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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
  2.00 1.49% 136.00 135.50 136.00 136.00 133.50 134.50 291,101 15:00:44
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -17.4 -8.7 - 312

Real Estate Credit Inves... Share Discussion Threads

Showing 1426 to 1450 of 1725 messages
Chat Pages: 69  68  67  66  65  64  63  62  61  60  59  58  Older
DateSubjectAuthorDiscuss
05/9/2018
08:51
Liberum; Consistent returns Event NAV per share at 31 August 2018 was 162.8p, representing an increase of 0.6% in the month. The company received full repayment of a loan secured against a branded hotel development in Shoreditch during August. The realised yield on the loan is 9.2% since initial investment in April 2014. £2.8m of existing loan commitments funded during the month. Gearing has reduced from 22.6% of NAV to 14.9% of NAV over the month. This is mainly due to the disposal of c.£26m of bond investments. The portfolio composition is now 63% loans and 37% bonds. The manager continues to report a strong pipeline and had £14m of cash (6% of NAV) at the month-end. Liberum view We calculate a 5.3% NAV return to date in 2018. We believe the real estate debt market offers some of the most attractive risk-adjusted returns in the credit space and RECI is well-placed to capitalise on this through the manager's differentiated origination pipeline. The stock trades on a 5.7% premium to NAV and offers a 7.0% dividend yield (6.0% average premium and 5.9% dividend yield for the peer group).
davebowler
05/9/2018
06:51
MONTHLY UPDATE: • NAV as at 31 August 2018 was £1.628, an increase of 1.0p per share post the 3.0p dividend • Healthy NAV return driven by strong interest income • A loan secured against a branded London hotel development in Shoreditch, which has been held since April 2014, repaid in the month with a realised yield of 9.2% • Funded £2.8m of its existing loan commitments during the month • The pipeline of opportunities developed by Cheyne across both the loan and structured credit markets remains strong
skyship
23/8/2018
09:04
XD today. Might signify a top in the short-term.
skyship
07/8/2018
09:57
MONTHLY UPDATE : • Successfully syndicated the senior tranche (£16.5m) of a self-originated investment secured by a portfolio UK offices, enhancing the yield on the retained tranche to c.10% • Received full repayment of a German multi-family deal, which has been held since June 2013, at a realised yield of c.13% • Purchased two new bonds, both originated by the Cheyne: ~ £16.1m in a UK CMBS backed by a portfolio of UK care homes ~ £2.1m in a EUR CMBS backed by a portfolio of French student accommodation • Funded £2.4m of its existing loan commitments during the month • Cash at month end of £6.1m (2.6% of NAV) NAV at end Jul'18 = 164.8p
skyship
05/7/2018
09:48
Liberum; 4% NAV total return in H1 2018 Event NAV per share at 30 June 2018 was 163.7p, representing a 0.6% NAV return in the month. £4.0m of existing loan commitments were funded in June. Undrawn loan commitments are currently £80.5m. A German multi-family deal which had been held since 2013, repaid in July with a realised yield of 13%. Liberum view NAV total return in H1 2018 was 3.9% (4.0% assuming reinvestment of dividends). We believe the real estate debt market offers some of the most attractive risk-adjusted returns in the credit space and RECI is well-placed to capitalise on this through the manager's differentiated origination pipeline. The stock trades on a 1.4% premium to NAV and offers a 7.2% dividend yield (4.7% average premium and 5.9% dividend yield for the peer group). Real Estate
davebowler
05/7/2018
09:34
How bizarre - I'm on the website at the moment and the last Fact Sheet was for May!
skyship
05/7/2018
09:29
Net Assets1 £228.1m Shares Outstanding 139.4m NAV (pence per share)1 £1.637 Share Price (pence per share) £1.650 Premium/(Discount) 0.8% Dividend Yield2 7.3% Market Capitalisation £230.0m
holts
05/7/2018
09:27
it was when I looked at about 08:00
holts
05/7/2018
09:16
This morning's RNS perhaps rather premature - monthly Fact Sheet still not yet up on the website!
