In the CBN Dinheiro program this Monday (31st), specialist Marcelo d'Agosto answered a question from listener Eduardo about the factors that explain the decline in real estate fund share prices. The answer was divided into two groups of factors.
The first factor, of a more general nature, is related to economic behavior and involves long-term interest rates, especially the remuneration of IPCA Treasury bonds. When IPCA Treasury interest rates increase, the value of real estate fund shares tends to fall. This occurs because real estate funds pay a more or less constant remuneration to shareholders, represented by the monthly distributions paid.
With higher interest rates, the value of this flow of earnings over time decreases, and the fund's share price falls to adjust to the higher interest rate. The specialist explained that the opposite is also true: when IPCA Treasury interest rates fall, real estate fund shares tend to appreciate.
The second factor is more specific and depends on each fund individually. The article indicates that a fund's share price may vary according to the specific characteristics of each investment, although the explanation of this specific point was left incomplete in the text.
