FIIs - Brazil REITs
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In 1993 Brazil launched its version of Real Estate Investment Trusts (REIT), with what are known as Fundo de Investimento Imobiliario, or FII.
This was from Federal Law 8668/93 and instruction 205/94. Now it is by Rulings 472/08 from Comisao de Valores Mobiliarios/Brazilian Securities Commission (CVM). And regulated by the Rules for Fund Operation, where they're registered, then submitted for approval by the Comissão de Valores Mobiliários/Brazilian Securities Commission (CMV).
FIIs are Brazilian Real Estate Investment Trusts
FIIs can be listed on the stock market, the Bovespa (Sao Paulo Stock Exchange), have at least 50 investors. Since 2006, they have been tax free for individuals, but not for companies -- provided those persons own less than 10% of the FII.
At least 95% of operating income, and at least 95% of capital gains, must be distributed to unit holders on a semi-annual basis, at the end of June and December of every year.
This income must be from the operation of real estate -- rent and capital gains. Income from fixed income investments is subject to taxes and tax withholding of distributions. The use of leverage is forbidden.
These Brazilian REITs can own and operate property investments. However, there are more private ones than publicly listed ones. It is most often used as a special-purpose entity, and funded by private capital. Existing entities can not be transformed into a FII.
A Fundo de Investimento Imobiliario is a REIT in Brazil
FIIs must be approved by the CVM, and so must subscriptions for units. They must be formed and managed by financial institutions authorized by the CVM.
There is no required minimum capital. An FII is not a legal entity, but a contractual arrangement between investors and a fund manager. They are closed-end, and can have either a limited or indefinite duration.
Most FIIs are small. They own just one, or a portion of one, property. So most Brazlian REITs own one office building or one shopping center or, in one case, one hotel.
A construction company may not hold more than 25% interest in a FII. Unit holders may be legal entities or individuals in Brazil or outside Brazil. There is no discrimination between Brazilian and foreign investors.
A FII is classified as an investment condominium. They are forbidden by law to use leverage, so all their positions are 100% equity.
The CVM website lists 133 FIIs. However, I crosschecked against them with the Sao Paulo Stock Exchange website listed companies. None of them were listed as being publicly traded. However, other sources say that FIIs are publicly listed there.
Here is the CVM list of Fundos de Investimento Imobiliarios:
1. AQUILLA FUNDO DE INVESTIMENTO IMOBILIÁRIO
2. BB FII PROGRESSIVO
3. BB RENDA CORPORATIVA FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
4. BC FUNDO DE FUNDOS DE INVESTIMENTO IMOBILIÁRIO - FII
5. BTG PACTUAL FII - FII DESENVOLVIMENTO II
6. BTG PACTUAL FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII RECEBÍVEIS IMOBILIÁRIOS
7. BTG PACTUAL FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII RENDA II
8. CSHG BRASIL SHOPPING - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
9. CSHG DESENVOLVIMENTO DE SHOPPINGS POPULARES - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
10. CSHG JHSF PRIME OFFICES - FUNDO DE INVESTIMENTO IMOBILIÁRIO FII
11. CSHG LOGÍSTICA - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
12. CSHG REAL ESTATE - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
13. CSHG RECEBÍVEIS IMOBILIÁRIOS BC - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
14. DOVEL FII
15. EXITUS FII - FII
16. F BRASILIO MACHADO II
17. F FORTALEZA II
18. F SIGMA II
19. FATOR VERITA FUNDO DE INVESTIMENTO IMOBILIARIO
20. FII - PRESIDENTE VARGAS
21. FII ANCAR IC
