Real estate investment fund VISC11 announced that it will continue paying dividends of R$ 0.84 per unit, keeping the same level since February 2026. The next payment is scheduled for September 15, based on investors’ positions as of the close of trading on August 31, the cutoff date for receiving the payout.
Dividends and yield
Based on the August closing price of R$ 102.80, the monthly dividend yield is estimated at about 0.82%. The income paid by the fund is exempt from income tax for individuals, provided they meet the current rules.
Recent operating results
The notice released on Monday (31) reflects August performance, which the fund has not yet officially disclosed. The latest available management report covers July, when net income reached R$ 24.084 million, equivalent to R$ 0.84 per unit.
That month, operating remittances from the shopping malls totaled R$ 32.104 million, or R$ 1.11 per unit. After the August distribution, the accumulated balance of undistributed earnings reached R$ 25.593 million, equivalent to R$ 0.89 per unit.
Adding the R$ 10 million accumulated in Shopping Paralela FII, which is wholly controlled by VISC11, the consolidated reserve reaches R$ 1.23 per unit, strengthening the fund’s ability to sustain future distributions.
Indicators and portfolio
In June operating data, the portfolio showed 11.8% growth in cash NOI per square meter and a 12.5% increase in sales per square meter compared with the previous year. Same-store sales rose 2.1%, while same-store rent grew 3.3%. The average discount was 1.8%, net delinquency stood at 2.2% and consolidated physical occupancy reached 94%.
VISC11 currently holds stakes in 32 shopping malls located in 15 states and the Federal District, managed by 11 operators, for a total owned gross leasable area of 310,000 square meters.
Recent moves
Among recent moves, the fund signed a memorandum of understanding for the possible sale of stakes in nine shopping centers for about R$ 573 million, 10% above appraisal values. The transaction could free up approximately R$ 346 million in net cash and generate a capital gain of R$ 1.21 per unit, involving assets that account for about 11% of the fund’s NOI.
VISC11 also converted its creditor position in Real Estate Receivables Certificates (CRI) to increase its stake in Midway Mall from 0.95% to 12.43%, taking on future obligations of R$ 99.8 million in the process.
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