skyship
29/6/2018
07:47
Liberum; New note: Increasing returns and lowering risk Event RECI’s 7.8% NAV return in FY2018 represented an increase of 0.6% on the prior year. We expect a further improvement to 8.3% in FY2019, mainly due to cost savings following the preference share repayment. Reduced competition in the lending market post-Brexit has allowed the manager to reduce portfolio risk by increasing the weighting to senior loans to 63%. We regard the 7.3% dividend yield and 3% discount to the peer group as highly attractive.
davebowler
28/6/2018
09:08
Sold a few as they went XD the 3p dividend this morning...
skyship
15/6/2018
10:34
Thnx for that DB ---- reads very well; and of course another 3p divi confirmed today as well.
skyship
15/6/2018
08:37
Liberum; Real Estate Credit Investments (Mkt Cap £231m) FY2018: 7.6% NAV total return Event RECI's NAV per share at 31 March 2018 was 163.6p per share (March 2017: 163.2p per share). We calculate a NAV total return of 7.6% for the year after adjusting for dividends paid of 12p. NAV has risen a further 1.3% in the two months to May 2018. The £245m portfolio comprised 44 positions in loans and bonds at 31 March 2018. The weighted average levered yield is 10.0% and the average LTV is 66.4%. The portfolio remains focused on the UK, France and Germany. The manager continues to see reduced competition in the lending market due to ongoing bank de-levering and rising capital requirements. Cheyne's real estate debt origination was higher in 2017 than in any previous year. This was evidenced by RECI's total investment of £231m (£136m of loans and £95m of bonds) in the year to March 2018. The manager is aiming to lower the risk profile of the loan book, but maintaining its total returns. The current investment focus is on senior loans secured on value-add and development assets (mainly UK) and bonds secured on core/core+ income assets across Europe. Liberum view The 12 months to March 2018 has been a transformational period for the fund with the repayment of the preference shares and a significant enlargement in the company size (over £100m of equity raised in 2017). This has resulted in reduced gearing a lower expense ratio. NAV total return improved from 7.2% in FY2017 to 7.6% and we expect a further increase in returns in the coming years. Our forecasts imply NAV returns of 8.5% and 8.7% in the next two years. We believe the real estate debt market offers some of the most attractive risk-adjusted returns in the credit space and RECI is well-placed to capitalise on this through the manager's differentiated pipeline. The stock trades on a -1.0% discount to NAV and offers a 7.3% dividend yield (5.2% average premium and 5.9% dividend yield for the peer group), which we regard as attractive given the fund's strong long-term track record and the improved investment opportunity set in recent years.
davebowler
11/6/2018
09:16
Liberum; Continued NAV gains Event NAV per share at 31 May 2018 was 165.7p, an increase of 0.6% in the month. The NAV total return to date in 2018 is 3.4%. £2.9m of existing loan commitments funded in the month with a further €2m invested in two new bonds in a CMBS issue. Following these investments, cash on the balance sheet was £9.2m (4.0% of NAV). This is expected to be used to fund a pipeline deal in the coming weeks. Gearing has remained stable at 22.3% over the month. Liberum view RECI remains on track for an 8%+ NAV total return in 2018. The stock trades in line with NAV compared to a 4.9% average premium for its closest peers. The company’s 7.2% dividend yield is also 1.4% higher than the peer group average.
davebowler
08/6/2018
13:10
Kerching! - another good month... MONTHLY UPDATE: • NAV as at 31 May 2018 was £1.657, an increase of 1.0p per share over the month, due to strong interest income from the portfolio. • RECI funded £2.9m of its existing loans commitments during the month, and also invested €2m across two bonds in a new CMBS issue. • Cash balance of £9.2m at month end, representing 4.0% of NAV, which is lined up to fund one of the Investment Manager’s pipeline deals in the coming weeks. • The pipeline of opportunities developed by Cheyne across both the loan and structured credit markets remains strong.
skyship
07/6/2018
18:18
Yeild its no different at all however if these loans go pop Cheyne just tell the truth which is they are high risk loans hence securitized in a special purpose seperatly managed fund. IE RECI. I cannot see how they could suffer much reputational damage fir the life of me if and when they blow up. Its hardly like they would be compared to what the likes of Halifax were doing in 2008.Kenny I'm not sure what your problem is. Cheyne are not doing anything illegal or underhanded. This is now to high risk for me and the business plan looks set to cost shareholders over the long term. You obvously think otherwise. Fine.
