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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 | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.0% | 127.00 | 414,309 | 16:35:04 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 126.00 | 127.50 | 127.50 | 125.50 | 127.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 30.67M | 20.55M | 0.0896 | 14.06 | 288.96M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:54:35 | O | 162 | 126.48 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 06/12/2023 | 07:00 | UKREG | Real Estate Credit Investments Ltd Transaction in Own Shares |
| 29/11/2023 | 21:36 | ALNC |  EARNINGS AND TRADING: Southern Energy loss swing; Craven House widens |
| 29/11/2023 | 07:00 | UKREG | Real Estate Credit Investments Ltd Dividend Declaration |
| 09/11/2023 | 07:00 | UKREG | Real Estate Credit Investments Ltd Fact Sheet Announcement |
| 03/11/2023 | 07:05 | UKREG | Real Estate Credit Investments Ltd Investment Manager's Q2 Investor.. |
| 25/10/2023 | 06:00 | UKREG | Real Estate Credit Investments Ltd Share Buyback Programme in a Closed.. |
| 18/10/2023 | 06:00 | UKREG | Real Estate Credit Investments Ltd Fact Sheet Announcement |
| 15/9/2023 | 14:30 | UKREG | Real Estate Credit Investments Ltd Result of AGM |
| 14/9/2023 | 15:11 | UKREG | Real Estate Credit Investments Ltd Dividend Declaration |
| 14/9/2023 | 06:00 | UKREG | Real Estate Credit Investments Ltd Fact Sheet Announcement |
Real Estate Credit Inves... (RECI) Share Charts1 Year Real Estate Credit Inves... Chart |
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1 Month Real Estate Credit Inves... Chart |
Intraday Real Estate Credit Inves... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 08/12/2023 | 16:25 | Real Estate Credit Investments | 2,369 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2023-12-08 17:54:35 | 126.48 | 162 | 204.90 | O |
| 2023-12-08 16:45:15 | 127.00 | 71 | 90.17 | O |
| 2023-12-08 16:45:15 | 127.00 | 711 | 902.97 | O |
| 2023-12-08 16:37:08 | 127.00 | 621 | 788.67 | AT |
| 2023-12-08 16:35:04 | 127.00 | 1,630 | 2,070.10 | UT |
| Top Posts |
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Posted at 08/12/2023 08:20 by Real Estate Credit Inves... Daily Update Real Estate Credit Investments Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker RECI. The last closing price for Real Estate Credit Inves... was 127p.Real Estate Credit Inves... currently has 229,332,478 shares in issue. The market capitalisation of Real Estate Credit Inves... is £288,958,922. Real Estate Credit Inves... has a price to earnings ratio (PE ratio) of 14.06. This morning RECI shares opened at 127p |
Posted at 29/11/2023 22:54 by alter ego Aisha, I hold in a HL ISA. platform charge is £3.45 per month for the entire ISA. There are no management charges for the stock.The yield is dividend/share price pure and simple. |
Posted at 29/11/2023 09:39 by davebowler Liberum-H1 24 results – Capital recycling creates the opportunity for more attractive future yields Analyst: Bjorn Zietsman Mkt Cap £297m | Share price 130.5p | Prem/(disc) -12.3% | Div yield 9.3% Event RECI reported its interim results this morning. NAV per share as at 30 September 2023 was 147.7p and RECI generated an annualised NAV total return of +9.4% (dividend yield of 9.1%). EPS increased c.51% y/y to 6.8p mainly as prior period losses from the bond portfolio and currency instruments reversed with RECI generating gains in the current period. Expenses have been well contained, with other operating expenses (excl. management and administration fees) declining c.32% y/y. Finance costs increased +63% y/y due to the impact of higher interest rates. The portfolio comprises 45 positions with an aggregate value of £334.1m. RECI had cash of £14.9m at the month end. The outlook statement cites caution around current macro-economic conditions, but confidence in Cheyne’s management expertise which positions RECI well, stating that scheduled portfolio repayments will boost available cash resources for investment into attractive higher yielding opportunities identified by Cheyne. RECI’s latest investor presentation showed: (i) The portfolio experienced no defaults; (ii) Cash reserves are targeted at between 5% and 10% of the NAV (September’s cash levels were c.4.8% of the NAV); (iii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans. Liberum view RECI’s portfolio of real estate debt offers higher