Real Estate Credit Inves... Dividends - RECI

Real Estate Credit Inves... Dividends - RECI

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Real Estate Credit Investments Limited RECI London Ordinary Share GB00B0HW5366 ORD NPV
  Price Change Price Change % Stock Price Last Trade
-1.50 -1.03% 144.00 10:58:30
Open Price Low Price High Price Close Price Previous Close
146.00 144.00 146.00 144.00 145.50
more quote information »
Industry Sector
GENERAL FINANCIAL

Real Estate Credit Inves... RECI Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
22/02/20211GBX0.0331/08/202031/12/202004/03/202105/03/202126/03/20210
27/11/20201GBX0.0330/03/202030/09/202010/12/202011/12/202006/01/20210
06/08/20201GBX0.0301/03/202030/06/202020/08/202021/08/202011/09/20200
15/05/20201GBX0.0331/03/201931/03/202002/07/202003/07/202030/07/20200.12
21/02/20201GBX0.0331/08/201931/12/201905/03/202006/03/202027/03/20200
29/11/20191GBX0.0330/03/201930/09/201912/12/201913/12/201903/01/20200
08/08/20191GBX0.0302/03/201930/06/201922/08/201923/08/201906/09/20190
25/06/20191GBX0.0331/03/201831/03/201904/07/201905/07/201926/07/20190.12
25/02/20191GBX0.0331/08/201831/12/201807/03/201908/03/201929/03/20190
30/11/20181GBX0.0330/03/201830/09/201813/12/201814/12/201804/01/20190
09/08/20181GBX0.0302/03/201830/06/201823/08/201824/08/201814/09/20180
15/06/20181GBX0.0331/03/201731/03/201828/06/201829/06/201820/07/20180.12
20/02/20181GBX0.0331/08/201731/12/201701/03/201802/03/201823/03/20180
01/12/20171GBX0.0330/03/201730/09/201714/12/201715/12/201705/01/20180
10/08/20171GBX0.0302/03/201730/06/201731/08/201701/09/201722/09/20170
16/06/20171GBX0.0331/03/201631/03/201729/06/201730/06/201721/07/20170.12
08/02/20171GBX0.02731/08/201631/12/201623/02/201724/02/201717/03/20170
30/11/20161GBX0.0330/03/201630/09/201615/12/201616/12/201611/01/20170
10/08/20161GBX0.0301/03/201630/06/201618/08/201619/08/201609/09/20160
17/06/20161GBX0.0331/03/201531/03/201630/06/201601/07/201622/07/20160.12
27/11/20151GBX0.0331/08/201531/12/201525/02/201626/02/201625/03/20160
27/11/20151GBX0.02730/03/201530/09/201510/12/201511/12/201531/12/20150
11/08/20151GBX0.02702/03/201530/06/201527/08/201528/08/201518/09/20150
11/06/20151GBX0.0331/03/201431/03/201525/06/201526/06/201524/07/20150.11
11/02/20151GBX0.0331/08/201431/12/201426/02/201527/02/201520/03/20150
28/11/20141GBX0.0330/03/201430/09/201411/12/201412/12/201431/12/20140
14/08/20141GBX0.0202/03/201430/06/201403/09/201405/09/201426/09/20140
12/06/20141GBX0.0331/03/201331/03/201425/06/201427/06/201425/07/20140.09
12/02/20141GBX0.0231/08/201331/12/201326/02/201428/02/201421/03/20140
27/11/20131GBX0.0230/03/201330/09/201304/12/201306/12/201331/12/20090
13/08/20131GBX0.0202/03/201330/06/201304/09/201306/09/201327/09/20130
07/06/20131GBX0.0231/03/201231/03/201319/06/201321/06/201312/07/20130.08
08/02/20131GBX0.0231/08/201231/12/201206/03/201308/03/201329/03/20130
23/11/20121GBX0.0230/03/201230/09/201205/12/201207/12/201231/12/20120
14/08/20121GBX0.0201/03/201230/06/201229/08/201231/08/201221/09/20120
07/06/20121GBX0.0231/03/201131/03/201204/07/201206/07/201227/07/20120.05
10/02/20121GBX0.008631/08/201131/12/201107/03/201209/03/201230/03/20120
29/11/20111GBX0.0130/03/201130/09/201107/12/201109/12/201130/12/20110
20/09/20111GBX0.0102/03/201130/06/201128/09/201130/09/201121/10/20110
15/09/2009InterimGBX802/03/200930/06/200923/09/200925/09/200916/10/20090
18/03/2009InterimGBX831/08/200831/12/200825/03/200927/03/200917/04/20090
28/11/2007FinalGBX1530/09/200630/09/200712/12/200714/12/200708/01/200815
25/06/2007InterimGBX1501/12/200631/03/200704/07/200706/07/200731/07/20070
25/06/2007FinalGBX031/03/200631/03/200701/01/197001/01/197001/01/197090
02/03/2007InterimGBX2331/08/200631/12/200614/03/200716/03/200709/04/20070
13/11/2006InterimGBX2630/05/200630/09/200622/11/200624/11/200618/12/20060
