivio.com\u002Fdocumentos\u002F.\u003C\u002Fp>\u003Cp>Os investimentos envolvem riscos. Consulte os documentos do fundo para conhecer sua estratégia, público-alvo, condições e principais fatores de risco.\u003C\u002Fp>\u003Cp>Rentabilidade obtida no passado não representa garantia de resultados futuros. A rentabilidade divulgada não é líquida de impostos.\u003C\u002Fp>\u003Cp>Os investimentos em fundos não são garantidos pelo administrador, pelo gestor, por qualquer mecanismo de seguro ou pelo Fundo Garantidor de Crédito – FGC.\u003C\u002Fp>\u003Cp>A Tivio Capital Distribuidora de Títulos e Valores Mobiliários S.A. integra o conglomerado prudencial liderado pelo Banco Bradesco S.A.\u003C\u002Fp>\u003Cp>SAC: 0800 704 8383 Atendimento 24 horas\u003C\u002Fp>\u003Cp>Ouvidoria: 0800 727 9933 Atendimento das 9h às 18h, de segunda a sexta-feira, exceto feriados nacionais\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_29_Picture_10.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_29_Picture_11.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_29_Picture_12.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_29_Picture_13.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_29_Picture_14.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F21228\u002F_page_30_Picture_0.jpeg\">\u003C\u002Fp>\u003Cp>Avenida Brigadeiro Faria Lima, 4.300 7º andar | Vila Olímpia CEP 04538-132 | São Paulo\u003C\u002Fp>\u003Cp>www.tivio.com\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FVSHO11\u002Fdocumentos\u002F21228\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1342604","2026-09-30","2026-10-07 20:10:00",1,{"title":17,"description":18,"canonical":19,"image":20,"json_ld":21,"nome":46,"resumo":83},"Relatório Gerencial VSHO11 de setembro de 2026 | Kartac","Relatório Gerencial de setembro de 2026 do VSHO11 (Votorantim Shopping), entrega em 07\u002F10\u002F2026. DY 12 meses de 14,47% e P\u002FVP 0,59 em 03\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FVSHO11\u002Fdocumentos\u002F21228","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":22,"@graph":23},"https:\u002F\u002Fschema.org",[24,30,35,44,54,69],{"@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\u002FVSHO11\u002Fdocumentos\u002F21228#pagina",{"@id":32},"2026-11-03",{"@id":41},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FVSHO11\u002Fdocumentos\u002F21228#documento",{"@id":43},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FVSHO11\u002Fdocumentos\u002F21228#migalhas",{"@type":45,"@id":41,"name":46,"alternateName":5,"url":19,"inLanguage":33,"about":47,"genre":7,"datePublished":49,"temporalCoverage":50,"author":51,"publisher":53,"isBasedOn":12},"Report","Relatório Gerencial VSHO11 de setembro de 2026",{"@id":48},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FVSHO11#fundo","2026-10-07","2026-09",{"@type":25,"name":52},"TIVIO CAPITAL DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS",{"@type":25,"name":52},{"@type":55,"@id":48,"name":56,"alternateName":57,"url":60,"category":61,"identifier":62},"InvestmentFund","Votorantim Shopping",[58,59],"VSHO11","FUNDO DE INVESTIMENTO IMOBILIÁRIO VOTORANTIM SHOPPING","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FVSHO11","Shoppings",[63,66],{"@type":64,"propertyID":65,"value":58},"PropertyValue","Ticker B3",{"@type":64,"propertyID":67,"value":68},"CNPJ","23.740.595\u002F0001-17",{"@type":70,"@id":43,"itemListElement":71},"BreadcrumbList",[72,75,79,81],{"@type":73,"position":15,"name":74,"item":28},"ListItem","Início",{"@type":73,"position":76,"name":77,"item":78},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":73,"position":80,"name":58,"item":60},3,{"@type":73,"position":82,"name":5,"item":19},4,{"atualizado_em":84,"frases":85},"2026-11-04",[86,87,88,89,90],"Relatório Gerencial do Votorantim Shopping (VSHO11), fundo imobiliário de shoppings, referente a setembro de 2026, com entrega no FundosNet (B3) em 07\u002F10\u002F2026.","No pregão de 03\u002F11\u002F2026, a cota do VSHO11 