Americans: first FII reports that it stopped receiving the rent due from the dealer in January

The financial crisis of Americanas (AMER3) begins to condition – de facto – the operations of the real estate funds. Until then, the FIIs reduced the impact of the company’s judicial recovery in the segment, but now the reflection is starting to be felt in the accounts.

Specifically, Max Retail (MAXR11) reported that it had not received the December rent from the retailer – with payment expected for this month. The value was included in the list of debts of the company, published this Wednesday (25).

“The administrator has become aware that the fee owed by the tenant is treated as a credit, i.e. as a credit existing on January 19, 2023 and subject to the effects of judicial recovery”, highlights the document.

According to MAXR11, the outstanding lease amount is BRL 514,000, which represents BRL 0.46 per share.

In January, the fund paid out BRL 0.67 per share, a dividend correlated to the portfolio’s income in the previous month. The value represents a dividend yield (rate of return with dividends) of 0.94% over the period.

Of the fund’s nine properties, four are currently leased to Americanas, according to a management report released by the portfolio in December 2022.

The company occupies stores in the fund’s portfolio in Taguatinga (DF), Vitória (ES), Belém (PA) and Maceió (AL). Together, the spaces add up to an area of ​​approximately 32,000 square meters of the almost 60,000 square meters of the fund’s total GLA, about half.

VBI Logístico (LVBI11), another fund that rents properties to Americanas, confirmed – even materially – that the December rent was fully paid by the company in January.

In the document, the portfolio also mentions that it was indirectly included in the list of creditors of Americanas, through its stake in Aratulog Armazenagem.

The fund holds a 70% stake in the company, responsible for the logistics condominium in Aratu, Bahia, which has among its tenants B2W – from the same group as Americanas. In the retailer’s list of creditors, Aratulog is the holder of a credit of R$ 871 thousand.

LVBI11 also indicates the inclusion of the Association of the founder and tenants of VBI Log Aratu – responsible for financing the management of the common areas of the enterprise. The entity should receive R$ 386,000 from Americanas.

Check out the updated list of Americanas debt to real estate funds, according to the list released by the company:

At least eight real estate funds – among those that disclose the names of tenants – have some relationship with Americanas. The number does not take into account the mall FIIs that ultimately house the retailer’s stores.

ifix today

In this Thursday’s session (26), the Ifix – index of the most traded real estate funds on the Stock Exchange – operates in a positive field. At 13:36, the indicator was up 0.11%, to 2,813 points. Discover the other highlights of the day.

Highest highs this Thursday (26):

Major victims this Thursday (26):

Source: B3

dividends today

Check out the FIIs paying out dividends this Thursday (26):

Source: StatusInvest

Giro Immobiliare: construction inflation accelerates in December, higher dividends in January and more issues

FII denies strategic failure by concentrating 20% ​​of revenues in contracts with Americanas; understand

Down more than 10% in January, the FII GGR Covepi (GGRC11) denies that Americanas’ current share of the fund’s revenue can be considered a strategic error.

The portfolio leases a distribution center (DC) to B2W – owned by the same group as Americanas – in Uberlândia, Minas Gerais. Space represents 19.5% of the fund’s revenues and 24% of the portfolio’s total gross leasable area (GLA).

In terms of diversification, the numbers represent a large concentration in a single tenant – which is not very healthy for the portfolio – as acknowledged by Pedro van den Berg, managing director of Zagros Capital, responsible for the GGRC11.

“[O ideal é que] no tenant has more than 10% of the fund’s revenues, that’s what I consider healthy,” he confirms. “The impact, in a situation like this, would be much less if Americans represented 10% or less of the fund’s revenues,” says the manager, referring to the retailer’s financial crisis.

So what would justify the concentration of almost 20% of Amerianas in the GGR Covepi portfolio? Berg explains that two reasons explain the weight of the firm’s contract in the fund’s numbers: macroeconomic conditions and the retailer’s previous history.

INCC-M accelerates to 0.32% in January, from 0.27% in December, says FGV

The national construction cost index (INCC-M) rose to 0.32% in January, compared to a high of 0.27% in December, the Getúlio Vargas Foundation (FGV) informed this Thursday (26). The increase in the INCC-M was driven by the Labor component (from 0.16% to 0.77%), while the Materials, Equipment and Services segment decreased from 0.38% to -0.12%.

On openings, the Services rate rose from 0.43% in December to 0.53% in January, with particular attention to the acceleration of service and concession fees, which rose from 0.00% to 2.40%. Materials and Equipment deflated by 0.26%, after an increase of 0.37% in December 2022, with emphasis on materials by structure, which increased from 0.62% to -0.55%

The main upward influences on January’s INCC-M were Assistant Specialists (up 0.19% to 0.82%); servant (0.17% to 0.93%); lift (from 0.64% to 1.14%); carpenter [fôrma, esquadria, telhado] (0.14% to 0.78%) and bricklayer (0.15% to 0.71%).

On the other hand, the result of the common Portland cement decreased (-0.20% to -3.37%); PVC pipes and fittings (from -2.26% to -4.12%); carbon steel bars and wires (from 2.69% to -0.86%); PVC pipes (from -0.88% to -1.73%) and wooden windows (from 0.07% to -0.49%).

The office fund is the largest dividend payer in January, featuring extraordinary returns

The real estate fund of the Autonomy Edifícios Corporativos office sector (AIEC11) will close the first month of 2023 with the maximum dividend yield (rate of return with dividends) among the main FIIs on the stock exchange. The percentage was 1.94%.

The data comes from Economatica, a financial information platform, and is based on the 111 real estate funds that make up the Ifix, an index that brings together the most liquid FIIs on B3.

All portfolios have already announced their planned dividend payouts for this month. The latest was BTG Pactual Terras Agrícolas (BTRA11), which on the 31st will pay BRL 0.87 per share.

Of the funds monitored, 48 had them in January dividend yield more than 1% in the month. The number is higher than the 38 recorded in December.

At the beginning of the month, Autonomy Edifícios Corporativos (AIEC11) distributed R$ 1.32 per share, equivalent to a monthly yield of 1.94%. The percentage is the highest of the month, according to data from Economics. Check out the list of January’s top ten payers.

Micro-apartments: the owners are older and buy to invest and young people rent by location

A trend in large Brazilian cities, “microapartments” are bought by the elderly to invest, as a complement to their income, and are rented out by the younger ones for their location and independence, underlines a QuintoAndar survey conducted with landlords and tenants.

The company interviewed more than 250 landlords and 175 tenants in São Paulo (all residing in properties with less than 30m²) and used the QuintoAndar and Imovelweb and Wimóveis databases (acquired with the purchase of the Navent group) in different cities to take the survey.

Approximately 60% of the owners interviewed are over 50 and, according to the survey, for over 90% the micro-apartment is a secondary source of income. The main focus is on investing, with 67% citing proximity to public transport as the main property differential and more than half (56%) citing the attractive purchase price as the main reason.

Additionally, two out of three homeowners own more than one apartment, and most plan to own multiple properties.

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