Brazilian Real Estate Funds Report Strong July Dividends and BTG Portfolio Shift

In July, several Brazilian real‑estate investment funds (FIIs) announced dividend payouts that topped market averages. TRBL11 led the round with a 4.28% monthly yield, followed by MXRF11, KNCR11 and BRCO11, which each delivered yields around 1% and highlighted BRCO11's record‑high dividend per unit. All dividends remain exempt from income tax for individual investors, keeping FIIs attractive for passive income seekers.

BTG Pactual adjusted its recommended FII basket for the month, cutting exposure to RBRY11 and increasing allocation to KNIP11 to favor assets that are more resilient to high‑interest rates. The bank's updated portfolio of 16 FIIs targets an annualized dividend yield of 12.1%, with half of the allocation in receivables and the remainder split among warehouses, shopping centers, corporate offices, and urban rentals. The BTG‑selected basket outperformed the IFIX index in June, posting a 0.93% gain versus IFIX’s 1.21% loss.