FIIs TORD11 and VSLH11 sink more than 20% in January to drive the month’s biggest losses; what does it explain?

In a month marred by the Americanas accounting crisis (AMER3), real estate funds that maintain ties to the company posted losses in January. But nothing compares to the behavior of Tordesilhas EI (TORD11) and Versalhes RI (VSLH11), which, even without having any relationship with the retailer, fell by more than 20% in the period.

With a hybrid profile, investing in more than one type of asset, TORD11 is currently facing a challenging scenario, as categorized by the management report published by the portfolio in January.

Currently, 41.8% of Tordesilhas EI’s portfolio is concentrated in actions – participation of the fund in the development of real estate projects for the future sale of shares or units.

However, the reduction in sales volume and the increase in the number of cancellations – property returns – have significantly damaged the fund’s operations, the document points out.

To give you an idea, Tordesilhas EI paid investors R$0.04 per share in January, half the dividend paid in the previous month. The decision reflects concerns about the fund’s possible lack of cash resources.

“This decision reflects the occasional need to maintain the accumulated cash reserve, to mitigate the risk that it will not be replenished through a positive future cash outturn,” confirms the portfolio management report.


The TORD11 situation was reflected in the performance of the fund’s shares, which suffered a drop of over 24% in the cumulative result for the month, the highest among the FIIs that make up the Ifix – index of the most traded real estate funds on the B3.

Discover the biggest victims of real estate funds in January 2023:

ticking Background Segment January change (%)
TORD11 Tordesilla EI Development -24.48
VSLH11 Real Estate Credits of Versailles Securities and Val. Assault. -21.97
BRL11 RBR register the logistics -1.49pm
JSRE11 JS real estate Hybrid -11.53
SARE11 Santander income Hybrid -10.79

Source: B3 (31/01/2023). Profitability does not take into account the reinvestment of dividends.

Managed and administered by the same companies as TORD11 – R Capital Asset and Vórtx DTVM respectively – Versalhes RI (VSLH11) also cut its dividend in January to reduce cash shortage risks. This Tuesday alone (31st), the fund recorded a sharp decline of 12%.

Of the “paper” type – which invests in fixed-income securities linked to the real estate market – the fund currently has 83.7% of its portfolio made up of CRI (certified real estate loans).

While reporting that all of the fund’s deals closed last month with a good reputation, the management team expresses concern about at least ten of the 34 CRIs.


The securities – which receive a red alert in the management report – present problems from the point of view of performance and risk and are the subject of an action plan to avoid possible losses, explains the document.

Both TORD11 and VSLH11 operate mainly in the multi-property segment – ​​hotels, residences, retail and leisure. This is the sector most sensitive to the increase in insolvencies or business cancellations, as evidenced by the Tordesilhas EI management report in August last year.

On that occasion, the FII even canceled the distribution of dividends for fear of insolvency actions and in the CRIs, which today represent 17% of the FII’s portfolio.

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Ifix and the Americanas effect

Ifix completed the third month with no earnings. After a drop of 4.15% in November and stability in December 2022, the indicator closes the first month of 2023 with losses of 1.5%.

In addition to the performance of the TORD11 and VSLH11, the index was also affected by the Americanas crisis. At least eight real estate funds – among those that disclose the names of the tenants – maintain some relationship with the retailer. The number does not consider the FIIs of the malls that ultimately house the company’s stores.

Of the group, the biggest losers in January were RBRL Log (RBRL11), with losses of 13%, and Max Retail (MAXR11), which is not part of Ifix, with a 17% drop.

Americanas was the tenant of RBR Log, but the company communicated to the fund, at the end of last year, its intention to return the leased property in Hortolândia, in the hinterland of São Paulo.

Max Retail already has four of its nine portfolio properties leased to the retailer. This week, the fund reported it had not received its December rent from the company, with payment expected this month. The value was added to the company’s debt list, which was disclosed last week.

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In January, of the 111 real estate funds that make up Ifix, 34 closed in the positive field.

The highest highs in January

With gains of nearly 6%, Tellus Properties (TEPP11) topped the list of the month’s biggest earners. Subsequently, Banestes (BCRI11) and Barigui (BARI11) appear.


Check out the biggest real estate fund increases in January 2023:

ticking Background Sector January change (%)
TEPP11 Tellus property Company slabs 5.9
BCRI11 Baneste Securities and Val. Assault. 5.8
BARI11 Barigui Securities and Val. Assault. 5.52
MFI11 development merit Development 4.56
RBVA11 Rio Bravo Income Retail Urban income 3.85

Source: B3 (31/01/2023, 16:11). Profitability does not take into account the reinvestment of dividends.

Recently included in the theoretical portfolio of Ifix, Tellus Properties (TEPP11) holds a stake in five properties located in San Paolo (SP). The portfolio’s gross leasable area (GLA) is 37,000 square feet and the portfolio’s vacancy rate is 14.64%.

Earlier this month, real estate consultancy Cushman & Wakefield completed its revaluation of FII properties and indicated a 5.81% increase in the fair price of the spaces.

The portfolio appreciation represents a 6.23% increase in the share value of the fund’s unit, based on the close as of December 30, 2022.

Focused on the corporate sheet segment, in January TEPP11 deposited R$ 0.51 per share, an amount which represents a dividend yield (rate of return with dividends) monthly of 0.76%. In 12 months the percentage is 8%.

FIIs that paid most of the dividends in January

The real estate fund of the Autonomy Edifícios Corporativos (AIEC11) office segment will close January with the highest dividend yield 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.

Of the funds monitored, 48 had them this month dividend yield greater than 1%. 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:


ticking Background Sector Dividend Yield – January (%)*
AIEC11 Autonomy Buildings Company slabs 1.94
HGRU11 CSHG urban income Urban income 1.66
RZAK11 Riza Akin Securities and Val. Assault. 1.45
CACR11 Cartesia Immobiliare Credits Securities and Val. Assault. 1.44
ARRI11 Atrium Reit Credits Securities and Val. Assault. 1.42
HGLG11 CSHG Logistics the logistics 1.36
HABT11 Habitats II Securities and Val. Assault. 1.32
MCCI11 Capital Maua Securities and Val. Assault. 1.31
OUJP11 Ourinvest JPP Securities and Val. Assault. 1.28
CVBI11 VBICRI Securities and Val. Assault. 1.27

Source: Economy

Riza Akin (RZAK11), who was the highlight of December’s high-payer list, deposited R$1.40 per share this month, equivalent to a monthly dividend yield of 1.45% – versus 1 .54% last month. The fund remains at the top of the list of highest payers over the past 12 months, with a return of over 19%.

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