The MeilleurSCPI platform recently confirmed good prospects for the 2022 performance of SCPIs by estimating the average distribution rate of this asset class at a minimum of 4.45%. Enough to ensure the stone-paper an average yield of dividends at least as good as in 2021. MeilleurSCPI thinks in particular that the exceptional distributions, coming for example from capital gains on asset disposals and which generally occur at the end of year, will make it possible to ensure such a rate after a rather cautious first quarter on the part of SCPI managers who served an average annualized distribution rate of 4.22%.
More than 1 million associates
According to the latest study by MeilleurSCPI and its Rock-N-Data brand, the number of partners holding SCPI shares now clearly exceeded one million as of March 31, 2022 (1,037,236). Each of these partners has invested an average capital close to €75,000.
Already 10 SCPIs have increased the price of their shares
MeilleurSCPI has already recorded 9 SCPIs having revalued the price of their shares since the beginning of the year, the largest increase being to the credit of Novapierre Germany (Paref Gestion) which saw its price jump by 7.7%. (from €260 to €280). Since then, a tenth SCPI has increased the price of its shares: Corum XL with +3.17%. This SCPI managed by the company Corum L’Epargne has the particularity of owning buildings in 12 countries in Europe and across the Atlantic and has just carried out its second revaluation in 5 years.
Know how to decipher the “overall performance” indicator
Corum also insists on this regular revaluation of the price of the shares which contributes to the ” real performance for the customer », in addition to the distribution rate of the SCPI. A real performance which is to be distinguished from the overall performance “, this new indicator introduced since 2022 by the French Association of Real Estate Investment Companies (ASPIM) but which Corum rejects because it risks misleading savers. The overall performance, although supposed to reflect both the distribution rate and the revaluation of the price of the units, in fact takes into account not the evolution of the price of the units but the variation of the realizable value which corresponds to the value of the buildings of the SCPI, provided each year by independent experts. Admittedly, SCPIs revalue the price of their shares on the basis of this realizable value, but there is a difference and the manager has a certain freedom to set the price of the shares.
As Corum reminds us, based on the realizable value provided by the experts, the manager determines the value of reconstitution of the SCPI’s assets, that is to say a value taking into account the costs that would have to be incurred to ” reconstitute » the heritage identically (notary fees, consulting fees, etc.). The SCPI manager then sets the value of the share price, within a range that can fluctuate between -10% and +10% of the reconstitution value. In other words, the overall performance indicator incorporates the valuation of the assets even when this is not yet reflected in the price of the shares. Investors must therefore be aware of this difference and not allow themselves to be influenced by indicators that could be too flattering…