Brazilian REITs (FIIs) — P/BV and dividend yield, auditable

Brazilian REITs, with the two numbers that matter — P/BV and dividend yield — built the auditable way: NAV per share from the CVM monthly report, price from the first session after it went public. Not investment advice.

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Most discounted (lowest P/BV) — 179 liquid funds

Price ÷ net asset value per share. Below 1.0 means the market prices the fund under its book real-estate value. Point-in-time price, liquid funds only (5,000+ shareholders).

#	Ticker	Fund	Segment	P/BV	DY 12m
1	URPR11	URCA PRIME RENDA FI IMOBIL…	Other	0.20	23.0%
2	CACR11	CARTESIA RECEBÍVEIS IMOBIL…	Multi-strategy	0.20	—
3	CNES11	CENESP FII	Offices	0.23	6.9%
4	XPCM11	XP CORPORATE MACAÉ FUNDO D…	Offices	0.40	—
5	RECT11	FUNDO REC RENDA IMOBILIARIA	Multi-strategy	0.40	15.5%
6	TGAR11	FII TG ATIVO REAL	Multi-strategy	0.47	21.3%
7	VINO11	VINCI OFFICES FUNDO DE INV…	Multi-strategy	0.47	12.1%
8	VPPR11	V2 PRIME PROPERTIES. FII	Offices	0.48	—
9	BBIG11	BB PREMIUM MALLS FII DE RE…	Shopping malls	0.50	16.6%
10	BRCR11	BC FUND FII	Multi-strategy	0.50	12.4%
11	RBRD11	RB CAPITAL RENDA II - FII	Multi-strategy	0.52	18.1%
12	MFII11	MÉRITO DESENVOLVIMENTO IMO…	Multi-strategy	0.53	—
13	KNRE11	KINEA II REAL ESTATE EQUIT…	Residential	0.53	—
14	ARRI11	OPEN K ATIVOS E RECEBIVEIS…	Multi-strategy	0.55	20.8%
15	BROF11	BRPR CORPORATE FII	Multi-strategy	0.56	11.0%

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 12m	P/BV
1	DEVA11	DEVANT RECEBÍVEIS IMOBILIÁ…	Multi-strategy	23.0%	—
2	URPR11	URCA PRIME RENDA FI IMOBIL…	Other	23.0%	0.20
3	VGRI11	VALORA RENDA IMOBILIARIA F…	Other	22.9%	0.63
4	HCTR11	FII HECTARE CE	Multi-strategy	22.5%	—
5	TGAR11	FII TG ATIVO REAL	Multi-strategy	21.3%	0.47
6	VCRA11	VECTIS DATAGRO CRÉD AGRONE…	Títulos e Val. Mob.	21.0%	0.63
7	ARRI11	OPEN K ATIVOS E RECEBIVEIS…	Multi-strategy	20.8%	0.55
8	OUJP11	OURINVEST JPP FUNDO DE INV…	Multi-strategy	20.4%	0.73
9	LIFE11	FII LIFE CAPITAL PARTNERS	Residential	20.4%	0.69
10	EGAF11	FII ECOAGRO I - FIAGRO	Títulos e Val. Mob.	20.1%	0.95
11	AAZQ11	AZ QUEST SOLE FIAGRO - IMO…	Other	20.0%	0.85
12	KIVO11	KILIMA VOLKANO RECEBIVEIS …	Other	19.7%	0.70
13	VGIA11	VALORA CRA FIAGRO RL	Other	19.7%	0.95
14	TRBL11	TELLUS RIO BRAVO RENDA LOG…	Logistics	19.6%	0.78
15	VSLH11	VERSALHES RECEBÍVEIS IMOBI…	Multi-strategy	19.0%	—

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	0.86	14.1%	1.7%
Other	56	0.83	15.0%	0.7%
Logistics	17	0.87	11.7%	0.6%
Offices	13	0.71	9.3%	4.7%
Shopping malls	10	0.85	10.2%	5.0%
Títulos e Val. Mob.	6	0.93	20.1%	—
Residential	4	0.66	13.2%	0.8%
Retail	2	0.78	11.9%	3.0%
Hospital	1	0.98	18.9%	0.0%
Hotel	1	0.94	12.7%	0.0%

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