Types of FII and key metrics
Tijolo (brick) funds
3 min
Tijolo means "brick" — these are FIIs that own physical real estate. They are the most intuitive category: the fund holds actual buildings and earns rent.
What they own
Brick funds are usually grouped by the type of property:
- Lajes corporativas — corporate office floors and towers.
- Shoppings — shopping malls, earning rent plus a slice of tenant sales.
- Logística / galpões — logistics warehouses and distribution centers, fueled by e-commerce.
- Varejo / agências — retail stores and bank branches, often on long contracts.
- Hospitais, educacionais, hotéis — specialized properties on long-term leases.
How they make money
Income is rent from tenants. The quality of that income depends on three things: how full the buildings are (vacancy), how creditworthy the tenants are, and how long and well-indexed the lease contracts are (many are inflation-linked).
Their strengths and weaknesses
- Strength — a real, tangible asset that can appreciate, with rents often adjusted for inflation.
- Weakness — sensitive to the economic cycle. A recession or a shift to remote work can raise vacancy and cut income; a single large tenant leaving can hurt a concentrated fund badly.
Brick funds are where most beginners start because the business — owning buildings and collecting rent — is easy to picture.
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