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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
  -0.50 -0.32% 156.00 155.50 156.00 156.00 155.50 156.00 161,464 15:39:39
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 1251 to 1271 of 1875 messages
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DateSubjectAuthorDiscuss
19/5/2017
10:42
Real Estate Credit Investments Limited (LSE: RECI, RECP) will be announcing its results for the year ended 31 March 2017 on Friday 16 June 2017
johnroger
05/5/2017
09:19
Liberum; eal Estate Credit Investments' NAV rose 0.6p (0.4%) to 163.7p per share at 30 April 2017 (March 2017: 163.1p). During April, £12.4m was invested in two new bond issuances and the company also committed £20m to a senior facility secured against a residential development asset in central London. The loan to gross development ratio is under 50% and the expected IRR is in line with the company's target returns. The company made another £14.9m loan commitment in May which is a secured junior loan to an established UK housebuilder. Cash on the balance sheet at the end of April was £13m and this reduced to £8.5m following the initial drawdown of the loan to the housebuilder. A further £3m is expected to be drawn against existing loan commitments in the coming weeks. Liberum view RECI has been very active in the period since the capital raise in March. £36m was invested during March and April, and £35m of new commitments have also been made to two new loan investments. The company has experienced an increase in demand from potential borrowers in the aftermath of Brexit and the manager continues to report a strong deal pipeline. We calculate a NAV return of 7% over the 12 month period to March 2017. Returns should improve over the next year as most of the capital has been deployed and the upcoming repayment of the 8% preference shares should enable significant cost saving. The shares currently trade on a 1.0% discount to NAV and offer a 6.7% prospective dividend yield (compared to an average 3.2% premium and a 6.1% dividend yield for the peer group).
davebowler
05/5/2017
07:33
Factsheet for April - see newslink in Header: Manager Commentary #April NAV up 0.6p per share to 163.7p per share #In April RECI made a new £20 million loan commitment as part of an overall Cheyne transaction providing a senior facility secured against a high quality residential development asset in central London #RECI also purchased a total of £12.4 million of two new bond issuances. As at 30th April RECI’s bond portfolio was valued at £62.7 million #Following total investments in April, the cash balance at month end was £13.0 million (7% of GAV) #Since 30th April RECI has made another new loan commitment of £14.9 million which is a secured junior loan to an established UK homebuilder. Following the initial funding of this new investment, RECI’s cash balance as of 7th May was £8.5 million of which a further £3 million is expected to be drawn against existing loan commitments in the coming weeks #Cheyne’s deal pipeline remains strong, and RECI remains well placed now to take advantage of opportunities in both the loan and structured credit markets
skyship
28/4/2017
13:16
jimblack513: Buying a reit you are exposed to equity risk on real estate. buying reci you are exposed to debt secured on real estate. In a downturn, i would expect equity to be impacted first, however pricing on debt could be more expensive and therefore the mark to market of the reci existing debt would reduce. So i would say reci would be lower risk than REIT, up to the point where the decline in value may impact the reci debt (say property values are 50% down, both reci and reit are toasted..)
yieldsearch
28/4/2017
08:49
On the risk spectrum where does this lie? Low risk, medium risk or high risk? Is it better buying a REIT on a 5% yield or this on a 6.5% yield. My bank has decided to reduce my interest rate from 0.85% to 0.05% and I need a home for some of my funds.
jimblack513
13/4/2017
15:28
I take my hat off to management for increasing the NAV per share so much in a month of share issuance and heir speed in deploying the proceeds. Too bad I have not read this well and my holding is very much reduced.
cerrito
13/4/2017
10:21
Liberum; Significant capital deployment Event Real Estate Credit Investments' NAV at 31 March 2017 was 163.1p which represents a return of 1.3% in the month. March's performance benefited from unrealised valuation gains totaling £1.5m (1.7p per share). This included a gain of £0.9m on a portfolio commercial loans in the Netherlands and a £0.6m uplift on an equity position which is held alongside the shareholder loan secured against a portfolio of UK logistics properties. The £25m initial placing closed at the end of March and RECI deployed £24m of capital during the month. The largest investments include an £8.5m whole loan secured against a 125 room hotel in York and a £9.6m purchase of a new CMBS bond issue secured against a fully let UK student housing portfolio (7.75% cash coupon). £4.2m was invested in other bonds and £1.7m was funded to existing loan commitments. Cash on the balance sheet at the end of March was £24.4m (17% of NAV) of which £1.5n has been invested in April with a further £17.3m committed to new investments. Liberum view RECI has invested the proceeds from the recent capital relatvely quickly in deals that had been identified in the company's pipeline. The loan secured on the hotel in York was is a senior loan with a yield of 12% and a LTV ratio of 68%. The LTV on the mezzanine student housing CMBS investment is 70% and we believe it is the recent Brookfield student housing CMBS which priced last week. The £400m Brookfield portfolio comprises 13 assets with a total of 5,684 beds. We calculate a NAV return of 7% over 12 months to March 2017. This has been achieved despite cash drag during the year from a number of large loan repayments. Returns should improve over the next year as most of the capital has been deployed and the upcoming repayment of the 8% preference shares should enable significant cost saving. Assuming the preference shares are refinanced with a 4% bank facility, we estimate the annualised increase in net income will be c.£1.8m (2p per share) including the benefit of the reduced management fee. The shares currently trade on a 0.7% discount to NAV and offer a 6.7% prospective dividend yield (compared to an average 5.2% premium and a 6.0% dividend yield for the peer group).
