Resilient dividend offer in corporate slab funds: PVBI11 consolidates stability while RCRB11 accelerates growth

The dynamics of real estate funds focused on the premium office segment present two complementary paths in the investor return strategy. VBI Prime Offices (PVBI11) maintains its predictable distribution policy, while Rio Bravo Renda Corporativa (RCRB11) seeks to enhance gains through active asset recycling. This strategic transition reflects the sector’s maturation of corporate floors toward more sustainable and diversified models.

PVBI11: Predictability and operational resilience in motion

PVBI11 established its position as a stable fund during the period, maintaining dividends for the fifth consecutive month. The announced value for November was R$ 0.45 per share, fully distributed to shareholders, reflecting genuine operational performance without resorting to extraordinary gains. With the closing price at R$ 82.00, the investor achieved a monthly yield of 0.55%.

Management reported the preservation of a R$ 0.24 per share reserve for future adjustments, demonstrating fiscal prudence. Although current results are slightly below the 24-month historical average of R$ 0.55 per share(, the consistency in distribution highlights the solidity of the properties in its portfolio during a tenant transition period.

Tenant movements and operational dynamics in the portfolio

Regarding operations, the period was marked by significant tenant replacements. The entry of Timbro Trading into the Vera Cruz building, occupying spaces previously vacant by Serena, allowed the fund to keep vacancy indicators under control: 16.5% physical and 17.6% financial.

Meanwhile, the completion of a new lease at The One asset, with Volken Capital leasing 247 m² of gross leasable area starting in December, contributed to maintaining operational resilience. Management has already announced expected vacancy events for the first half of 2026, including Cascione’s exit in December at the FL 4440 asset and floor returns by Julius Baer at Vera Cruz in February.

To offset these scheduled exits, a contract was signed with ServiceNow, which will occupy 1,801 m² at Vera Cruz starting in April 2026. Projections indicate a vacancy peak of 19.8% during April 2026, before a new operational rebalancing.

RCRB11: Accelerated growth and recycling strategy

RCRB11 reported a net profit of R$ 3.294 million at the end of November, a 7.6% increase over October. Pure real estate income contributed R$ 4.52 million, while the financial component added R$ 69.9 thousand, demonstrating the predominance of rental income over cash application returns.

Distributions to shareholders reached R$ 0.94 per share, fully paid within the period. With a closing price of R$ 128.94, the annualized dividend yield reached 8.7%, a competitive level for the corporate floors segment.

FFO and appreciation prospects

The Funds From Operations (FFO) projection remains at R$ 1.15 per share, implying an annualized return of approximately 11%. This difference between current distribution and projected FFO signals significant appreciation potential for long-term investors. Management expects a gradual convergence of distributions to this level as operational cycles advance.

Asset recycling and potential gains realization

RCRB11 continues its active recycling strategy aimed at optimizing the portfolio composition. In November, a Non-Binding Letter of Intent was signed for divestment of one property, representing a transition of its assets toward better capital efficiency. The estimated capital gain from this operation reaches R$ 10 million, equivalent to R$ 2.90 per share, to be incorporated into distributable results in subsequent cycles after due diligence.

Occupancy dynamics of Edifício Bravo Paulista

The vacancy of two floors at Edifício Bravo Paulista in November totaled just over 430 m² of BOMA area, raising physical vacancy to 0.99%. Despite this exit, the index remains extremely low, reflecting the quality of assets located in consolidated corporate axes. The estimated impact of this reduction is R$ 0.02 per share monthly on total real estate revenue.

Management reported the existence of four commercial proposals under review for the vacated spaces, indicating a favorable re-occupancy dynamic. This tenant transition process demonstrates operational resilience even amid occasional exits.

Outlook for the corporate floors sector

Both funds reflect the evolution of the corporate floors market toward greater operational maturity and financial sustainability. While PVBI11 offers predictability, RCRB11 provides growth potential through active management. The occupancy dynamics in both portfolios demonstrate ongoing demand for premium spaces in consolidated axes, despite tenant transition periods.