FII or stock dividend: which is better?

Posted at 3pm

A lot of people are in doubt about which investment pays more dividends: stocks or Real Estate Investment Funds. On the subject, Finance News spoke with the chief analyst and coordinator of the Research department at Banco Inter, Rafaela Vitoria.

The following interview was granted to journalist Clara Almeida.

Finance News: Rafaela, which is better: stock dividends or Real Estate Investment Funds?

Rafaela Victoria: the real estate fund dividend is greater than the stock dividend. The fact that companies are obliged to distribute 95%, companies are not, the funds, compared to companies that are obliged to distribute 25% and only once a year, makes the dividend higher in real estate funds. So, for those who want this income, dividends from real estate funds tend to be higher than those from companies. On the other hand, the appreciation potential of some companies is greater than that of a real estate fund. Growth companies, which have the ability to expand more quickly, you may see longer-term appreciation with greater potential. The investor has to always compare not only the dividend, but the growth potential of the shares.

Finance News: And how can we know that a certain real estate fund can be considered a good dividend payer?

Rafaela Vitória: Looking at the history. We look at the history to get an idea of ​​how the payment was. Mainly, in real estate funds, I like to look at a longer history because eventually they can have some extraordinary payments. Remembering that a real estate fund can also have capital gain. Some real estate funds recycle their portfolio, so they sell a property to buy another. Eventually, in this sale, he has a capital gain and this gain is obliged to be distributed. It only happens once, so eventually we can have an exceptional dividend in a month. Therefore, be careful not to look only at last month’s dividend.

You may be looking at a super dividend that was added to this gain. I like to look at the dividend over longer timeframes. That’s a tip. And the other tip is to open the fund’s report to understand how the composition of that dividend is. How are the recurring rents, how many places are expiring, if there is any risk that the dividend will fall in the coming months due to a maturity or a vacancy that has already been announced, but that we have not yet seen in the quota. I like to see the report, too, to understand the future.

Finance News: Now, explain to us if it is possible to reconcile a real estate investment fund that pays good dividends and, at the same time, appreciates the share? How to select one?

Rafaela Victoria: Yes there is. What I like about our recommended wallet is that you always have both options. A fund, for example, today a logistics fund has little potential for share appreciation and more a constant recurring dividend with good predictability. Mall funds, on the other hand, are heavily discounted. So I think the ideal should be to combine different funds to have a bit of those two strategies. For capital gain, today, a good parameter for the investor to analyze is to compare the value of the share traded in the market with the book value of those properties, to see the size of this discount.

But I would also look at, in this discount, how is the vacancy within the fund. If it is a poor quality real estate fund, this vacancy may last for a long time and this potential for appreciation may not happen. But there are funds today with already low vacancy, and they are simply trading below book value because the market is a little risk averse. Today there are many opportunities. Just looking at the book value over market value, we find some good investment opportunities in real estate funds that will give this return via capital gain.

And remembering that the capital gain in the real estate fund is taxed at 20%. If you buy a fund share today at 80 and two months from now it is worth 100 and you sell it, there is a 20% tax on that capital gain. Not about the dividend.

Finance News: Finally, do you think this would be a time to hold back a bit and not get rid of the quotas?

Rafaela Victoria: For sure. It is a moment that has dropped a lot, that the funds are trading well below their value. I would say they are cheap. For those who don’t, it’s a good time to get in. For those who have, I think it’s not time to leave. It is always worth mentioning that diversification is fundamental in this period of volatility. It is not to have everything in real estate funds, but having a portion of your investments in real estate funds is highly recommended. Especially for those with stocks and fixed income, (FIIs) make up a lot of the portfolio, reduce the risk of the portfolio as a whole and add returns via dividends. Dedicating a portion of your investments to real estate funds I think is an excellent strategy.



Real estate investment fund or FII is a pool of resources intended for investment in real estate ventures. This type of fund allows access to quality developments; recurring income and is exempt from income tax on dividends for individuals.


CRI is the acronym for Real Estate Receivable Certificate. The CRI is the base asset of so-called paper funds. The CRI is a credit instrument backed by real estate credits and constitutes a promise to pay in cash. CRI FIIs predominantly invest their capital in real estate debt securities.

Dividend Yield

Indicator used as a basis for the expected return of the shareholder in terms of dividends.


Ifix is ​​the index of B3, the Brazilian Stock Exchange, for Real Estate Funds. Just as the Bovespa index (Ibovespa) shows the average performance of the most traded stocks, the IFIX shows how the most traded FIIs behave in a given period.


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