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Share Name Share Symbol Market Type Share ISIN Share Description
Real Estate Credit Investments Limited 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
  -2.50 -1.62% 151.50 152.50 153.00 154.00 153.00 153.00 228,881 16:35:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 37.2 16.2 9.4 347

Real Estate Credit Inves... Share Discussion Threads

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DateSubjectAuthorDiscuss
18/11/2014
07:06
London, 18th November 2014 - Real Estate Credit Investments PCC Limited (LSE: RECI, RECP, ERII) will be announcing its results for the second quarter ended 30 September 2014 on Friday, 28 November 2014. There will be a conference call at 10.30 A.M. for investors and analysts following the 7.00 A.M. announcement. The conference call can be accessed by dialing +44 (0) 20 3059 8125 ten minutes prior to the scheduled start of the call. Please reference Real Estate Credit. A results presentation will be available on the Real Estate Credit Investments PCC Limited website (www.recreditinvest.com). A webcast of the conference call will also be available on a listen-only basis at www.recreditinvest.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for three months following the call.
skinny
10/11/2014
07:13
Fact sheet 31 October 2014
skinny
30/10/2014
11:17
.................. And, for a more specialist and conservative exposure, ICG-Longbow Senior Secured UK Property Debt Investments (LBOW). The company was able to take advantage of a moment in time dislocation in the UK Commercial Property lending market and has a portfolio of senior secured loans with low LTVs which, in our view, is not replicable in the current environment. Its 1.5pps quarterly dividend equates to a 5.8% yield at 103.75p. We believe the net IRR (all arrangement and repayment fees are attributable to shareholders) to investors will be north of 7% over the next 4-5 years.
davebowler
25/10/2014
07:41
DB - what was the "more specialist and conservative exposure" they were moving on to?
skyship
24/10/2014
09:34
Investec; We continue to like real estate debt as an asset-class and our preferred stocks are: ¢ Real Estate Credit Investments (RECI), which offers investors access to a diversified pool of bonds and direct property loans, managed by Graham Emmett and the wider Cheyne team. As a “one stop shop” for property debt exposure we think RECI is unbeatable, and we like the increasing allocation to direct property loans. The company distributes at least 6%pa of NAV as dividends, which was increased at the end of 2013 to a minimum of 7% of the most recent issue price (152.2pps) for 2014 (ie investors can expect at least 10.654pps in dividends for FY2014). So far, RECI has paid dividends totalling 7.7pps in 2014, with the final quarter’s dividend still to be declared. ¢ And, for a more specialist and conservative exposure, IC
davebowler
08/10/2014
09:59
Liberum RECI's NAV total return was +1.4% in September after adjusting for the dividend of 2.7p paid in the month. NAV per share at Sep-14 NAV was 158.7p. The bond portfolio delivered a 2.52% return in the month, with no purchases made, but £8.4m of disposals at an average sale price of 0.93. The average purchase price of these bonds was 0.62. A further drawdown of £2.7m of RECI's £6.1m commitment (highlighted in the August factsheet) to a new loan investment in UK distribution assets was made. We calculate £1.2m remains to be drawndown from this commitment. Secondly, RECI funded a €9m mezzanine loan towards the acquisition of a major German residential development company. Liberum view The number of loans in RECI's portfolio now sits at 14, with total loan commitments of £92.6m. Drawn loans to date stand at £69.9m, or 50% of the investment portfolio. The weighted average yield of the portfolio is 13.2%. NAV total return calendar YTD is +9.8% and RECI now trades on a 4.9% premium to the Sep-14 NAV, versus a sector average of 5.5%. September was a particularly active month for the company, and demonstrated RECI's unique proposition where shareholders capital can be transferred out of bonds and into loans on a relative value basis. Share price total return remains strong (+14.2% YTD), and RECI remains our top sector pick. Real Estate Debt
davebowler
08/10/2014
07:04
Fact sheet 30 September 2014 Manager Commentary RECI funded a further £2.7 million of its £6.1 million commitment to a new loan investment in a purchaser and developer of distribution assets in prime UK locations. RECI also funded a new €9.0 million mezzanine loan to assist in the acquisition of major German residential development company. The Company’s bond portfolio continues to provide strong returns and was up 2.52% in September. ERII contracted to sell the Alba 05, Alba 06 and Eirles 236B assets on the 19th September at above their aggregate value assessed in the most recent valuation. A significant cash settlement of the realised assets was announced on 7th October, with the full cash balance in RECI Cell expected to be approx €18.2 million upon full receipt of the proceeds. RECI paid an ordinary dividend of 2.7p in September, ex-div NAV was up 2.3p on the month.
