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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
  0.75 0.57% 131.25 131.00 131.50 132.00 131.00 132.00 358,344 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -17.4 -8.7 - 301

Real Estate Credit Inves... Share Discussion Threads

Showing 1651 to 1673 of 1725 messages
Chat Pages: 69  68  67  66  65  64  63  62  61  60  59  58  Older
DateSubjectAuthorDiscuss
08/9/2020
07:51
Liberum; Event Real Estate Credit Investments' NAV per share at 31 August 2020 was 145.8p, reflecting a NAV total return of 0.8% in the month. Returns were predominantly driven by interest income, with a small uplift (0.3p) from mark-to-market gains on European CMBS bonds. RECI’s £343m portfolio is diversified across 49 positions. The portfolio has a weighted average LTV of 63% (loans 65.2%, bonds 53.5%) and the weighted average unlevered yield is 9.5% (10.8% levered). Cash on the balance sheet remains high at £50m following repayments related to two of the larger positions in the portfolio last month. The net debt to equity ratio at 31 August was 6.4%. Liberum view Last month's quarterly update provided additional information on portfolio activity and the expectation of four further loan repayments in H2 2020, providing in excess of £40m of cash for RECI. The repayments will provide additional liquidity and the capacity to recycle capital into loans offering attractive returns. Cash now accounts for 15% of NAV. We believe loan repayments could act as a catalyst for a further re-rating of the shares in the second half of the year. The manager remains confident in the credit quality of the portfolio and we note offers have been made on assets providing security for two of the loans in the portfolio, giving further comfort on valuations. The bond portfolio offers recovery potential as the European real estate debt market has lagged wider credit markets. The bonds are primarily senior secured with relatively conservative LTVs (53.5% LTV). The underlying collateral largely comprises income-producing core assets owned by large institutional borrowers. The company's confidence in the portfolio was illustrated by the commitment to an unchanged dividend policy over the next 12 months. RECI has a strong track record in distributing a consistent level of income to shareholders. We believe the shares still offer upside from current levels given the defensive positioning in senior loans. The average LTV across the portfolio offers substantial downside protection against weakness in valuations. The underlying borrowers are typically well-capitalised institutions with significant operational and financial resource.
davebowler
08/9/2020
06:53
Adjusting for the 3p divi, a 0.8% NAV increase in August: http://recreditinvest.com/PDFs/2020/09/FactSheet08092020.pdf
skyship
01/9/2020
22:10
Aye it's management that is key
badtime
30/8/2020
10:55
Yep - and can be recycled into higher yielding new loans We are still taking quite a bit of risk for our 9 plus yield - don't take too much comfort from reported LTVs as these are, on development loans based on loan to end value when developed and not loan to cost (which is much higher) But I've happily held, on and off, RECI since 2009 and the management team is excellent So while it's a risk, it's (IMO) worth it
williamcooper104
30/8/2020
07:18
Interesting to see that the largest senior loan, valued at £40.1m (9.7% of GAV) may be an early sale: "Luxury retail and apartments in super-prime Paris location. Sponsor has received bids for the asset significantly above the balance of the loan (and above the purchase price) and is considering an early exit."
skyship
28/8/2020
13:25
thanks db, Very reassuring update, happy to hold these for the foreseeable, dividend seems safe too. wllm
wllmherk
28/8/2020
10:16
hTTp://www.recreditinvest.com/PDFs/2020/08/RECI-Jun-2020-Quarterly-Update.pdf
davebowler
17/8/2020
15:56
Got these in my ISA, hoping for some share price weakness to add some more with my dividend money in September. wllm :)
wllmherk
17/8/2020
10:58
Thanks for the updates guys , much appreciated. While I would never tuck away n forget any of my holdings this one gives me no concerns , even potential for more share price movement later in the year.
dragonsteeth
17/8/2020
10:01
Thanks for the update - here's a more readable view of the Top 10.
skinny
17/8/2020
10:00
Thanks for posting The benefits of investing in the only listed loan fund that existed before the credit crunch
williamcooper104
17/8/2020
09:02
This company (and asset manager) is providing much better disclosure than the like of swef, lbow etc. clearly the stakeholders are engaging with shareholders. Davebowler: as always, tks for sharing
yieldsearch
07/8/2020
10:08
Liberum; Real Estate Credit Investments' NAV per share at 31 July 2020 was 147.6p, reflecting a NAV total return of -0.2% in the month. July's NAV was reduced by 1.0p as a result of negative mark-to-market movements on the bond portfolio (-0.7% NAV impact). The mark-to-market movements relate to two bonds secured on Italian outlet malls owned by a global private equity sponsor. The manager remains confident of a full recovery of all of the exposure from the positions due to the quality of the asset and the low LTV. The malls re-opened in May following a four-month closure. Cash on the balance sheet has increased by £22.5m to £53.0m following repayments related to two of the larger positions in the portfolio. The repayments were due to the the financing of the loan secured on a prime Paris residential/retail asset and the early partial repayment of a UK mixed use portfolio. This resulted in a net debt to equity ratio of 5.4% at 31 July. Liberum view The repayments provide additional liquidity for RECI and the capacity to recycle capital into loans offering attractive returns. Cash now accounts for 15.7% of NAV. The development loan on the mixed-use portfolio was conservatively structured with a 55% loan-to-cost ratio (45% LTV). The office element of the project is fully pre-let and the residential is substantially pre-sold. Prior guidance from the manager was that half of the loan was expected to be repaid by September. The manager had also previously indicated the possibility of syndicating the senior part of the loan secured on the Paris property. Other larger positions in the portfolio are expecting partial repayments in the near term. RECI remains well-capitalised and we note the dividend for the quarter to June was unchanged at 3p per share, in line with the board's guidance of a stable dividend policy over the next 12 months.
