{"id":2039,"date":"2025-06-08T21:16:44","date_gmt":"2025-06-09T00:16:44","guid":{"rendered":"https:\/\/www.gringoinvestor.com\/?p=2039"},"modified":"2025-06-27T21:35:06","modified_gmt":"2025-06-28T00:35:06","slug":"xpml11-analise-2025","status":"publish","type":"post","link":"https:\/\/www.gringoinvestor.com\/pt\/xpml11-analise-2025\/","title":{"rendered":"XPML11 Ainda \u00e9 um FII de Alta Qualidade em 2025? Uma An\u00e1lise Detalhada do XP Malls"},"content":{"rendered":"<p>\u00cdndice\n\n<div style=\"background: #f8f8f8;padding: 10px 15px;border-left: 4px solid #ccc;font-size: 0.9em;color: #444;font-style: italic;margin-bottom: 15px\">Este artigo foi originalmente escrito em ingl\u00eas. Para ler na vers\u00e3o original, mude o idioma do site para Ingl\u00eas usando o seletor de idiomas no menu.\n<\/div><\/p>\n\n\n\n<ul>\n  <li><a href=\"#xpml11-fund-portfolio-overview\">Vis\u00e3o Geral do Fundo e do Portf\u00f3lio<\/a><\/li>\n  <li><a href=\"#xpml11-dividend-history-sustainability\">Hist\u00f3rico e Sustentabilidade dos Dividendos<\/a><\/li>\n  <li><a href=\"#xpml11-future-outlook-kpis\">Perspectivas Futuras e Indicadores Operacionais<\/a><\/li>\n  <li><a href=\"#xpml11-investment-conclusion\">Veredito Final<\/a><\/li>\n<li><a href=\"#disclosure\">Declara\u00e7\u00e3o de Responsabilidade e Aviso Legal<\/a><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>XPML11 \u00e9 um dos maiores e mais l\u00edquidos FIIs do Brasil, oferecendo exposi\u00e7\u00e3o a um portf\u00f3lio diversificado de shoppings centers de alto desempenho. Mas com as recentes mudan\u00e7as na taxa de juros, novas aquisi\u00e7\u00f5es e a evolu\u00e7\u00e3o do setor, muitos investidores se perguntam: o XP Malls ainda \u00e9 um fundo de primeira linha?<br><br>Este artigo avalia a qualidade dos ativos do XPML11, seu desempenho recente, a consist\u00eancia dos dividendos e o perfil de risco, para ajudar voc\u00ea a decidir se o fundo ainda merece espa\u00e7o na sua carteira.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"xpml11-fund-portfolio-overview\">Vis\u00e3o Geral do Fundo e do Portf\u00f3lio<\/h2>\n\n\n\n<p>XPML11 is the largest and most liquid shopping mall FII in Brazil, with a market capitalization of R$5.9 billion and a 4.19% weighting in the IFIX. That makes it the third-largest component of the index and the largest among all brick-and-mortar FIIs.  The fund is operated by <a href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/gestoras\/xp-asset-management\/\">XP Asset Management<\/a>.<br><br>XP Malls possui um portf\u00f3lio amplo e diversificado, com participa\u00e7\u00e3o em 29 shoppings premium, representando aproximadamente 330.000 metros quadrados de \u00c1rea Bruta Loc\u00e1vel (ABL). O fundo geralmente det\u00e9m participa\u00e7\u00f5es minorit\u00e1rias, normalmente inferiores a 50%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"584\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xmpl11-xp-malls-portfolio-1024x584.png\" alt=\"Tabela com o portf\u00f3lio de shoppings do XPML11 e os percentuais de participa\u00e7\u00e3o societ\u00e1ria.\" class=\"wp-image-2060\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xmpl11-xp-malls-portfolio-1024x584.png 1024w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xmpl11-xp-malls-portfolio-300x171.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xmpl11-xp-malls-portfolio-768x438.png 768w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xmpl11-xp-malls-portfolio-18x10.png 18w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xmpl11-xp-malls-portfolio.png 1133w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Fonte: Site do fundo. 7 de junho de 2025.<\/em><\/p>\n\n\n\n<p>Aproximadamente metade da ABL do XPML11 est\u00e1 concentrada no estado de S\u00e3o Paulo. O restante est\u00e1 distribu\u00eddo entre outros sete estados, com exposi\u00e7\u00e3o \u00e0s regi\u00f5es Nordeste, Sul e Norte do Brasil. Do ponto de vista da gest\u00e3o, o portf\u00f3lio tamb\u00e9m \u00e9 bem distribu\u00eddo, embora mais de 30% da ABL seja administrada pela SYN.