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This article analyzes the investment quality indicators presented in an offer for shares of a Real Estate Investment Fund (FII) chosen as a case study from the stock exchange BM&FBOVESPA. Two different investment simulation models were developed in order to compare the results with the original marketing data presented to investors. The case study considers the indicators and the market scenario during the launch period of FII (June 2012). The criticisms raised throughout the analysis are justified by the current circumstances of the real estate business in Brazil, where often the funding necessary for creation of a property-based enterprise is attained with an FII investment. It is of concern that the information initially released to promote the attractiveness to investors is not always prepared on a realistic basis that can guarantee the minimum return considering the typical fluctuations of the property market, some of them easily predictable given the offer saturation.

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