#VISC11 - PELO JEITO A RENDA NÃO VAI SE MANTER!

Summary

In this video, the creator discusses a real estate investment fund (fundo imobiliário), highlighting its current performance, dividend distribution, and financial outlook. Despite challenges like fluctuating sales and negative growth in some areas, the fund maintains a solid cash position, enabling it to cover obligations through 2030. The video also delves into metrics like NOI (Net Operating Income) and occupancy rates, cautioning viewers about the potential decline in future distributions. Overall, the creator emphasizes careful monitoring of the fund's performance and risks, advising investors to stay informed about future developments.

Takeaways

• 😀 The fund has been operating since 2014 and has 351,000 shareholders.
• 😀 The fund's market value is currently below its net asset value (NAV), which stands at R$ 126 per share.
• 😀 The fund is distributing an attractive dividend yield of approximately 8-10% annually.
• 😀 Recent dividend payout was R$ 0.80 per share, while its net operating income (NOI) was R$ 0.67.
• 😀 The fund used R$ 0.13 per share from reserves to maintain the current dividend level.
• 😀 The fund has a reserve of R$ 0.35 per share, which can be used to maintain future distributions.
• 😀 The recurring income per share for the year is R$ 0.74, with a total result averaging R$ 0.92 including non-recurring items.
• 😀 The fund is facing pressure to maintain its distribution levels and may see a reduction in future payouts, potentially to R$ 0.70 per share.
• 😀 The fund’s cash reserves are sufficient to cover its obligations until 2030 if no new acquisitions are made.
• 😀 The fund must focus on managing its vacancy rates and occupancy levels to ensure stable income moving forward.

Q & A

What is the main focus of the video?

The video discusses an investment analysis of a particular real estate fund (referred to as 'Whisky'), its current performance, dividend distribution, and potential future outcomes based on market conditions.

What is the current dividend yield of the fund?

The fund is paying a dividend of around 8-10% annually, with the current distribution of 80 cents per share.

How is the fund's performance evaluated in the video?

The fund's performance is evaluated based on its recurring results, cash reserves, and dividend distribution. It is noted that the fund has been using its reserves to maintain its dividend payouts despite a decline in some performance metrics.

What is the fund's distribution strategy in the short term?

The fund has around 35 cents per share in reserves that could be used for future dividends. The aim is to continue paying a dividend between 70 and 80 cents per share, but there is concern about its sustainability if the fund's income does not increase.

What was the total result of the fund for the most recent period?

The total result for the most recent period was 67 cents per share, which was less than the 80 cents that was distributed, indicating that the fund used part of its reserves to maintain the payout.

How does the fund manage its cash flow and obligations?

The fund generates income from its investments, but it also has financial obligations, particularly related to CRIs (real estate receivables). Currently, its cash flow covers these obligations, and it has enough reserves to continue meeting them until 2030, even under challenging market conditions.

What are the key risks for the fund moving forward?

The primary risks include the potential decline in rental income, further increases in vacancy rates, and the possibility of the fund not being able to maintain its high dividend payouts without additional income or adjustments to its strategy.

How does the fund handle market downturns?

The fund appears to be well-prepared to navigate downturns due to its substantial cash reserves, which would allow it to cover its obligations through at least 2030, provided it does not engage in aggressive new investments.

What does the video suggest about the fund's future performance?

The video suggests that the fund's future performance might see a decline in dividends, potentially lowering to 70 cents per share or lower. However, if the market improves and the fund adapts successfully, the situation could stabilize by 2027.

What other factors are considered in the fund's evaluation aside from dividends?

The video also takes into account the fund's asset portfolio, liquidity, occupancy rates, and the overall sales performance of the properties. There is mention of a slight increase in vacancy rates and decreasing rental income, which might negatively affect future returns.