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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
  1.00 0.64% 158.00 156.50 157.50 158.00 156.50 157.50 103,853 12:50:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 37.2 16.2 9.8 362

Real Estate Credit Inves... Share Discussion Threads

Showing 1676 to 1698 of 1900 messages
Chat Pages: 76  75  74  73  72  71  70  69  68  67  66  65  Older
DateSubjectAuthorDiscuss
11/11/2020
22:03
Taxes, more taxes and eventually inflation (another benefit of RECI - you are getting the yield with very low duration - eg the loans are not long dated and thus are not very sensitive to rising interest rates)
williamcooper104
11/11/2020
21:34
I do think the standard 2k div allowance will go. Capital gains outside of ISA likely to alter, maybe even go entirely.
owenski
11/11/2020
20:59
I have both these and VSL in my ISA for income. Can't see Gov tampering with ISA allowances, but, suspect dividend allowances will be cut. wllm :)
wllmherk
11/11/2020
19:11
Can see capital gains tax being fully aligned with income tax No question what way taxes are headed I'm into RECI for the yield, but would like to see them trade at or ideally a bit above NAV, to be able to accretivly raise further equity capital (though appreciate that lower share price means greater long term total return if you are reinvesting yield)
williamcooper104
11/11/2020
17:40
Always was short sighted valuing these just n NAV + or - Yield and ability to pay should factor. Good to see it creeping up a tad, but I'm not in this for capital gain, it's an income stock afaic. I also think higher yield income stocks are likely to be desirable in the months to come as it's entirely possible that to plug the deficit, the Gov. is going to be looking at everything and taxing it, maybe at source again, but the personal allowances I can see going, so one needs to start at 8% and over to retain their meaningful cut. IMO
owenski
11/11/2020
07:24
MONTHLY UPDATE • NAV as at 31 October 2020 was £1.485p per share, representing an increase of 1.0p per share from the 30 September 2020 NAV of £1.475 per share. • RECI has recently received further cash repayments on four deals: • Final repayment of £19.4m from the loan backed by a London mixed use development, predominantly office and residential (portfolio position 3 as at 30 September). The realised IRR on this deal was approximately 11% • A partial repayment of £2.7m on an asset backed by an income producing granular UK portfolio (portfolio position 2) • Another partial repayment of £2.1m on the £20.0m commitment to the London Office to Residential senior loan (portfolio position 10) position. The development has completed and the commercial accommodation is fully let. Full repayment is expected before 31 December 2020 • Post October month end, RECI has also received full repayment of £2m for a loan to support the development of a student housing asset in Bologna. The realised IRR was approximately 25% • RECI funded £2.3m of its existing commitments in the October, and invested £4.8m in the purchase of three new bonds • RECI also fully funded its allocation of a new £21.7m senior loan (£60m total) to finance the purchase of a core income producing Grade A new office build asset in London, with an LTV of 59% • The Company had cash as at 31 October 2020 of £47m and gross leverage of £70m (representing 21% of NAV and 1.07x net/effective look through leverage). • The Investment Manager will be publishing a Company Update on 17 Nov
skyship
05/11/2020
22:55
It's like a lot of stuff RECI lend against - the wrong student hall in the wrong location is going to suffer hugely - but the right asset/right area will be fine - an interest accrual or two is possible but ultimate return of and on capital still highly likely
williamcooper104
05/11/2020
17:58
Cerrito - Student accommodation loans are more than fine. Oodles of equity to absorb losses first and valuable collateral in the very worst case. Not in secular decline, probably the reverse. As it is there is no chance of even a missed payment.
hpcg
01/11/2020
08:43
Investment is all about an assessment of Risk/Reward; and I would suggest that most of us on this thread are canny enough to have decided that the see-saw is balanced in our favour with RECI...
skyship
01/11/2020
00:08
Of course - while I love RECI and have held since the credit crunch - anything with a 9 yield is clearly risky - if you are going to invest in high yield real estate credit Cheyne are a class act - but enough of a storm and the divi will be cut
williamcooper104
01/11/2020
00:06
When you dig into the retail and hotel exposure it's not as bad as it sounds - eg most of the retail is a Parisian prime asset plus a U.K. retail park (retail parks are not the dog they seemed a few months ago) There's still demand for development loans - Cheyne can do development loans or recapitalisations/loan to owns - they are not constrained Against that there's never been more cash raised for private debt funds - eg Blackstone just closed $8bn A lack of demand for loans is a huge issue if RECI was trading at a premium - but as it's at a discount currently that's not such a problem
williamcooper104
31/10/2020
23:29
Had a skim through the q3 presentation. I note on page 7 the portfolio breakdown. I would be happier if the share for logistics at 8% was higher and that that for retail-20%; hotel-15% and student accommodation -10% was lower. I also ask myself how much property development will be taking place in the UK and France in the immediate future and thus how strong will be the demand for loans that RECI specializes in making.
