Types of FII and key metrics
Vacancy and cap rate
3 min
For brick funds especially, two property-level metrics reveal the health behind the distribution.
Vacancy (vacância)
Vacancy measures how much of a fund's property is empty. It comes in two flavors:
- Vacância física (physical) — the share of total area that is unoccupied.
- Vacância financeira (financial) — the share of potential rent that is not being collected.
The financial figure is often the more honest one: a fund can have low physical vacancy yet high financial vacancy if its empty space happens to be the most valuable, or if it is granting rent discounts (carência) to keep tenants. Rising vacancy is a leading sign that distributions may fall.
Cap rate
The capitalization rate measures the income return of a property relative to its value:
cap rate = annual net operating income / property value
A property generating R$ 8 million of net rent and valued at R$ 100 million has an 8% cap rate. A higher cap rate means more income per real invested — but often signals higher perceived risk or a less prime location. A lower cap rate typically marks a prime, safer asset that buyers will pay up for.
Reading them together
Low vacancy with a reasonable cap rate suggests durable income. High vacancy, or a cap rate that looks too good, is a cue to dig into the management report before trusting the yield.
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