Despite slightly lower yields, SCPIs broke a new collection record in the second quarter of 2022.
One more record collection for stone-paper. According to the Rock-n-data platform, real estate investment companies (SCPIs) confirmed their excellent form in the second quarter of 2022 with nearly 2.69 billion euros collects. This is 35% more than the same period in 2021. As of June 30, 2022, the total capitalization of SCPIs thus reached 80.6 billion euros.
This new collection mainly benefits Office SCPIs (47%) and Diversified SCPIs (26%), which will retain all their attractiveness in 2022. More confidential, SCPIs in Health and Education have captured approximately 14% funds collected. At the back of the pack, the Logistics SCPIs and business premises represent only 4% quarterly collection.
Management companies took advantage of this collection to invest 2.9 billion euros in their housing stock. Result: 184 new acquisitions have t loops during the quarter for a total area of approximately 1150000 square meters. Their investments mainly focused on offices (48%), commercial premises (18%) and health facilities (15%). Residential and logistics assets each represent 5% of the volume invested by SCPIs.
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4.21% yield
The annual distribution rate of SCPIs reached 4.21% in the second quarter of 2022. This is less than in 2021, when the payout ratio was 4.45%. However, this rate could rise to its previous level during the second half of 2022, estimates Rock-n-data. The end of the year is indeed conducive to asset disposalswhich (usually) boosts the payout rate of the third and fourth semesters.
In detail, Logistics SCPIs and business premises currently offer the best annualized distribution rate (5.42%). They are monitored by Diversified SCPIs (5.2%) and hotel, tourism and leisure SCPIs (4.84%) which resumed after the pandemic. Just behind, we find the SCPI Commerces (4.28%), health and education SCPIs (4.25%) then the Office SCPIs (3.92%). Residential SCPIs finished last, with an annualized distribution rate of 1.73% as of June 30, 2022.
As a reminder, the distribution rate replaces the market value distribution rate (TDVM) since January 1, 2022. If you want to calculate this new indicator, you just need to divide the income received during the year (before tax) by the price of an SCPI unit on 1 January for variable capital SCPIs, or by the average price of the unit over year n-1 for fixed capital SCPIs.
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