The best REITs are the ones that
clear your own bar

Look at three things before the dividend: whether the payout fits what the fund actually generates (payout up to 100%), where the unit trades against fair value and book value, and what risk comes attached — debt, vacancy, delinquency, concentration. Each of those is a criterion here: tick what you require and the list shrinks.

Sort by DY and watch two columns: the 12-month DY looks backwards, while the current-run-rate DY annualises the latest payment. When the second is far above the first, the fund has just raised the payout — or made a one-off distribution that will not repeat. Filter payout too: above 100% it is paying more than it earns.

For individuals resident in Brazil, monthly distributions are income-tax exempt as long as the fund has at least 50 unitholders, is exchange-traded and you hold under 10% of it. Capital gains on selling the unit are taxed at 20%. Non-residents follow their own country's rules and Brazilian withholding.

Price over book value: what the market pays for each real of net asset value. Below 1 means the units trade under the appraised value of the portfolio — which says the market doubts the appraisal, not automatically that it is cheap. Cross it with fair value and with the peer median of the same class.