31/07/2006InterimGBX2602/03/200630/06/200609/08/200611/08/200631/08/20060
05/06/2006InterimGBX2431/03/200531/03/200614/06/200616/06/200605/07/20060
05/06/2006FinalGBX031/03/200531/03/200601/01/197001/01/197001/01/197024

Top Dividend Posts

DateSubject
10/6/2021
09:26
davebowler: Liberum- New term funding facilities Mkt Cap £331m | Share price 144.5p | Prem/(disc) -5.9% | Div yield 8.3% Event Real Estate Credit Investments' NAV per share at 31 May 2021 was 153.6p, representing a NAV total return of 0.8% in the month. The NAV increase in April was primarily from interest income with a small uplift (+0.2p) from mark-to-market movements on the bond portfolio. As previously reported, RECI has obtained its first term funding against a senior loan secured on a 310 unit co-living scheme in London. A further term financing facility is expected to be agreed in June on a loan secured on a mixed use development in London. The development is substantially complete and partially pre-let. Gross and net leverage have remained relatively stable at 26.8% and 15.5% of NAV. Liberum view RECI's long-term debt strategy is for a mix of term funding on its senior loan book and repo financing on the bonds. The new term funding will enhance the maturity profile of the debt and also diversify its source of funding. Mark-to-market gains have helped to boost RECI's YTD NAV return to 4.8%. The mark-to-market recovery in European real estate debt has lagged other credit markets and we believe there is considerable potential for further NAV growth. The mark-to-market impact in March 2020 was c.16p and the recovery since then is 4.5p. In addition, we expect robust income generation across the portfolio. All of the bilateral loans and bonds are self-originated, providing greater control and security. The underlying borrowers are typically well-capitalised institutions with significant operational and financial resources. We note that some of the borrowers have injected further equity into transactions this year, de-risking RECI’s exposure.
11/5/2021
11:17
davebowler: Liberum- Diversification of funding source Mkt Cap £338m | Share price 147.5p | Prem/(disc) -3.1% | Div yield 8.1% Event Real Estate Credit Investments' NAV per share at 30 April 2021 was 152.3p, representing a NAV total return of 0.7% in the month. The NAV increase in April was primarily from interest income with a small uplift (+0.2p) from mark-to-market movements on the bond portfolio. In terms of portfolio activity, £4m was invested in a CMBS issued by a large UK leisure parks operator (65% LTV) and RECI refinanced one of its larger senior loan positions (secured on a Grade A London office property). Gross leverage has increased to 27.5% of NAV following the agreement of term funding against a senior loan backed by a 310-unit co-living scheme in London. Net leverage has increased marginally to 17.4% of NAV. Liberum view RECI indicated it was close to agreeing non-recourse, term funding in its recent investor update. The long-term debt strategy is for a mix of term funding on its senior loan book and repo financing on the bonds. This is RECI's first term financing and it will help to diversify the source of funding and extend the tenure of the debt. The recent investor update update highlighted the quality of the manager's underwriting process. All of the bilateral loans and bonds are self-originated, providing greater control and security. The underlying borrowers are typically well-capitalised institutions with significant operational and financial resources. We note that some of the borrowers have injected further equity into transactions this year, de-risking RECI’s exposure. NAV total return to date in 2021 is 3.9% and we expect continued robust performance from income generation and revaluation gains across the loan and bond portfolios.
