Launched in 2018, XPLG11 is Brazil’s third largest logistics real estate investment fund (FII), ranking just behind HGLG11 and BTLG11. Managed by XP Asset Management, the fund has a market capitalization of approximately R$3.1 billion. It represents 2.21% of the IFIX index and carries a weight of 5.07% in the HERT11 ETF.
Note that this page was last updated June 24, 2025.
XPLG11 Key Facts
| Metric | Value |
| Fund Name | XP Log FII |
| Gestor | XP Asset Management |
| Management Fee | 0.75% of AUM + 20% performance fee (>IPCA + 6%) |
| Manager Website | https://www.xpasset.com.br/fundos/xp-log/ |
| Inception | 01/06/2018 |
| Setor | FIIs Logísticos |
| Valor | R$3.1B |
| Number of Properties | 17 Logistics Sites |
| Gross Leaseable Area (ABL) | ~1,000,000 square meters |
| Current Price | R$97.96 |
| Price-to-Book Value | 0.90 |
| Dividend Yield (Trailing 12M) | 9.84% |
| Index/ETF Inclusion | IFIX, HERT11 |
From July, 2018 to May, 2025, XPLG11 delivered a total return of approximately 57%, closely mirroring IFIX performance.
Performance Track Record
Source: May 2025 Management Report
Portfolio Overview
XPLG11’s portfolio includes 17 properties with a total of approximately 1.0 million square meters of Gross Leasable Area (ABL), positioning it as one of the key logistics FIIs in Brazil. Rental income is spread across six Brazilian states, with the largest share of ABL coming from São Paulo (49.2%), followed by Rio Grande do Sul (14.3%) and Rio de Janeiro (13.4%). 9.8% of ABL comes from Pernambuco in the Northeast.
Source: May Management Presentation
The chart below shows XPLG11’s breakdown of sectors, individual tenants and contract indexing.
Source: May Management Report
91% of XPLG11’s leases are indexed to IPCA, and 9% to IGP-M, meaning all contracts are tied to inflation, a common feature of Brazilian Logistics FIIs. The largest tenant exposure is to Leroy (13%) and 57% of the portfolio’s exposure is to Retail Trade.
Leases are evenly split between ‘typical’ and ‘atypical’. While atypical leases offer higher contractual security, they may also reflect more specialized properties, potentially increasing vacancy risk in the event of tenant insolvency.
Compared to a fund like BTLG11, they tend to have more tenants in an individual property. On one hand, this creates more diversification, but it can also be riskier and more difficult to manager than having a single large tenant like Amazon.
Sector Comparison & KPIs
📈 Market Cap & Yield
XPLG11 is the third largest logistics FII on the IFIX, with a market capitalization of R$3.1B. It offers a 12-month dividend yield of 9.84%, roughly in line with the logistics FII median of 9.88%. Due to its scale and track record, it’s best compared to top-tier peers like HGLG11, BTLG11, and BRCO11.
🧮 Valuation
XPLG11 trades at a price-to-book ratio of 0.90x, above the IFIX logistics peer median of 0.80x, but below HGLG11 (0.97x), BTLG11 (0.96x), and BRCO11 (0.92x).
💸 Dividend Pattern
XPLG11 has historically delivered consistent monthly dividends, and in recent years those have grown at or above the rate of inflation. For instance, dividends growth achieved a CAGR of 5.4% between 2022 and 2024.
👉 Scroll sideways on mobile to view the full chart
📉 Vacancy & Lease Profile
XPLG11 has a Weighted Average Lease Term (WALT) of 5.3 years, similar to BTLG11 (5.2 years) and longer than HGLG11 (4.6 years). Nearly 47% of leases expire in 2029 or later, supporting stable income expectations over the medium term.
However, despite this solid lease structure, vacancy has increased to 7.9% as of May 2025. This is notably higher than peer funds BTLG11 (1%) and HGLG11 (5.5%), and may place pressure on short-term rental income if vacant logistics assets are not re-leased quickly.
Source: XP Log FII – May Management Report
📘 Learn More
- If you’re new to Brazilian REITs (FIIs), check out my Guide for Global Investors or How I Choose FIIs
- For some great charts and graphs check out XPLG11’s page on O Funds Explorer.
🔗 Related Pages
Aviso de Conflito de Interesses
As of this writing, I do not hold a position in XPLG11, though that may change in the future. This content is for informational purposes only and does not constitute financial advice. Always do your own research and consult a licensed advisor before making investment decisions.
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