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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
  3.00 2.28% 134.50 131.50 133.00 133.00 131.00 132.00 466,196 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -17.4 -8.7 - 308

Real Estate Credit Inves... Share Discussion Threads

Showing 1451 to 1474 of 1725 messages
Chat Pages: 69  68  67  66  65  64  63  62  61  60  59  58  Older
DateSubjectAuthorDiscuss
05/4/2019
08:46
Liberum; Real Estate Credit Investments Strong performance in Q1 2019 Mkt Cap £261m | Prem/(disc) 2.9% | Div yield 7.1% Event RECI's NAV total return in March was 1.5%, bringing the NAV total return for Q1 2019 to 3.1%. NAV performance in the month benefited from interest income, mark-to-market gains on the bond portfolio and an accretive loan repayment. The loan that repaid was to a UK housebuilder and was secured on its properties and manufacturing equipment. The realised IRR on the loan was 23.2%. RECI has reinvested a large portion of these funds in a new £15m loan secured on hotels in Central London. RECI is well-placed to fund near-term acquisitions with £25m of cash. Gearing increased marginally in the month to 39.5% of NAV. Liberum view The strong performance in Q1 has resulted in an 8.6% NAV total return for the financial year to March 2019. This is in line with our forecasts for the period. The company has produced consistently strong returns in recent years. We maintain our view that the real estate debt sector offers the most attractive risk-adjusted returns in the alternative lending space. We believe Real Estate Credit Investments should trade at a premium relative to the peer group given its long-term track record and differentiated origination.
davebowler
22/3/2019
11:06
ARTL trades at 20% discount to NAV too, compared to a small premium here.
davebowler
15/3/2019
10:19
ARTL is moving more into this space according to its recent announcement - ARTL is currently planning to allocate the proceeds from its recycled capital to augment and diversify its portfolio of secured real estate senior and mezzanine loan investments. This is expected to increase the company's current earnings.
davebowler
08/3/2019
07:18
MONTHLY UPDATE • NAV as at 28 February 2019 was £1.657 • NAV growth driven by the strong interest income and also some continued recovery in the mark to market of the listed bond portfolio • £6.1m of its existing loan commitments were funded during the month • RECI purchased a new £9.8m UK CMBS bond, originated by Cheyne, which is backed by a portfolio of high quality French hotels in Paris and Nice • Cash of £25m at the end of the month leaves RECI well positioned to participate in Cheyne’s healthy deal pipeline
skyship
07/2/2019
13:57
Liberum; January NAV benefits from bond recovery Mkt Cap £260m | Prem/(disc) 3.0% | Div yield 7.1% Event NAV per share at 31 January 2019 was 164.5p, representing a total return of 0.9% in the month. NAV performance in January was a result of loan interest income and some mark-to-market recovery of the listed bond investments. The company's cash balance has risen to £33m following the repayment of two loans. The repaid loans included a London residential development loan (10.8% realised IRR) and a core+ loan secured on a portfolio of London retail and residential properties (8.8% realised IRR). The manager reports a healthy pipeline of potential investments. The portfolio is now split equally between loans and bonds. The loan portfolio comprises 18 loans, with an average LTV of 62.4% and an average yield of 9.1%. The bond portfolio is diversified across 32 investments, with an average LTV of 59.6% and an unlevered yield of 5.9% (13.8% levered). Gearing has remained relatively stable at 38.4% of NAV. Liberum view The positive start to 2019 follows another year of strong performance in 2018 (7.5% NAV return) despite the volatility in bond prices in Q4. The company has typically outperformed following periods of market volatility as the flexible mandate enables it to seek the best relative value opportunities across bonds and loans. January's performance would have benefited from the additional debt drawn during December to fund new bond investments. The manager continues to see reduced competition in the lending market due to ongoing bank de-levering, rising capital requirements and Bexit concerns. The company's focus remains on senior loans and core bonds. RECI is well-placed to capitalise on the attractive risk-adjusted returns through the manager's differentiated pipeline. In total, RECI has committed £431m to new loans and CMBS deals since June 2016.