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1077\" height=\"519\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-malls-by-region.png\" alt=\"Gr\u00e1ficos com os shoppings do XPML11 (% da ABL) por regi\u00e3o e administrador\" class=\"wp-image-2099\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-malls-by-region.png 1077w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-malls-by-region-300x145.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-malls-by-region-1024x493.png 1024w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-malls-by-region-768x370.png 768w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-malls-by-region-18x9.png 18w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/figure>\n\n\n\n<p><em>Fonte: Relat\u00f3rio Gerencial de abril de 2025 do XPML11<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Essa alta concentra\u00e7\u00e3o regional no Sudeste reflete a estrat\u00e9gia do XPML11 de focar em regi\u00f5es economicamente mais fortes e com maior densidade de varejo. Embora a SYN continue sendo a principal administradora em termos de participa\u00e7\u00e3o na ABL, as parcerias do fundo com outros grandes players, como Allos, JHSF e Iguatemi, proporcionam diversifica\u00e7\u00e3o nos estilos de opera\u00e7\u00e3o e maior poder de negocia\u00e7\u00e3o.<\/p>\n\n\n\n<p>O XPML11 se expandiu rapidamente desde o primeiro trimestre de 2023, dobrando sua ABL e aumentando o n\u00famero de cotas em 84%. Entre dezembro de 2023 e mar\u00e7o de 2025, o valor patrimonial do fundo cresceu 93%, impulsionado por uma s\u00e9rie de aquisi\u00e7\u00f5es, incluindo o portf\u00f3lio de destaque da SYN.<\/p>\n\n\n\n<p>Importante destacar que esse crescimento ocorreu sem dilui\u00e7\u00e3o para os cotistas em termos de valor patrimonial por cota. O fundo inclusive registrou uma reavalia\u00e7\u00e3o positiva no terceiro trimestre de 2024.<\/p>\n\n\n\n<p>Os dividendos mensais se mantiveram est\u00e1veis, passando de R$0,83 para R$0,92 por cota ao longo dos \u00faltimos sete trimestres. Essa consist\u00eancia, apesar da expans\u00e3o significativa do portf\u00f3lio, sugere um fluxo de caixa s\u00f3lido e uma gest\u00e3o prudente.<\/p>\n\n\n\n<div style=\"overflow-x:auto;\">\n  <figure class=\"wp-block-table\">\n    <table class=\"has-fixed-layout\">\n      <tbody>\n        <tr>\n          <td><\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">2T24<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">3T24<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">4T24<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">1T25<\/td>\n        <\/tr>\n        <tr>\n          <td>Shoppings<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">23<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">23<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">24<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">26<\/td>\n        <\/tr>\n        <tr>\n          <td>Cotas<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">55.3<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">55.3<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">55.3<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">56.7<\/td>\n        <\/tr>\n        <tr>\n          <td>VP\/C<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">R$111<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">R$120<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">R$117<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">R$117<\/td>\n        <\/tr>\n        <tr>\n          <td>Div<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">R$0.92<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">R$0.92<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">R$0.92<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">R$0.92<\/td>\n        <\/tr>\n        <tr>\n          <td>Vac %<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">4.7%<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">4.4%<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">3.7%<\/td>\n          <td class=\"has-text-align-center\" data-align=\"center\">4.5%<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/figure>\n<\/div>\n\n\n\n<p><em>Fonte: planilhas e documentos da companhia, c\u00e1lculos do Gringo Investor<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"752\" height=\"452\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-book-value-history.png\" alt=\"Gr\u00e1fico com o hist\u00f3rico recente de dividendos e valor patrimonial por cota do XPML11\" class=\"wp-image-2087\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-book-value-history.png 752w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-book-value-history-300x180.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-book-value-history-18x12.png 18w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>O fundo cobra uma taxa de administra\u00e7\u00e3o de 0,75% sobre o patrim\u00f4nio l\u00edquido (acima de R$1 bilh\u00e3o), al\u00e9m de 20% sobre os lucros que excederem IPCA + 6%. Embora essa estrutura limite parte do potencial de retorno para os investidores, ela tamb\u00e9m alinha os incentivos, algo especialmente importante em um fundo de crescimento acelerado com capacidade de aumentar o patrim\u00f4nio por meio de emiss\u00f5es dilutivas.<\/p>\n\n\n\n<p>Al\u00e9m do gestor, o XPML11 conta com uma equipe dedicada composta por 4 analistas, 4 engenheiros e um controller. Esse n\u00edvel de estrutura reflete economias de escala raramente vistas em FIIs menores.<\/p>\n\n\n\n<p>Nas pr\u00f3ximas se\u00e7\u00f5es, vou detalhar a composi\u00e7\u00e3o do portf\u00f3lio do XPML11, a qualidade da renda, os riscos relacionados aos inquilinos e a perspectiva de longo prazo. Voc\u00ea tamb\u00e9m pode ler minha metodologia completa para <a href=\"https:\/\/www.gringoinvestor.com\/pt\/fii-criteria\/\">escolher os melhores FIIs<\/a> aqui.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"xpml11-dividend-history-sustainability\">Hist\u00f3rico de Dividendos e Sustentabilidade: O Rendimento do XPML11 \u00c9 Sustent\u00e1vel?<\/h2>\n\n\n\n<p>O XPML11 tem um hist\u00f3rico consistente de crescimento nos dividendos, com exce\u00e7\u00e3o do per\u00edodo da pandemia de COVID, que teve um impacto negativo significativo no desempenho dos shoppings.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"455\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xpml11-dividend-history-1024x455.png\" alt=\"Gr\u00e1fico com o hist\u00f3rico de distribui\u00e7\u00e3o de dividendos do XPML11\" class=\"wp-image-1194\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xpml11-dividend-history-1024x455.png 1024w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xpml11-dividend-history-300x133.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xpml11-dividend-history-768x342.png 768w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xpml11-dividend-history-1536x683.png 1536w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/05\/xpml11-dividend-history.png 1574w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Fonte: Funds Explorer<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Com base no pre\u00e7o atual de R$103,29 por cota, o dividend yield nominal do XPML11 \u00e9 de 10,7%. O fundo distribui R$0,92 por m\u00eas, totalizando R$11,04 nos \u00faltimos 12 meses. Ajustando pelos R$27 milh\u00f5es em resultado com im\u00f3veis e assumindo uma taxa de distribui\u00e7\u00e3o de 100%, estimo que R$10,96 foram gerados de forma sustent\u00e1vel, o que equivale a um yield de 10,6%.<\/p>\n\n\n\n<p>O portf\u00f3lio do fundo tamb\u00e9m \u00e9 concentrado em ativos de padr\u00e3o \u2018A\u2019 e \u2018B\u2019, que tendem a ser mais resilientes durante per\u00edodos de recess\u00e3o econ\u00f4mica.