The Securities and Exchange Commission (CVM) published this Tuesday (1st) a note temporarily suspending the understanding formed in December, that the amount of dividends distributed by real estate funds could not exceed the accumulated profit by the portfolio.
The position was released last Tuesday (25), when the Maxi Renda fund was questioned by the CVM for distributing to shareholders a volume of dividends higher than what had been calculated in the annual balance sheet for 2021. The fund is the largest in the world. country in number of shareholders traded on B3.
In today’s statement, the agency also stated that the suspensive effect may expire if the Maxi Renda fund does not submit a request for reconsideration of the decision within 15 days.
“The Board clarified that the suspensive effect will cease in the event of failure to submit the request for reconsideration within 15 business days from the communication of the decision, as provided for in article 11 of CVM Resolution 46/2021, as well as if, upon request of reconsideration, the Collegiate deliberate for not knowing it or rejecting it”, highlighted the CVM.
Since being questioned by the CVM, the MXRF11 – which has more than 200,000 shareholders – has already accumulated a drop of almost 10%. At around 1 pm, Brasília time, the fund cost R$9.60, and was up 3.90%.
other cases
The CVM declared last Thursday (27), that the measure could be extended to other funds that had the same track record as Maxi Renda. And, thus, market agents questioned the decision since about a third of the FII market uses this strategy.
“Imagine that a brick fund has a property valued at R$ 1 million. This property suffered a negative equity valuation of R$ 500 thousand. The distribution, without considering the revaluation, would be R$ 100 reais per share. If this revaluation caused the accounting profit to fall by half, the fund would only be allowed to distribute R$ 50 per share”, exemplifies Luis Nuin, an analyst at Levante.
According to Toro Investimentos, these funds are chosen by many investors as they are exempt from income tax, “potentiating returns”.
“And the result of profits from rentals and sale of properties are distributed monthly to shareholders, generating constant passive income”.
*With information from Vinícius Silva, contributor to CNN Brasil Business
Source: CNN Brasil
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