davebowler
07/2/2019
07:53
MONTHLY UPDATE • NAV as at 31 January 2019 was £1.645 • NAV growth driven by the strong interest income and also some recovery in the mark to market of the listed bond portfolio • Two loans fully repaid in the month; a London residential development with a realised IRR of 10.8% (1.25x) and a core+ loan backed by a portfolio of retail and residential assets in Central London with a realised IRR of 8.8% (1.13x) • Cash of £33m at the end of the month leaves RECI well positioned to participate in Cheyne’s healthy deal pipeline
skyship
14/1/2019
11:15
HTtps://citywire.co.uk/investment-trust-insider/news/winterflood-unveils-22-new-year-trust-tips-and-removals/a1190412?re=61456&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekend&utm_medium=BulkEmail_Investment+Trust+Insider+Weekend&;utm_campaign=BulkEmail_Investment+Trust+Insider+Weekend#i=7 P.10 Credit swaps Moving to bond and loan funds, Winterflood has given up on P2P Global Investments (P2P), which is making a slow recovery under new management and stands on a 14% discount, and is taking profits on SQN Asset Finance Income (SQN), whose shares have recovered after resolving difficulties with several of its loans a year ago. In their place it is taking the plunge on Fair Oaks Income (FAIR), a double Citywire award winner that invests in higher-risk bundles of senior, secured corporate debt to provide a high dividend but little capital growth. The end-of-year slump in US leveraged loans saw its already high yield jump to an extraordinary 17% with the shares offering what Winterfloods called an ‘interesting entry point’ on an 8% discount. The broker also liked the look of Real Estate Credit Investments (RECI) on a modest 1.5% premium to NAV as a way of getting exposure to property without taking the risk of being stuck in bricks and mortar funds during a time of Brexit upheaval. It ‘offers a 7% yield through reasonably defensive credit exposure to UK and European real estate markets and has lower correlation to property prices than direct property funds,’ the broker said.
davebowler
07/1/2019
10:40
Liberum; 7.4% NAV total return in 2018 Mkt Cap £253m | Prem/(disc) 2.1% | Div yield 7.2% Event NAV per share at 31 December 2018 was 163.1p, representing a total return of 0.3% in the month. NAV performance in Q4 was reduced by negative mark-to-market movements on the listed bond portfolio. Four UK bonds contributed most to the NAV movement but the manager remains confident in the credit quality of the bonds and the underlying collateral. The company invested £32m across three new bond positions. These investments have an ungeared return of 4.0% (19.1% geared return). £6.1m of loan commitments funded in the month and a new €39m commitment has been made to a senior loan secured on a serviced apartment in Lisbon (60% LTV). Following the new investments, gearing rose in December from 20% to 38% and the company has remaining cash balances of £19.3m (7.7% of NAV). Liberum view Despite the volatility in bond prices in Q4, RECI's NAV total return for 2018 is 7.4%. This compares to 7.1% in 2017. The company has typically outperformed following periods of market volatility as the flexible mandate enables the company to seek the best relative value opportunities across bonds and loans.
davebowler
07/1/2019
07:59
Factsheet.