<\/p>\n\n\n\n<p>No entanto, a an\u00e1lise dos dividendos \u00e9 dificultada pelas aquisi\u00e7\u00f5es recentes do fundo e pelas emiss\u00f5es de cotas. Uma parte relevante da renda ao longo do ano veio de renda fixa, que provavelmente ofereceu retornos maiores do que os que ser\u00e3o gerados quando esse capital estiver totalmente alocado em ativos f\u00edsicos. A sazonalidade tamb\u00e9m influencia bastante o desempenho do varejo, o que dificulta compara\u00e7\u00f5es ano a ano, especialmente considerando o qu\u00e3o diferente est\u00e1 a carteira atual em rela\u00e7\u00e3o \u00e0 de um ano atr\u00e1s.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1067\" height=\"581\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-income-history.png\" alt=\"Gr\u00e1fico com o hist\u00f3rico de dividendos e receitas do XPML11\" class=\"wp-image-2092\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-income-history.png 1067w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-income-history-300x163.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-income-history-1024x558.png 1024w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-income-history-768x418.png 768w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-dividend-income-history-18x10.png 18w\" sizes=\"(max-width: 1067px) 100vw, 1067px\" \/><\/figure>\n\n\n\n<p><em>Fonte: Relat\u00f3rio Gerencial de abril de 2025 do XPML11<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Ainda assim, o XPML11 encerrou abril de 2025 com R$0,99 por cota em lucros n\u00e3o distribu\u00eddos, oferecendo uma margem para manter ou at\u00e9 aumentar os dividendos no curto prazo. Os resultados costumam ser mais fortes no segundo semestre, ent\u00e3o \u00e9 poss\u00edvel que o fundo eleve modestamente seus pagamentos nos pr\u00f3ximos meses.<\/p>\n\n\n\n<p>No entanto, os investidores devem estar atentos ao fato de que o XPML11 prev\u00ea um d\u00e9ficit de caixa de R$285 milh\u00f5es at\u00e9 o final do ano, devido a obriga\u00e7\u00f5es relacionadas a aquisi\u00e7\u00f5es, especialmente do portf\u00f3lio da SYN. Esse d\u00e9ficit projetado pode aumentar para R$583 milh\u00f5es at\u00e9 2027, sem incluir o ITBI (Imposto de Transmiss\u00e3o de Bens Im\u00f3veis) ou eventuais cl\u00e1usulas de earn-out.<\/p>\n\n\n\n<p>Ainda assim, o balan\u00e7o do fundo parece s\u00f3lido. Com R$7,8 bilh\u00f5es em ativos imobili\u00e1rios e R$6,6 bilh\u00f5es em patrim\u00f4nio l\u00edquido, as obriga\u00e7\u00f5es projetadas representam menos de 10% do valor patrimonial e cerca de 10% do valor de mercado. \u00c9 um valor significativo, mas n\u00e3o preocupante neste momento.<\/p>\n\n\n\n<p>O XPML11 tem tr\u00eas caminhos poss\u00edveis para cumprir essas obriga\u00e7\u00f5es: (1) venda de ativos, (2) emiss\u00e3o de novas cotas ou (3) capta\u00e7\u00e3o de d\u00edvida adicional. Embora a venda de ativos ou o aumento do endividamento possam reduzir o fluxo de caixa futuro, a emiss\u00e3o de cotas envolve o risco de dilui\u00e7\u00e3o dos cotistas atuais. Felizmente, o fundo possui um portf\u00f3lio de alta qualidade, suas cotas s\u00e3o altamente l\u00edquidas e a alavancagem atual \u00e9 baixa (25,9%), o que torna vi\u00e1veis as tr\u00eas alternativas, se necess\u00e1rio.<\/p>\n\n\n\n<p><a href=\"https:\/\/content.btgpactual.com\/research\/home\/relatorio\/672a0ff4dadf9466e3de72c9\/noticias\" target=\"_blank\" rel=\"noreferrer noopener\">No entanto, o BTG Pactual estimou que a recente aquisi\u00e7\u00e3o do XPML11 junto \u00e0 ALOS3 teve um cap rate de sa\u00edda de apenas 7,5%.<\/a> Sem crescimento nos lucros, esse tipo de transa\u00e7\u00e3o pode pressionar a sustentabilidade das distribui\u00e7\u00f5es no longo prazo e gerar questionamentos entre os cotistas. Ser\u00e1 importante acompanhar a disciplina do gestor em negocia\u00e7\u00f5es futuras. O modelo do fundo, baseado na aquisi\u00e7\u00e3o de participa\u00e7\u00f5es minorit\u00e1rias, facilita essas opera\u00e7\u00f5es, embora a taxa de performance de 20% ajude a alinhar os incentivos, compensando parcialmente o incentivo ao crescimento da taxa de 0,75% sobre o patrim\u00f4nio.