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RECI Real Estate Credit Investments Limited

114.50
-1.50 (-1.29%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  -1.50 -1.29% 114.50 114.50 115.00 118.00 114.50 118.00 697,096 16:27:53
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 30.67M 20.55M 0.0896 12.78 262.59M
Real Estate Credit Investments Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker RECI. The last closing price for Real Estate Credit Inves... was 116p. Over the last year, Real Estate Credit Inves... shares have traded in a share price range of 109.50p to 137.50p.

Real Estate Credit Inves... currently has 229,332,478 shares in issue. The market capitalisation of Real Estate Credit Inves... is £262.59 million. Real Estate Credit Inves... has a price to earnings ratio (PE ratio) of 12.78.

Real Estate Credit Inves... Share Discussion Threads

Showing 1126 to 1147 of 2550 messages
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DateSubjectAuthorDiscuss
10/2/2016
11:43
Hi BT - bought a few today 156.7p. Now that they're trading at a discount and also providing a 6.9% yield, frankly they may well be considered by many to be better value than RECP - though I'll retain my overweight position there because of the security; and the 4.7% GRY of course.
skyship
10/2/2016
11:10
SKY u in the ords as well?
badtime
10/2/2016
10:46
Dividend Announcement

Real Estate Credit Investments PCC Limited announces today that it declares an ordinary dividend for the Core for the period 1 October 2015 to 31 December 2015, of 2.7 pence per share (a total amount of GBP 1,966,099). The dividend is to be paid on 25 March 2016 to ordinary shareholders on the register at the close of business on 26 February 2016. The ex dividend date is 25 February 2016.

skyship
08/2/2016
21:22
In terms of portfolio activity, RECI received full prepayment on its £8.2m whole loan secured against the development of a student housing property in Bristol.
jaws6
06/2/2016
23:46
danny500..thanks for pointing that out to me....in my view discount in no way big enough to warrant buy backs
cerrito
06/2/2016
12:11
DB - could you possibly post the Liberum comment following the latest factsheet - assuming they did one of course!
skyship
05/2/2016
22:10
maybe they could spend some of that cash buying and cancelling shares or I guess its still more profitable to loan the cash out, thoughts anyone?
danny500
05/2/2016
21:28
Cerrito if you read the managers commentary at the top of the fact sheet it says a £8.2m loan from a Bristol development was repaid in full. yes good to see the NAV increasing and there was a couple of chunky buys today, yielding nearly 7% , someone sees a good investment here, which is reassuring for my holding.
danny500
05/2/2016
20:33
Congrats to them that in this turbulent market they increased their NAV to the 2nd highest on record-after November 2015 end. Indeed the market turbulence is best shown by the fact that for the first time for some time their shares are at a discount.
Interesting to see that cash is at its highest since end of 2014 when they had finished investing the proceeds of the £50m November 2013 equity raise.
Question did they sell assets in light of a falling market(indeed is their market falling??) or was it a result of loan/bond maturities.
Be good if someone can give us the Liberum view.

cerrito
22/1/2016
13:36
M&G raising more capital for RECI's sector:
skyship
07/1/2016
12:16
DB - Yes, but a totally different order of risk. I classify RECP as Zero risk; I classify GLIF's Zeros as relatively high risk.
skyship
07/1/2016
12:06
GLIZ pays 6%
davebowler
06/1/2016
10:45
Added a few RECP @ 104p yesterday. With Markets the way they are the 5.35% Gross Redemption Yield remains extremely generous against anything remotely similar. The few remaining Zeros are mostly yielding in the range of 3%-3.5%.
skyship
06/1/2016
10:04
Liberum;
Event
RECI's NAV per share including the dividend was 163.1p on 31 December 2015, a 0.7% decrease against the November NAV of 164.3p. At the same time, the Ex Div NAV was up by 1.5p. During the month of December, RECI received full repayment of the senior loan secured against a site in Stratford, London and funded a further £4.8m of its £11.6m commitment to a purchaser and developer of distribution assets in prime UK locations.

