Ifix closes the week practically flat; FII BTRA11 down 15% over the period

During the week in which the IFIX – the index that brings together the most traded real estate funds on B3 – closed almost flat, the highlight among real estate funds was the FII BTG Pactual Terras Agrícolas (BTRA11) , which rose 4.19% during this session. (24), but cumulates a drop of 15% in the week.

In a material fact published Thursday evening (23), the fund communicated to the market the approval of the request for judicial reorganization of the Vianmancel farm, whose land belongs to the portfolio of the fund.

viewed by InfoMoneya real estate lawyer who preferred not to be identified explains that the approval of the judicial reorganization is bad news for BTG Pactual Terras Agrícolas.

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

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

In a previous statement, the management of the fund estimated a temporary reduction in the distribution of dividends of around 0.22 reais per share, in case the producer does not make the payments related to the rental of the space.

On Thursday evening (24), the fund announced the dividend distribution 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 challenge all the operations carried out by the managers of the Vianmancel farm two years before the date on which the trial was granted, warns the lawyer consulted by the InfoMoney.

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

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

The receivership 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 disputed, 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

During this Friday’s session (24), the IFIX closed with a slight drop of 0.01%, at 2,802 points. Yesterday, the indicator ended the trading session with a drop of 0.21%. In the cumulative result for the week, the index recorded a slight increase of 0.01%. Check out today’s highlights:

This Friday’s highs (24)

Biggest victims of this Friday (24):

Source: B3

Discover the step-by-step guide to living off your income with FII and receive your first rent in your account in the next few weeks, without having to be a landlord, in a free course.

Late payment of rent reduces the dividend of FII Edifício Galeria (EDGA11) by up to R$0.02 per share

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

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

In collaboration with real estate advisers, the administrators of the fund say they are negotiating with the tenant to try to resolve the outstanding problem.

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

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

today’s dividends

Find out which are the ten real estate funds distributing income this Friday (24):

Source: InfoMoney

Note: Tickers ending other than 11 refer to fund receipts and subscription rights.

Real estate turnover: June 15, the IPCA increases by 0.69% compared to May, slightly above expectations

The National Consumer Price Index 15 (IPCA-15), a snapshot of official inflation in Brazil, rose 0.69% in June on a monthly basis, or 0.10 percentage points (pp) above above the rate recorded in May (0.59%). The sub-element that most influenced the rate for the month was health plans, which rose 2.99% and accounted for 0.10 pp in the June result.

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

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

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

Discover the step-by-step guide to living off your income with FII and receive your first rent in your account in the next few weeks, without having to be a landlord, in a free course.

Related