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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Real Estate Credit Investments Limited | RECI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 126.00 | 16:35:12 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 124.00 | 124.00 | 125.50 | 126.00 | 126.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 19/02/2025 | Interim | GBP | 0.03 | 13/03/2025 | 14/03/2025 | 04/04/2025 |
| 28/11/2024 | Interim | GBP | 0.03 | 05/12/2024 | 06/12/2024 | 03/01/2025 |
| 18/09/2024 | Interim | GBP | 0.03 | 26/09/2024 | 27/09/2024 | 18/10/2024 |
| 22/06/2023 | Interim | GBP | 0.03 | 04/07/2024 | 05/07/2024 | 26/07/2024 |
| 22/06/2023 | Interim | GBP | 0.03 | 14/03/2024 | 15/03/2024 | 05/04/2024 |
| 22/06/2023 | Interim | GBP | 0.03 | 07/12/2023 | 08/12/2023 | 05/01/2024 |
| 22/06/2023 | Interim | GBP | 0.03 | 21/09/2023 | 22/09/2023 | 13/10/2023 |
| 22/06/2023 | Interim | GBP | 0.03 | 06/07/2023 | 07/07/2023 | 28/07/2023 |
| 23/02/2023 | Interim | GBP | 0.03 | 02/03/2023 | 03/03/2023 | 24/03/2023 |
| 24/11/2022 | Interim | GBP | 0.03 | 01/12/2022 | 02/12/2022 | 30/12/2022 |
| 04/08/2022 | Interim | GBP | 0.03 | 18/08/2022 | 19/08/2022 | 09/09/2022 |
| 08/04/2022 | Interim | GBP | 0.03 | 07/07/2022 | 08/07/2022 | 29/07/2022 |
| 17/02/2022 | Interim | GBP | 0.03 | 03/03/2022 | 04/03/2022 | 25/03/2022 |
| 25/11/2021 | Interim | GBP | 0.03 | 02/12/2021 | 03/12/2021 | 31/12/2021 |
| 05/08/2021 | Interim | GBP | 0.03 | 19/08/2021 | 20/08/2021 | 10/09/2021 |
| 24/06/2021 | Interim | GBP | 0.03 | 08/07/2021 | 09/07/2021 | 30/07/2021 |
| 19/02/2021 | Interim | GBP | 0.03 | 04/03/2021 | 05/03/2021 | 26/03/2021 |
| 27/11/2020 | Interim | GBP | 0.03 | 10/12/2020 | 11/12/2020 | 06/01/2021 |
| 06/08/2020 | Interim | GBP | 0.03 | 20/08/2020 | 21/08/2020 | 11/09/2020 |
| 15/05/2020 | Interim | GBP | 0.03 | 02/07/2020 | 03/07/2020 | 30/07/2020 |
| Top Posts |
|---|
Posted at 14/2/2025 09:35 by rimau1 I don't consider an investment write down or an upwards revaluation as being part of the dividend cover calculation. Interest income, fx and expenses are the relevant components and we are bang on 1 pence for the month unless my maths is failing me in which case i apologise. RECI should be considered a bank account generating the holder a nice fat (should be wrapped tax free) covered annual dividend. The nice discount to book value can absorb any nasties. Is this not the investment case skyship? I don't think anyone should buy RECI for capital growth |
Posted at 13/12/2024 14:20 by waterloo01 Only just below cover.RECI reported a total net profit for the half year ended 30 September 2024 of £12.9 million on half year end total assets of £412.1 million, compared with a £15.6 million net profit in the half year ended 30 September 2023, on half year end total assets of £408.5 million. The NAV as at 30 September 2024 was £1.45 per share (£1.48 per share as at 30 September 2023). The 30 September 2024 NAV reflects the dividends of 6 pence per share declared during the half year in respect of the fourth interim dividend for the year ended 31 March 2024 and the first interim dividend of the current financial year, returning £13.4 million to Shareholders and providing an annualised total NAV return of 9.0% for the half year. During the half year to 30 September 2024, the Company funded £104.2 million into existing investments, compared with £50.7 million in the previous half year. RECI received cash repayments and interest of £50.2 million compared with £72.6 million in the half year ended 30 September 2023. |
Posted at 12/11/2024 08:53 by davebowler Mkt Cap £284m | Share price 128p | Prem/(disc) -12.3% | Div yield 9.4%EventRECI's NAV per share as of 31st October 2024 was 146.0p representing a +0.7% NAV total return MoM. The change in the NAV for the month largely relates to +1.2p of interest income, -0.1p in asset valuations and +0.1p in fx movements, offset by -0.3p of expenses.The portfolio comprises 26 positions with an aggregate value of £313.9m. The weighted average LTV is reported at 59.6%. RECI had available cash of £9.9m at the month end. Cash held as collateral totalled -£1.0m. Net effective leverage has increased 2.9ppts to 22.7% as RECI continued to use cash to invest in loans and performed share buy backs. We note that RECI recently re-invested £18.5m, refinancing an existing portfolio of four-star hotels anticipating a levered yield of 