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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
  0.00 0.0% 156.25 156.00 157.00 - 56,875 08:00:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 37.2 16.2 9.6 358

Real Estate Credit Inves... Share Discussion Threads

Showing 1151 to 1175 of 1875 messages
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DateSubjectAuthorDiscuss
22/6/2016
09:03
Liberum fuller version- RECI generated a NAV total return of 7.2% in FY2016. The company’s first special dividend resulted in a 7% dividend uplift for the year. The loan portfolio was the main driver of performance in the year and the rising loan allocation should ensure stable NAV growth going forward. We forecast 8% average NAV total return over the next two years. Our unchanged 168p TP implies 17% shareholder total return over 12 months. BUY 7.2% NAV TR RECI delivered a NAV total return of 7.2% in FY2016 as the loan portfolio drove returns. We calculate a 15% NAV CAGR since the September 2010 restructure. Cost reduction The 8% preference shares mature in in September 2017 which should enable a significant interest cost reduction given the decline in interest rates since they were first issued. Low volatility Monthly NAV performance has been consistently positive in recent years (only 3 negative months since 2011) and the increased loan allocation should protect against volatility. 7.0% dividend yield RECI’s 7% discount to NAV represents a 10% discount to the peer group and the company pays a sector-leading 7.0% dividend yield (7.5% including special dividend).
davebowler
22/6/2016
08:57
Liberum; RECI generated a NAV total return of 7.2% in FY2016. The company’s first special dividend resulted in a 7% dividend uplift for the year. The loan portfolio was the main driver of performance in the year and the rising loan allocation should ensure stable NAV growth going forward. We forecast 8% average NAV total return over the next two years. Our unchanged 168p TP implies 17% shareholder total return over 12 months. BUY
davebowler
20/6/2016
17:34
quick 10% profit here when REMAIN wins.
orinocor
20/6/2016
16:51
Maybe not, but sales of brown corduroy trousers are buoyant.
colonel a
20/6/2016
16:44
If REMAIN wins this should make up the recent losses so I bought at 154.5p. Goes ex 3.5p dividend in just over a week. BREXIT is not happening.
orinocor
17/6/2016
13:58
Given the very good monthly info, we get the annual report has less significance but still interesting to compare the portfolio as at March 16 with a year earlier. As regards the bond portfolio the only change in terms of the bond ratings of more than 2% in the year was the decline in C rated from 7.4% to 3.4%...ie big picture no real change. The weighted average LTV of the loan portfolio was at March 16 at 71.5% up from the 67.3% as at March 15 but down from the 73% at September 15. I would hope it stays in the 71% area and not go higher. It is of course somewhat misleading to talk about average LTV’s and this is seen by the fact that their third largest loan exposure-the £10.5m mezz/inv loan to UK retail- had a LTV of 102%. I hope they keep us informed of how this loan develops. What does certainly concern me a bit is the decrease in the weighted average life of the loan from 2.8years to 1.8; from a credit perspective good to have short term loans I grant you but does not give much certainty of income. I went to the annual report to remind myself of the way they deal with currency exposure given their EURO CMBS and German Loans and see that they hedge it. I note in the year to March 15 the performance fee payable was £1.4m and this last year was down to £0.2m.
cerrito
17/6/2016
10:08
Liberum; NAV performance was driven by the company’s loan portfolio which now accounted for 71% of gross assets at the year-end. The bond portfolio delivered a gross return of 4.4% in the year (vs. 16% in FY2015) against a backdrop of credit market volatility and this is the key reason for the lower NAV return in FY2016 versus the prior year. The allocation to loans has continued to grow which has provided additional NAV stability given the volatility in bond markets around the turn of the year. Investment in loans increased by 30% over the year and they represented 71% of gross assets at 31 March 2016. The manager expects loan repayments in the coming months with potential inflows of £20m and there are several new loans in documentation which are expected to close in the near-term. RECI has also declared a special dividend dividend of 0.8p for the year ended 31 March 2016 in addition to the normally quarterly dividend of 2.7p. Total dividends declared for FY2016 are 11.6p (7.4% uplift over FY2015). Liberum view We regard the payment of RECI's first special dividend as a positive development for the company. Total declared dividends for the year are 11.6p (7.1% of NAV at the start of the financial year) compared to a NAV total return of 11.7p (7.2%). RECI had already been the highest yielding stock among the real estate debt funds prior to this additional payout. The rising loan allocation should minimise any volatility and continue to provide stable, high risk-adjusted returns going forward. Since the end of 2011, there has been only three months with a negative NAV total return. RECI trades on a 7.1% discount to the last reported NAV compared to an average premium of 2.3% for peers. RECI's dividend yield of 7.1% (excluding special dividends) also compares favorably to the peer group average of 6.2%. We believe RECI offers the best value in the sector given its superior NAV total return track record, NAV growth prospects and proven ability to source attractive loan deals.
davebowler
17/6/2016
08:37
A nice special divi!
