Rico aos Poucos

Brazilian REIT Managers

Compare the main managers of Brazilian real estate funds (FIIs).

Unitholder return against the IFIX, issuances, cost, promises kept and transparency — measured in each fund's official filings, not declared by the manager itself.

109Managers analyzedWith at least 1 listed REIT
—REITs in totalManaged by these houses
—Assets under management— unitholders combined
—Beat the IFIX+2 pp/yr over the last 3 years
109 managers

FG

Management: benchmark

9.2
REITs managed
1
AUM
R$ 424.0M
Listed for
3 years
Top REITs
FGAA11

FAR

Management: benchmark

8.7
REITs managed
2
AUM
R$ 527.3M
Listed for
4 years
Top REITs
VRTM11OIAG11

Clave

Management: benchmark

8.7
REITs managed
1
AUM
R$ 429.0M
Listed for
2 years
Top REITs
CLIN11

Raizz Capital

Analysis score (not measured)

7.2
REITs managed
1
AUM
R$ 1.0B
Listed for
2 years
Top REITs
RZZR11

Banestes

Management: competent

7.1
REITs managed
1
AUM
R$ 534.0M
Listed for
8 years
Top REITs
BCRI11

BREI

Management: competent

6.9
REITs managed
1
AUM
R$ 84.8M
Listed for
2 years
Top REITs
IBCR11

Vórtx

Management: competent

6.6
REITs managed
2
AUM
R$ 228.1M
Listed for
6 years
Top REITs
JFLL11HOSI11

Órama

Analysis score (not measured)

6.0
REITs managed
1
AUM
R$ 45.2M
Listed for
3 years
Top REITs
OGIN11

EQI Asset

Management: below average

4.6
REITs managed
1
AUM
R$ 105.0M
Listed for
2 years
Top REITs
EQIR11

CY.Capital

Management: below average

4.3
REITs managed
1
AUM
R$ 346.0M
Listed for
2 years
Top REITs
CYCR11

Arch Capital

Management: below average

4.1
REITs managed
1
AUM
R$ 366.0M
Listed for
4 years
Top REITs
AIEC11

Managers with no fund under management today: VBI Real Estate (PT)

How we measure the managers

The management score comes from each fund's official filings with the CVM (Brazil's securities regulator), read month by month: the unitholder's total return (change in book value per unit plus distributions) against the IFIX, issuances made below book value, the effective fee charged, dividend stability, whether guidance was met and how much the manager discloses in its reports. None of it is what the manager says about itself.

For a house with several funds, each number is the average weighted by net assets of the funds that measure it — a R$ 7 billion fund weighs more than a R$ 50 million one. When there is not yet enough history to measure, the card shows the qualitative analysis score and says so.

The unit price does not enter the score: it changes every day, and the quality of whoever runs the fund does not.