15%+.The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans.Panmure Liberum viewWe expect recent news of reinvestment at a projected mid-double-digit yield was taken positively by the market. We believe the market has been waiting for evidence of capital recycling to evidence future growth prospects. The opportunity set for new investments is very strong in this environment and the current c.9.4% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. We see scope for dividend and earnings growth as capital is recycled. RECI's portfolio LTVs (59.6%) provide a comfortable cushion against asset write-downs and has underpinned asset recoverability. We expect the company to continue rotating its bond portfolio (GAV of c.£8.2m remaining) into senior loans as it views senior loans as offering better risk-adjusted returns. The gross fair value of the bond portfolio is now £8.2m (2.6% of NAV). |
Posted at 11/9/2024 09:25 by davebowler Real Estate Credit InvestmentsContinued momentum with a +0.7% m/m NAV total return Analyst: Bjorn Zietsman Mkt Cap £285m | Share price 128.5p | Prem/(disc) -12.9% | Div yield 9.3% Event RECI’s NAV per share as of 31st August 2024 was 147.5p representing a +0.7% NAV total return MoM. The change in the NAV for the month largely relates to +1.2p of interest income, +0.1p from share buybacks and +0.1p in fx movements, offset by -0.3p of expenses. The portfolio comprises 26 positions with an aggregate value of £301.8m. The weighted average LTV is reported at 59.7%. RECI had available cash of £24.2m at the month end. Cash held as collateral totalled £1.3m. Net effective leverage has increased 1.2ppts to 17.9% as RECI continued to use cash to invest in loans and performed share buybacks. We note that RECI recently re-invested £18.5m, refinancing an existing portfolio of four-star hotels anticipating a levered yield of 15%+. The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans. Liberum view We expect news of reinvestment at a projected mid-double digit yield to be taken positively by the market. We expect the market has been waiting for evidence of capital recycling to evidence future growth prospects. The opportunity set for new investments is very strong in this environment and the current c.9% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. We see scope for dividend and earnings growth as capital is recycled. RECI’s portfolio LTVs (59.7%) provide a comfortable cushion against asset write-downs and has underpinned asset recoverability. We expect the company to continue rotating its bond portfolio (GAV of £8m remaining) into senior loans as it views senior loans as offering better risk-adjusted returns. The gross fair value of the bond portfolio is now £7.8m (2.6% of NAV). |
Posted at 09/7/2024 11:29 by davebowler Panmure Liberum-NAV +0.5% MoM, £12.4m gross development loan repaid Mkt Cap £268.1.9m | Share price 120.0p | Prem/(disc) -18.8% | Div yield 10.0% Event RECI’s NAV per share as of 30th June 2024 was 147.9p, representing a +0.5% NAV total return MoM. The change in the NAV for the month largely relates to +0.8p of interest income, +0.2p in owing to the buy-back and +0.1p in FX movements, offset by -0.2p of expenses and -0.1p of asset valuation movements. The portfolio comprises 26 positions with an aggregate value of £303.9m. The weighted average LTV is reported at 60.6%. RECI had available cash of £23.5m at the month end. Cash held as collateral totalled £1.2m. Net effective leverage has reduced to 0.7% as RECI was repaid £12.4m in gross proceeds having delivered a gross unlevered 7.4% IRR. Cash reserves are targeted at between 5 and 10% of the NAV (June’s total cash levels are c.8.1% of the NAV). The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans. Liberum view June’s performance is in line with expectations. The opportunity set for new investments is very strong in this environment and the current 10.0% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. RECI’s portfolio LTVs (60.6%) provide a comfortable cushion against asset write downs and has underpinned asset recoverability. We expect the company to continue rotating its bond portfolio (GAV of £8m remaining) into senior loans as it views senior loans as offering better risk adjusted returns. The gross fair value of the bond portfolio is now £8.0m (2.6% of NAV). |