fechou a R$ 71,37, com P\u002FVP de 0,59 (valor patrimonial de R$ 121,37 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 1,50 por cota, com pagamento em nov\u002F2026, e o dividend yield dos últimos 12 meses é de 14,47% sobre a cotação de 03\u002F11\u002F2026.","O patrimônio líquido era de R$ 254,7 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":92,"empresa":93,"gestor":97,"cotacoes":98,"patrimonio":206,"vpa":207,"p_vpa":208,"tipo_gestao":209,"mandato":97,"segmento":61,"categoria":210,"grupo":61,"preco_atual":204,"cotacao_atualizada_em":211,"ultima_variacao_cotacao_24h":212,"variacao_cotacao_7d":213,"variacao_cotacao_1m":214,"variacao_cotacao_3m":215,"variacao_cotacao_6m":216,"variacao_cotacao_12m":217,"vacancia_fisica":218,"liquidez_atual":219,"ultimo_dividendo":220,"ultimo_dividend_yield":221,"mes_pagamento_ultimo_dividendo":222,"dividend_yield_3m":223,"dividend_yield_6m":224,"dividend_yield_12m":225,"dividend_yield_medio_12m":226,"qtd_dividendos_pagos_ano_passado":227,"data_ultima_cotacao":39,"pregoes_com_negocio_21":228,"alertas":229,"updated_at":230,"liquidez_media_reais":231,"administrador":52,"taxa_administracao_paga":232,"balanco":233,"resultado_distribuido":241,"publico_alvo":246,"mercados_negociacao_cotas":247,"data_funcionamento":249,"data_final":97,"quantidade_cotas":250,"quantidade_cotistas":251,"detalhes_cotistas":252,"total_investido":254,"investimentos_fundo":255,"imoveis":256,"contratos":295,"custodiante":306,"auditor_independente":313,"formador_mercado":97,"distribuidor_cotas":97,"consultor_especializado":97,"administrador_locacoes":97,"relatorio_anual":319,"analise_administrador":322},572,{"nome":59,"nome_simplificado":94,"nome_comercial":56,"ticker":58,"nome_ticker":95,"nome_pregao":96,"cnpj":68}," VOTORANTIM SHOPPING","VSHO11 - FUNDO DE INVESTIMENTO IMOBILIÁRIO VOTORANTIM SHOPPING","FII VOT SHOP",null,[99,105,110,116,122,128,134,139,144,149,155,161,166,172,178,184,189,195,201],{"id":100,"data":101,"abertura":102,"ultimo":103,"volume":104},3288786,"2026-10-06",76.97,76.87,628,{"id":106,"data":49,"abertura":107,"ultimo":108,"volume":109},3289418,76.85,76.91,196,{"id":111,"data":112,"abertura":113,"ultimo":114,"volume":115},3290301,"2026-10-08",77.97,78.59,133,{"id":117,"data":118,"abertura":119,"ultimo":120,"volume":121},3291171,"2026-10-09",77.14,78.45,367,{"id":123,"data":124,"abertura":125,"ultimo":126,"volume":127},3357142,"2026-10-13",77.6,78.7,284,{"id":129,"data":130,"abertura":131,"ultimo":132,"volume":133},3375668,"2026-10-14",77.81,78.4,48,{"id":135,"data":136,"abertura":132,"ultimo":137,"volume":138},3376309,"2026-10-15",78,280,{"id":140,"data":141,"abertura":142,"ultimo":125,"volume":143},3377240,"2026-10-16",78.15,710,{"id":145,"data":146,"abertura":142,"ultimo":147,"volume":148},3445366,"2026-10-19",77.79,722,{"id":150,"data":151,"abertura":152,"ultimo":153,"volume":154},3446450,"2026-10-20",77.96,77.5,3107,{"id":156,"data":157,"abertura":158,"ultimo":159,"volume":160},3459936,"2026-10-21",76.23,77.26,80,{"id":162,"data":163,"abertura":164,"ultimo":108,"volume":165},3473544,"2026-10-22",78.03,1069,{"id":167,"data":168,"abertura":169,"ultimo":170,"volume":171},3488132,"2026-10-23",76.99,77.15,183,{"id":173,"data":174,"abertura":175,"ultimo":176,"volume":177},3566105,"2026-10-26",75,73.3,1865,{"id":179,"data":180,"abertura":181,"ultimo":182,"volume":183},3580239,"2026-10-27",73.35,73,4651,{"id":185,"data":186,"abertura":182,"ultimo":187,"volume":188},3594324,"2026-10-28",71.88,2666,{"id":190,"data":191,"abertura":192,"ultimo":193,"volume":194},3609087,"2026-10-29",72.03,71.5,678,{"id":196,"data":197,"abertura":198,"ultimo":199,"volume":200},3624879,"2026-10-30",71.09,72.18,1072,{"id":202,"data":39,"abertura":203,"ultimo":204,"volume":205},3682262,72.01,71.37,1056,254738813.65,121.37,"0.59","Ativa","Tijolo","2026-11-04 09:00","-0.0112","-0.0071","-0.0529","-0.0551","-0.0521","-0.0225","0.10402",44,"1.5000","0.0208","Nov\u002F2026","0.0518","0.0813","0.1447","0.0114",12,21,[],"04\u002F11\u002F2026 