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Share Name Share Symbol Market Type Share ISIN Share Description
Real Est.Cred LSE:RECI London Ordinary Share GB00B0HW5366 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.50p +0.89% 169.50p 167.50p 169.50p 169.50p 169.00p 169.00p 186,843 16:02:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 14.9 13.0 13.0 259.88

Real Est.Cred Share Discussion Threads

Showing 1451 to 1474 of 1475 messages
Chat Pages: 59  58  57  56  55  54  53  52  51  50  49  48  Older
DateSubjectAuthorDiscuss
14/1/2019
11:15
HTtps://citywire.co.uk/investment-trust-insider/news/winterflood-unveils-22-new-year-trust-tips-and-removals/a1190412?re=61456&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekend&utm_medium=BulkEmail_Investment+Trust+Insider+Weekend&;utm_campaign=BulkEmail_Investment+Trust+Insider+Weekend#i=7 P.10 Credit swaps Moving to bond and loan funds, Winterflood has given up on P2P Global Investments (P2P), which is making a slow recovery under new management and stands on a 14% discount, and is taking profits on SQN Asset Finance Income (SQN), whose shares have recovered after resolving difficulties with several of its loans a year ago. In their place it is taking the plunge on Fair Oaks Income (FAIR), a double Citywire award winner that invests in higher-risk bundles of senior, secured corporate debt to provide a high dividend but little capital growth. The end-of-year slump in US leveraged loans saw its already high yield jump to an extraordinary 17% with the shares offering what Winterfloods called an ‘interesting entry point’ on an 8% discount. The broker also liked the look of Real Estate Credit Investments (RECI) on a modest 1.5% premium to NAV as a way of getting exposure to property without taking the risk of being stuck in bricks and mortar funds during a time of Brexit upheaval. It ‘offers a 7% yield through reasonably defensive credit exposure to UK and European real estate markets and has lower correlation to property prices than direct property funds,’ the broker said.
davebowler
07/1/2019
10:40
Liberum; 7.4% NAV total return in 2018 Mkt Cap £253m | Prem/(disc) 2.1% | Div yield 7.2% Event NAV per share at 31 December 2018 was 163.1p, representing a total return of 0.3% in the month. NAV performance in Q4 was reduced by negative mark-to-market movements on the listed bond portfolio. Four UK bonds contributed most to the NAV movement but the manager remains confident in the credit quality of the bonds and the underlying collateral. The company invested £32m across three new bond positions. These investments have an ungeared return of 4.0% (19.1% geared return). £6.1m of loan commitments funded in the month and a new €39m commitment has been made to a senior loan secured on a serviced apartment in Lisbon (60% LTV). Following the new investments, gearing rose in December from 20% to 38% and the company has remaining cash balances of £19.3m (7.7% of NAV). Liberum view Despite the volatility in bond prices in Q4, RECI's NAV total return for 2018 is 7.4%. This compares to 7.1% in 2017. The company has typically outperformed following periods of market volatility as the flexible mandate enables the company to seek the best relative value opportunities across bonds and loans.
davebowler
07/1/2019
07:59
Factsheet.