skinny
07/10/2014
12:42
Market Announcement for ERII LN (the Cell shares) The Company's Board of Directors is pleased to announce the sale of Alba 05, Alba 06 and Eirles 236B at above their aggregate value assessed in the most recent valuation. Following the sale of these assets, the full settlement proceeds from which are expected to be received shortly, the remaining assets of the ERII Cell are as follows: ERII Cell Position Summary (in € million) There is one position in the ERII Cell. That position has been held at zero value since the ERII Cell was created, and is expected to have no value in the foreseeable future. ERII Cell Cash Summary (in € million) Following the final cash settlement of the realised assets, which is expected to be before 10 October, the cash balance is expected to be approximately €18.2 million The Directors are considering how best to return the proceeds of the above sales to shareholders as part of the overall realisation of the ERII shares, which may include a winding up of ERII.
skinny
18/9/2014
15:11
Strange holdings RNS this afternoon which indicates a 9 month delay(!!) between the transaction and the notification - and all for 110,000 shares. Perhaps the holders hadn't twigged that they had crept over the 5% threshold?
grahamburn
12/9/2014
12:18
Liberum; Real Estate Credit Investments (BUY, TP 168p) Loan commitments rise by £14m Event NAV per share at 31 August 2014 was 159.1p (Jul-14: 158.1p) which represents a 0.6% increase in the month. £2.2m of the £6.1m loan commitment announced last month was drawn down during August. This was previously highlighted as being lent to a purchaser and developer of UK distribution assets - we now know it to be a distribution warehouse in Wolverhampton. A further drawdown is expected in the near-term. RECI's German multi-family properties whole loan was restructured during the period, and also increased to fund new portfolio acquisitions. Total loans increased €5.7m to €15.5m from €9.8m. Finally, RECI took a €0.9m gain on an in specie distribution of shares in a borrower as part of a loan deal, which RECI have subsequently been selling in the public market. Looking to the bond portfolio, a small negative 0.48% movement was recorded in the month. £1.5m of bonds were sold in the month at an average price of 1.02 (vs. an average purchase price of 0.94 - a 9% uplift). £0.7m of bonds were purchased during the month at an average purchase price of 0.98, in line with July. Liberum view Following the activity in August, drawn loans have increased from 34% of gross assets to 39% of gross assets, with total loan commitments rising £14m from £74.1m to £87.9m - now greater than 50% of gross assets for the first time at 55%. Positive NAV performance continues, with NAV total return of 8.0% YTD. RECI trades on a 4.4% premium to NAV after adjusting for the 2.7pps dividend (ex-date 3 September) - lower than peers SWEF (6.1% premium) and LBOW (4.6% premium), offering a dividend yield of 6.5%.
davebowler
08/9/2014
07:09
Fact sheet 31 August 2014
skinny
05/9/2014
14:22
FT Mr Draghi, the ECB president, said this was the final rate cut as it unveiled its latest move to revive lending across the bloc: policy makers will start purchasing bundles of loans, known as asset-backed securities, and covered bonds in October.
