{"id":5101,"date":"2024-04-18T16:55:40","date_gmt":"2024-04-18T19:55:40","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/reits-a-versao-americana-dos-fiis\/"},"modified":"2026-09-29T15:37:11","modified_gmt":"2026-09-29T18:37:11","slug":"reits-a-versao-americana-dos-fiis","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/reits-a-versao-americana-dos-fiis\/","title":{"rendered":"REITs: The American version of FIIs"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">No Brasil a forma mais f\u00e1cil de investir em ativos imobili\u00e1rios \u00e9 atrav\u00e9s dos FIIs (Fundos de Investimento Imobili\u00e1rio). Atrav\u00e9s dos 459 FIIs negociados em bolsa, os investidores podem se expor ao mercado Real Estate brasileiro sem a necessidade de comprar diretamente um im\u00f3vel. Em janeiro de 2024 a B3 divulgou que o valor de mercado dos FIIs estava em torno de R$~163 Bi, sem levar em considera\u00e7\u00e3o as empresas listadas do setor de real estate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apesar do crescimento expressivo nos \u00faltimos anos, o mercado de FIIs ainda \u00e9 pequeno frente ao dos EUA. Nos Estados Unidos, os investidores que almejam se expor ao mercado imobili\u00e1rio podem comprar a\u00e7\u00f5es das REITs (Real Estate Investment Trusts), cujo valor atual de mercado \u00e9 de R$~6,5 Tri, quase 40x maior do que o brasileiro.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 16px;display:flex;justify-content:space-between;gap:12px;align-items:flex-end}\n.pil-tag{color:var(--red);border-top:2px solid var(--red);border-bottom:2px solid var(--red);font-size:12px;padding:2px 8px;white-space:nowrap}\n.pil-unit{font-size:12px;font-style:italic;color:#999;font-weight:700}\n.pil-src{font-size:11px;color:#777;margin-top:14px;line-height:1.5}\n.pil-p{font-size:14px;line-height:1.6;margin:0 0 12px}\n.pil-note{display:flex;gap:12px;align-items:center;background:var(--pale);border:1.5px dashed var(--navy);border-radius:10px;padding:12px 16px;font-size:14px;line-height:1.55;margin-top:18px}\n.pil-note::before{content:\"\";flex:none;width:26px;height:26px;border-radius:50%;background:var(--navy) url(\"data:image\/svg+xml,%3Csvg xmlns='http:\/\/www.w3.org\/2000\/svg' viewBox='0 0 24 24' fill='none' stroke='white' stroke-width='1.8' stroke-linecap='round'%3E%3Cpath d='M9 18h6M10 21h4M12 3a6 6 0 0 0-3.5 10.9c.6.5 1 1.2 1 2.1h5c0-.9.4-1.6 1-2.1A6 6 0 0 0 12 3z'\/%3E%3C\/svg%3E\") center\/16px no-repeat}\n.pil-note.solid{border-style:solid;background:#fff;box-shadow:0 2px 6px rgba(0,0,0,.12)}\n.pil-note.solid::before{display:none}\n.pil-grid2{display:grid;grid-template-columns:1fr 1fr;gap:24px}\n.pil-grid2.wide-left{grid-template-columns:1.75fr 1fr}\n.pil-grid2.wide-right{grid-template-columns:1fr 1.75fr}\n.pil-grid3{display:grid;grid-template-columns:repeat(3,1fr);gap:20px}\n.pil-grid4{display:grid;grid-template-columns:repeat(4,1fr);gap:16px}\n.pil-grid5{display:grid;grid-template-columns:repeat(5,1fr);gap:12px}\n.pil-grid2>*,.pil-grid3>*,.pil-grid4>*,.pil-grid5>*{min-width:0}\n.pil-legend{font-size:12px;display:flex;gap:14px;justify-content:flex-end;flex-wrap:wrap;margin-bottom:6px}\n.pil-legend span{display:inline-flex;align-items:center;gap:6px}\n.pil-legend i{width:14px;height:10px;display:inline-block}\n\/* grafico de colunas: .pil-bars > div[style=height:%] > span (valor); 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REITs e FIIs precisam distribuir, respectivamente, 95% e 90% de seus lucros<\/li>\n          <\/ul>\n        <\/div>\n      <\/div>\n      <div class=\"pil-box\" style=\"margin-top:16px\">\n        <h3>Diferen\u00e7as \u2013 REITs x FIIs<\/h3>\n        <div style=\"padding:14px 16px\">\n          <ul class=\"pil-list\">\n            <li>Enquanto os FIIs s\u00e3o fundos, e possuem gestores e administradores, os REITs s\u00e3o empresas independentes<\/li>\n            <li>Ao contr\u00e1rio dos FIIs, os REITs podem se alavancar para comprar ativos<\/li>\n            <li>Os dividendos distribu\u00eddos pelos REITs s\u00e3o tributados, enquanto os dividendos dos FIIs s\u00e3o isentos de tributa\u00e7\u00e3o<\/li>\n          <\/ul>\n        <\/div>\n      <\/div>\n      <div class=\"pil-card tint\" style=\"margin-top:16px;border-radius:24px\">\n        <p class=\"pil-p\">A <b>ind\u00fastria dos REITs existe h\u00e1 mais de 80 anos<\/b>, ao contr\u00e1rio da ind\u00fastria dos FIIs que recentemente completou 30 anos de exist\u00eancia.