22. FII ANHANGUERA EDUCACIONAL
23. FII ARAUCÁRIAS
24. FII BB VOTORANTIM JHSF CIDADE JARDIM CONTINENTAL TOWER
25. FII BCO BBM BARRA FIRST CLASS
26. FII BM ASSET
27. FII BRAZILIAN CAPITAL REAL ESTATE FUND
28. FII CAIXA CEDAE
29. FII CAIXA DESENVOLVIMENTO IMOBILIÁRIO
30. FII CENTRO TEXTIL INTERNACIONAL
31. FII COMERCIAL PROGRESSIVO
32. FII COMERCIAL PROGRESSIVO II
33. FII COMPREV
34. FII CONTINENTAL SQUARE FARIA LIMA
35. FII CR2 LARANJEIRAS
36. FII CR2 RJZ II
37. FII DAYCOVAL RENDA ITAPLAN
38. FII ED ALMIRANTE BARROSO
39. FII EDIFÍCIO CASTELO
40. FII EDIFÍCIO OURINVEST
41. FII EUROPAR
42. FII EXCELLENCE
43. FII FASHION MALL
44. FII FCM
45. FII FIDELIDADE
46. FII GEO GUARARAPES
47. FII GRAND PLAZA SHOPPING
48. FII GWI CONDOMÍNIOS LOGÍSTICOS
49. FII HERMES
50. FII HOSPITAL DA CRIANÇA
51. FII HOTEL MAXINVEST
52. FII INCA II
53. FII MANHATTAN
54. FII MAX RETAIL
55. FII MEMORIAL OFFICE
56. FII MERCANTIL DO BRASIL
57. FII MISTRAL
58. FII NOSSA SENHORA DE LOURDES
59. FII NOVA MORADA
60. FII ONIX
61. FII PANAMBY
62. FII PARQUE DOM PEDRO SHOPPING CENTER
63. FII PATEO MOINHOS DE VENTO
64. FII PATRIMONIAL II
65. FII PATRIMONIAL IV
66. FII PENINSULA
67. FII PHORBIS
68. FII PREMIER REALTY
69. FII PRIME PORTFOLIO
70. FII PROJ AGUA BRANCA
71. FII PROPERTY
72. FII PROPERTY INVEST
73. FII RB LOGÍSTICA
74. FII RIO BRAVO RENDA CORPORATIVA
75. FII RODOBENS
76. FII RUBI
77. FII SÃO FERNANDO
78. FII SHOPPING GUARARAPES
79. FII SHOPPING PARQUE D PEDRO
80. FII SHOPPING PATIO HIGIENOPOLIS
81. FII SHOPPING WEST PLAZA
82. FII SUPERQUADRA 311 NORTE
83. FII THE ONE
84. FII TORRE ALMIRANTE
85. FII TORRE NORTE
86. FII TROPICAL
87. FII VEREDA
88. FII VIA PARQUE SHOPPING
89. FII VILLE DE FRANCE
90. FII VOTORANTIM SECURITIES
91. FLORIPA SHOPPING - FII
92. FP F ANDROMEDA FII
93. FP F ANDROMEDA FII
94. FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII CAMPUS FARIA LIMA
95. FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII TOP CENTER
96. FUNDO DE INVESTIMENTO IMOBILIARIO BM CENESP - FII
97. FUNDO DE INVESTIMENTO IMOBILIÁRIO BÚSSOLA
98. FUNDO DE INVESTIMENTO IMOBILIÁRIO CAIXA INCORPORAÇÃO
99. FUNDO DE INVESTIMENTO IMOBILIÁRIO DA REGIÃO DO PORTO
100. FUNDO DE INVESTIMENTO IMOBILIÁRIO DIAMANTE - FII
101. FUNDO DE INVESTIMENTO IMOBILIÁRIO ELDORADO - FII
102. FUNDO DE INVESTIMENTO IMOBILIÁRIO PORTO MARAVILHA
103. FUNDO DE INVESTIMENTO IMOBILIÁRIO VOTORANTIM SECURITIES II
104. GUANABARA FII
105. JPP FII - FII
106. JS REAL ESTATE MULTIGESTÃO - FII
107. KINEA RENDA IMOBILIÁRIA - FII
108. LAGRA FII
109. LOGINVEST FII INDUSTRIAL
110. MAIS SHOPPING LARGO 13 FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
111. MSL 13 - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
112. OPPORTUNITY FII
113. RB CAPITAL AGRE - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
114. RB CAPITAL ANHANGUERA FII
115. RB CAPITAL DESENVOLVIMENTO RESIDENCIAL II FUNDO DE INVESTIMENTO IMOBILIARIO - FII
116. RB CAPITAL GENERAL SHOPPING SULACAP FII
117. RB CAPITAL PATRIMONIAL V - FII
118. RB CAPITAL PRIME REALTY I - FII
119. RB CAPITAL RENDA I FII
120. RB CAPITAL RENDA II FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
121. REAL MINAS FII
122. REP 1 CCS - FII
123. RIO BRAVO CIBRASEC FUNDO DE INVESTIMENTO IMOBILIÁRIO
124. SABIÁ FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
125. SALUS FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
126. SCP FII
127. STARX FII - FII
128. TAG GR IV - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
129. TAG OAR - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
130. TP CORPORATE - FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
131. TRX REALTY LOGÍSTICA RENDA I FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
132. VENTURA II-A FI IMOBILIÁRIO FII
133. WM RB CAPITAL FUNDO DE INVESTIMENTO IMOBILIÁRIO - FII
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