davebowler
28/8/2014
10:04
http://www.bloomberg.com/news/2014-08-27/blackrock-appointed-by-ecb-as-abs-program-consultant.html
davebowler
28/8/2014
09:32
Investec on SWEF vs. RECI; Property Starwood Real Estate Finance (SWEF) Half Year Results from 1 Jan to 30 June 2014. ¢ NAV: 98.91p/share ¢ Committed: As of 30 June the company had committed 96% of the net IPO proceeds and tap issues of £233.8m. Shortly after 30 June 2014 the Group committed a further €25m to the W Hotel in Amsterdam meaning that all Net Proceeds have now been committed. ¢ Yield: Once the W Hotel loan has been substantially drawn, the Group will be generating a net portfolio yield of 6.9 %. ¢ Syndication to achieve yield: Some properties still require subsequent syndication to achieve target return levels. Of the loans originated to date the Group expects to syndicate approximately £42m, releasing this for reinvestment in order to increase the net portfolio yield to target levels. SWEF are ‘in advanced discussions with credit approved acquirers’ in respect of these loans and expect to complete the syndications during the second half of the year. ¢ Extended Investment Remit – to include Spain and Italy and the residential for sale sector: Now that the Company has fully deployed the Net Proceeds within the parameters of the original investment policy and will continue to focus on the relative risk / return of opportunities which fall within this extended investment policy. The company’s borrowing limits have been clarified to exclude foreign exchange hedging facilities. ¢ Dividends Paid: At launch, the Company had targeted a dividend of 7.0 p/ordinary share upon full investment. It has taken roughly 18 months to achieve full investment and as noted above, the Group will be delivering a net portfolio yield of 6.9 % once the W hotel loan is substantially drawn and credit facilities are negotiated ¢ Outlook: It is the intention of the Company to seek to implement permitted liquidity facilities up to an amount of £50 m (and in any event limited to 20% of NAV) for bridging purposes. Portfolio Summary Source: Company Investec Insights ¢ SWEF has traded up to a 5.65% premium to yesterday’s closing price since the portfolio reached substantial investment. ¢ We highlight that the average loan term is relatively short at 4.1 years and Euro exposure is currently 43.80% (although hedging may be utilised at a cost) ¢ Our preferred stock of a comparable nature is RECI and is achieving (and exceeding) the dividend target, and has a considerable pipeline of accretive loan deals, mainly in creditor friendly regimes such as UK and Northern Europe. ¢ LBOW may be more comparable in that it does not have RMBS / CMBS (although is entirely senior deals and UK focussed). This portfolio is unlikely to be replicated due to the dynamics prevalent at the time.
davebowler
14/8/2014
10:58
Investec; ¢ Performance: NAV +2.6% to 158.1pps, up from 154.1pps at the start of the period. ¢ Dividends: 2.7pps dividend declared for the quarter, after the 2.7pps dividend for the previous quarter. Ex-dividend date is 3 September 2014, with pay date of 26 September. ¢ Bonds: Portfolio valued at £78.6m (49% of gross assets) with a nominal value of £96m. Bond portfolio performance has been strong, with positive net performance each month from the start of the financial year. ¢ Loans: The funded loan portfolio grew to a value of £54.1m as at 31 July 2014, accounting for approximately 34% of gross assets. £23.9m of new loan commitments were made through 5 loans closing, with undrawn commitments of £20m. Two loans repaid during period at levels accretive to NAV and another loan generated an in specie distribution of shares in the borrower. ¢ Cash: At 31 July was £23.3m. New commitments and loan drawdowns in excess of £20.0m are anticipated before the end of September. Investec Insights ¢ The manager's active approach has been adding value, with capital rolled out of bonds that have benefitted from a pull to par, and in some cases early repayment, into the more attractive loan space. The manager is also in a strong position compared to competitors as the fund can access much larger deal sizes through the wider Cheyne platform. A larger loan component to the portfolio going forward will boost overall returns given the compression in bond yields, and will also lead to a more stable NAV. ¢ We see RECI as ideally positioned in the current market environment to continue to grow the loan portion of the portfolio and deliver strong risk adjusted returns.
davebowler
14/8/2014
09:28
current yield 6.5%
owenski
14/8/2014
09:07
Skinny, thanks for your insight into the news available in the header.
