Latam Real Estate - Today‘s News: Residential Rental Trends, Rising Large Unit Inventories, MTRE Dividends, Heated Office Leasing

Research evidence excerpt

Latam Real Estate - Today‘s News: Residential Rental Trends, Rising Large Unit Inventories, MTRE Dividends, Heated Office Leasing

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• Rising inventory of large apartments in São Paulo raises concerns - Valor garrett.greenblatt@jpmorgan.com

Econômico. The absorption period for 3- and 4-bedroom units jumped to 26 J.P. Morgan Securities LLC

months vs 18.5 months a year ago, with new mid/high-end supply up 40% yoy

as of April-26, making oversupply the sector’s main risk. Higher interest rates

and R$53bn in savings withdrawals continue to pressure financing for this Brazilian HBs Coverage Summary

segment, which is excluded from MCMV. Despite solid operational results and Rating PT Dec-26 P/BV

easing construction cost inflation (INCC up 6.7% LTM as of June vs 7.2% a TEND OW R$ 48.50 3.16x

DIRR OW R$ 19.00 3.28x year ago), the outlook for mid/high-end residential remains challenging. CURY OW R$ 43.50 6.78x

• Mitre approves dividend of R$0.085 per share (2.6% yield) for July, MRVECYRE NN R$R$ 29.507.00 0.55x0.95x

August and September - Press Release. Mitre (MTRE, NC) announced that EZTC N R$ 17.00 0.67x

its Board of Directors approved the payment of R$9mn in interim dividends to Source: J.P. Morgan estimates. Priced as of last trading day

shareholders, distributed in three tranches of R$3mn each (R$0.028 per share) for all stocks.

to be paid in July, August and September (each month representing a ~0.9% Latam Properties Coverage Summary

yield). Rating PT Dec-26 P/FFO 27e

• Airbnb generated R$113bn in Brazil’s economy in 2025, up 13% yoy – MULTIGTI OWOW R$R$ 38.0032.00 9.2x7.9x

Valor Econômico. The platform contributed nearly R$63bn to GDP (+12% ALOS OW R$ 35.00 8.1x

yoy) and supported over 700k jobs, with Rio de Janeiro leading growth due to LOGG OW R$ 34.00 17.8x