davebowler
07/8/2020
08:32
Factsheet released Noticing 1p negative mtm on 2 bonds,secured against italian outlet malls: Thoase are not part of the top 10 so to to create 1p overal NAV decline, the mtm down must have been quite large?? however, saying that they "are confident of a recovery of all exposure on these positions"
yieldsearch
06/8/2020
08:41
Liberum; Event Real Estate Credit Investments has announced an unchanged quarterly dividend of 3.0p per share following robust cash collection from the portfolio. This comes following the company's announcement in May that its was committed to maintaining a stable quarterly dividend for the full financial year to March 2021. NAV performance in Q2 was robust, generating a total return of 2.7% (previously announced) and the company has a conservative net debt to equity ratio of 5.6%. RECI's £357m portfolio has been assembled with a focus on capital preservation and is diversified across 48 positions at the end of June. The portfolio has a weighted average LTV of 63% and the weighted average unlevered yield is 8.9% (10.4% levered). Liberum view The unchanged dividend is positive news for the company, especially given the recent cuts within the peer group and the wider alternative funds universe. The commitment to an unchanged dividend policy over the next 12 months highlights the company's confidence in the portfolio. RECI has a strong track record in distributing a consistent level of income to shareholders. We continue to see the significant 14.8% discount to NAV as attractive given the 9.3% dividend yield.
davebowler
03/8/2020
12:57
Happy either way Low share price means divis reinvested But still would be good to see them trading at book value
williamcooper104
03/8/2020
12:49
Start of a nice move higher... free stock charts from uk.advfn.com
skyship
15/7/2020
08:47
Big fan of this at these prices
belgraviaboy
09/7/2020
14:42
This week at just under 120p; then added a few more today@ 122.3p. As I posted at the time, the maintenance of the dividend at 3p/Qtr surprised me. I was anticipating a cut to 2p/Qtr.
skyship
09/7/2020
14:10
When did u buy back in Sky?
badtime
09/7/2020
13:07
You've convinced me!
skinny
09/7/2020
13:05
Hoping that the share price breaks north out of the short-term downtrend. Yield at 122.5p = 9.8%. A run to the brown descending 200day SMA would deliver 147p for a yield still at 8.2%. Seems fair value to me. free stock charts from uk.advfn.com
skyship
07/7/2020
07:58
Liberum; Real Estate Credit Investments 2.7% NAV return in Q2 2020 Mkt Cap £287m | Prem/(disc) -17.2% | Div yield 9.6% Event Real Estate Credit Investments' NAV per share at 30 June 2020 was 150.9p, reflecting a NAV total return of 1.2% in the month and 2.7% in Q2 2020. NAV performance benefited from mark-to-market gains on the bond portfolio (1.0p) in addition to interest income (0.8p). Investment activity was limited during the month with £1.8m of drawdowns to fund existing loan commitments. Gross leverage has reduced slightly to £49.8m (14.4% of NAV). Cash on the balance sheet at the end of the month was £30.5m, resulting in a net debt to equity ratio of 5.6%. RECI’s £357m portfolio has been assembled with a focus on capital preservation and is diversified across 48 positions. The portfolio has a weighted average LTV of 63% and the weighted average unlevered yield is 8.9% (10.4% levered). Liberum view The uplift in the bond portfolio maintains the recent recovery against the 8.9p of mark-to-market losses in March and April. 1.9p of mark-to-market gains have occurred across May and June. At 30 April, the bonds were valued at a 17.3% discount to par. The bonds are primarily senior secured with relatively conservative LTVs (55.3% LTV). The underlying collateral largely comprises income-producing core assets owned by large institutional borrowers. RECI's discount to NAV has narrowed since the lows of mid-May and now stands at 17%. In terms of downside protection implied by average LTVs and share price discount to NAV, we estimate the average headroom for reduction in collateral values before capital loss is 46%. We believe loan repayments could act as a catalyst for a further re-rating of the shares in the second half of the year. Three of the larger loans in the portfolio are expecting partial repayments in the near term following agreed asset sales, providing additional liquidity for RECI and the ability to recycle capital into attractive returns. The company's confidence in the portfolio was illustrated by the commitment to an unchanged dividend policy over the next 12 months. RECI has a strong track record in distributing a consistent level of income to shareholders.
davebowler
Chat Pages: 69  68  67  66  65  64  63  62  61  60  59  58  Older
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