FIIs that rent properties to Americanas drop by up to 13% in the month: do you sell, keep or buy? Discover the vision of XP

Real estate funds that rent properties to Americanas (AMER3) accumulate a decline of up to 13% in January, the month marked by the retailer’s financial crisis. Despite the performance, XP advises investors to keep FIIs, especially those with good portfolios.

“If the fundamentals of real estate and the region remain, this volatility could very probably be something more specific, not reflecting on the need to have fund units at prices below fair”, advises Maria Fernanda Violatti, who signed the report on the theme with Maria Jordão, also an analyst at the brokerage firm.

The document disregards the Max Retail (MAXR11) and (VIUR11) real estate funds – which have low liquidity and a small number of shareholders.

In addition to them, at least six other real estate funds – among those that disclose the names of tenants – maintain some relationship with Americanas. The number does not take into account the mall FIIs that ultimately house the retailer’s stores.

After judicial recovery of retailer, Maria Fernanda says main risks for FIIs are anticipated vacancy [devolução do imóvel locado] and rent defaults.

According to her, the consequences and the actions that the funds can take depend on the behavior of Americanas from now on and on the characteristics of each contract.

In the event of non-compliance, for example, the property owner can file an eviction request. In this case, the fines and late payment fees would enter the judicial recovery as new credits.

The eviction request could also be made with full payment of the rent, provided that the bond includes an optional termination clause in the event of judicial recovery.

Without the device in the contract – and with payments maintained – the lease could continue as planned, as outlined in the flowchart below.

Faced with the possibilities, Maria Fernanda believes that even a vacancy scenario – one of the risks for FIIs – many steps need to be taken.

He also recalled that, even in the event of judicial recovery, rents must be paid normally as the expenses are part of the company’s operations – which reinforces the request for prudence for real estate fund shareholders.

ifix today

In this Tuesday’s session (31), the Ifix – index of the most traded real estate funds on the Stock Exchange – operates in a positive field. At 11:57, the indicator was up 0.32%, to 2,816 points.

Highest highs this Tuesday (31):

Major victims this Tuesday (31):

Source: B3

ALZR11 Further Increases Participation in TSER11; [ativo=HOFC11] extends property lease and raises rent by 6.85%

Check the latest information released by real estate funds in material facts:

ALZR11 further increases participation in the TSER11 FII office

The FII Alianza Trust Renda Imobiliária (ALZR11) has acquired more than R$ 12.1 million shares of the real estate fund Tishman Speyer Renda Corporativa (TSER11), owner of Torre DuPont, a triple A commercial building – high construction standard –, located in Alphaville ( SP ).

Last 11, the ALZR11 had already announced the investment of 105 million reais – equal to 100 reais per share – in the fund, which operates in the office segment.

With the new contribution, the stake of Alianza Trust Renda Imobiliária in TSER11 increases from 88% to 98%, according to a material fact disclosed by the portfolio.

In this way, ALZR11 consolidates itself as the majority owner of Torre DuPont, which is located within the Castelo Branco Office Park (CBOP) shopping complex, next to Shopping Tamboré.

The space – with 19,000 square meters of gross leasable area (GLA) – consists of two underground floors, the ground floor and seven company floors, as well as ancillary rooms such as a shop, restaurant and auditorium.

The property is leased to Performance Specialty Products do Brasil – DuPont – which pays a monthly rent of approximately R$ 1.8 million.

The managers of ALZR11 estimate that the transaction will increase the portfolio’s monthly dividend payout by BRL 0.16 per share in the first year, considering the total investment in TSER11.

[ativo=HOFC11] extends the rent of a property in São Paulo and increases the rent by 6.85%

FII Hedge Office Income has signed the third adjustment of the lease for the fraction of its property in the Alamedas building, located in the region of Avenida Paulista, in São Paulo (SP).

According to a material fact disclosed by the portfolio, the amendment extends the term of the bond loan for a further period of 84 months, with a new deadline scheduled for December 2029.

The property represents 5.76% of the fund’s total gross leasable area (GLA) and the new rent is 6.85% higher than the previous one.

Notwithstanding the adjustment, it is not anticipated that the planned dividend distribution will change [ativo=HOFC11]strengthens the announcement to the market.

dividends today

Check out the FIIs paying dividends this Tuesday (31st):

Source: StatusInvest

Giro Immobiliare: the market expects Selic to remain at 13.75%; The justice decides that the tenant can claim compensation for problems in the construction of the property

Copom meets for the first time in 2023 to discuss Selic

The Monetary Policy Committee (Copom) has been meeting since Tuesday (31st) and there is practically unanimity in the market that the Selic will be kept at the current level of 13.75% per annum. The cycle of increases in base rates was interrupted last September, after twelve consecutive increases.

According to the Itaú economist, the BC will keep the Selic stable to ensure inflation converges to the target over the relevant monetary policy horizon.

“As usual, Copom should reiterate that it will remain vigilant as a way to persevere in the disinflation process until there is convergence towards targets and anchoring expectations are met,” Mesquita’s report said.

“At the same time that most economists agree that the Selic should be kept at 13.75%, everyone is eager to understand how Copom sees the current scenario, with risks coming from the fiscal side, where it will still be needed a new fiscal anchor. revealed, and the expectation of changes in inflation targets,” says a Bradesco report.

The tenant can claim compensation for problems in the construction of the property, Justice decides

The court granted a tenant of a building the right to seek monetary compensation for structural problems found in the house she bought.

The case was judged by the 6th Board of the Federal Regional Court of the 1st Region and, in the file, the author of the action appealed to TRF1 after acquiring the property through a sale and free loan agreement with bond and alienation trustee through the federal program “Minha Casa, Minha Vida”.

In the first-instance judgement, the buyer observed from the very beginning in possession of the property that the property had numerous internal and external problems, such as “lack in the plumbing and electrical systems, cracks and cracks in the floors and walls, humidity, sagging waterproofing, deterioration of plaster and paintwork, various infiltrations, among others”.

However, despite the allegations, the sentencing magistrate understood that, since the plaintiff is not the owner of the property, but only a tenant, he could not claim monetary compensation, since “in this way, Caixa Econômica Federal would compensate a third party for construction defect on a property owned by him”.

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