The total loan commitments remained relatively flat with 18 loans in the portfolio representing approximately 75% of GAV. The December mark-to-market movement of the bond portfolio was 0.06%. There was very limited activity with 30 bonds in the portfolio, 2 less than November, after disposing £0.1m of bonds at an average selling price of 0.31, lower than the the average purchase price of 0.31. The bonds portfolio represents 25% of the total assets.

Liberum view
RECI maintained its performance during a low activity December and it is trading at 3.5% premium against the December NAV. Given RECI's significant return potential against its peers we believe the company should have a premium rating.

davebowler
06/1/2016
08:01
FactSheet as at 31st Dec.:
skyship
21/12/2015
11:52
VTA is now at 20% discount to NAV compared to RECI's premium
davebowler
18/12/2015
13:45
Erstwhile2 -are you still keen on ARTL then?
davebowler
16/12/2015
08:14
Kenny whilst I hold here I am considering a purchase in CIFU.

What loan to the oil sector do they have? - it wasn't something I was aware of or have seen mentioned before.

jeff h
15/12/2015
22:09
There is another important difference between RECI and all of the companies mentioned above. All of RECI's loans are property backed - every single loan is backed by a property or properties.

This is an important distinction because many of the other companies mentioned above have at least a proportion of their loans to oil or trading companies - which do not necessarily own hard assets. For example, I know that CIFU has a number of loans to the oil sector. Also, the "loan to value" percentage for RECI is about 75% - so the properties would have to fall some way for the capital to be in danger. To compare RECI to one of the other companies mentioned above, you would need to establish the true value of their hard assets or trading operations and in most cases that information is not available. Therefore, in those instances you are just trusting the investment manager without a clear understanding of the underlying investments. With RECI there is no such problem as they are all loans or bonds backed by property and RECI discloses the LTV; as above. Because that LTV is not excessive, we can expect that all of RECI's loan/bonds will be repaid in full in due course as they mature albeit in the interim the market price of them may vary. This cannot be said of some other funds; particularly those holding loans/bonds in oil companies.

I believe it is extremely important to understand the different nature of RECI - in summary the difference is such that RECI cannot be categorised with other funds which invest in general and not specific loans or bonds.

kenny
15/12/2015
14:28
Reci is likely less affected than others because a large proportion of its assets are now loans, mark to market on those is less volatile than publicly listed securities. And I recall the asset manager is also shifting part of the portfolio to low average life bonds to cover the pref maturity, reducing duration risk.

For all listed in post above, the current decline in asset prices may create buying opportunities but i would guess most of them are fully invested, but would agree this could create attractive buy levels.. question is when will the decline stop..

yieldsearch
15/12/2015
13:32
There are currently a considerable number of articles on the problems in the debt markets. IMO the inference from these articles is that no matter which section of the debt market you look at, the overall move is to falling prices, higher yields, increasing spreads. With the mark-to-market requirements, fund prices will fall and opportunities will appear.

RECI doesn't seem too much affected. Others like ACD, CIFU, DREF, NBDD, NBDG, VTA etc have already fallen and may be nearing attractive buy levels.

skyship
14/12/2015
04:20
A couple of friends of mine heavily researched a new buy and build that was about to begin by two experts in their field Ian Smith and Tony Weaver (Accumuli,Capita etc etc etc fame) ctp I bought into @ 0.6p they stand today @ 83p ...not a bad gamble even if I say so myself (although I did know they have a proven track record of course)

I bought into their own merchant bank MXCP @ 0.7p currently at 3.2p (terrible gamble I suppose)

I then followed them again as they moved in and invested £millions of their own cash into PINN and I got in @ 6p...it's been a long wait but my gamble has paid off PINN currently 11p

They are currently advising CSI a cash shell with £22m in cash where to go with it and we're hoping they carry on with their tech business model,there are rumours of Nasdaq listing amongst a lot of other rumours,

Anyway I'm following them again because over the last few years they've turned my gamble to close on £850,000,now admittedly I'm a gambler,but I like to think I know a good thing when I see it,now please look at your own choice of shares and their recent graphs.,

leedsu36
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