11/5/2021
08:09
skyship: MONTHLY UPDATE: • NAV as at 30 April 2021 was £1.523 per share, representing an increase of 1.1p per share from the 31 March 2021 NAV of £1.512 per share. • The increase in NAV per share was primarily due to: --- 1.1p of interest income; and --- 0.2p of positive mark-to-market (‘MTM’) adjustments reported across several positions in the bond and loan portfolio. • RECI invested £4.0m in April, purchasing a newly issued CMBS, with a LTV of 65.0%, secured by a large UK leisure park operator • RECI refinanced once of its senior loan positions in the month, (position 7 on the top ten) which increased cash to £35.5m as at 30 April. • Since the April month end, the Company has also successfully put in place its first term funding against a senior loan backed by a 310 unit co-living scheme in London. This non-recourse matched financing will start to form a good balance of funding for RECI, while keeping to its overall conservative leverage limit of 40%. • The Company had cash at month end of £35.5m and gross leverage of £96.2m (representing 27.5% of NAV and 1.17x net/effective look through leverage). • RECI therefore remains well placed to participate in the continued healthy new pipeline of Cheyne’s deals comprising predominantly loans that are senior risk, at lower LTVs, but with attractive returns.
10/4/2021
12:50
rik shaw: Reading again the monthly factsheets covering the last 13 months the significant mark down to the NAV was in March 20 as: .’NAV as at 31 March 2020 was £1.470 pence per share; a reduction of 10% (16.8p) from the post dividend NAV of £1.638p per share • In the March month end NAV, RECI has reported marked to market losses on its bond portfolio which, while being unrealised, equate to 10.1p per share. This is primarily based on the independent pricing information received, the likely read across to other asset’s values, and reflects the recent poor market sentiment in financial markets driven by COVID-19 concerns. • RECI also reviewed its loan portfolio, recognising fair value write-downs: notably on a loan to a UK housebuilder (equating to 5.4p per share) and the loan to a UK retail park (equating to 0.8p per share). Whilst these are not realised losses, the fair value write-downs reflect anticipated lower recovery values on loan investments in a prolonged recessionary environment.’ Since that time the NAV has been adjusted each month by small values representing income and net MTM improvement plus quarterly dividend payment. The November interims noted wrt writedowns. ‘The output of this analysis was to write down the value of just 2 of its mezzanine assets, out of a granular book of 53 positions. These impairments are not realised losses, but provisions for potential losses recognised today under conservative scenarios on the long term trajectory of the crisis’ None of the factsheets or reports appear to indicate that losses have been realised. However the NAV still looks to be down relative to pre-covid by a combination of over 10p net MTM and writedowns, and because dividends have exceeded income for the year by c 2-3p (though noting income run rate now looks to be steady at c1.0-1.1p per month.)
10/3/2021
11:14
davebowler: Liberum; Strong income generation Mkt Cap £314m | Prem/(disc) -7.9% | Div yield 8.8% Event Real Estate Credit Investments' NAV per share at 28 February 2021 was 151.8p, representing a NAV total return of 0.8% in the month. NAV performance was driven by interest income across the portfolio. RECI agreed a new £18.5m commitment (out of a total deal commitment of £64m) to a senior development loan to fund the development of a 141-room hotel in the Algarve. The LTV on the loan is 56% and the expected return is in excess of 10% pa. Development completion is expected in June 2022. To date, RECI has funded £0.4m of its commitment. Other investment activity in the month included £3.2m to fund existing commitments and £5.4m to acquire two new listed bonds. The £388m portfolio is diversified across 61 positions with a weighted average LTV of 64.8%. Gross and net leverage have increased slightly to 22.8% and 14.1% of NAV as a result of the new investments. Liberum view RECI's portfolio continues to generate an attractive level of income. The company's NAV total return over the last six months is 6.2% as the portfolio has also benefited from mark-to-market gains in the bond portfolio. The significant level of repayment activity in the second half of 2020 has enabled RECI to redeploy capital into senior loan investments with attractive risk/return characteristics. The average 65% LTV across the portfolio offers substantial downside protection against weakness in valuations. We regard the 8% discount to NAV and 8.8% dividend yield as highly compelling given the fund’s long-term track record, defensive positioning and potential NAV upside from re-rating opportunities in the bond portfolio.
10/2/2021
07:36
skyship: MONTHLY UPDATE: • NAV as at 31 January 2021 was £1.507 per share, representing an increase of 1.2p per share from the 31 December 2020 NAV of £1.495 per share • The increase in NAV per share was primarily due to: ...# 1.0p of interest income, contributing to dividend cover; and ...# 0.3p of positive mark-to-market (‘MTM’) adjustments across the bond portfolio • RECI funded £1.6m of its existing commitments in the month • The Company received the final repayment of £1.5m on the London Office to Residential senior loan, as well as strong cash interest income from its diverse loan and bond portfolios • RECI has now paid two quarterly dividends of 3.0p each for the current financial year ending 31 March 2021. The Board confirmed in May 2020 that there will be no change to its dividend policy for the current financial year ending 31 March 2021 • RECI had cash as at 31 January 2021 of £28m and gross leverage of £74m (representing 21% of NAV and 1.13x net/effective look through leverage).