deadly
14/8/2014
07:09
Interim Management Statement RECI1 Highlights · From 31 March 2014 to 31 July 2014, RECI's NAV increased from £1.541 per share to £1.581 per share2. · The Board has declared a dividend of 2.7p per share in respect of RECI Ordinary Shares for the quarter ended 30 June 2014. Bonds · As at 31 July 2014 the value of the bond portfolio was £78.6 million2 (approximately 49% of gross assets) and nominal value was £96.0 million2. The bond portfolio reduced in the period due to repayments of positions at par ahead of legal final maturities, and RECI's net sales of bonds in anticipation of new loan advances. · Continued strong performance from the bond portfolio, recording positive net performance over each month from the start of the financial year. Loans · Between 1 April and 31 July 2014, £23.9 million new loan commitments were made through 5 loans closing. · The funded loan portfolio grew to a value of £54.1 million2 as at 31 July 2014, accounting for approximately 34% of gross assets. · As at 31 July 2014 RECI has undrawn loan commitments of £20.0 million2. · During the period, two loans repaid at levels accretive to NAV, and another loan generated an in specie distribution of shares in the borrower. Cash · Cash at 31 July was £23.3 million2, up from £18.3 million as at 31 March. New commitments and loan drawdowns in excess of £20.0 million are anticipated before the end of September.
skinny
08/8/2014
10:14
Investec; Property Debt Real Estate Credit Investments (RECI) July factsheet ¢ NAV at end-July 158.1pps (vs 156.5pps at end-June) showing a strong return over the period. ¢ The bond portfolio rose 1.25% over the month. ¢ The manager has been active, deploying £6.1m of new commitment to a new investment loan to a purchaser and developer of UK distribution assets. ¢ The manager expects to see borrowers make further draws on their loan facilities along with making several new loans in the near future. Investec Insights ¢ Portfolio metrics: The current LTV on the top 10 positions has moved from 67% at the end of June to 66% as at the end of July. The weighted average effective yield is now up from the 10.2% level at the end of June to 10.5% at the end of July. Bond purchases were made at a slight discount to par (0.98) compared to May, where bonds were purchased at par. ¢ Background: Overall we see RECI as an attractive way to gain a high level of income from the property debt sector, where background conditions are supportive. The manager has shown strength in his active management and demonstrated the ability to efficiently invest proceeds from the last raise. The benefit of the relationship with the larger Cheyne Group has also become apparent, as RECI is able to take portions of larger deals that it would otherwise not able to participate in. ¢ RECI is trading in line with the rest of the sector at a stable premium, and in our view offers strong risk adjusted returns with a high level of yield (C.7%
davebowler
08/8/2014
09:43
Liberum; Real Estate Credit Investments (BUY, TP 168p) £6.1m new loan commitment Event NAV per share at 31 July 2014 was 158.1p (Jun-14: 156.5p) which represents a 1.0% increase in the month. A new £6.1m loan commitment to a purchaser and developer of UK distribution assets was made, and RECI also expect borrowers to make further drawdowns on their unutilised loan commitments in the near future. Several new investments are also in the near-term pipeline. The bond portfolio delivered a strong 1.25% return in the month. £2.5m of bonds were sold in the month at an average price of 1.04 (vs. an average purchase price of 0.94 - an 11% uplift). £2.9m of bonds were purchased during the month at an average purchase price of 0.98. Liberum view The latest £6.1m new loan investment forms part of the £30m pipeline discussed in the year-end results published in June. We believe there to be two further remaining investments in the pipeline with expected loan commitments by RECI of c£17m. Drawn loans now comprise 34% of gross assets with total loan commitments as a percentage of gross assets standing at 47%. We estimate this could rise to 57% based on loan investment projections. RECI's shares continue to perform well, delivering 11.8% TSR YTD and 26% over the last 12 months. We forecast NAV total return to average 9.6% over the next 3 years with further NAV growth potential from the early repayment of bonds and credit spread tightening. RECI has delivered NAV total return of 4.3% over their financial year to date (since Mar-14) and now trades on a 4.5% premium to NAV (6.4% dividend yield), in line with peers LBOW, SWEF and TFIF which also all trade on a 4.6% premium to prevailing NAV.
davebowler
08/8/2014
07:05
Fact sheet 31 July 2014
skinny
25/7/2014
19:44
From IC :- Share tip summary RECI's set-up is relatively complex, but it works well, and there are significant checks and balances to accommodate adverse swings in sentiment. That said, the preference shares do increase risks and a turn in the property credit market could prove painful. Developing its own loan portfolio makes sense too, and the potential for further gains makes the small premium in the share price to net asset value well justified and the yield is highly attractive. Buy.
skinny
24/7/2014
19:00
Tipped in tomorrow's IC...
skyship
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