[ADVERT]
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
  1.00 0.66% 153.00 152.50 153.50 154.00 151.50 153.50 152,666 16:29:34
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 37.2 16.2 9.4 351

Real Estate Credit Inves... Share Discussion Threads

Showing 1276 to 1299 of 1825 messages
Chat Pages: Latest  61  60  59  58  57  56  55  54  53  52  51  50  Older
DateSubjectAuthorDiscuss
07/9/2017
16:31
Topped up last week just b4 exdiv..
badtime
07/9/2017
07:39
Fact sheet shows a good performance in August. NAV up 1.2p to 162.2p: http://www.recreditinvest.com/factsheets/20170831factsheet.html ============================================================= Portfolio Commentary: • NAV as at 31 August was £1.622, this is an increase of 1.2p over the month from the July ex-div NAV • This brings total NAV return since 31 March to 5.0p, representing an annualised return of 7.4% • Since the launch of the placing programme in February, RECI has signed total new loan commitments of approximately £70m: o In April, RECI participated in a new senior loan with a commitment of £20 million secured against a high quality residential development asset in central London. The Loan to Cost (LTC) is below 50%. The expected IRR is 8.5% o In June, RECI made a new profit-sharing mezzanine loan commitment of £15 million to an established UK homebuilder. The loan has the benefit of upside profit sharing. The initial maximum LTC is c85% (reducing to no more than 70% after three years) and the anticipated return range is between 11.5% and 20.0% o In August, RECI committed £35m to a senior loan secured on a new mixed use residential and commercial development in Hackney, London, with an anticipated return of +10%. The LTC is 55%. • Additionally, since 31 March, a total of £46m has been invested in bonds including: o A total of £19 million invested since June across two bonds with a high level of security against the UK’s largest operator of holiday villages; and o €8.5 million of a new listed mezzanine bond secured against prime retail locations in France
skyship
10/8/2017
07:15
Encouraging - looks as though 3p will be the new quarterly norm. 12p/annum gives RECI a yield of 7.06% @ 170p. Do I hear 180p (6.67%)? ====================================================== Dividend Announcement - Ordinary Interim Dividend for RECI LN (Ordinary Shares): Real Estate Credit Investments Limited announces today that it has declared a first interim dividend of 3.0 pence per Ordinary Share (a total amount of GBP 3,078,226). The dividend is to be paid on 22 September 2017 to Ordinary Shareholders on the register at the close of business on 1 September 2017. The ex dividend date is 31 August 2017
skyship
04/8/2017
09:40
Liberum; Real Estate Credit Investments's NAV rose 0.4p (0.24%) in July to 164.0p per share. We calculate a total return of 2.3% in the period since 31 March 2017. New investments in the month included €8.5m in a new issue listed bond secured against prime retail locations in France and a further £8m across four other bonds. The company received full repayments of £3.3m relating to a loan secured on a portfolio of West End office assets and €9.6m relating to a mezzanine loan backed by a German residential development company. In addition, a full repayment of £6.7m was received on a bond secured against a government housing portfolio in the UK. RECI completed a £23.5m capital raise in July and the cash balance at the end of the month was £27.7m (16.5% of NAV). The manager continues to report a strong deal pipeline and expects to deploy capital in the coming weeks. Liberum view RECI’s 3.8% premium compares to a 4.9% average premium for the real estate debt fund peer group. The company’s 6.5% dividend yield (based on 11.1p dividend for FY2017) is also 0.5% higher than the peer group average and there is potential for a near-term uplift in the dividend as a result of the upcoming maturity of the 8% preference shares which will enable a significant cost reduction. Assuming the preference shares are refinanced with a 3% bank facility, the estimated uplift in EPS would be c.2.4p per share on an annualised basis.
