Judicial recovery of the tenant of the FII BTRA11 is granted; decision may affect farm rent payment

In a material fact released on Thursday night (23), the FII BTG Pactual Terras Agrícolas (BTRA11) communicated to the market the approval of the request for judicial reorganization of the Vianmancel farm, whose land belongs to the fund’s portfolio. The possible impact of the lessee’s financial difficulties brought down the portfolio’s shares, which fell by almost 20% in the last two trading sessions.

consulted by InfoMoneya lawyer specializing in real estate law who preferred not to be identified explains that the approval of the judicial reorganization is negative news for BTG Pactual Terras Agrícolas.

According to a material fact disclosed by the fund, the granting of the process suspends for a period of 180 days the “executions carried out against the companies under reorganization”.

In practice, according to the lawyer, the measure suspends contracts in force and prevents, for example, the collection of rent on the Vianmancel farm, in Nova Maringá (MT).

In a previous statement, the fund’s management estimated a temporary reduction in the distribution of dividends of around R$ 0.22 per share, in case the producer did not make the payments related to the lease of the space.

On Thursday night (24), the fund announced the distribution of dividends scheduled for the 30th, which has already been affected by the problem. The portfolio will pay BRL 0.70 per share, below the amount paid last month, of BRL 0.94.

The approval of the judicial reorganization also makes it possible to contest all operations carried out by those responsible for the Vianmancel farm two years before the date of granting the process, warns the lawyer consulted by the InfoMoney.

The FII BTG Pactual Terras Agrícolas acquired the land in August 2021, in an operation sale-leaseback – who rents the purchased property to the former owner. The land currently represents 23% of the contracted revenue and 24% of the fund’s equity.

To resolve the impasse, fund managers are considering the possibility of selling the property, which would be worth around R$130 million today, an amount above the total of R$81 million disbursed for the space.

Court-supervised reorganization would not prevent the sale of the property, but the negotiation involves an even greater risk for the potential buyer.

“If the transaction between the fund and the lessee is contested, then any subsequent transaction will also be questioned”, explains the lawyer heard by the report. “The fund may even offer the property, but it would be a very complicated negotiation”, he predicts.

IFIX Today

In this Friday’s session (24), the IFIX – an index that gathers the most traded real estate funds on B3 – operates in the positive field. At 10:41 am, the indicator registered an increase of 0.10%, at 2,805 points. Yesterday, the indicator closed with a drop of 0.21%. Check out today’s highlights:

Biggest highs of this Friday (24)

ticker Name Sector Variation (%)
CARE11 Brazilian Graveyard and Death Care Others 3.17
XPPR11 XP Properties Others 1.25
BPFF11 Brazil Plural Absolute Titles and Val. furniture 1.06
BTCR11 BTG Pactual Credito Imobiliario Titles and Val. furniture 0.95
RCRB11 Rio Bravo Corporate Income Corporate Slabs 0.92

Biggest casualties of this Friday (24):

ticker Name Sector Variation (%)
PATL11 Homeland Logistics Logistics -0.99
HSAF11 HSI Financial Assets Titles and Val. furniture -0.86
BLMG11 Bluemacaw Logistics Logistics -0.85
FCFL11 Faria Lima Campus Others -0.76
MCHF11 Mauá Capital Hedge Fund Titles and Val. furniture -0.63

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.

Late payment of rent reduces dividend from FII Edifício Galeria (EDGA11) by up to BRL 0.02 per share

In a material fact released this Thursday (23), FII Edifício Galeria announced to the market that it did not receive the rent for the month of May from one of the tenants, due in June.

According to the fund’s calculations, the delay in payment reduced the portfolio’s last dividend distribution by approximately R$0.02 per share. The resource – BRL 0.16 – will be deposited on the 30th.

In conjunction with real estate consultants, the fund’s administrators state that they are negotiating with the lessee in an attempt to settle the pending issue.

The fund owns 100% of the Galeria Building, located on Rua da Quitanda, downtown Rio de Janeiro (RJ). The property houses eight floors of corporate slabs, five stores, two restaurants with a living area, in addition to a mall located on the ground floor.

According to the management report released this month, the vacancy rate at FII Edifício Galeria is 50.41%.

today’s dividends

Check out which are the ten real estate funds that distribute income this Friday (24):

ticker Background Performance
ERCR11 Residential and Commercial Stock BRL 1,173.77
BVAR11 Brazil Retail BRL 22.13
SNCI11 Suno Cri BRL 1.40
SNFF11 Suno FoF BRL 1.30
FCFL11 Faria Lim Campus BRL 0.82
NCRA11 NCH ​​Cra BRL 0.79
ALZR11 Alliance Trust RI BRL 0.78
BTLG11 BTG Pactual Logística BRL 0.72
XPML11 XP Malls BRL 0.68
XPIN11 Industrial XP BRL 0.61

Source: InfoMoney

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

Real Estate Turnover: June 15th IPCA rises 0.69% compared to May, slightly above expectations

The National Consumer Price Index 15 (IPCA-15), preview of official inflation in Brazil, rose 0.69% in June in the monthly comparison, being 0.10 percentage point (pp) above the rate registered in May (0 .59%). The sub-item with the greatest influence on the month’s rate was health plans, which rose 2.99% and represented 0.10 pp in the June result.

The IPCA-E, which is the IPCA-15 accumulated quarterly, was 3.04%. In the year, the IPCA-15 is up 5.65% while in the last 12 months, the rate slowed to 12.04%, below the 12.20% recorded in the 12 immediately previous months. In June 2021, the index was 0.83%. The data were released this Friday (24) by the Brazilian Institute of Geography and Statistics (IBGE).

The market’s expectation, according to the Refinitiv consensus, was an increase of 0.62% compared to May and an annual increase of 11.98%.

The data comes a day after the National Monetary Council (CMN) set the target for inflation in 2025 at 3%, interrupting a successive sequence of cuts in the target to be pursued by the Central Bank in its monetary policy.

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.