Posted at 20/6/2024 09:17 by davebowler Liberum-RECI reported its FY24 results this morning. RECI's NAV per share as of 31st March 2024 was 144.5p representing a +7% NAV total return y/y. Key figures contained in the annual results have already been reported with the March fact sheet. The outlook highlights global election risk, but not notes that lower inflation should lead to lower long-term interest rates which should still benefit RECI as it offers higher sustainable yields. Guidance is for RECI to benefit from returns of over 10% on loans to enhance portfolio returns and dividend cover.RECI's investor presentation showed: (i) Cash reserves are targeted at between 5 and 10% of the NAV; (ii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans.Liberum viewPerformance is in line with expectations. The opportunity set for new investments is very strong in this environment and the current 10.3% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. RECI's portfolio LTVs (64.9%) provide a comfortable cushion against asset write downs and has underpinned asset recoverability. We view the recent write-downs of asset as conservative and note that RECI's impairment testing policy is asset specific. We expect the company to continue rotating its bond portfolio into senior loans as it views senior loans as offering better risk adjusted returns. |
Posted at 12/1/2024 12:26 by davebowler Liberum-NAV -0.6% MoM, conservative mark down of French office development loan Analyst: Bjorn Zietsman Mkt Cap £288m | Share price 126.0p | Prem/(disc) -12.6% | Div yield 9.5% Event RECI’s NAV per share as at 31st December 2023 was 144.2p representing a -0.6% NAV total return MoM (+5.7% YTD). The change in the NAV for the month largely relates to 0.9p of interest income, 0.1p in FX, offset by an unrealised write down of -1.6p (see below), expenses of -0.3p and the impact of the dividend paid of -3p. RECI has taken the decision to mark down a position which has had a slight negative impact on asset valuations. The French real estate market experienced a difficult year in 2023, with investment volume at its lowest since the Global Financial Crisis. Changes in working patterns since Covid has also reduced office demand. RECI has therefore conservatively taken an unrealised mark down of one of its positions, reporting (but not realising) a small loss equivalent to 1.6p per share against the NAV. The asset is a senior loan to a development of a prime Grade A Paris office. The portfolio comprises 34 positions with an aggregate value of £318.7m. The weighted average LTV is reported at 60.7%. RECI had available cash of £12.1m at the month end. Cash held as collateral totalled £4.9m RECI’s latest investor presentation showed: (i) Cash reserves are targeted at between 5 and 10% of the NAV (December’s total cash levels are c.5.1% of the NAV); (ii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans. RECI announced a share re-purchase on the 25th October 2023, and has subsequently repurchased 500,000 shares at an average price of 129.5p. Liberum view December’s performance is in line with expectations. The opportunity set for new investments is very strong in this environment and the current 9.4% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. Despite wider market challenges in December, RECI successfully realised £9.2m being fully repaid at par its position in a dully let, grade A office block. RECI continues to use its cash to invest in its existing commitments in accretive, wider opportunities in senior mortgage lending |
Posted at 11/12/2023 09:02 by davebowler Liberum-: Bjorn ZietsmanMkt Cap £297m | Share price 127.0p | Prem/(disc) -14.2% | Div yield 9.4%EventRECI' |
Posted at 29/11/2023 09:39 by davebowler Liberum-H1 24 results – Capital recycling creates the opportunity for more attractive future yields Analyst: Bjorn Zietsman Mkt Cap £297m | Share price 130.5p | Prem/(disc) -12.3% | Div yield 9.3% Event RECI reported its interim results this morning. NAV per share as at 30 September 2023 was 147.7p and RECI generated an annualised NAV total return of +9.4% (dividend yield of 9.1%). EPS increased c.51% y/y to 6.8p mainly as prior period losses from the bond portfolio and currency instruments reversed with RECI generating gains in the current period. Expenses have been well contained, with other operating expenses (excl. management and administration fees) declining c.32% y/y. Finance costs increased +63% y/y due to the impact of higher interest rates. The portfolio comprises 45 positions with