skinny
13/12/2018
13:41
Ex div day
badtime
10/12/2018
07:34
MONTHLY UPDATE: • NAV as at 30 November 2018 was £1.657 • RECI received £2.8m from loan repayments in the month, and exited a selforiginated CMBS bond in the month with a realised IRR of 13.3% • RECI invested £3.8m across three new bonds and funded £4.6m of its existing loan commitments during the month • There were realised gains reported on the loan portfolio, offset by some unrealised losses (MTM) on the bond portfolio, reported in November • RECI’s cash at 30 November was £16.1m (being 6.3% of NAV), leverage was down to 20% of NAV (against an allowance of 40% of NAV)
skyship
30/11/2018
10:03
Liberum; Event RECI's NAV at 30 September 2018 was 164.2p per share (March 2018: 164.0p per share). We calculate a NAV total return of 3.8% for the half-year after adjusting for dividends. The £250m portfolio comprised 44 positions in loans and bonds at 30 September 2018. The weighted average yield is 9.2% and the average LTV is 65.3%. The portfolio remains focused on the UK (79%) and France (14%). RECI raised £23m of equity in September and this was fully deployed in October. £48m was invested in six new bonds in the month and the portfolio split is now 52% loans and 48% bonds. The leverage ratio at 30 September 2018 was 13% of NAV. This rose to 23% during October as the company deployed capital in new investments. Liberum view RECI is well-placed to deliver an improvement on the 7.1% NAV total return achieved in 2017. The NAV total return to date in 2018 is 6.6%. The swift deployment of the proceeds from the recent capital raise demonstrates the advantage of the company's flexible mandate to invest across the capital structure (senior and mezzanine loans) and by instrument (loans and bonds). In the current market, the manager is seeking to move into lower-risk positions whilst maintaining current returns. The manager's focus is currently on senior loans on value-add and development assets (mainly UK) and senior lending on core/core+ income assets in Europe via CMBS bonds. RECI’s 0.1% premium to NAV compares to a 2% average premium for the real estate debt fund peer group. The company's 7.3% dividend yield is 1.2% higher than the peer group average. We believe RECI warrants a premium rating to the peer group on the basis of its long-term track record and its differentiated origination through the manager’s position as one of Europe’s largest real estate debt investors
davebowler
20/11/2018
15:47
Money raise not helping sp
badtime
06/11/2018
07:48
MONTHLY UPDATE: • NAV as at 31 October 2018 was £1.648 • During October, RECI invested £48m cross six new bonds, fully deploying the proceeds of September’s tap issue • Funded £4.8m of its existing loan commitments during the month • RECI’s cash at 31 October was £13.8m (being 5.5% of NAV) and leverage was 23.2% of NAV vs an allowance of 40.0% of NAV • RECI announced its intention to establish a new 12 month Placing Programme, for 100 million shares
skyship
03/11/2018
13:38
hmm....that will surely provide a lid to the share price for the next year. Likely to trade in the range of 162p-167p for now on...
skyship
02/11/2018
17:16
At least it's not in one hit.
dendria
02/11/2018
16:58
Well that target placing seems a tad large
badtime
23/10/2018
19:56
hxxps://www.maidenhead-advertiser.co.uk/gallery/maidenhead/137191/search-for-a-new-buyer-begins-after-nicholsons-centre-goes-into-receivership.html hxxps://www.bisnow.com/las-vegas/news/capital-markets/and-so-it-begins-the-first-shopping-mall-to-go-into-receivership-this-cycle-93924 Stornoway Finance is used by RECI Dont know if RECI has exposure to this property
yieldsearch
16/10/2018
18:36
https://www.zerohedge.com/news/2018-10-16/concerned-bank-england-raises-alarm-about-growth-high-risk-loans
eeza
08/10/2018
10:20
Liberum Strong performance continues Event NAV per share at 30 September 2018 was 164.1p, representing an increase of 0.8% in the month. The company received full repayment of a loan secured against a UK logistics portfolio during September. The realised yield on the loan is 12% since initial investment in August 2014. £4.8m of existing loan commitments funded during the month. RECI completed an oversubscribed £23m tap issue in September. The manager continues to report a strong pipeline and had £26m of cash (10% of NAV) at the month-end. Liberum view We calculate a 6.1% NAV return to date in 2018. We believe the real estate debt market offers some of the most attractive risk-adjusted returns in the credit space and RECI is well-placed to capitalise on this through the manager's differentiated origination pipeline. The stock trades on a 1.8% premium to NAV and offers a 7.2% dividend yield (5.9% average premium and 5.9% dividend yield for the peer group).