yielding returns than direct real estate investments whilst still being underpinned by tangible property in the event of default, thereby offering investors a higher risk adjusted return profile than direct real estate. Moreover, RECI also pays a higher dividend yield than UK REITs. When compared to banks, RECI is more capital efficient as its permanent capital structure allows for lower regulatory capital requirements enabling a higher return on equity than some traditional bank lenders. The opportunity set for more attractive non-bank real estate debt investments can only expand (in our view) as banks lenders continue to tighten their lending on liquidity concerns in a rising rate environment and increasing need to maintain capital adequacy and increase deposit rates. The H1’24 performance is in line with our expectations. The opportunity set for new investments is very strong in this environment and the current 9.3% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. We expect the company to continue rotating its bond portfolio into senior loans as it views senior loans as offering better risk adjusted returns |
Posted at 09/11/2023 09:45 by davebowler Liberum-NAV +0.5% MoM, £5.9m of market bond portfolio realised Mkt Cap £297m | Share price 129.0p | Prem/(disc) -13.1% | Div yield 9.3% Event RECI’s NAV per share as at 31 October 2023 was 148.4p representing a +0.5% NAV total return MoM (+8% over the last 12 months). The change in the NAV for the month largely relates to 1.1p of interest income, -0.4p decrease in asset valuations, 0.1p in FX offset by expenses of -0.2p. The portfolio comprises 36 positions with an aggregate value of £321.4m. The weighted average LTV is reported at 10.1%. RECI had cash of £22.7m at the month end. RECI’s latest investor presentation showed: (i) The portfolio experienced no defaults; (ii) Cash reserves are targeted at between 5 and 10% of the NAV (October’s cash levels are c.6.6% of the NAV); (iii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans. Liberum view October’s performance is broadly in line with expectations. The opportunity set for new investments is very strong in this environment and the current 9.3% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. Despite wider market challenges in October, RECI successfully realised £5.9m (net of repo financing) of value from its Market Bond portfolio, realising a small loss equivalent to 0.4p per share against the NAV; these proceeds will be reinvested in senior secured mortgage loans on attractive terms. We expect the company to continue rotating its bond portfolio into senior loans as it views senior loans as offering better risk adjusted returns. |
Posted at 18/10/2023 13:51 by davebowler Liberum-September NAV in line with expectationsAnalyst: Bjorn ZietsmanMkt Cap £297m | Share price 129.5p | Prem/(disc) -12.3% | Div yield 9.3%EventRECI' |
Posted at 14/9/2023 08:36 by davebowler NAV +0.8% MoMAnalyst: Bjorn Zietsman Mkt Cap £303m | Share price 132.5p | Prem/(disc) -11.4% | Div yield 9.3% Event RECI’s NAV per share as at 31 August 2023 was 149.5p representing a 0.8% NAV total return MoM (+9.6% over the last 12 months). The change in the NAV for the month largely relates to 0.9p of interest income, +0.4p increase in asset valuations, 0.1p in FX offset by expenses of 0.2p. The portfolio comprises 45 positions with an aggregate value of £322.9m. The weighted average LTV is reported at 60.1%. RECI had cash of £21.8m at the month end. The gross and net leverage ratios were 17.4% and 11.9% respectively at the end of August. RECI’s latest investor presentation showed: (i) The portfolio experienced no defaults; (ii) Cash reserves are targeted at between 5 and 10% of the NAV (August’s cash levels are c.6.4% of the NAV); (iii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans. Liberum view August’s performance is in line with expectations. The opportunity set for new investments is very strong in this environment and the current 9.3% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. We expect the company to continue rotating its bond portfolio into senior loans as it views senior loans as offering better risk adjusted returns. |