davebowler
04/8/2017
07:21
Fact sheet 31 July 2017   Manager Commentary: NAV up 0.4p in July, bringing the total net increase since 31 March 2017 to 3.9p per share, with NAV per share at 31 July of 164.0p RECI successfully completed its second placing under the existing Placing Programme, raising a further £23.5 million In July, RECI purchased €8.5 million of a new issue listed bond secured against prime retail locations in France. During the month, RECI also invested a further £8 million across four other bonds In July, RECI received a full repayment of £3.3 million on a loan secured against a portfolio of office properties in London’s West-End. RECI also received a full repayment of €9.6 million on a mezzanine loan backed by a major German residential development company On 28 July, RECI received a full repayment of £6.7 million on a bond secured against government housing portfolio in the UK Cash at 31 July was £27.7 million Cheyne’s pipeline of opportunities, across both the loan and structured credit markets, remains strong. RECI is well placed to deploy capital in the coming weeks into Cheyne’s expected completions of current pipeline investments
skyship
11/7/2017
11:24
Thanks Dave. Looks like the dividend is going to be re-set to 3p per quarter.
kenny
11/7/2017
10:44
Liberum; Event Real Estate Credit Investments (RECI) generated a NAV return of 1.0% in June 2016. NAV per share at 30 June was 163.6p after adjusting for a 3p dividend (May 2016: 165p per share). RECI funded £4.3m out of its £14.9m loan commitment to a UK housebuilder. £12m was also invested across two tranches of a refinanced bond secured against the UK's largest operator of holiday villages. Cash at the end of June was £3.8m and RECI raised gross proceeds of £23.5m at the start of July under the company's existing placing programme. Liberum view The manager continues to report a strong pipeline as market dynamics for established lenders have improved in the period since Brexit. RECI is now able to access higher returns at a much lower level of risk than in prior years. £70m has been committed to new loans and CMBS transactions since Brexit with a strong pipeline of new deals. RECI’s 2.8% premium compares to a 6.3% average premium for the real estate debt fund peer group. The company’s 6.6% dividend yield (based on 11.1p dividend for FY2017) is also 0.6% higher than the peer group average and should increase given the upcoming reduction in interest costs and total expense ratio from the refinancing of the preference shares.
davebowler
29/6/2017
17:11
My understanding is that a negotiated trade (NT) is between two parties? Trade types What is a negotiated trade? A negotiated trade is a trade conducted in an EU regulated market security that is not subject to pre-trade transparency on our markets and which is on terms that are no worse than those that could be achieved on the relevant Exchange order or quote book, (or where the share is not traded continuously, and is on terms that are no worse than those that could be achieved on a relevant venue with continuous trading), after taking into account any relevant trading, settlement and clearing costs.
skinny
29/6/2017
16:46
Skinny - the strange thing about that 1million trade is why buy through the market when you could presumably be part of the current placing...
skyship
29/6/2017
16:44
Never wrong to take a turn. As I'm 25% cash I've decided to run it for the dividends; though might well do similar should they climb back up to the 180p level.
skyship
29/6/2017
16:07
Well that depends if you want to split hairs on what they invest the extra in and any associated costs and also if the new investments produce a like or reduced income Sky.Given the recent rise ive decided to take a little off the table although im still leaving a chunk invested and of course may be tempted to add again on any pullback later.
my retirement fund
29/6/2017
14:53
A negotiated trade.
skinny
29/6/2017
14:50
MRF - actually neither of those are correct - it doesn't dilute and it doesn't weaken the dividend. New stock being issued at or at a premium to NAV; and plenty of investment opportunities for the new capital. This is all part of the Feb'17 placing programme. Interesting trade today - 1,000,000 shares @ 171p!
skyship
29/6/2017
10:50
XD the 3p divi today - payable 21st July
skyship
28/6/2017
08:16
Dilution and dividend weakened
my retirement fund
28/6/2017
08:02
Hmmmm - Proposed Placing of New Ordinary Shares
skinny
28/6/2017
07:41
Not really a suspicious small spike in price over last week or so .
