Avaliação de fundos de investimento imobiliário no Brasil

Abstract

The balance of the Brazilian economy along with improvements in the policies and regulations in real estate allowed the emergence of new services and products. As a result, developments in the sector was increased, from real estate investments to capital market investments, with emphasis in this modality, Real Estate Investment Funds (FIIs). However, the large variety of Real Estate Investment Funds makes the investors decision relatively complex, because by allocating capital in FIIs, investors usually expect good financial returns and security in relation to the money invested. Within this context, this research aims to develop a model to evaluate the yield of Real Estate Investment Funds in Brazil. Therefore, were collected prospectus and monthly reports data, covering the period from January 2017 to October 2017, by 82 FIIs listed on BM&FBOVESPA. Then, it was made a survey in the academic literature and the prospectus of funds were analyzed to verify which variables impact the results of FIIs. Thereafter, correlation table between candidate variables and funds yields was obtained. The model to evaluate Real Estate Investment Funds in Brazil was developed based on the regression analysis. It was considered in the model only statistically significant variables to explain funds yields. Based on the results obtained, it was observed that the payment of high administration fees did not correspond to a higher FIIs yields, as well as the previous definition of the property in prospectus funds. By analyzing the resulting models, it was emphasized that funds that invest in real estate securities, focusing on the paper segment (financial products with real estate), and management of real estate under the responsibility of specialist managers, enable to investors higher yields.