davebowler
08/10/2018
06:08
MONTHLY UPDATE: • NAV as at 30 September 2018 was £1.641, an increase of 1.3p per share taking the half year annualised total NAV return to 7.4% • A loan secured against a UK logistics portfolio which has been held since August 2014, fully repaid in the month with a realised yield in excess of 12% • Other profits driven by interest income on bonds and loans, and fair value gains • Funded £4.8m of its existing loan commitments during the month • An oversubscribed tap issue successfully raised £23.3m which will enable RECI to participate in Cheyne’s strong pipeline of opportunities.
skyship
20/9/2018
15:09
Quite a positive reaction really to the placing, but there again, RECI is a well run entity.
owenski
20/9/2018
15:05
RECI were looking rather expensive having just gone XD yet moving on up to a 7% premium. A good time to make a placing, yet still at a 3% premium to NAV.
skyship
20/9/2018
10:28
left out in the cold again , barstewards .
holts
05/9/2018
08:51
Liberum; Consistent returns Event NAV per share at 31 August 2018 was 162.8p, representing an increase of 0.6% in the month. The company received full repayment of a loan secured against a branded hotel development in Shoreditch during August. The realised yield on the loan is 9.2% since initial investment in April 2014. £2.8m of existing loan commitments funded during the month. Gearing has reduced from 22.6% of NAV to 14.9% of NAV over the month. This is mainly due to the disposal of c.£26m of bond investments. The portfolio composition is now 63% loans and 37% bonds. The manager continues to report a strong pipeline and had £14m of cash (6% of NAV) at the month-end. Liberum view We calculate a 5.3% NAV return to date in 2018. We believe the real estate debt market offers some of the most attractive risk-adjusted returns in the credit space and RECI is well-placed to capitalise on this through the manager's differentiated origination pipeline. The stock trades on a 5.7% premium to NAV and offers a 7.0% dividend yield (6.0% average premium and 5.9% dividend yield for the peer group).
davebowler
05/9/2018
06:51
MONTHLY UPDATE: • NAV as at 31 August 2018 was £1.628, an increase of 1.0p per share post the 3.0p dividend • Healthy NAV return driven by strong interest income • A loan secured against a branded London hotel development in Shoreditch, which has been held since April 2014, repaid in the month with a realised yield of 9.2% • Funded £2.8m of its existing loan commitments during the month • The pipeline of opportunities developed by Cheyne across both the loan and structured credit markets remains strong
skyship
23/8/2018
09:04
XD today. Might signify a top in the short-term.
skyship
07/8/2018
09:57
MONTHLY UPDATE : • Successfully syndicated the senior tranche (£16.5m) of a self-originated investment secured by a portfolio UK offices, enhancing the yield on the retained tranche to c.10% • Received full repayment of a German multi-family deal, which has been held since June 2013, at a realised yield of c.13% • Purchased two new bonds, both originated by the Cheyne: ~ £16.1m in a UK CMBS backed by a portfolio of UK care homes ~ £2.1m in a EUR CMBS backed by a portfolio of French student accommodation • Funded £2.4m of its existing loan commitments during the month • Cash at month end of £6.1m (2.6% of NAV) NAV at end Jul'18 = 164.8p
skyship
05/7/2018
09:48
Liberum; 4% NAV total return in H1 2018 Event NAV per share at 30 June 2018 was 163.7p, representing a 0.6% NAV return in the month. £4.0m of existing loan commitments were funded in June. Undrawn loan commitments are currently £80.5m. A German multi-family deal which had been held since 2013, repaid in July with a realised yield of 13%. Liberum view NAV total return in H1 2018 was 3.9% (4.0% assuming reinvestment of dividends). We believe the real estate debt market offers some of the most attractive risk-adjusted returns in the credit space and RECI is well-placed to capitalise on this through the manager's differentiated origination pipeline. The stock trades on a 1.4% premium to NAV and offers a 7.2% dividend yield (4.7% average premium and 5.9% dividend yield for the peer group). Real Estate
davebowler
05/7/2018
09:34
How bizarre - I'm on the website at the moment and the last Fact Sheet was for May!
skyship
Chat Pages: 59  58  57  56  55  54  53  52  51  50  49  48  Older
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