23:01",77206.18,0.0041,{"data_referencia":234,"ativo":235,"passivo":236,"obrigacoes_imoveis":237,"obrigacoes_securitizacao":238,"liquidez":239,"valores_receber":240},"2026-09-01",259091497.27,4352683.62,651460.45,0,21632926.57,24483804.03,{"data_referencia":242,"resultado":243,"rendimentos":244,"percentual":245},"2026-06-30",8656821.6,8772984,1.0134185969594198,"Investidores em Geral",[248],"Bolsa","2018-08-30",2098800,2738,{"Pessoa Física":253,"Outros fundos de investimento":82,"Pessoa jurídica não financeira":76,"Fundos de investimento imobiliário":76,"Banco Comercial":15,"Investidores não residentes":15,"Entidade aberta de previdência complementar":15},2727,212974766.67,{"Imóveis para renda":254},{"vacancia_total":257,"lista_imoveis":258,"data_referencia":242,"vacancia_suspeita":11},0.10402124761328181,[259,272,283],{"nome":260,"vacancia":261,"numero_unidades":262,"area":263,"endereco":264,"percentual_inadimplencia":265,"percentual_receitas":266,"inquilinos":267,"ocupacao":271},"Shopping Hortolândia",0.0174,91,31273,"Rua José Camilo de Camargo, 5 - Remanso Campineiro, Hortolândia - SP",0.0089,0.378944,[268],{"setor":269,"percentual_receita_imovel":238,"percentual_receita_fii":270},"Lojas",0.0037594,0.9826,{"nome":273,"vacancia":274,"numero_unidades":137,"area":275,"endereco":276,"percentual_inadimplencia":277,"percentual_receitas":278,"inquilinos":279,"ocupacao":282},"Shopping Bay Market",0.2357,25972,"Av. Visconde do Rio Branco, 360 - Centro, Niterói - RJ",0.0632,0.350173,[280],{"setor":269,"percentual_receita_imovel":238,"percentual_receita_fii":281},0.0035017,0.7643,{"nome":284,"vacancia":285,"numero_unidades":286,"area":287,"endereco":288,"percentual_inadimplencia":289,"percentual_receitas":290,"inquilinos":291,"ocupacao":294},"Shopping Valinhos",0.0792,89,28647,"Rua Paiquerê, 200 - Jardim Paiquere, Valinhos - SP",0.0275,0.261548,[292],{"setor":269,"percentual_receita_imovel":238,"percentual_receita_fii":293},0.0026154,0.9208,{"data_referencia":242,"prazos":296,"indexadores":297,"receita_aluguel_trimestre":300,"valor_imoveis":301,"cap_rate":302,"receita_sobre_mercado":303,"aluguel_m2_mes":304,"area_ocupada":305},[],[298],{"nome":299,"percentual":15},"IGP-M",8212985.27,244456500,0.134388,0.219318,35.57,76957,{"id":307,"nome":308,"cnpj":309,"endereco":310,"telefone":311,"created_at":312,"updated_at":312},38,"BANCO BRADESCO S.A.","60746948000112","Cidade de Deus, S\u002FNº - Prédio Amarelo - Osasco  - SP","55 11 23578810","2026-10-03T18:52:29.000000Z",{"id":80,"nome":314,"cnpj":315,"endereco":316,"telefone":317,"created_at":318,"updated_at":318},"PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES LTDA.","61562112000120","Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16º andar - Itaim Bibi, São Paulo - SP, 04538-132","(11) 4004-8000","2026-06-07T17:17:20.000000Z",{"ano_referencia":320,"data_disponibilizacao":321},"2026","2026-09-22",{"ResultadoFundo":323,"ConjunturaEconomica":324,"PerspectivaPeriodoSeguinte":325},"O resultado do fundo no período foi de R$ 25 milhões.","Ao longo do ultimos 12 meses, o segmento de shopping centers apresentou estabilidade operacional, sustentado pela manutenção dos níveis de ocupação e pela resiliência da atividade comercial dos empreendimentos. O ambiente macroeconômico permaneceu influenciado pelo comportamento das taxas de juros, da inflação e do nível de atividade econômica, fatores que impactam a precificação dos ativos imobiliários e as condições gerais do mercado de capitais. Nesse contexto, os ativos integrantes da carteira mantiveram desempenho compatível com as características do segmento.","Para o próximo exercício, a expectativa é de continuidade da geração de renda dos ativos integrantes da carteira, mediante a gestão ativa dos empreendimentos e o acompanhamento permanente dos indicadores operacionais. A evolução dos resultados permanecerá condicionada ao desempenho operacional dos ativos, bem como às condições macroeconômicas e de mercado ao longo do período"]