The France SCPI barometer of the performance of stone paper in the 1st quarter, established on the reports of the 75 funds on the market*, reports a return of 4.25% over this period, slightly down compared to the average performance of the year 2021.
While the average payout ratio was 4.49% in 2021, “ SCPIs are now regaining their usual caution by serving a minimum dividend at the start of the year », Notes France SCPI.
Since their distribution is generally quarterly (sometimes monthly), it is usual for the dividend paid out of SCPIs to vary during the course of the year, and to be particularly higher in the second period of the financial year, in the light of the period that has elapsed and prospects for the following year.
For 2022, however, the cautiousness usually seen in the first quarter is quite marked. After two years of coronavirus, the arrival of the war in Ukraine, and even ” the anticipation of a presidential election which could have been unfavorable to French economic prosperity “, the managers emphasized” this minimum dividend strategy “, which should also ” very likely to last until the end of the 3rd quarter to carry out a positive rebalancing at the end of the year “..
5.38% for logistics
In detail, diversified SCPIs – particularly resilient in 2021 – continued to pay an above-average return (+5%) but it is logistics SCPIs that occupy first place in the ranking (+5.38%), in bearing in mind, however, that only two funds today fall into this category according to the “official” nomenclature of Aspim: Activimmo, and LF Opportunit Immo.
Office SCPIs, a “traditional” type of paper stone asset, plagued by questions from savers since the arrival of the pandemic and the explosion of teleworking, distributed a 4.27% return, retail SCPIs 4.58% and those in the health sector 4.26%.
Very impacted by the coronavirus crisis, SCPIs in the hotel industry, whose yield had fallen to 2.84% in 2021, recovered at 4%. According to France SCPI, “The end of health restrictions and the approach of the summer season point to a more correct performance in 2022 “.
Record fundraising for the start of the year
On the collection side, and in an inflationary context, real estate assets seem once again to prove their resilience: between the beginning of January and the end of March, SCPIs reached a record level of 2.6 billion euros. Never reached, this influx represents an increase of 33% compared to the average collection of the 1st quarters since 2017 (1.96 billion euros).
“This is extremely encouraging when we know that historically, the first three months of the year are generally harbingers of the coming quarters, recalls Paul Bourdois, co-founder of France SCPI. With the exception of unexpected events, this first quarter gives us good prospects for inflows for 2022. The only downside, these good times should not make managers forget that a sudden influx of funds can be synonymous with eroded profitability. “, he underlines.
Diversified SCPIs continue to break through
Unsurprisingly, nearly half of this inflow was captured by offices (€1.2 billion), followed by diversified SCPIs, which channeled a quarter of it compared to 20% the previous year.
Impacted by the Orpéa scandal, the health/education category fell (18% compared to 25% in 2021). Residential and logistics SCPIs attracted 3% and 5% of flows respectively.
Disaffection of savers for the hotel industry
As for SCPIs in the hotel industry, on the other hand, it’s a cold shower: “ The collection is nil, says Paul Bourdois. With two years without yield and a still delicate health context, savers remain very cautious. »
But the situation is improving, the outlook for summer tourist activity is good and business tourism is also picking up. “ The encouraging return delivered in the last quarter, which still remains below its pre-crisis level (around 5%), will probably help their managers to attract more capital in 2022 », Considers the specialist.
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*SCPI currently open for marketing. Among all the management companies, AEW Ciloger, Amundi did not wish to disseminate their collection and yield figures. Fiducial Gérance did not wish to release its fundraising figures. These have therefore been extrapolated on the basis of the year 2021 and the evolution of all SCPIs on the market for this 1er trimester.