In the month, the IFIX has an accumulated decline of 1.56%, with 14 trading sessions of decline. In the year, however, the index has increased by 0.80%. (Image: Creativa Images/ Canva Pro)
Around 20 real estate funds pay their shareholders this Friday (20). Among them, the FII of Manatee (MY11), o Alliance (ALZM11), o Rio Bravo ESG (RBIF11), in addition to two Riza funds, the Riza Arctium Real Estate (RZAT11) and the Riza Akin (RZAK11).
Os FII Most of them have a 'date with' on September 13, but it is possible to find some with a limit on August 30. In other words, the shareholders who had a position in the funds until these dates will receive the proceeds.
One of those with the highest distribution per share is RZAT11, with a dividend of R$1.05 per share. Right after that is RBIF11 with R$0.95 per share and RZAK11 with R$0.92.
Meanwhile, the Real Estate Investment Fund Index (IFIX) closed the day with another drop after the interest rate decision in Brazil. This Thursday (19), the index fell 0.28%, reaching 3,340.62 points — the worst level since July 4.
In the month, the IFIX has an accumulated decline of 1.56%, with 14 trading sessions of decline. In the year, however, the index has increased by 0.80%.
This Wednesday (18), Monetary Policy Committee (Copom) announced this week the increase in the basic interest rate, Selic. The base rate of fees left the 10.50% level to 10.75% per year.
The increase in the Selic rate, in general, has an inverse correlation between interest rate and the value of real assets, since the rate is an important instrument in this market.
According to Tomaz de Gouvêa, real estate investment manager at MAG Investmentsthe upward cycle that is priced into the interest rate curve translates into both a higher cost of producing real estate for developers and a lower payment capacity and leverage for buyers. real estate.
In this way, Gouvêa assesses that the brick real estate funds — that is, those who invest directly in physical properties — may suffer from asset devaluation due to the higher opportunity cost, as more conservative, interest-indexed securities become more attractive.
However, there is another type of real estate fund that benefits from this rise: paper real estate fundsespecially those with exposure to CRIs em CDI.
Gouvêa also assesses, from an optimistic perspective, that if the upward cycle is short, as expected by MAG, the good indicators of the current real estate cycle could have their negative impact limited.
The biggest gains and losses of IFIX in the last trading session
Among the positive highlights of IFIX, the BRPR Corporate Offices (BROF11) advanced 2.11%, to R$ 47.38. Next, the funds appeared VBI REITS FOF (RVBI11), up 1.59% to R$73.40, and JS Financial Assets (JSAF11), which rose 1.11% to R$96.51.
| Bottom | Ticker | Variation (positive) | R$ |
|---|---|---|---|
| BRPR Corporate Offices | BROF11 | +2,11% | 47,38 |
| VBI REITS FOF | RVBI11 | +1,59% | 73,40 |
| JS Financial Assets | JSAF11 | +1,11% | 96,51 |
| Patria Real Estate FOF | HGFF11 | +1,07% | 81,36 |
| Santander Rental Income | SARE11 | +1,05% | 40,41 |
On the negative end, there was the Bradesco Active Real Estate Portfolio (BCIA11), which fell 3.69% to R$96.80. The BTG Pactual Agro Logistics (BTAL11) fell 2.88%, quoted at R$ 75.91, while the Bluemacaw Logistics (BLMG11) depreciated 2.17%, to R$39.13.
| Bottom | Ticker | Variation (negative) | R$ |
|---|---|---|---|
| Bradesco Active Real Estate Portfolio | BCIA11 | -3,69% | 96,80 |
| BTG Pactual Agro Logistics | BTAL11 | -2,88% | 75,91 |
| Bluemacaw Logistics | BLMG11 | -2,17% | 39,13 |
| Homeland Offices | HGRE11 | -2,16% | 106,07 |
| Vbi Prime Properties | PVBI11 | -2,07% | 87,01 |