Brazilian Real Estate Funds (FIIs) — P/BV, dividend yield, vacancy and segment benchmarks, auditable

Brazilian listed real estate funds — FIIs, the local equivalent of REITs, though not the same legal or tax structure — with P/BV and dividend yield built the auditable way: NAV per share from the CVM monthly report, price from the first session from the day it went public. Not investment advice.

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Most discounted (lowest P/BV) — 178 liquid funds

Price ÷ net asset value per share. Below 1.0 means the price sits under the reported NAV — which is not the same as a discount to realisable value: that NAV comes from an appraisal, lags the market, and says nothing about asset quality or leverage. Point-in-time price, liquid funds only (5,000+ shareholders).

#	Ticker	Fund	Segment	P/BV point-in-time	DY trailing 12m, current
1	URPR11	URCA PRIME RENDA FI IMOBIL…	Other	0.21	20.3%
2	CNES11	CENESP FII	Offices	0.22	—
3	KNRE11	KINEA II REAL ESTATE EQUIT…	Residential	0.32	—
4	RECT11	FUNDO REC RENDA IMOBILIARIA	Multi-strategy	0.37	16.0%
5	MFII11	MÉRITO DESENVOLVIMENTO IMO…	Multi-strategy	0.38	28.3%
6	TGAR11	FII TG ATIVO REAL	Multi-strategy	0.41	22.2%
7	VINO11	VINCI OFFICES FUNDO DE INV…	Multi-strategy	0.44	12.4%
8	VPPR11	V2 PRIME PROPERTIES. FII	Offices	0.48	—
9	XPCM11	XP CORPORATE MACAÉ FUNDO D…	Offices	0.50	—
10	RBRD11	RB CAPITAL RENDA II - FII	Multi-strategy	0.51	17.6%
11	BRCR11	BC FUND FII	Multi-strategy	0.52	12.0%
12	BBIG11	BB PREMIUM MALLS FII DE RE…	Shopping malls	0.52	14.7%
13	ARRI11	OPEN K ATIVOS E RECEBIVEIS…	Multi-strategy	0.55	19.4%
14	BROF11	BRPR CORPORATE FII	Multi-strategy	0.56	10.9%
15	INLG11	INTER LOGÍSTICO FII	Logistics	0.57	12.6%

Top payers (dividend yield, current 12 months)

Sum of the last 12 months' distributions per share ÷ price. Recurring income only — one-offs above 30%/yr are flagged out. A REIT's payout is cash distributed, not accounting profit.

#	Ticker	Fund	DY trailing 12m, current	P/BV point-in-time
1	MFII11	MÉRITO DESENVOLVIMENTO IMO…	Multi-strategy	28.3%	0.38
2	HCTR11	FII HECTARE CE	Multi-strategy	25.6%	—
3	DEVA11	DEVANT RECEBÍVEIS IMOBILIÁ…	Multi-strategy	23.2%	—
4	TGAR11	FII TG ATIVO REAL	Multi-strategy	22.2%	0.41
5	JGPX11	JGP CRÉD. FIAGRO	Other	21.3%	0.72
6	VGRI11	VALORA RENDA IMOBILIARIA F…	Other	20.9%	0.64
7	OUJP11	OURINVEST JPP FUNDO DE INV…	Multi-strategy	20.6%	0.71
8	LIFE11	FII LIFE CAPITAL PARTNERS	Residential	20.5%	0.71
9	KIVO11	KILIMA VOLKANO RECEBIVEIS …	Other	20.3%	0.63
10	URPR11	URCA PRIME RENDA FI IMOBIL…	Other	20.3%	0.21
11	VCRA11	VECTIS DATAGRO CRÉD AGRONE…	Títulos e Val. Mob.	20.3%	0.63
12	VSLH11	VERSALHES RECEBÍVEIS IMOBI…	Multi-strategy	20.2%	—
13	EGAF11	FII ECOAGRO I - FIAGRO	Títulos e Val. Mob.	20.2%	0.95
14	ARRI11	OPEN K ATIVOS E RECEBIVEIS…	Multi-strategy	19.4%	0.55
15	IAAG11	INTER AMERRA - FIAGRO - IM…	Other	19.3%	0.83

Median by segment

Median P/BV, dividend yield and vacancy per CVM segment — compare a fund with its peers. Vacancy is area-weighted, from the quarterly report; paper (CRI) funds have none.

