#RBVA11 - 2024 FOI O ANO DA TRANSFORMAÇÃO!

Summary

In this video, the creator discusses the performance of the RBVA11 fund, a real estate fund primarily focused on properties such as agencies and retail spaces. Despite a recent drop in distribution to 90 cents per share, the fund has been performing well, having made significant profits through property sales and transformations. The creator highlights the fund's successful shift away from a dependency on bank agencies, noting its growing diversification into retail. The video also emphasizes the fund's low leverage and stable liquidity, making it an interesting option for investors.

Takeaways

• 😀 The RBVA11 fund, a long-standing real estate fund, has seen its shares drop below R$80, despite strong performance and new investments.
• 😀 The fund's distribution rate dropped from R$1 to R$0.90 per share recently, but it's still not a high yield at 1.1%.
• 😀 Despite a recent drop in share value, there’s no apparent reason for the decline, as the fund remains strong without any major issues.
• 😀 In 2024, RBVA11 sold several assets, including four bank agencies and one restaurant, which contributed to its profitability.
• 😀 The restaurant sold, a COC Bambu location, was initially not intended to be sold but brought significant profit due to its value increase.
• 😀 RBVA11 has been successful in transforming old bank agency properties into profitable new operations, such as supermarkets and yoga studios.
• 😀 The fund is evolving into a retail-focused fund with fewer bank agency properties, diversifying its portfolio.
• 😀 A noteworthy event in 2024 was the signing of a contract for a convenience store in a former Caixa Econômica property.
• 😀 The fund's leverage remains low at around 15%, with no significant risks, and liquidity is good, making it financially stable.
• 😀 In 2025, the fund is expected to continue its transformation, selling more bank agency properties and acquiring more retail assets.
• 😀 RBVA11 has good diversification, with significant tenants like Caixa Econômica and Cogna, and its future strategy will likely focus on more retail properties.

Q & A

What is the RBVA11 fund and what sector does it primarily operate in?

The RBVA11 is a real estate investment fund (FII) that primarily operates in the commercial real estate sector, focusing on properties such as bank agencies, retail properties, and other commercial spaces. It has been transitioning into a more diversified portfolio with a focus on retail properties.

Why has the price of RBVA11 shares fallen below R$80 despite the fund's strong performance?

The price drop in RBVA11 shares to below R$80 is surprising given the fund's positive performance. The main explanation for this price fall seems to be external factors, including the situation with the TRBL fund, which has had an impact. However, there seems to be no direct fundamental issue within RBVA11 itself.

What were some key actions that contributed to RBVA11's strong performance in 2024?

RBVA11 had a strong performance in 2024 due to the sale of several assets, including five properties from Pernambucanas and assets from the R Bed fund. Additionally, the transformation of bank agency properties into new operations like supermarkets and yoga studios helped increase the fund's value.

How did RBVA11 handle its bank agency properties, and what was the outcome?

RBVA11 transformed several of its bank agency properties into new commercial operations, such as supermarkets, a gym, and a yoga studio. This transformation allowed the fund to reduce its dependency on bank agency assets, which previously made up a large portion of its portfolio.

What are the key tenants in RBVA11's portfolio?

The key tenants in RBVA11's portfolio include large corporations such as Caixa Econômica Federal (26%), Cogna (24%), and Santander (16%). Together, these tenants represent a significant portion of the fund's rental income, with the remainder coming from a variety of other commercial tenants.

What is the liquidity situation of RBVA11?

RBVA11 has good liquidity, with a trading volume of almost R$2 million, and its shares are actively traded. The fund has a relatively stable asset base and liquidity indicators that allow it to operate smoothly in the market.

What was the distribution rate for RBVA11 in 2024, and why did it change?

In 2024, RBVA11 initially paid R$1 per share in monthly distributions, but this amount decreased to R$0.90 in the last two months. The decrease was primarily due to the non-recurring income generated from asset sales, but the overall distribution remained relatively stable at R$0.90.

What was the financial leverage of RBVA11 in 2024?

RBVA11 had minimal financial leverage in 2024, with a debt-to-equity ratio of just 15%. This low leverage indicates that the fund is not heavily dependent on borrowed funds, and it has a comfortable financial position.

What future plans were discussed for RBVA11 in 2025?

For 2025, RBVA11 is expected to continue its transformation process, which includes selling more bank agency properties and acquiring more retail properties. The fund aims to further diversify its portfolio by reducing its reliance on bank properties and increasing its exposure to the retail sector.

How did the sale of the COC Bambu restaurant affect the RBVA11 fund?

The sale of the COC Bambu restaurant, originally a property of the Rad Clob, brought a significant profit for RBVA11. The property was sold to a real estate developer at a high valuation, which helped boost the fund's financial performance. This sale was an unexpected but beneficial outcome.