holts
20/6/2017
11:49
Liberum; Capitalising on market opportunity Target price 168p | Published price 162p | *Corporate Client of Liberum RECI's NAV total return for FY2017 of 7.1% was in line with the prior year. The final dividend for the year has been increased by 11% to reflect income earned in the period and the refinancing of the preference shares could potentially increase the dividend yield to c.8%. The company has deployed a significant amount of capital recently in deals offering attractive risk-adjusted returns as market dynamics have improved. The shares trade on a 1.7% discount to NAV (6.6% premium for peer group) despite an excellent long-term track record and favourable outlook. BUY 7.1% NAV return RECI's NAV per share at 31 March 2017 was 163.2p per share (March 2016: 163.2p per share). We calculate a NAV total return of 7.1% for the year after adjusting for dividends paid of 11.6p. NAV has risen a further 1.1% in the two months to May 2017. RECI has today announced a final dividend for FY2017 of 3.0p per share (11% increase on the prior quarter). NAV summary 31 Mar 15 31 Mar 16 31 Mar 17 £m £m £m Bond portfolio 59.4 39.6 50.2 Loan portfolio 87.1 113.2 113.3 Cash 8.1 5.3 24.9 Preference share liability -41.7 -41.8 -41.9 Other net assets 5.2 2.5 -2.2 Net Assets 118.1 118.8 144.3 Shares Outstanding (Million) 72.8 72.8 88.4 NAV per share 162.3 163.2p 163.2p Dividends paid in the year 10.8p 10.8p 11.6p NAV total return* 12.3% 7.2% 7.1% Source: Company data, *Liberum estimates Market opportunity for established lenders The manager reports a reduction in competition in the lending market which has been amplified by the impact of Brexit. At the same time, demand from opportunistic buyers seeking an attractive entry point has increased. This has created an opportunity for established lenders to take advantage of favourable market dynamics. The segments of the market offering the best risk-adjusted return for the manager are senior loans to value-add assets and listed securities on large assets or portfolios of core/core+ income assets. The company has deployed a significant amount of capital in these segments following the £25m capital raise in March. Recent large transactions include a £20m senior loan commitment on a prime London residential redevelopment. The LTV is 40% and the expected IRR is 8%. Other recent loans include an £8.5m whole loan secured against a 125 room hotel in York. In the CMBS market, RECI invested £9.6m purchase in a new mezzanine CMBS bond issue secured against a fully let UK student housing portfolio (7.75% cash coupon; 70% LTV). We believe it is the Brookfield student housing CMBS. The £400m Brookfield portfolio comprises 13 assets with a total of 5,684 beds. Potential improvement from debt refinancing The upcoming maturity of the company's 8% preference shares offers the potential for significant cost savings. The preference shares are likely to be replaced with cheaper debt and the company's total expense ratio is also expected to reduce as the management fee is calculated on Adjusted NAV (NAV plus preference shares). Assuming the preference shares are refinanced with a 3% bank facility, we estimate the annualised increase in net income would be c.£2m (2.2p per share) including the benefit of the reduced management fee. Valuation We believe the current share rating represents a compelling opportunity to invest in a fund with an excellent NAV track record and at a point when the lending market is offering attractive risk-adjsuted returns. The repayment of the preference shares offers a further catalyst for an uptick in returns. RECI’s 1.7% discount compares to a 6.6% average premium for the real estate debt fund peer group. The company’s 6.8% dividend yield (based on 11.1p dividend for FY2017) is also 0.8% higher than the peer group average. We maintain our BUY rating.
davebowler
20/6/2017
10:07
Yes, looking forward to regaining the heady heights of 180p! No obvious reason they dropped, far better than cash in the bank.
deadly
17/6/2017
14:43
I know we're all here for the yield rather than capital gain; but sure nice to see them break North out of their 9month box: free stock charts from uk.advfn.com
skyship
16/6/2017
11:38
I suspect (hope) that the 3p/Qtr will henceforth be the norm. If so RECI is now on a 7.27% Yield @ 165p. A banker holding in uncertain times...
skyship
16/6/2017
10:01
Results out; divi increase. Hope it will continue as it should since: "......mindful of the redemption in September 2017 of all the Preference Shares, with their 8% per annum coupon, your Board is pleased to increase the fourth interim dividend by 11% to 3p (2.7p for the quarter ended 31 March 2016)"
deadly
06/6/2017
19:58
Skyship, you may well be right about the future price movement ; I have just sold out having had a roller coster ride since first buying shares in January 2007, although keeping my RECP for the final few months. Been lightening up on alot of my domestic UK shares....not getting a good vibration on the election doorstep and think UK in a for a very tough couple of years.
cerrito
25/5/2017
18:30
Can anyone throw any light on the two bizarre "Holdings" RNS's on 18th& 19th May?
skyship
Chat Pages: Latest  61  60  59  58  57  56  55  54  53  52  51  50  Older
ADVFN Advertorial
Your Recent History
LSE
RECI
Real Estat..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210803 00:39:09