Segment	Funds	Median P/BV	Median DY	Median vacancy
Multi-strategy	69	0.83	14.3%	0.3%
Other	55	0.83	14.9%	1.0%
Logistics	17	0.84	11.9%	0.0%
Offices	13	0.70	9.6%	4.7%
Shopping malls	10	0.84	10.5%	5.2%
Títulos e Val. Mob.	6	0.93	20.2%	—
Residential	4	0.66	13.2%	1.1%
Retail	2	0.77	12.2%	2.4%
Hospital	1	0.71	17.9%	0.0%
Hotel	1	0.92	12.8%	—

Every listed fund, one page each

469 of the 481 funds with a traded ticker have at least one point-in-time P/BV, and those are the ones with a page. Each page carries the P/BV report by report, the 12-month yield, distributions and vacancy, every figure with its caveat.

Logistics 44

Multi-strategy 160

ADSH11 AFHI11 ALZC11 ALZR11 AROA11 ARRI11 ASRF11 AVUR15 BBFO11 BCIA11 BLMG11 BLOG11 BPML11 BRCR11 BROF11 BTLG11 CACR11 CARE11 CCME11 CENU11 CFHI11 CFII11 CPUR11 CRFF11 CXCI11 CXCO11 CXRI11 DAMA11 DEVA11 DPRO11 DVLP11 EDGA11 EDGE11 EGYR11 EIRA11 EQIR11 ERPA11 EXES11 FCFL11 FPNG11 FTCE11 GARE11 GCRA11 GCRI11 GGRC11 GLCR11 HABT11 HBCR11 HBRH11 HCST11 HCTR11 HFOF11 HGIC11 HGLG11 HOMS11 HRDF11 HREC11 HRES11 HYPI11 IAGR11 IRIM11 JBFO11 JFLL11 JPPA11 JPPC11 JSAF11 JSCR11 JSRE11 KCRE11 KDOL11 KFEN11 KFOF11 KNCR11 KNHF11 KNHY11 KNIP11 KNPR11 KNRI11 KNSC11 LKDV11 LRDI11 LTMT11 MAXR11 MCCI11 MCHY11 MFII11 MGHT11 MIDW11 MMPD11 MMVE11 NAUI11 NCHB11 NEWL11 NEWU11 OCRE11 ORPD11 OUJP11 PATL11 PEMA11 PLRI11 PNDL11 PNPR11 PNRC11 PORD11 PRSN11 RBRD11 RBRI11 RBRR11 RBRX11 RBRY11 RBTS11 RCFA11 RCRI11 RECM11 RECR11 RECT11 RELG11 RENV11 RINV11 RMBS11 ROOF11 RZAK11 RZAT11 SADI11 SAPI11 SEED11 SHPP11 SNAG11 SNFZ11 SNME11 SPMO11 SPXS11 SRVD11 STYI11 TELM11 TEPP11 TGAR11 TORD11 TRCO11 TRPL15 TRXB11 TRXF11 TRXY11 TSNC11 URHF11 VERE11 VGII11 VGIP11 VGIR11 VINO11 VOTS11 VRTM11 VSLH11 VVCR11 VVRI11 WHGR11 WTSP11 XPCA11 XTED11 ZAVI11

Offices 39

Other 107

Residential 34

Retail 5

BNFS11 BVAR11 CXAG11 JASC11 RBVA11

Shopping malls 30

ABCP11 AJFI11 ANCR11 APXM11 ATSA11 BBIG11 BTML11 DAMT11 FIGS11 FIVN11 FLRP11 FVPQ11 GRAV11 GSFI11 HGBS11 HMOC11 HPDP11 HSML11 JRDM11 LASC11 MALL11 PQDP11 RBGS11 SHPH11 STRX11 VISC11 VPSI11 VSHO11 WPLZ11 XPML11

Títulos e Val. Mob. 27

BCFF11 BICR11 BLMC11 BLMR11 BTCR11 CCRF11 CPFF11 EGAF11 GCFF11 IBFF11 IDFI11 KOPA11 LSAG11 MATV11 MGCR11 MORC11 MORE11 OUFF11 PLCA11 QAMI11 RBBV11 RECX11 RNDP11 RZAG11 VCRA11 VIFI11 VSEC11

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Sources: CVM (open data, ODbL) and B3 (COTAHIST). Not affiliated with B3 or the CVM. Not investment advice.

Numbers on this page are live. Data version 2026-09-27-reapresentacao-agreg · page generated 2026-09-27 14:46 UTC. If this does not match /saude, you are reading a cached copy.