Almost 70% of FIIs are traded below book value, according to a survey; ifix rises

Almost 70% of real estate funds currently trade below book value, according to data from Economatica, a financial information platform.

The survey is based on the P/VPA (price over book value) of the 106 FIIs that make up the IFIX – an index that gathers the most liquid funds on the Exchange.

The closer the indicator is to 1, the closer the share is to its fair value. An indicator above 1 signals that the security is trading at a premium and, below this level, at a discount.

Currently, according to data from Economatica, 74 real estate funds have discounts from 1% to 49%, as is the case with the Brazilian Graveyard And Death Care (CARE11). Check the list of the ten most discounted FIIs, as indicated by the P/VPA.

ticker Background Segment P/VPA Discount (%)
CARE11 Brazilian Graveyard and Death Care cemeteries 0.51 49
RECT11 REC Real Estate Income slabs 0.59 41
BRCR11 BC FUND Hybrid 0.61 39
RCRB11 Rio Bravo Corporate Income corporate slabs 0.66 34
TORD11 EI Tordesillas Hybrid 0.66 34
XPPR11 XP Properties corporate slabs 0.68 32
XPIN11 Industrial XP Logistics 0.68 32
JSRE11 JS Real Estate Hybrid 0.69 31
RBRP11 RBR Properties corporate slabs 0.70 30
SARE11 Santander Income Hybrid 0.71 29

Source: Economatica (data from 06/24/2022)

Specialists point out that discounts – such as the Brazilian Graveyard And Death Care – should not be analyzed in isolation. According to them, it is necessary to evaluate other fundamentals of the funds before making the decision to invest in an FII.

A recent XP report points out that the rise in interest rates has harmed the business environment in the real estate segment, especially the demand for real estate and the search for credit. “Additionally, the greater the level of uncertainty and instability, the greater the ‘risk premium’ required from assets, including real estate funds”, explains the document.

The risk premium is the remuneration “required” by investors and is inversely correlated with price – that is, when premiums rise, prices fall.

“Our view is that much of this scenario has already been assimilated and several assets are trading substantially below their replacement cost price”, reinforces the XP report, which refers to the volume of resources needed to build from scratch a property with the same characteristics. of those included in the FIIs’ portfolios.

IFIX Today

In this Monday’s session (27), the IFIX – index that gathers the most traded real estate funds on B3 – operates in the positive field. At 11:16 am, the indicator was up 0.13%, at 2,806 points. In the previous session, the indicator closed the trading session practically stable. In the accumulated result for the week, the index registered a slight increase of 0.01%. Check out today’s highlights:

Biggest highs of this Monday (27)

ticker Name Sector Variation (%)
CARE11 Brazilian Graveyard and Death Care Others 1.45
AFHI11 AF Invest Cri Titles and Val. furniture 1.33
RBRP11 RBR Properties Others 1.19
VCJR11 Vectis Real Interest Titles and Val. furniture 1.16
ALZR11 Alianza Trust Income Logistics 1.03

Biggest casualties of this Monday (27):

ticker Name Sector Variation (%)
BTRA11 BTG Pactual Terras Agrícolas agro -1.88
KFOF11 Kinea FoF Titles and Val. furniture -1.08
PATL11 Homeland Logistics Logistics -0.97
HSAF11 HSI Financial Assets Titles and Val. furniture -0.95
RVBI11 VBI Reits Titles and Val. furniture -0.92

Source: B3

Discover the step-by-step guide to live on income with FIIs and receive your first rent in your account in the next few weeks, without having to own a property, in a free class.

Dividend from Patria Buildings (PATC11) may drop by up to R$0.06 per share with tenants leaving

The company Bit Services Inovação e Tecnologia, a tenant of Pátria Edifícios Corporativas, has notified the fund that it will terminate the lease agreement it has with the portfolio.

The company occupies sets 21, 23 and 24 of the Vila Olímpia Corporate Building, in São Paulo (SP). The spaces represent an area of ​​1,130 square meters, equivalent to 9.2% of the fund’s portfolio.

In May, Pátria Edifícios Corporativas had already learned of the departure of Randstad Brasil Recursos Humanos, which occupies group 44 of the same building. The site covers an area of ​​378 square meters, or 3.1% of the portfolio’s portfolio.

According to a notice to the market, both lease agreements establish three months’ notice, in addition to the payment of a termination fine.