an aggregate value of £334.1m. RECI had cash of £14.9m at the month end. The outlook statement cites caution around current macro-economic conditions, but confidence in Cheyne’s management expertise which positions RECI well, stating that scheduled portfolio repayments will boost available cash resources for investment into attractive higher yielding opportunities identified by Cheyne. RECI’s latest investor presentation showed: (i) The portfolio experienced no defaults; (ii) Cash reserves are targeted at between 5% and 10% of the NAV (September’s cash levels were c.4.8% of the NAV); (iii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans. Liberum view RECI’s portfolio of real estate debt offers higher yielding returns than direct real estate investments whilst still being underpinned by tangible property in the event of default, thereby offering investors a higher risk adjusted return profile than direct real estate. Moreover, RECI also pays a higher dividend yield than UK REITs. When compared to banks, RECI is more capital efficient as its permanent capital structure allows for lower regulatory capital requirements enabling a higher return on equity than some traditional bank lenders. The opportunity set for more attractive non-bank real estate debt investments can only expand (in our view) as banks lenders continue to tighten their lending on liquidity concerns in a rising rate environment and increasing need to maintain capital adequacy and increase deposit rates. The H1’24 performance is in line with our expectations. The opportunity set for new investments is very strong in this environment and the current 9.3% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. We expect the company to continue rotating its bond portfolio into senior loans as it views senior loans as offering better risk adjusted returns |
Posted at 30/8/2023 13:46 by mwj1959 Front page of Hardman's report (paid for research)...RECI’s current discount to NAV (15%) suggests to us that some investors could be concerned that potential issues with commercial real estate (CRE) will dramatically affect the trust’s assets. In our view, the key reasons why they should not lie in RECI’s management of its position as a debt provider and in its asset selection. We note i) CRE equity holders take first losses (with a 60% LTV, RECI has a big cushion), ii) when accounts have got into difficulties, RECI has typically seen more funds injected by the equity backers, iii) CRE equity holders suffer from rising rates, as value transfers from equity holders to debt providers, and iv) RECI has limited office exposure (none in the US) – the sector most exposed to working from home. ► CRE equity holders vs. debt: CRE equity holders are affected directly by falling CRE prices, rents and rising borrowing costs. The risks to a debt provider to CRE (like RECI) arise from the probability of a borrower defaulting and loss in the event of default, not CRE prices alone. We detail below how RECI materially reduces both of these factors. ► July 2023 factsheet: The underlying NAV rose 1.5p,due to recurring interest income(1.0p). Cash was £17m, and gross leverage £90m. The book has 45 positions (30 loans, gross drawn value £371m, and 15 bonds, fair value £35m – down from 26 and £90m, respectively, at end-March). The weighted average LTV is 60%, and the yield is 10.8%. ► Valuation: In the five-year, pre-pandemic era, on average, RECI traded at a premium to NAV. In periods of market uncertainty, it has traded at a discount. It now trades at a 15% discount, a level not seen since late 2020. RECI paid its annualised 12p dividend in 2022, which generated a yield of 9.5% ‒ expected to be covered by interest alone. ► Risks: Credit cycle and individual loan risk are intrinsic. All security values are currently under pressure. We believe RECI has appropriate policies to reduce the probability of default and has a good track record in choosing borrowers. Some assets are illiquid. Much of the book is development loans. ► Investment summary: RECI generates an above-average dividend yield from well-managed credit assets. Income from its positions covers the dividends. Sentiment to marketwide credit risk is currently difficult, but RECI’s strong liquidity and debt restructuring expertise provide extra reassurance. Where needed, to date, borrowers have injected further equity into deals. |
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