Positive real estate management, but negative profitability. Imu and Tasi still have an impact, albeit in a less incisive way. There is an increase in liquidity in asset allocation. These are the main findings of the X Monitor on Real Estate Finance, the study carried out by the Department of Economic and Business Sciences of the University of Parma in collaboration with Caceis Bank (asset servicing of the Crédit Agricole group) which aims to analyze financial investments of Italian real estate funds.
This year's research saw the participation of 16 real estate management companies and analyzed 67 real estate funds, 23 of which are listed, for a total of assets as at 31 December 2016 of 8.352 million euro, i.e. approximately 18% of the assets of all the Italian real estate funds surveyed in the Assogestioni report in the second half of 2016.
From the point of view of income, the loss for the year reported in 2016 by the real estate funds covered by the sample emerges, equal to -296,4 million euro. This is a worse result than that recorded in 2015, when the loss amounted to -83,6 million euros.
The net result of ordinary operations presented a negative balance of 208,4 million euro. The result was affected by the negative contributions of the management of financial instruments, equal to -234,8 million euros, of credit management, equal to one million euros, and of financial charges, equal to -58,5 million euros .
On the other hand, the management of real estate provided a positive contribution of 84,5 million euros, although lower than the 98 million euros of 2015. On the other hand, the final loss was weighed down by management costs equal to 84,7 .2016 million euros. In 16,31, the incidence of IMU and TASI on the loss for the year was 66,51%, a decrease compared to 2015% in 19,38 and 2014% in XNUMX.
“The data from the tenth survey confirm that the real estate funds of the champions, despite a scenario that is not yet entirely positive - said Claudio Cacciamani, full professor of Economics of Financial Intermediaries at the University of Parma - show a result of real estate management in any case positive, a sign of a consolidated professional management capacity”.
In terms of asset allocation, the funds analyzed hold a share of real estate assets (property and real estate rights) equal to 79,97%, slightly down (-1,5%) compared to last year's survey, but still higher than the minimum level of 66,67% imposed by legislation and regulations.
The main intended use of these assets is the office tertiary sector, followed by commercial (shopping centers and parks, supermarkets), healthcare residences and hotels, which are flanked, to a limited extent, by uncovered and covered parking spaces, warehouses, tourist villages , barracks, industrial warehouses, multiplex cinemas. From a geographical point of view, the choice of properties located in the North prevails (especially the North-West), with the cities of Milan, Turin, Bologna, Lodi, Modena, Biella, Como, Padua and in the Center (with Rome city).
The analysis of the portfolio of real estate funds indicates that the use of financial instruments has decreased (this asset class today accounts for 9,15% of assets, in 2015 it was 10,09%). Within this category, unlisted equity investments suffered a sharp reduction, the share of which went from 52,57% in 2015 to 37,10% in 2016 (-15,47%), mostly represented by of control, which in any case decreased by 13,43%. Real estate funds favored investment in UCI units, the incidence of which went from 36,76% to 55,42%. The weight of debt securities instead amounted to 7,10% (down compared to 8,19% in 2015). Finally, real estate funds increased their net liquidity positions, which went from 4,07% to 6,62%.
