FUNDOS DE INVESTIMENTO IMOBILIÁRIOS: RELAÇÕES ENTRE TIPOLOGIAS DAS EDIFICAÇÕES E RENTATIBILIDADE FINANCEIRA

INTRODUCTION: Given the increasing importance of the financialization of public policies within the scientific community, it is necessary to investigate the multiple facets of this field and its impacts on the built environment at a national level. Thus, this research analyzes the relationship between the typology of buildings that comprise the asset portfolio of the prominent Real Estate Investment Trusts (REITs) in the country. At the same time, it draws a parallel with the financial profitability of these respective funds. AIMS: The general objective is to understand and characterize significant REITs in Brazil (selected based on a sampling criterion) with a focus on the real estate inventory of these funds. The specific objectives of this study are to inventory the asset portfolios of active REITs in the country, classify these properties according to different typologies (segments), and investigate the profitability of the analyzed funds. MATERIALS AND METHODS: The research design worked in three stages: literature review and theoretical discussion on the theme of investment funds and the real estate market, data collection and processing of REITs that informed the study, and analysis and triangulation of these data. RESULTS: Considering the 26 REITs analyzed, the results suggest that funds with properties within the typologies of Logistics, Bank Branches, and Shopping/Retail are the most active and, therefore, the most profitable. Additionally, the CSHG Logistics Fund (HGLG11) stands out for having the highest number of shareholders among others. In contrast, the management company Scai has the highest average dividend yield (DY), with a value of 49.87%. FINAL CONSIDERATIONS: The conclusion reinforces the existence of a relationship between the property typology (segment) and the profitability of the respective REITs, highlighting, in contrast, the need for a more in-depth examination to definitively and assertively accurately characterize each fund.

KEYWORDS: Financialization; Real Estate Investment Trusts; Real Estate Production; Financial Agents; Real Estate Investment.