davebowler
08/3/2017
07:44
Manager Commentary: = Ex div NAV up 1.0p per share to 161.0p per share, following the 2.7p per share ordinary dividend NAV increase driven by both the loan portfolio, which continues to generate strong interest income returns, as well as positive returns on the bond portfolio = On 23 February 2017, RECI announced a successful Initial Placing under its new Placing Programme of £25.3 million with a placing of 15.5 million new Ordinary Shares, subject to shareholders’ approval at the EGM on 22 March 2017 = Cash at 28 February was £26.5m. Since 28 February, RECI has made further investments, following which it will have a cash balance of approximately £7m (of which £2.7m will be paid out in dividends to Ordinary and Preference shareholders in March) = RECI committed a total of £8.5m to a new whole loan secured against a 125 room hotel in York = RECI purchased £9.6m of a new CMBS bond issuance with a strong cash pay coupon of 7.75% secured against a fully let UK student housing portfolio = RECI has also funded a further £1.3m to existing loan commitments = Cheyne’s pipeline remains strong, and RECI remains well placed to take advantage of opportunities in both the loan and structured credit markets
skyship
01/3/2017
14:11
Bid is up a couple of pence
badtime
23/2/2017
10:09
XD 2.7p today. Payable 17th March...
skyship
10/2/2017
16:43
Not guilty , would have been useful though .
holts
10/2/2017
16:04
Did you have any connection with Holts (Car accys.) HOLTS?
asmodeus
09/2/2017
14:42
It does appear there is no intention of replacing the £41.9m of pref's - which actually means the management fee will be reduced. I cannot see where there is dilution because most of the funds will likely be used in a combination of repaying pref's, therefore a 9.25% yield when including the 1.25% management fee on the pref's, or invested in the market at yields currently between 8.25% and 9.25%.
kenny
09/2/2017
14:42
Jolly good that was expensive debt at 8% equity is cheaper
my retirement fund
09/2/2017
14:36
being lazy , how many prefs in issue ?
holts
09/2/2017
14:35
reading the blurb it would seem there is no intention to replace the prefs when they expire.
holts
09/2/2017
14:21
Dilution is a bit worrying though.It will be a while before the proceeds are utilised ,I bet.
davebowler
09/2/2017
14:07
badtime - the shares are better value to buy on the market at 164p (or the current price of just over 163p) because the placing shares do not qualify for the dividend that goes ex-div on 23 February.
kenny
09/2/2017
12:49
Placing at 162.5?Am I reading it right that we all might get a chance to participate on the funding up to 60/65 Million ..the first 20 million already taken up?
badtime
07/2/2017
07:54
Manager Commentary • The NAV per share declined by 1.1p per share (or 0.7% of NAV) to 162.7p per share in the month of January • The main investment portfolio contributors to the monthly NAV movements are as follows: o Fair value revaluation on the loan portfolio: -2.09p per share o Revaluation of the bond portfolio: -0.23p per share o Income from the investment portfolio: 1.65p per share o Exit fee from a realised loan in the month: 0.15p per share Etcetcetc……see link below: hTTp://www.recreditinvest.com/investmentmanagerreports
skyship
06/1/2017
10:40
Liberum; Specialist Finance Real Estate Credit Investments (BUY, Mkt Cap £115m) 7.5% NAV return in 2016 Event RECI generated a NAV return of 1.1% in December 2016 bringing the NAV total return for 2016 to 7.5%. NAV performance in the month was driven by the loan portfolio and the third consecutive month of positive returns from the bond portfolio. December was an active month for portfolio activity with the company acquiring £15.4m of a bond secured against a prominent office building in the City of London (8.3% expected yield). £2.0m of bonds were sold above the prior month-end carrying values. In the loan portfolio, a new loan commitment was signed for a senior loan to fund the development of a site in Woolwich, London into 152 mid-market residential units. A €7.6m repayment on a loan secured on a Berlin shopping centre was received in the month. Liberum view 2016 has been another positive period for RECI and the 7.5% NAV return has been achieved despite volatility in the underlying real estate market during the year and cash drag in H2 2016 following a large loan repayment in August. Cash as a percentage of NAV at the end of December was 15% and outstanding loan commitments account for the majority of this. RECI's share price discount to NAV has widened to 3.2% which compares to an average 4.2% premium for peers. This is despite RECI's superior NAV total return track record and sector-leading dividend yield of 6.8% (6.0% for peer group).
davebowler
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