12/1/2021
09:14
davebowler: Liberum; Strong end to 2020 on bond portfolio recovery Mkt Cap £316m | Prem/(disc) -8.0% | Div yield 8.7% Event Real Estate Credit Investments' NAV per share at 31 December 2020 was 149.5p, representing a NAV total return of 1.8% in the month (+5.2% over six months). NAV performance in December benefited from a 1.8p per share uplift related to mark-to-market movements on the bond portfolio. The company has deployed further cash in the month bringing the gross portfolio value to £387m (diversified across 59 positions). Gross leverage has remained broadly unchaged at 21.6% of NAV and net leverage has risen to 15.4% due to capital deployment. Investments in the month included: £7.5m of a new £18.7m commitment to a senior development loan (67% LTV) to support the refurbishment of a 1,955 sqm prime mixed use scheme in Central Paris (9.7% expected yield); £6.2m of a new £6.5m commitment to a senior development loan to fund the development of a 340-unit co-living scheme in Maida Vale, London. RECI's investment will also benefit from a profit participation in the overall success of the scheme; £4m to a senior development loan (61% LTV) to fund a student accommodation scheme in Dortmund, Germany (expected return of 8.2%); £3.5m to a mezzanine loan (52% LTV) to fund working capital requirements for a borrower to secure planning for a Central London redevelopment. RECI benefits from a share charge over the borrower and the loan has an expected return of 13.7%. Liberum view The new loan transactions form part of the pipeline identified by the manager in the recent company update. The manager outlined a pipeline of seven loans that are mainly in senior positions at lower LTVs and offering high returns (58% weighted average LTV and 9.7% IRR). RECI’s share of these loans is expected to be £52m. The deployment in December and the small increase in net leverage will enable the company to increase dividend cover. We regard the 8% discount to NAV and 8.7% dividend yield as highly compelling given the fund’s long-term track record, defensive positioning and the improved environment for new lending opportunities We believe there is also the potential for considerable further re-rating in the bond portfolio as European real estate debt has lagged the wider credit rally. The bond portfolio experienced 8.9p of mark-to-market losses in March and April and we estimate the mark-to-market gains since then have totalled 4.6p. The bond portfolio is secured on core and core+ assets (weighted average LTV of 52%) owned by institutional borrowers. RECI has a track record of delivering strong returns in periods of dislocations in the CMBS markets (e.g. in 2009, 2011 and 2016)
12/1/2021
07:41
skyship: MONTHLY UPDATE: • NAV as at 31 December 2020 was £1.495 per share, representing a decrease of 0.4p per share from the 30 November 2020 NAV of £1.499 per share. • The change in NAV per share was primarily due to: ----• the second interim dividend of 3.0p for the financial year ending 31 March 2021, which went ex dividend in December; ----• 1.0p of interest income; and ----• 1.8p of positive mark-to-market (‘MTM’) adjustments reported across several positions in the bond portfolio. • In the month of December, RECI invested £3.0m to fund its existing loan commitments. • The Company funded: ----• £6.2m of a new £6.5m RECI commitment (£28.5m total deal commitment) to a senior development loan to support the development of a purpose-built 340-unit co-living scheme in Maida Vale, London. This asset will also benefit from a profit participation in the overall success of the scheme; and ----• £7.5m of a new £18.7m RECI commitment (€34.9m total deal commitment) to a senior development loan, with an LTV of 67%, to support refurbishment of a 1,955 sqm mixed use prime Haussmanian triple fronted building located in Boulevard Malesherbes, Central Paris. The loan has an expected yield of 9.7% • The Company also fully funded: ----• A new £4.0m RECI commitment (€30.0m total deal commitment) to a senior development loan, with an LTV of 61.3%, to support the development of a hybrid student accommodation building in the German city centre of Dortmund. The loan has an expected yield of 8.2%. ----• A new £3.5m RECI commitment (£8.0m total deal commitment) to a mezzanine loan, with a low LTV of 52%, to support the working capital requirements of a sponsor to secure planning for wider redevelopment plans in central London. This deal benefits from a share charge over the borrower and has an expected yield of 13.7%. • The Company had cash as at 31 December 2020 of £21m and gross leverage of £74m (representing 22% of NAV and 1.15x net/effective look through leverage).