skinny
13/12/2018
13:41
Ex div day
badtime
10/12/2018
07:34
MONTHLY UPDATE: • NAV as at 30 November 2018 was £1.657 • RECI received £2.8m from loan repayments in the month, and exited a selforiginated CMBS bond in the month with a realised IRR of 13.3% • RECI invested £3.8m across three new bonds and funded £4.6m of its existing loan commitments during the month • There were realised gains reported on the loan portfolio, offset by some unrealised losses (MTM) on the bond portfolio, reported in November • RECI’s cash at 30 November was £16.1m (being 6.3% of NAV), leverage was down to 20% of NAV (against an allowance of 40% of NAV)
skyship
30/11/2018
10:03
Liberum; Event RECI's NAV at 30 September 2018 was 164.2p per share (March 2018: 164.0p per share). We calculate a NAV total return of 3.8% for the half-year after adjusting for dividends. The £250m portfolio comprised 44 positions in loans and bonds at 30 September 2018. The weighted average yield is 9.2% and the average LTV is 65.3%. The portfolio remains focused on the UK (79%) and France (14%). RECI raised £23m of equity in September and this was fully deployed in October. £48m was invested in six new bonds in the month and the portfolio split is now 52% loans and 48% bonds. The leverage ratio at 30 September 2018 was 13% of NAV. This rose to 23% during October as the company deployed capital in new investments. Liberum view RECI is well-placed to deliver an improvement on the 7.1% NAV total return achieved in 2017. The NAV total return to date in 2018 is 6.6%. The swift deployment of the proceeds from the recent capital raise demonstrates the advantage of the company's flexible mandate to invest across the capital structure (senior and mezzanine loans) and by instrument (loans and bonds). In the current market, the manager is seeking to move into lower-risk positions whilst maintaining current returns. The manager's focus is currently on senior loans on value-add and development assets (mainly UK) and senior lending on core/core+ income assets in Europe via CMBS bonds. RECI’s 0.1% premium to NAV compares to a 2% average premium for the real estate debt fund peer group. The company's 7.3% dividend yield is 1.2% higher than the peer group average. We believe RECI warrants a premium rating to the peer group on the basis of its long-term track record and its differentiated origination through the manager’s position as one of Europe’s largest real estate debt investors
davebowler
20/11/2018
15:47
Money raise not helping sp
badtime
06/11/2018
07:48
MONTHLY UPDATE: • NAV as at 31 October 2018 was £1.648 • During October, RECI invested £48m cross six new bonds, fully deploying the proceeds of September’s tap issue • Funded £4.8m of its existing loan commitments during the month • RECI’s cash at 31 October was £13.8m (being 5.5% of NAV) and leverage was 23.2% of NAV vs an allowance of 40.0% of NAV • RECI announced its intention to establish a new 12 month Placing Programme, for 100 million shares
skyship
03/11/2018
13:38
hmm....that will surely provide a lid to the share price for the next year. Likely to trade in the range of 162p-167p for now on...
skyship
02/11/2018
17:16
At least it's not in one hit.
dendria
02/11/2018
16:58
Well that target placing seems a tad large
badtime
23/10/2018
19:56
hxxps://www.maidenhead-advertiser.co.uk/gallery/maidenhead/137191/search-for-a-new-buyer-begins-after-nicholsons-centre-goes-into-receivership.html hxxps://www.bisnow.com/las-vegas/news/capital-markets/and-so-it-begins-the-first-shopping-mall-to-go-into-receivership-this-cycle-93924 Stornoway Finance is used by RECI Dont know if RECI has exposure to this property
yieldsearch
16/10/2018
18:36
https://www.zerohedge.com/news/2018-10-16/concerned-bank-england-raises-alarm-about-growth-high-risk-loans
eeza
08/10/2018
10:20
Liberum Strong performance continues Event NAV per share at 30 September 2018 was 164.1p, representing an increase of 0.8% in the month. The company received full repayment of a loan secured against a UK logistics portfolio during September. The realised yield on the loan is 12% since initial investment in August 2014. £4.8m of existing loan commitments funded during the month. RECI completed an oversubscribed £23m tap issue in September. The manager continues to report a strong pipeline and had £26m of cash (10% of NAV) at the month-end. Liberum view We calculate a 6.1% 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 1.8% premium to NAV and offers a 7.2% dividend yield (5.9% average premium and 5.9% dividend yield for the peer group).
davebowler
08/10/2018
06:08
MONTHLY UPDATE: • NAV as at 30 September 2018 was £1.641, an increase of 1.3p per share taking the half year annualised total NAV return to 7.4% • A loan secured against a UK logistics portfolio which has been held since August 2014, fully repaid in the month with a realised yield in excess of 12% • Other profits driven by interest income on bonds and loans, and fair value gains • Funded £4.8m of its existing loan commitments during the month • An oversubscribed tap issue successfully raised £23.3m which will enable RECI to participate in Cheyne’s strong pipeline of opportunities.
skyship
20/9/2018
15:09
Quite a positive reaction really to the placing, but there again, RECI is a well run entity.
owenski
20/9/2018
15:05
RECI were looking rather expensive having just gone XD yet moving on up to a 7% premium. A good time to make a placing, yet still at a 3% premium to NAV.
skyship
20/9/2018
10:28
left out in the cold again , barstewards .
holts
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