<\/p>\n        <p class=\"pil-p\" style=\"margin:0\"><b>Os REITs<\/b> abertos em bolsa s\u00e3o <b>acompanhados pelo \u00edndice FNER.<\/b> No total s\u00e3o acompanhados 195 REITs na bolsa americana. J\u00e1 os <b>FIIs s\u00e3o acompanhados pelo \u00edndice IFIX<\/b>, que acompanha 104 dos 459 fundos listados na B3.<\/p>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Crescimento dos mercados \u2013 \u00cdndices<\/span><\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5101-indices.png\" alt=\"Gr\u00e1fico de linhas de jan-18 a jul-24 com a varia\u00e7\u00e3o acumulada do \u00cdndice de Fundos de Investimentos Imobili\u00e1rios (IFIX), que termina em 48,6%, e do FTSE Nareit All Equity REITs Index (FNER), que termina em 20,1% ap\u00f3s pico de cerca de 60% em jan-22\" loading=\"lazy\">\n      <div class=\"pil-sub\" style=\"margin-top:22px\"><span>Segmenta\u00e7\u00e3o setorial do <i>Market Cap<\/i> dos REITs<\/span><\/div>\n      <div class=\"pil-note solid\" style=\"margin:0 0 14px\"><span>Os Equity<sup>1<\/sup> REITs s\u00e3o <b>segmentados entre 13 diferentes categorias<\/b>, as mais representativas s\u00e3o de <b>Varejo, Residenciais e Industriais<\/b><\/span><\/div>\n      <div style=\"display:flex;gap:18px;align-items:center;flex-wrap:wrap\">\n        <div role=\"img\" aria-label=\"Segmenta\u00e7\u00e3o setorial do market cap dos REITs: Residenciais 176 (14%); Industriais 169 (14%); Telecomunica\u00e7\u00f5es 164 (13%); Data Centers 120 (10%); Sa\u00fade 104 (8%); Outros 334 (27%); Varejo 182 (15%)\" style=\"flex:none;width:160px;height:160px;border-radius:50%;background:conic-gradient(var(--navy) 0 14.1%,var(--blue) 14.1% 27.6%,var(--light) 27.6% 40.7%,var(--card) 40.7% 50.3%,#7f7f7f 50.3% 58.6%,#c8c8c8 58.6% 85.4%,#56688f 85.4% 100%)\"><\/div>\n        <div class=\"pil-legend\" style=\"flex-direction:column;align-items:flex-start;gap:5px;font-size:13px;margin:0\">\n          <span><i style=\"background:#56688f\"><\/i><span><span>Varejo \u2013 <b>182 (15%)<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:var(--navy)\"><\/i><span><span>Residenciais \u2013 <b>176 (14%)<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:var(--blue)\"><\/i><span><span>Industriais \u2013 <b>169 (14%)<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:var(--light)\"><\/i><span><span>Telecomunica\u00e7\u00f5es \u2013 <b>164 (13%)<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:var(--card)\"><\/i><span><span>Data Centers \u2013 <b>120 (10%)<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:#7f7f7f\"><\/i><span><span>Sa\u00fade \u2013 <b>104 (8%)<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:#c8c8c8\"><\/i><span><span>Outros \u2013 <b>334 (27%)<\/b><\/span><\/span><\/span>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">(1) REITs podem ser fundos de <i>equity<\/i>, que investem em ativos, ou fundos de <i>mortgage<\/i>, que negociam t\u00edtulos hipotec\u00e1rios<br>Fonte: An\u00e1lise \u00c1rtica; B3; Nareits; Yahoo Finance; Suno Research<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Alguns im\u00f3veis conhecidos mundialmente fazem parte do portf\u00f3lio dos REITs estadunidenses<\/h2>\n  <div class=\"pil-grid3\">\n    <div>\n      <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5101-empire.jpg\" alt=\"Foto do Empire State Building em Nova York, com bandeira dos Estados Unidos\" loading=\"lazy\"><figcaption style=\"background:var(--navy);color:#fff;font-size:14px;margin:0;padding:6px\">Empire State Building<\/figcaption><\/figure>\n      <p style=\"margin:12px 0 4px;font-size:12px;font-weight:700;color:var(--light)\">REIT<\/p>\n      <div class=\"pil-card\" style=\"border:2px solid var(--navy);border-radius:0;padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5101-logo-empire.png\" alt=\"Logo do Empire State Realty Trust\" loading=\"lazy\" style=\"max-width:150px;margin:0 auto\"><\/div>\n      <p style=\"margin:12px 0 4px;font-size:12px;font-weight:700;color:var(--light)\">O ativo<\/p>\n      <p class=\"pil-p\" style=\"margin-bottom:6px\"><b>\ud83d\udccd New York, NY<\/b><\/p>\n      <p class=\"pil-p\">Em 1961, tr\u00eas empres\u00e1rios <b>adquiriram o Empire State Building por US$ ~61MM<\/b>. O ativo permanece no portf\u00f3lio criado pelos empres\u00e1rios, e hoje este faz parte do Empire State Realty Trust negociado em bolsa.