mozy123
15/6/2016
21:25
Results this Friday. Will they give a boost to the depressed share price? Hope so.
deadly
15/6/2016
16:24
Cerrito read everything rather well back on 4th March - P. No.1144: "I have lightened up a bit as I have been reducing property related exposure in the run up to the referendum..partially due to concern about the effect that a BREXIT will have on property , partially because I am not buying into the conventional wisdom that Brexit will lose and partially on the certainty that come May/June the markets will get very nervous." I've bought back in for a few today. The 152p/155p range will hopefully support again, as per Feb/Mar'16.
skyship
09/6/2016
07:17
Dividend Announcement Preference Dividend Real Estate Credit Investments PCC Limited announces today that it was resolved to pay a preference dividend of GBP 2 pence per preference share (a total amount of GBP 838,608) for the period 01 April 2016 to 30 June 2016. The dividend is to be paid on 8 July 2016 to preference shareholders on the register at the close of business on 17 June 2016. The ex dividend date is 16 June 2016.
skyship
08/6/2016
09:30
165p NAV & Cash @ £13.3m v. Port. Valn @ £165.3m
skyship
07/6/2016
20:53
Wouldn't disagree , can see many reasons to come out and good ones to stay in , on balance just inclined towards in , would EU see it as a significant shot across the bows if it was a stay in vote with a tiny majority ?Somehow I doubt it , then when I start to think about what they may try and force through after an in vote ......
holts
07/6/2016
15:17
Congrats to them as according to my records-and please correct me-they had their highest month end NAV for many a year and a higher than normal amount of cash. I guess referendum accounts for this being greeted by a falling share price with adequate trading volume. Perhaps this will be clearer on the 17th..too bad that there is no conference call as we need it now. I need to say I am in a bit of a funk not only with the actual vote but also a v messy political situation in the event of a narrow remain win so am not taking advantage of buying these at a bigger discount than we have seen in recent years.
cerrito
07/6/2016
10:35
Fact sheet 31 May 2016
skinny
07/6/2016
10:30
Not late in the sense that the "June" dividend is always paid late - in July - due to it being co-ordinated with the release of annual results.
kenny
06/6/2016
17:24
Maybe now overdue?
badtime
23/5/2016
13:09
Ah in that case I was being too lazy...I just looked at the Feb one
badtime
23/5/2016
11:23
Well it was 19th May last year and in November it didn't come till 27th.
langland
23/5/2016
10:51
Div announcement overdue?
badtime
06/5/2016
09:26
Liberum; Real Estate Credit Investments (BUY) Steady NAV returns Event Real Estate Credit Investments' NAV rose 0.6% in April to 164.2p per share as a result of ongoing strong interest income from the loan portfolio. A full repayment was received on a mezzanine loan secured against two mixed use estates in Central London. This was accretive to NAV and RECI now has £15.2m of cash to deploy in new opportunities. There are a number of loan opportunities currently under consideration. Liberum view We calculate a YTD NAV return of 2.3% for the first four months of 2016 which has been achieved despite volatility in credit markets which has impacted the bond portfolio over the period (on a mark-to-market basis). The monthly NAV returns have been extremely consistent in recent years since the move to a majority weighting to loans and and we believe this will be maintained given its ability to source attractive whole and mezzanine loan opportunities. RECI currently trades in line with NAV (peer group average premium of 2.5%) and offers the highest dividend yield in the sector at 6.6% (peer group average of 5.9%).
davebowler
11/4/2016
10:11
Liberum; Real Estate Credit Investments (BUY) 1.7% Q1 NAV TR Event Real Estate Credit Investments' NAV rose 0.6% in March 2016 to 163.2p per share (February 162.2p) mainly due to strong interest income from the loan portfolio (12.4% weighted average yield on loans). Bonds were marginally positive (+0.07%) and the company invested £1.9m in newly issued CMBS bonds. Liberum view We calculate a NAV total return of 1.7% for Q1 2015. This has been achieved despite the volatility in credit markets which reduced the bond portfolio's return over the period. Monthly returns are pretty consistent which is what investors should expect from a portfolio mainly invested in real estate loans which are held at cost and secured on high quality assets. The bond acquisition in March is the first time the fund has acquired bonds in over a year which suggest that there may be more attractive opportunities in this sector following the recent market correction. RECI currently trades on a 1.7% premium to NAV and offers an attractive 6.5% dividend yield (vs. 3.6% premium and 6.0% dividend yield for peers).
davebowler
08/4/2016
16:51
Good show imo. NAV increased by 1p to 163.2p per share. Increase in NAV driven by loan portfolio which continues to generate strong interest income returns. RECI spent £1.9m In March on new issuance of CMBS bonds. Cheyne continues to see an attractive pipeline of loan opportunities which RECI can participate in as current loans repay.
my retirement fund
08/4/2016
14:34
hTTp://www.recreditinvest.com/factsheets/20160331factsheet.html
davebowler
08/4/2016
13:42
End Mar'16 NAV up 1p to 163.2p
skyship
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