A solid performance, but communication still dictated by the caution of management companies, after two years disrupted by Covid-19. In the first half of 2022, real estate investment companies (SCPI) paid their partners an average distribution rate (DR) of 4.20%*, according to the distribution platform France SCPI. “Even if the noise of a significant annual return for 2022 is already being heard, the partners of SCPI will still have to wait”, warns its co-founder, Paul Bourdois.
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Thus, after an average TD of 4.49% in 2021, then 4.25% in the first quarter of the current year, the yield of SCPIs fell again over the first six months of 2022. A decline – slight – which does not concern all types of assets, as evidenced by the statistics of the distribution platform.
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Logistics and diversified SCPIs at more than 5%
It has become a habit, the SCPIs specializing in logistics (warehouses, business premises) served a yield well above the market average, over the first half of the year. More precisely, the TD of this type of asset reached 5.38%, its level in the first quarter, slightly lower than that of 2021 (5.62%).
In the rest of the ranking, there are SCPIs diversified over several types of assets (offices, shops, health, education, logistics, hotels, etc.), with a distribution rate of 5.08%, a very slight increase compared to 2021 (5.06%).
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Retail and hospitality more profitable than health and education
Notably, it is SCPIs invested in retail properties that take third place on the podium, with an average yield of 4.61%, compared to 4.35% in 2021. “Despite fears during the pandemic , the retail sector is growing at the same time as logistics thanks to the explosion of e-commerce which is also contributing to the development of local shops”, explains France SCPI.
Very strongly weakened by the Covid-19 crisis and the successive confinements which have hit the economy and more particularly tourism, SCPIs specializing in the hotel industry are finding returns more in line with their past performance. The management companies invested in these assets thus paid an average dividend of 4.44% in the first half of 2022, against only 2.98% in 2021. That is a jump of 45%, points out France SCPI.
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At the back of the pack, office SCPIs, like those focusing on the residential sector, “slow down”, reports the platform. With a distribution rate limited to 4.23% over the first six months of 2022, compared to 4.49% in 2021, they are positioned immediately behind SCPIs specializing in health and education. The latter, accustomed to posting much better returns, served “only” 4.26% in the first half, against 4.72% for the previous year. “Perhaps this is the sign of a return to normal for an asset class that has been very popular for 2 years”, asks Paul Bourdois.
To find out the answer, unitholders will have to wait until the end of the year. Indeed, the fourth quarter is traditionally an opportunity for managers to pay larger dividends, potentially boosted by capital gains on asset disposals, and to carry out a rebalancing favorable to the annual performance of SCPIs.
*Return net of management fees, but before taxation, French and foreign.
AEW Ciloger, Amundi and BNP Paribas having not communicated their returns, the latter “have been extrapolated on the basis of the year 2021 and the evolution of all the SCPIs on the market for this 1st half”, specifies France SCPI.
