The departure of Vitacon from the Haddock Lobo 347 asset highlights this imbalance. While the fund received compensation payments related to the contract termination, providing a one-off positive impact on results, the tenant’s exit increased vacancy in one of the portfolio’s most pressured properties.

As part of the termination process, the fund received approximately R$162,000 in March from penalties and settlement agreements. These amounts are classified as non-recurring income, meaning they support short-term results but are not sustainable.

Vacancy in these assets directly impacts recurring revenue generation, while also increasing operating costs and extending the time required for portfolio stabilization.

From a management perspective, the fund has sought to mitigate these effects through renegotiations and new leases. In March, for example, agreements were reached to occupy units at Brooklyn Business Square, which should contribute to revenue after rent-free periods. Still, the impact of these initiatives tends to materialize gradually, while current vacancy continues to pressure results.

According to the fund’s own report, expectations remain modest, with projected dividends for the coming months ranging between R$0.03 and R$0.04 per unit.

In March, the fund posted a negative return of 7.8%, underperforming the IFIX, which fell 1.1% in the period, and trailing the CDI, which rose 1.0%. On a cumulative basis, the gap widens, with the fund delivering significantly lower returns compared to both the FII index and fixed income benchmarks.

After reaching around 150,000 unitholders throughout 2025, the fund ended March with 131,500 investors, indicating a gradual decline in its investor base. At the same time, average daily trading volume dropped from approximately R$1.2 million in February to R$700,000 in March, a significant contraction over a short period.

As of the time of publication, Vinci Compass had not commented on the matter.