Which is better: share or FII dividend? analyst explains


analyst Jacinto Santos

Published at 1:15 pm

Many investors have doubts about which is better: stock dividends or Real Estate Investment Funds.

On the subject, Finance News interviewed Jacinto Santos, Master in Finance and Controllership from FIPECAFI, CNPI analyst and partner at Funds Explorer.

Check out the following interview given to journalist Clara Almeida.

Finance News: Which is better, stock dividend or FII dividend?

Jacinto Santos: I believe that real estate funds are exempt from income tax and, very possibly, this reform will bring income tax to stock dividends. Also, you have a payout (payout refers to the percentage of net income distributed in the form of dividends) 95% per semester.

Obviously, there are some companies that have a very high payout, but the real estate fund naturally has, by law, a high payout and is exempt from income tax. Therefore, in most cases, FIIs are quite interesting and the payout is even higher than that of stocks.

Finance News: And how do you know if an FII is a good dividend payer?

Jacinto Santos: You need to see if the income, the distributable result is recurring and healthy. That is, taking out all the expenses, see if he can maintain this level over several months. See if the distributable income fits into the result. If it doesn’t fit, if the debt level is higher than the distributable result, it could be that something is going on.

Quite possibly, the fund is distributing the balance of past results, or is distributing some capital gains from a sale.

If the distributable income fits into the distributable result, over several months, then we have at least a relative security in relation to the sustainability of that income.

Finance News: Is it possible to reconcile a good FII that pays dividends and at the same time appreciates the share? And if so, how can we select one?

Jacinto Santos: We have to see the prospect of increasing real estate income, revenue. How do we see this? We can see it in the type of lease agreement. There are two types, which is the typical and the atypical. The atypical is usually long-term, for 10, 15, 20 years and has no value update, except for the one that is adjusted annually for inflation. Typically, he undergoes a reassessment of assets every three years. So, if every three years it undergoes a revaluation and the market is very good and the GDP is growing, most likely the appraiser will evaluate that lease higher. This increases income.

Another point, expansion areas and vacancies that can be filled. First, expansion areas are more common in logistics warehouses. It is interesting to rent with space for expansion, because if you can expand your production, you already have a space, you just need to negotiate with the owner. Therefore, there must be areas for expansion, because by increasing the areas for expansion, you pay more rent, you increase real estate revenue.

Now about the vacancy. It is even called “vacancy purchase”. The purchase of a vacancy has to be done with some care, because you have to study the region very well and see how the lease movements are going. If around that asset there are movements of occupation, of absorption of spaces, as we say in the market, most likely this will be reflected in the background. At some point someone will knock on the door if there is space available. Filling gaps brings revenue to the real estate fund, and if it brings revenue to the real estate fund, the yield increases and the share reacts in a certain way. This is special for brick.

Finance News: What about FIIS for CRIs and FOFs, for example?

Jacinto Santos: As for FOFs and FIIs of CRIs, for example, it is possible to analyze the price over the book value, which is the P/VPA. If it is less than 1, most likely he has a reasonable recovery prospect. In the FII de CRI, if it actually pays the income in a recurrent and healthy way, with a perspective of appreciation in the inflation rate, it will attract the attention of more quota holders and the quota will increase, considering that it was discounted, in this case. That’s because the CRI is nothing more than a debt, so you can even pay a little premium for this CRI, but not that it’s much. If it’s really way above the mean, more than one standard deviation, then it’s not worth it. Paying dearly for something that will expire, which is a debt, may not make much sense if there is no basis for an increase in income. Does not make sense.

As for FOF, its equity is marked to market, that is, the market determines the pricing, not the value, of real estate fund shares. Well, the FOF buys shares of real estate funds. So, buying a real estate fund with a price over book value greater than 1 makes no sense. You are paying more for something you shouldn’t and you don’t have much prospect of increasing your income. And there are still the costs of the FOFs. So even if real estate funds increase income, they still have a little expense, this increase is enough, but not in such an intense way. It arrives intensely via capital gains, which is the portfolio turnover that FOF does.

Understand:

FII

Real estate investment fund or FII is a pool of resources intended for investment in real estate ventures. This type of fund allows access to quality developments; recurring income and is exempt from income tax on dividends for individuals.

Cris

CRI is the acronym for Real Estate Receivable Certificate. The CRI is the base asset of so-called paper funds. The CRI is a credit instrument backed by real estate credits and constitutes a promise to pay in cash. CRI FIIs predominantly invest their capital in real estate debt securities.

Dividend Yield

Indicator used as a basis for the expected return of the shareholder in terms of dividends.

ifix

Ifix is ​​the index of B3, the Brazilian Stock Exchange, for Real Estate Funds. Just as the Bovespa index (Ibovespa) shows the average performance of the most traded stocks, the IFIX shows how the most traded FIIs behave in a given period.

cap rate

It is a kind of return on invested capital. Number representing the percentage of annual income acquired through a property over its value (annual rent / total asset value).

FOF

FOFs are Investment Funds of Funds, a type of financial application that brings together resources from a group of investors, with the aim of obtaining profit from the purchase and sale of securities of other real estate funds. The main objective is to achieve great diversification in a relatively simple way.

Read too:

FII: the assessment for the shopping malls, logistics, offices and hotels sector

Do you want to invest in FIIs? Analyst explains advantages, risks and other important details

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