11/12/2020
09:08
davebowler: Liberum; Mkt Cap £313m | Prem/(disc) -7.1% | Div yield 8.8% Event Real Estate Credit Investments' NAV per share at 30 November 2020 was 149.9p, representing a NAV total return of 0.9% in the month (+4.7% over six months). November's NAV performance benefited from a 0.6p per share uplift related to mark-to-market movements. The £360m portfolio is diversified across a total of 55 positions. Several repayments were received during November, maintaining the high level of cash generation in recent months. £100m in repayments, interest and coupon have been received since 31 March. November's payments included: £11.5m partial repayment of the London office to residential loan. £2.7m was repaid in October and full repayment is expected by 31 December. The development is complete and the commercial space is fully let. £2.3m full repayment of a loan to fund a student housing development in Bologna, Italy. The loan was initially funded in January and the realised return on the investment was 21%. £17m was reinvested in November to fund existing loan commitments. Cash on the balance sheet at 30 November was £50.7m and the net debt to equity ratio was unchanged at 6.8%, leaving RECI well-capitalised to fund pipeline transactions Liberum view RECI’s portfolio has performed resiliently in the period, despite the challenges posed by Covid-19. Prudent loan structuring and the 64% LTV offer significant downside protection. We believe there is also the potential for considerable further re-rating in the bond portfolio as European real estate debt has lagged the wider credit rally. The bond portfolio is secured on core and core+ assets (weighted average LTV of 51%) owned by institutional borrowers. We regard the 7% discount to NAV and 8.8% dividend yield as highly compelling given the fund’s long-term track record, defensive positioning and the improved environment for new lending opportunities. The dislocation in real estate debt funding markets is creating attractive opportunities for RECI. The recent uncertainty caused by the outbreak of Covid-19 has accelerated the withdrawal of traditional lenders. In the recent company update, the manager outlined a pipeline of seven loans that are mainly in senior positions at lower LTVs and offering high returns (58% weighted average LTV and 9.7% IRR). RECI’s share of these loans is expected to be £52m. The higher returns available and potential quick redeployment of cash should enable the company to grow dividend cover.
27/11/2020
10:15
davebowler: Pleasure, tournesol. Liberum - Real Estate Credit Investments Strong returns and attractive pipeline Mkt Cap £302m | Prem/(disc) -11.4% | Div yield 9.1% Event RECI's NAV per share at 30 September 2020 was 148p (previously reported), reflecting a NAV total return of 4.7% for the 6 month period. This strong performance has been a result of both robust interest collection and a modest amount of mark-to-market gains on the bond portfolio. The portfolio is diversified across 53 positions in loans and bonds. Senior loans and bonds make up the majority of the portfolio (77%) and 80% of the portfolio is self-originated bilateral loans and bonds, providing greater control and security. The underlying borrowers are typically well-capitalised institutions with significant operational and financial resources. The weighted average levered yield is 9.% and the average LTV is 62.7%. The portfolio remains focused on the UK and France. The company's flexible gearing enabled the manager to reduce leverage swiftly in April and it has remained low throughout the period. Net gearing was 6.7% at 30 September (March 2020: 13.3%). The manager recently reported an increase in loan repayments with £41m received since the end of June. This includes £32m from the full repayment of a mixed use senior loan to a UK developer at an uplift to carrying value (10.5% IRR). The company is also expecting more than £15m of further repayments before the end of 2020, mostly from a London office/residential loan as the development is complete and the project is significantly de-risked. The manager has also reported a strong pipeline of potential transactions. Liberum view RECI’s portfolio has performed resiliently in the period, despite the challenges posed by Covid-19. Prudent loan structuring and the 63% LTV offer significant downside protection. We believe there is also the potential for considerable further re-rating in the bond portfolio as European real estate debt has lagged the wider credit rally. The bond portfolio is secured on core and core+ assets (weighted average LTV of 51%) owned by institutional borrowers. The dislocation in real estate debt funding markets is creating attractive opportunities for RECI. The recent uncertainty caused by the outbreak of Covid-19 has accelerated the withdrawal of traditional lenders. In the recent company update, the manager outlined a pipeline of seven loans that are mainly in senior positions at lower LTVs and offering high returns (58% weighted average LTV and 9.7% IRR). RECI’s share of these loans is expected to be £52m. The higher returns available and potential quick redeployment of cash should enable the company to grow dividend cover. We regard the 11% discount to NAV and 9.1% dividend yield as highly compelling given the fund’s long-term track record, defensive positioning and the improved environment for new lending opportunities.
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