<\/p>\n\n\n\n<p>Ainda assim, as aquisi\u00e7\u00f5es recentes parecem ser ativos de alta qualidade, com potencial para oferecer uma valoriza\u00e7\u00e3o significativa:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tijuca&#8217;s NOI is &gt;R$3,500\/m\u00b2, well above the national average<\/li>\n\n\n\n<li>O Shopping P\u00e1tio Higien\u00f3polis \u00e9 um \u201cativo trophy\u201d, com excelente perfil demogr\u00e1fico e baixa concorr\u00eancia<\/li>\n<\/ul>\n\n\n\n<p>O yield sustent\u00e1vel de 10,6% do XPML11 se destaca em rela\u00e7\u00e3o \u00e0 minha estimativa da m\u00e9dia dos pares, de aproximadamente 8,7% (HGBS11, HSML11, MALL11 e VISC11). O valor patrimonial do fundo \u00e9 negociado com um leve pr\u00eamio (~0,89x vs. ~0,84x) e <a href=\"https:\/\/www.itau.com.br\/media\/dam\/m\/7c7c2708603061b4\/original\/Carteira_Recomendada_FIIs_Mai25.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">O Ita\u00fa considera o portf\u00f3lio o melhor entre os pares<\/a>.<\/p>\n\n\n\n<p><strong>Mesmo assumindo que o XPML11 emita 10% a mais em cotas para cumprir suas obriga\u00e7\u00f5es, o dividendo sustent\u00e1vel ainda dever\u00e1 permanecer confortavelmente acima da m\u00e9dia dos seus pares.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"xpml11-future-outlook-kpis\">Perspectivas Futuras e Indicadores Operacionais (KPIs)<\/h2>\n\n\n\n<p>As vendas nas mesmas lojas (SSS) aumentaram 12,4% em abril de 2025 em rela\u00e7\u00e3o ao ano anterior. No entanto, esse salto foi influenciado por efeitos de calend\u00e1rio: a P\u00e1scoa ocorreu em mar\u00e7o de 2024 e em abril de 2025, inflando as compara\u00e7\u00f5es ano a ano.<\/p>\n\n\n\n<p>Desde o 1T\u201923, o crescimento m\u00e9dio trimestral de SSS foi de 6,4%, aproximadamente em linha com os pares. O crescimento no \u00faltimo trimestre foi de apenas 2,4%, principalmente devido \u00e0 sazonalidade.<\/p>\n\n\n\n<p>O aluguel nas mesmas lojas (SSR) teve uma m\u00e9dia de 4,4% no mesmo per\u00edodo (1T\u201923 \u2013 1T\u201925), sugerindo que a receita de aluguel acompanhou, de forma geral, a infla\u00e7\u00e3o.<\/p>\n\n\n\n<p>No entanto, m\u00e9tricas em n\u00edvel de portf\u00f3lio, como vendas por metro quadrado e NOI\/m\u00b2, s\u00e3o dif\u00edceis de interpretar devido ao n\u00famero de aquisi\u00e7\u00f5es recentes. Como n\u00e3o estamos comparando o mesmo conjunto de shoppings ao longo dos per\u00edodos, as m\u00e9dias brutas podem ser enganosas.<\/p>\n\n\n\n<p>Em uma an\u00e1lise preliminar, verifiquei que os shoppings mantidos continuamente entre o 4T\u201923 e o 4T\u201924 aumentaram as vendas por metro quadrado em 8,5%. O NOI cresceu ainda mais rapidamente, mas outliers extremos tornam esses dados ruidosos e dif\u00edceis de interpretar.<\/p>\n\n\n\n<p>A taxa de vac\u00e2ncia foi de 3,9% em abril de 2025, uma queda em rela\u00e7\u00e3o aos 4,6% registrados no mesmo per\u00edodo do ano anterior. A vac\u00e2ncia tem se mantido est\u00e1vel, e os \u00edndices do XPML11 est\u00e3o alinhados com a m\u00e9dia dos seus pares. Com mais de 4.700 unidades locat\u00e1rias, o fundo possui baixa exposi\u00e7\u00e3o a qualquer inquilino individual.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"344\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-vacancy-history.png\" alt=\"Gr\u00e1fico com o hist\u00f3rico de vac\u00e2ncia e inadimpl\u00eancia do XPML11\" class=\"wp-image-2093\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-vacancy-history.png 1070w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-vacancy-history-300x96.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-vacancy-history-1024x329.png 1024w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-vacancy-history-768x247.png 768w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/xpml11-vacancy-history-18x6.png 18w\" sizes=\"(max-width: 1070px) 100vw, 1070px\" \/><\/figure>\n\n\n\n<p><em>Fonte: Relat\u00f3rio Gerencial de abril de 2025 do XPML11<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Esses indicadores refor\u00e7am a resili\u00eancia operacional do XPML11, mas os investidores devem manter aten\u00e7\u00e3o aos riscos associados a um crescimento agressivo com cap rates modestos.