Posted at 31/8/2023 08:37 by davebowler Liberum-Initiation of share buyback programme Analyst: Joachim Klement and Shonil Chande Mkt Cap £291m | Share price 127.0p | Prem/(disc) -14.4% | Div yield 9.4% Event RECI has announced its intention to initiate a share buyback programme, beginning today and extending to 31 March 2024. The maximum purchase amount will be £5m (1.5% of last reported NAV of £339.9m), within RECI’s general authority to purchase a maximum of 34.4m shares (15% of outstanding shares). Under the terms of the programme, the maximum price payable per share must not exceed the higher of: 105% of the average middle market quotations for the previous five business days the higher of the last independent trade and the highest current independent bid on the LSE Liberum view This morning’s announcement will come as good news to investors and is in response to RECI’s current 14% discount to NAV. The short duration of RECI’s loan and bond portfolio (less than 2 years) means that capital can be recycled into both buying back shares and/or new loans with very attractive IRRs. The buyback programme only makes RECI more attractive, in our view, with the shares yielding 9.4% and the return outlook further improved by the new higher interest rate environment. The addition of the buyback, assuming full utilisation, implies a total yield (buyback yield + dividend yield) of c.11%. The weighted average LTV of 60% provides significant downside protection and all of the loans continue to perform in line with expectations. We expect the share price to respond positively to this morning’s announcement. Addition of a marginal buyer should complement volumes that have held well Not all share price discounts are created equal and in this environment, the addition of a significant buyer can have a material impact. Compared to many alternative funds, where volumes have declined significantly this year, volumes and liquidity have held up well in RECI’s case, without repurchasing shares. RECI is one of the top 10 highest-yielding funds within the AIC universe, on a NAV basis, and one that remains attractively positioned given the floating rate short-duration focus. There are several ways to evaluate the impact of share repurchases. These include the impact on the share price, the impact on the discount, the impact on discount volatility, NAV accretion, and impact on the bid/ask spread. Based on our tracking across these metrics for alternative funds, given RECI’s portfolio characteristics and liquidity profile, there is a good chance that the buyback programme will have a material impact on the discount. Useful case studies YTD include Fair Oaks Income and Sequoia Economic Infrastructure, which share some of the relatively higher-yielding and floating rate exposure characteristics. The impact on NAV accretion will be relatively more modest given the initial size and the fact that RECI’s discount is not especially high, compared to many alternative funds. |
Posted at 30/8/2023 13:46 by mwj1959 Front page of Hardman's report (paid for research)...RECI’s current discount to NAV (15%) suggests to us that some investors could be concerned that potential issues with commercial real estate (CRE) will dramatically affect the trust’s assets. In our view, the key reasons why they should not lie in RECI’s management of its position as a debt provider and in its asset selection. We note i) CRE equity holders take first losses (with a 60% LTV, RECI has a big cushion), ii) when accounts have got into difficulties, RECI has typically seen more funds injected by the equity backers, iii) CRE equity holders suffer from rising rates, as value transfers from equity holders to debt providers, and iv) RECI has limited office exposure (none in the US) – the sector most exposed to working from home. ► CRE equity holders vs. debt: CRE equity holders are affected directly by falling CRE prices, rents and rising borrowing costs. The risks to a debt provider to CRE (like RECI) arise from the probability of a borrower defaulting and loss in the event of default, not CRE prices alone. We detail below how RECI materially reduces both of these factors. ► July 2023 factsheet: The underlying NAV rose 1.5p,due to recurring interest income(1.0p). Cash was £17m, and gross leverage £90m. The book has 45 positions (30 loans, gross drawn value £371m, and 15 bonds, fair value £35m – down from 26 and £90m, respectively, at end-March). The weighted average LTV is 60%, and the yield is 10.8%. ► Valuation: In the five-year, pre-pandemic era, on average, RECI traded at a premium to NAV. In periods of market uncertainty, it has traded at a discount. It now trades