cerrito
31/10/2020
23:08
Continued thanks from me, davebowler
cerrito
28/10/2020
15:13
Thanks for that
holts
28/10/2020
10:53
Looks solid 1.6 years average life on the loan assets - very attractive in this market
williamcooper104
28/10/2020
08:10
This morning's quarterly update presentation... http://www.recreditinvest.com/PDFs/2020/10/RECI-Sep-2020-Quarterly-Update.pdf
cwa1
09/10/2020
10:01
Liberum; Significant bond upside potential Mkt Cap £282m | Prem/(disc) -16.6% | Div yield 9.8% Event Real Estate Credit Investments' NAV per share at 30 September 2020 was 147.5p, representing a NAV total return of 1.2% in the month. NAV performance was driven by a combination of interest income (0.9p) and a 1.0p mark-to-market uplift on two bonds in the portfolio. 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. RECI funded £1.2m of a new £8.8m commitment to a senior development loan secured on a student accommodation scheme in Seville, Spain. The £347m portfolio is diversified across 53 positions. The portfolio has a weighted average LTV of 62.7% (loans 65.6%, bonds 51.4%) and the weighted average unlevered yield is 8.9% (11.3% levered). Cash on the balance sheet remains high at £49m and the net debt to equity ratio at 30 September was 6.8%. Liberum view The mark-to-market uplift on the Italian bonds represents a swift recovery as these bonds had been marked down by a similar amount in July. We believe the bond portfolio offers considerable re-rating potential as European real estate debt has lagged the wider rally in wider credit markets since March. The bond portfolio experienced 8.9p of mark-to-market losses in March and April and the mark-to-market gains since then have totalled 2.2p. The bonds are primarily senior secured with relatively conservative LTVs (51.4% LTV). The underlying collateral largely comprises income-producing core assets owned by large institutional borrowers with significant resources. We believe RECI holds bonds secured on UK Center Parcs assets and we note, for example, that Brookfield agreed to inject £185m of capital into Center Parcs to support the business during the pandemic. RECI's discount to NAV stands at 16.6%. 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%. Loan repayments have continued to come through in recent months and a further £40m of repayments are expected in the remainder of 2020. These will provide additional liquidity for RECI and the ability to recycle capital into new investments generating attractive returns. We believe the discount offers an attractive entry point given the manager's track record and the defensive positioning in senior loans.
davebowler
09/10/2020
06:25
Nothing there to justify the current discount
belgraviaboy
09/10/2020
06:15
MONTHLY UPDATE: • NAV as at 30 September 2020 was £1.475p per share, representing an increase of 1.7p per share from the 31 August 2020 NAV of £1.458 per share. • The change in NAV per share was primarily due to: • 0.9p of interest income; and • 1.0p of positive mark-to-market (‘MTM’) adjustments on two bonds in the portfolio. • The two bonds subject to positive MTM adjustments were secured against Italian outlet malls owned by a large global private equity sponsor. We remain confident of a recovery of our exposure on these positions due to the quality of the assets, the low basis and strong underlying sponsor. • RECI funded £1.2m of its existing commitments in the month. The Company also funded £1.2m of a new £8.8m RECI commitment (€18.1m total deal commitment) to a senior development loan to support the development of a purpose-built student accommodation scheme located in Seville, Spain. • The Company had cash as at 30 September 2020 of £49m and gross leverage of £72m (representing 21% of NAV and 1.07x net/effective look through leverage). • The Company has an identified pipeline of potential deals on more favourable rates and with similar risk profiles than those available prior to COVID.
skyship
02/10/2020
09:51
hTTps://www.investmentweek.co.uk/opinion/4020744/enter-golden-age-credit-yes?
davebowler
17/9/2020
11:26
Won't close any time soon But if in a year the mood music is much better and a vaccine is out and working then could see it going to a 5-10 premium to NAV
williamcooper104
17/9/2020
06:49
Kenny - no way will they break pre-emption protocol and issue shares at a discount. also has to be viewed as highly unlikely that these will regain NAV anytime soon! I expect the discount to close, but to remain in the 5%-10% range.
skyship
16/9/2020
23:20
Ultimately it comes down to is there likely to be a big write down on a hard brexit - it not then RECI is a steel If we have a super hard brexit then share price will fall 20-30% I hold reci with a lot of € and $ stock as a hedge
williamcooper104
Chat Pages: 76  75  74  73  72  71  70  69  68  67  66  65  Older
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