<\/p>\n    <\/div>\n    <div>\n      <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5101-caesars.jpg\" alt=\"Foto do Caesar's Palace em Las Vegas, com bandeira dos Estados Unidos\" loading=\"lazy\"><figcaption style=\"background:var(--navy);color:#fff;font-size:14px;margin:0;padding:6px\">Caesar\u2019s Palace<\/figcaption><\/figure>\n      <p style=\"margin:12px 0 4px;font-size:12px;font-weight:700;color:var(--light)\">REIT<\/p>\n      <div class=\"pil-card\" style=\"border:2px solid var(--navy);border-radius:0;padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5101-logo-vici.png\" alt=\"Logo da VICI\" loading=\"lazy\" style=\"max-width:100px;margin:0 auto\"><\/div>\n      <p style=\"margin:12px 0 4px;font-size:12px;font-weight:700;color:var(--light)\">O ativo<\/p>\n      <p class=\"pil-p\" style=\"margin-bottom:6px\"><b>\ud83d\udccd Las Vegas, NV<\/b><\/p>\n      <p class=\"pil-p\">Em 2015, a Caesars Entertainment Operating Company, uma das maiores empresas de entretenimento da Am\u00e9rica do Norte foi classificada como \u201dbankrupt\u201d<sup>1<\/sup>. Em sua reorganiza\u00e7\u00e3o <b>nasceu a VICI Properties, j\u00e1 dona de 23 cassinos, pistas de corrida e campos de golfe,<\/b> todos alugados para a pr\u00f3pria CEOC<sup>2<\/sup>.<\/p>\n    <\/div>\n    <div>\n      <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5101-novotel.jpg\" alt=\"Foto do Novotel Parque Ol\u00edmpico no Rio de Janeiro, com bandeira do Brasil\" loading=\"lazy\"><figcaption style=\"background:var(--navy);color:#fff;font-size:14px;margin:0;padding:6px\">Novotel Parque Ol\u00edmpico<\/figcaption><\/figure>\n      <p style=\"margin:12px 0 4px;font-size:12px;font-weight:700;color:var(--light)\">REIT<\/p>\n      <div class=\"pil-card\" style=\"border:2px solid var(--navy);border-radius:0;padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5101-logo-host.png\" alt=\"Logo da Host Hotels &amp; Resorts\" loading=\"lazy\" style=\"max-width:130px;margin:0 auto\"><\/div>\n      <p style=\"margin:12px 0 4px;font-size:12px;font-weight:700;color:var(--light)\">O ativo<\/p>\n      <p class=\"pil-p\" style=\"margin-bottom:6px\"><b>\ud83d\udccd Rio de Janeiro, RJ<\/b><\/p>\n      <p class=\"pil-p\">A Host Hotels &amp; Resorts possui um portf\u00f3lio extenso de 77 hot\u00e9is e 42 mil quartos espalhados pelo continente americano. Sendo um destes, o <b>Novotel Parque Ol\u00edmpico do Rio de Janeiro<\/b>, inaugurado em 2014 <b>em parceria com a Accor,<\/b> um dos maiores <i>players<\/i> de administra\u00e7\u00e3o hoteleira do mundo e que possui forte presen\u00e7a no Brasil.<\/p>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">(1) Processo americano an\u00e1logo ao de recupera\u00e7\u00e3o judicial no Brasil; (2) Abrevia\u00e7\u00e3o de Caesars Entertainment Operating Company<br>Fonte: An\u00e1lise \u00c1rtica; Empire State Realty Trust; Vici Properties; Accor; Host Hotels &amp; Resorts<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>No Brasil a forma mais f\u00e1cil de investir em ativos imobili\u00e1rios \u00e9 atrav\u00e9s dos FIIs (Fundos de Investimento Imobili\u00e1rio). Atrav\u00e9s dos 459 FIIs negociados em bolsa, os investidores podem se expor ao mercado Real Estate brasileiro sem a necessidade de comprar diretamente um im\u00f3vel. <\/p>","protected":false},"author":1,"featured_media":5098,"template":"","meta":[],"class_list":["post-5101","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/5098"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}