my retirement fund
07/6/2018
12:32
MRF - you stated that Cheyne were doing something underhand by taking fees on loans that Cheyne originated and RECI invested in and that is the point I addressed. See note 7 to the factsheets, which states that RECI are entitled to fees and, where applicable, equity upside participation. You have ignored my response but instead advanced a new argument - that Cheyne staff are incentivised to write dodgy loans. Is this from inside knowledge? If so, please explain how they are overcoming vetting and other procedures. I am fast becoming convinced that your stance is purely to create an argument - without regard to facts or doing any research. What is your purpose, because it is clearly not to enlighten holders and seems to be to maintain a dispute with all comers? I look forward to your reply but do not expect me to respond. Such continual un-researched supposition has, in my view, had sufficient air.
kenny
07/6/2018
11:34
MRF how is that different that any other asset managers? say you invested in a fund managed by pimco, m&g, legal and general, invesco or any others, they invest in equity/bonds/land/esoteric stuff and it goes pop, they will not feel any pain? ie asymmetry of output between the shareholder and the investment/asset manager?
yieldsearch
07/6/2018
10:47
Kenny they are not putting their reputation on the line at all not sure why you imagine that. All thats going on here is that amongst their staff involved in comercial property loans they have some who work on high risk stuff and those staff use some of the facilities within the organisation to make such loans. The reason these staff members do this is because they are enterprising and want to do well. They will have remuneration linked to the fees and they will have profit linked remuneration. If and when some of this stuff becomes smelly it wont effect Cheyne one jot.
my retirement fund
03/6/2018
22:02
Last I heard, Cheyne had about $6bn under management. Therefore, it seems anomalous to suggest that the only reason to raise up to £15m for RECI is fees for Cheyne. Indeed, the whole £230m managed in RECI seems quite insignificant in that context. Cheyne continued to win awards in 2017, so I wonder if they would be willing to put their reputation on the line for a few extra pounds in fees. Understand, Cheyne hope to jointly float a REIT which specialises in 'build and rent' UK residential property on the London market once the fund builds to about £700m. Not much chance of that happening if they ruin their reputation by ripping off holders in RECI.
kenny
03/6/2018
17:17
I do not think that is correct. I believe RECI share pro-rata on fees and equity profit share.
kenny
03/6/2018
12:02
Skyship. I think it's clear the money to be made here for Cheyne is not single fold as you suggest but two fold. Namely writing or under writing said loans as well as secondly increasing the size of RECI assets and hence the fees.I would also wager that the former of those activities are an awful lot more lucrative than the later.It is also for this reason why those who believe this has signalled a change in sentient for RECIs activities are mistaken. I believe you will be seeing many many more issues of shares as and when they can get away with it. It's just a matter of time, you'll see ! imo dyo etc.
my retirement fund
03/6/2018
11:51
"...when your company is struggling to execute its business model?" As I posted 3weeks ago in P.No.1386 - herewith the Company's objective. As you have previously stated Cheyne may have a different objective - namely to increase their fee income; but for shareholders it is perfectly reasonable to like the stock, yet disapprove of Cheyne's abortive attempt to issue more. ================================================================ Objective: The investment objective of the Company is to provide Ordinary Shareholders with exposure to a diversified portfolio of Real Estate Credit Investments. The Company invests in real estate credit secured by commercial or residential properties in Western Europe. The Real Estate Credit Investments may take different forms but are likely to be: (i) secured real estate loans, debentures or any other forms of debt instruments. Individual Secured Debt investments will have a weighted average life profile ranging from six months to 15 years. Investments in Secured Debt will also be directly or indirectly secured by one or more commercial or residential properties; (ii) listed debt securities and securitised tranches of real estate related debt securities; (iii) other direct or indirect opportunities, including equity participations in real estate.
skyship
03/6/2018
10:05
I agree with that. Its either your cup of tea or its not.The postet who shouted good when the recent issue failed I only hope is not an investor. Its hardly something to celebrate is it, when your company is struggling to execute its business model?I'm not really sure why people like the fund anymore but prehaps they see simething I dont. Prehaps they know more about the loans Cheyne are issuing and prehaps in the future they envisage the funds doing really well ?
my retirement fund
02/6/2018
16:02
"What is the concern here?" - none really, I just think that most of us would hope that they stop issuing new stock...
skyship
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