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"xpml11-investment-conclusion\">Veredito Final<\/h2>\n\n\n\n<p><strong>O XPML11 \u00e9 o maior e mais l\u00edquido FII de shopping do Brasil, com um portf\u00f3lio diversificado e de alta qualidade. Atualmente, oferece um dividend yield acima da m\u00e9dia dos pares, e suas perspectivas de longo prazo continuam positivas, desde que a gest\u00e3o mantenha disciplina nas aquisi\u00e7\u00f5es futuras.<\/strong><\/p>\n\n\n\n<p><strong>No curto prazo, por\u00e9m, o fundo pode enfrentar desafios para aumentar seus dividendos acompanhando a infla\u00e7\u00e3o, devido \u00e0s aquisi\u00e7\u00f5es recentes e obriga\u00e7\u00f5es pendentes. Ainda assim, o yield elevado oferece uma margem de seguran\u00e7a aos investidores, funcionando como um colch\u00e3o contra eventuais cortes modestos na distribui\u00e7\u00e3o ou dilui\u00e7\u00e3o potencial.<\/strong><\/p>\n\n\n\n<p>Se voc\u00ea est\u00e1 comparando FIIs de shoppings, tamb\u00e9m publiquei uma an\u00e1lise detalhada do <a href=\"https:\/\/www.gringoinvestor.com\/pt\/hgbs11-analise-2025\/\">HGBS11 em 2025<\/a>, incluindo a sustentabilidade dos dividendos e as transa\u00e7\u00f5es recentes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"disclosure\">Aviso de Conflito de Interesses<\/h2>\n\n\n\n<p>Atualmente, mantenho uma posi\u00e7\u00e3o comprada em XPML11 e posso aumentar minha aloca\u00e7\u00e3o no futuro. Este conte\u00fado tem finalidade exclusivamente informativa e n\u00e3o constitui recomenda\u00e7\u00e3o financeira. Sempre fa\u00e7a sua pr\u00f3pria pesquisa e consulte um profissional licenciado antes de tomar decis\u00f5es de investimento.<\/p>\n\n\n\n<p id=\"legal-disclaimer\"><strong>IMPORTANTE: AVISO LEGAL<\/strong><\/p>\n\n\n\n<p><strong>As informa\u00e7\u00f5es fornecidas neste site s\u00e3o apenas para fins informativos gerais. Todo o conte\u00fado se baseia em opini\u00f5es pessoais, experi\u00eancias ou dados publicamente dispon\u00edveis e n\u00e3o deve ser interpretado como aconselhamento financeiro, jur\u00eddico, tribut\u00e1rio ou de investimentos. Nada aqui deve ser entendido como uma recomenda\u00e7\u00e3o para comprar, vender ou manter qualquer instrumento financeiro.<\/strong><\/p>\n\n\n\n<p><strong>N\u00e3o sou consultor financeiro certificado e n\u00e3o conhe\u00e7o sua situa\u00e7\u00e3o financeira pessoal. Sempre consulte um profissional qualificado antes de tomar qualquer decis\u00e3o de investimento. O Gringo Investor e seu criador isentam-se de qualquer responsabilidade por perdas ou danos decorrentes do uso dessas informa\u00e7\u00f5es.<\/strong><\/p>\n\n\n\n<p><strong>Investir envolve riscos, incluindo a possibilidade de perda total do capital. Resultados passados n\u00e3o garantem retornos futuros.<\/strong><br><br><strong>Este site \u00e9 voltado para um p\u00fablico internacional e n\u00e3o se destina a cumprir regulamenta\u00e7\u00f5es da CVM ou fornecer recomenda\u00e7\u00f5es formais de investimento no Brasil.\n\nEste artigo foi originalmente escrito em ingl\u00eas. Para ler na vers\u00e3o original, mude o idioma do site para Ingl\u00eas usando o seletor de idiomas no menu.<\/strong><\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Uma an\u00e1lise detalhada do XPML11 em 2025, incluindo a sustentabilidade dos dividendos, aquisi\u00e7\u00f5es recentes e se o XP Malls ainda \u00e9 considerado um FII de alto n\u00edvel no Brasil.<\/p>","protected":false},"author":1,"featured_media":2145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4,5],"tags":[8,7,6],"class_list":["post-2039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fiis","category-shopping-fiis","tag-fii-analysis","tag-xp-asset-management","tag-xpml11"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is XPML11 Still a Top-Tier FII in 2025? 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