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	20.1%
2	CNES11	CENESP FII	Offices	0.22	—
3	MFII11	MÉRITO DESENVOLVIMENTO IMO…	Multi-strategy	0.31	26.9%
4	RECT11	FUNDO REC RENDA IMOBILIARIA	Multi-strategy	0.36	15.6%
5	CARE11	BRAZILIAN GRAVEYARD AND DE…	Multi-strategy	0.38	—
6	XPCM11	XP CORPORATE MACAÉ FUNDO D…	Offices	0.40	—
7	TGAR11	FII TG ATIVO REAL	Multi-strategy	0.41	21.1%
8	VINO11	VINCI OFFICES FUNDO DE INV…	Multi-strategy	0.45	12.5%
9	VPPR11	V2 PRIME PROPERTIES. FII	Offices	0.49	—
10	KNRE11	KINEA II REAL ESTATE EQUIT…	Residential	0.50	—
11	RBRD11	RB CAPITAL RENDA II - FII	Multi-strategy	0.50	18.1%
12	BRCR11	BC FUND FII	Multi-strategy	0.50	11.5%
13	BBIG11	BB PREMIUM MALLS FII DE RE…	Shopping malls	0.50	15.3%
14	BROF11	BRPR CORPORATE FII	Multi-strategy	0.52	10.7%
15	ARRI11	OPEN K ATIVOS E RECEBIVEIS…	Multi-strategy	0.54	21.2%

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	26.9%	0.31
2	HCTR11	FII HECTARE CE	Multi-strategy	24.5%	—
3	DEVA11	DEVANT RECEBÍVEIS IMOBILIÁ…	Multi-strategy	22.8%	—
4	VGRI11	VALORA RENDA IMOBILIARIA F…	Other	22.2%	0.61
5	VCRA11	VECTIS DATAGRO CRÉD AGRONE…	Títulos e Val. Mob.	21.3%	0.63
6	ARRI11	OPEN K ATIVOS E RECEBIVEIS…	Multi-strategy	21.2%	0.54
7	TGAR11	FII TG ATIVO REAL	Multi-strategy	21.1%	0.41
8	LIFE11	FII LIFE CAPITAL PARTNERS	Residential	21.0%	0.71
9	OUJP11	OURINVEST JPP FUNDO DE INV…	Multi-strategy	20.6%	0.69
10	JGPX11	JGP CRÉD. FIAGRO	Other	20.6%	0.72
11	VSLH11	VERSALHES RECEBÍVEIS IMOBI…	Multi-strategy	20.6%	—
12	URPR11	URCA PRIME RENDA FI IMOBIL…	Other	20.1%	0.21
13	TRBL11	TELLUS RIO BRAVO RENDA LOG…	Logistics	20.0%	0.65
14	KIVO11	KILIMA VOLKANO RECEBIVEIS …	Other	20.0%	0.63
15	EGAF11	FII ECOAGRO I - FIAGRO	Títulos e Val. Mob.	19.9%	0.95

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	0.82	13.8%	0.3%
Other	55	0.81	15.0%	1.0%
Logistics	17	0.84	12.2%	0.0%
Offices	13	0.68	9.8%	4.7%
Shopping malls	10	0.83	10.5%	5.2%
Títulos e Val. Mob.	6	0.93	19.9%	—
Residential	4	0.66	13.2%	1.1%
Retail	2	0.77	12.4%	2.4%
Hospital	1	0.68	18.7%	0.0%
Hotel	1	0.92	12.7%	—

Every listed fund, one page each

468 of the 480 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.