If there is no new occupation of the complexes in the coming months, the fund calculates a reduction in the distribution of dividends of approximately BRL 0.06 per share as of November 2022.

On the 8th, Pátria Edifícios Corporativas deposited R$ 0.32 per share, equivalent to a monthly return with dividends of 0.47%.

today’s dividends

Check out which are the seven real estate funds that distribute income this Monday (27):

ticker Background Performance
MORC11 More Cri BRL 1.50
MORC13 More Cri BRL 1.50
MORC14 More Cri BRL 1.50
CVPR14 CVPAR Cri BRL 1.20
EQIR11 EQI Cri BRL 1.10
BTAL11 BTG Agro BRL 0.83
EXES17 Exes Cri BRL 0.79
EXES14 Exes Cri BRL 0.79
EXES15 Exes Cri BRL 0.79
EXES16 Exes Cri BRL 0.79
EXES13 Exes Cri BRL 0.79
CCRF11 RBR Cri BRL 0.74
EXES18 Exes Cri BRL 0.64
MORC15 More Cri BRL 0.43
BPML11 BTG Pactual Shoppings BRL 0.15
MORC16 More Cri BRL 0.07

Source: InfoMoney

Note: Tickers with an ending other than 11 refer to receipts and subscription rights for the funds.

Giro Imobiliário: construction inflation increases in June; FIIs that paid the most dividends this month

Construction inflation accelerates 2.81% in June, points out FGV

The National Construction Cost Index (INCC-M) accelerated to 2.81% in June, after rising 1.49% in May, informed this Monday, 27th, the Fundação Getulio Vargas (FGV). With the increase in the margin, the rate accumulated in 12 months by the index advanced from 11.20% to 11.75% in the period.

The acceleration of the INCC-M was driven by Manpower, which rose from 1.43% to 4.37% in June. The Materials, Equipment and Services index, in turn, dropped from 1.55% to 1.40%, with relief spread between Materials and Equipment (1.67% to 1.58%) and Services (0.92% to 0.50%).

In the openings, all the components of the Manpower registered significant progress: auxiliary (1.50% to 4.40%), technical (1.39% to 4.60%) and specialized (1.29% to 3.41 %).

In Materials and Equipment, there was a decrease in the rate of materials for installation (0.11% to -0.01%) and equipment for transporting people (2.37% to 0.33%), while materials for structure (2 .39% to 2.62%) and finishing materials (1.04% to 1.05%) accelerated. All components of the Services index cooled: rents and fees (1.35% to 0.58%), personal services (0.78% to 0.53%) and technical services (0.49% to 0.37% ).

Dividends from FIIs: check out the biggest payers of June; RZAK11 yields 1.82% and leads

Focused on investing in real estate receivables certificates (CRI), Riza Akin (RZAK11) will end June as the FII that distributed the most dividends, according to data from Economatica, a financial information platform. As has been the case in recent years, receivables funds dominated the list of the biggest payers in the period.

The survey is based on the 106 real estate funds that make up the IFIX – an index that gathers B3’s most liquid FIIs. All portfolios have already announced dividend distributions planned for this month.

Of the 106 monitored funds, 50 had a rate of return with dividends (dividend yield) above 1% in the month. The number is higher than the 46 registered in May.

This week, Riza Akin deposited BRL 1.80 per share, equivalent to a monthly return of 1.82%, considering the exchange rate of BRL 98.84 on June 14th. The percentage is the highest for the month, according to Economatica data. Check out the list of the 10 biggest payers of June:

ticker Background Sector Return with dividends – June (%)*
RZAK11 Riza Akin Investment Fund-Unica Titles and Val. furniture 1.82
URPR11 Urca Prime Income Titles and Val. furniture 1.81
VCJR11 Vectis Real Interest Titles and Val. furniture 1.78
ARCT11 Riza Arctium Real Estate Hybrid 1.77
VGIP11 Valora Cri Price Index Titles and Val. furniture 1.75
REC11 REC Receivables Titles and Val. furniture 1.71
KNHY11 Kinea High Yield CRI Titles and Val. furniture 1.67
KNIP11 Kinea Price Indices Titles and Val. furniture 1.65
DEVA11 Devant Receivables Titles and Val. furniture 1.62
NCHB11 NCH ​​Eqi High Yield Receivables Titles and Val. furniture 1.59

Source: Economatica

Discover the step-by-step guide to live on income with FIIs and receive your first rent in your account in the next few weeks, without having to own a property, in a free class.