FII high yield rises again strongly and has already accumulated an increase of more than 30% in November

The FII Versailles Real Estate Receivables (VSLH11) closed this Monday’s session (20) with an increase of 9.7%, the highest among the main real estate funds on the market. It was the portfolio’s sixth consecutive session of gains.

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During the month, the fund accumulated an appreciation of 31% – a percentage that also represents the best performance of the period. In the 12 sessions of November, the portfolio recorded a drop in just one – on the 9th. Check the data.

Date	Price	Variation
11/20/2023	BRL 4.38	9.77%
11/17/2023	R$ 3.99	4.45%
11/16/2023	R$ 3.82	7.91%
11/14/2023	R$ 3.54	1.72%
11/13/2023	R$ 3.48	0.29%
10/11/2023	R$ 3.47	1.17%
11/09/2023	R$ 3.43	-1.72%
11/08/2023	R$ 3.49	1.45%
11/07/2023	R$ 3.44	0.88%
06/11/2023	R$ 3.41	0.59%
03/11/2023	R$ 3.39	0.59%
01/11/2023	R$ 3.37	0.00%

Source: B3

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Despite the performance, the fund high yield – with the highest risk – is one of those that fell the most throughout the year. To date, it has recorded losses of 47%.

At the beginning of 2023, VSLH11 was among those who suffered from the series of defaults on certificates of real estate receivables (CRI), especially those linked to the company Gramado Parks, in judicial recovery.

The delay in paying the securities affected the revenue of these funds, which had to reduce the dividend distributed to shareholders and, consequently, lost value on the Stock Exchange.

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In November, however, VSLH11 increased the volume of earnings by more than 30% – from R$0.03 to R$0.04 per share. This month’s dividend represents a return rate of 1.14% in the period, but is still below what has been observed in the fund’s history.

Ifix today:

In this Monday’s session (20), Ifix – the index of the most traded real estate funds on the Stock Exchange – closed with a drop of 0.04%, at 3,196 points. Check out the other highlights of the day.

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Biggest highs this Monday (20):

ticker	Name	Sector	Variation (%)
VSLH11	Versailles Real Estate Receivables	Titles and Val. Mob.	9.77
HSAF11	HSI Financial Assets	Titles and Val. Mob.	4.09
AIEC11	Autonomy Buildings	Corporate Slabs	2.74
DEVA11	Devant	Titles and Val. Mob.	1.27
HTMX11	Hotel Maxinvest	Hotel	1.23

Biggest casualties this Monday (20):

ticker	Name	Sector	Variation (%)
BRCR11	BC Fund	Hybrid	-1.94
WHGR11	WHG Real Estate	Multistrategy	-1.67
XPIN11	XP Industrial	Logistics	-1.6
BLMR11	VBI Income + FoF	FoF	-1.31
OUJP11	Ourinvest JPP	Titles and Val. Mob.	-1.08

Source: B3

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FIIs have already purchased almost R$8 billion in properties in 2023; check out the ten biggest transactions

The real estate fund market resumed raising new resources in 2023 and FIIs wasted no time in investing the capital obtained in new offers. Throughout the year, portfolios have already disbursed almost R$8 billion to purchase properties.

In recent years, real estate funds have lost their attractiveness and value on the Stock Exchange due to the restrictions imposed by the Covid-19 pandemic and the cycle of rising Selic rates, which rose from 2% to 13.75% in 18 months – a movement that favored fixed income investments.

In this way, the scenario of devalued shares made it impossible to carry out new issuances of real estate funds. This is because the value of new shares is normally set above the fund’s asset value.

With the market recovery in recent months – an increase of more than 15% from April to now – issuances have returned and so have FII investments, especially those made by “brick” funds, which invest directly in real estate.

Transactions already total more than R$7.8 billion in 2023. Among the highlights is the one carried out by CSHG Logística (HGLG11), which purchased the portfolio of the real estate fund GTIS Brazil Logistics (GTLG11) for R$1.373 billion. Check out the ten biggest deals of the year.

Dividends today

Check the list of all FIIs that distribute dividends this Monday-Friday (20).

ticker	Performance	Return
BLUR11	BRL 0.83	0.85%
BRLA11	R$ 1.12	–
CFHI11	R$ 24.31	–
CPFF11	R$ 0.70	0.93%
CXAG11	BRL 0.71	0.89%
HCRI11	R$ 3.00	1.02%
IBCR11	R$ 1.00	1.24%
IRDM11	BRL 0.71	0.90%
IRIM11	BRL 0.79	0.95%
MGFF11	R$ 0.52	0.80%
PQDP11	R$ 17.06	0.85%
RBRF11	R$ 0.55	0.70%
RBRR11	R$ 0.65	0.72%
RBRY11	R$ 1.00	0.99%
SHDP11B	R$ 7.42	–
TRNT11	BRL 0.22	0.17%