Brick FII Vacancy and Rental Income Calculator

FII vacancy and income loss

For a FII tijolo (brick-and-mortar real estate fund holding offices, malls, logistics or hospitals), no operating number matters more than vacancy. You track it two ways. Physical vacancy = vacant m² / total leasable m², while financial vacancy = lost revenue / potential revenue at full occupancy. The two numbers part ways whenever the empty space rented for more or less than the market average. Picture a fund with R$ 500.000/month of potential rent: at 8% financial vacancy it gives up R$ 40.000 a month, R$ 480.000 over the year, and that shortfall lands straight on distributable income.

Where do the numbers usually sit? As of 2026, logistics tends to run at 3%–8% vacancy (HGLG11, BTLG11). Corporate offices in São Paulo are stuck at 18%–25% post-pandemic. Premium malls stay tight, around 4%–7% (XPML11, VISC11), and a hybrid such as KNRI11 lands at 6%–10%. The monthly management report is where you find all of this: physical and financial vacancy side by side, "renting risk" (leases expiring <12 months), plus the incentives like carência and fit-out subsidies that quietly mask the rent actually being collected.

Practical applications

Use it to stress-test a tijolo FII by asking what happens if vacancy doubles, to compare a vacancy-adjusted ROI against the rosier nominal figure in the prospectus, and to choose between sectors when you weigh logistics against offices and malls. Watching the trend month after month matters too. When vacancy climbs three quarters in a row, a dividend cut often follows.

FAQ

Physical or financial vacancy — which matters more? Go with financial. A fund can be 90% physically leased and still have 30% sitting under "carência," a rent-free incentive period, which makes financial vacancy 30% rather than 10%. For anything about cashflow, that financial figure is the one to read.

Does vacancy directly cut my dividend? In the short term, almost one-for-one. FIIs distribute at least 95% of accrued profit, so less rent means less profit and a smaller payout. A few funds hold reserves to smooth the distribution, but you usually feel the hit within 1–3 months.

What is "renting risk"? It is the share of leases set to expire within the next 12 months. When that number runs high (>30%), the fund faces renegotiations that may settle at lower rents, or it could lose tenants outright.

Are malls (shoppings) different? They are. Base vacancy tends to be low, but a big chunk of revenue rides on how much the tenants sell, since part of the rent is variable. During a recession the financial vacancy can climb while physical vacancy stays put, simply because that variable slice shrinks.