at a 15% discount, a level not seen since late 2020. RECI paid its annualised 12p dividend in 2022, which generated a yield of 9.5% ‒ expected to be covered by interest alone. ► Risks: Credit cycle and individual loan risk are intrinsic. All security values are currently under pressure. We believe RECI has appropriate policies to reduce the probability of default and has a good track record in choosing borrowers. Some assets are illiquid. Much of the book is development loans. ► Investment summary: RECI generates an above-average dividend yield from well-managed credit assets. Income from its positions covers the dividends. Sentiment to marketwide credit risk is currently difficult, but RECI’s strong liquidity and debt restructuring expertise provide extra reassurance. Where needed, to date, borrowers have injected further equity into deals. |
Posted at 14/8/2023 07:59 by davebowler Liberum -NAV TR +0.9% MoM Analyst: Bjorn Zietsman Mkt Cap £287m | Share price 125p | Prem/(disc) -15.8% | Div yield 9.6% Event RECI’s NAV per share of 148.4p, as at 31 July 2023, represented a 0.9% NAV total return MoM (+7.1% over the last 12 months). The change in the NAV for the month largely relates to 1.0p of interest income, +0.6p increase in asset valuations, offset by the dividend payment of 3p. The portfolio comprises 45 positions with an aggregate value of £318.5m. The weighted average LTV has increased to 60.1% (+0.1% for the month). RECI had cash of £16.5m at the month end. The gross and net leverage ratios were 17.4% and 13.3%, respectively, at the end of July. RECI’s latest investor presentation showed: (i) The portfolio experienced no defaults; (ii) Cash reserves are targeted at between 5% and 10% of the NAV (July’s cash levels are c.5% of the NAV); (iii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating-rate senior loans. Liberum view July’s performance is in line with expectations. The opportunity set for new investments is very strong in this environment and the current 9.6% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. We expect the company to continue rotating its bond portfolio into senior loans as it views senior loans as offering better risk adjusted returns |
Posted at 20/7/2023 09:43 by davebowler NAV +0.6% MoMLIBERUM Analyst: Bjorn Zietsman Mkt Cap £281m | Share price 122.5p | Prem/(disc) -18.2% | Div yield 9.8% Event Real Estate Credit Investments’ NAV per share of 149.9p, as at 30 June 2023, represented a monthly NAV total return MoM of 0.6% (+6.6% NAV TR over the last 12 months). The change in the NAV for the month largely relates to 0.9p of interest income. One loan to a hotel and golf club house development repaid £11.3m during the month. The portfolio comprises 47 positions with an aggregate value of £310.5m. The weighted average LTV has increased to 60% (+0.5% for the month). RECI had cash of £27.8m at the month end. The gross and net leverage ratios were 17.2% and 9.8% respectively at the end of June. RECI’s latest investor presentation showed: (i) The portfolio experienced no defaults; (ii) Cash reserves are targeted at between 5 and 10% of the NAV (June’s cash levels are c.8% of the NAV); (iii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI stated they have a strong pipeline of floating rate senior loans. Liberum view June’s performance is in line with expectations. The opportunity set for new investments is very strong in this environment and the current 9.8% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. We expect the company to continue rotating its bond portfolio into senior loans as it views senior loans as offering better risk adjusted returns. |
Posted at 12/5/2023 09:01 by davebowler Liberum-Attractive yield and good deployment prospects Analyst: Bjorn Zietsman Mkt Cap £289m | Share price 126.0p | Prem/(disc) -14.9% | Div yield 9.5% Event RECI’s NAV per share at 30th April 2023 was 148.0p, representing a 0.7% NAV increase MoM (+6.4% NAV TR over the last 12 months). The change in the NAV for the month largely relates to 1.1p of interest income. The company states that it has continued its rotation of the market bond portfolio into strong senior loans with attractive returns. The portfolio comprises 47 positions with an aggregate value of £307.4m. The weighted average LTV has increased to 60.2% (+1% for the month). The Company expects to deploy its currently available cash resources in near-term commitments and continue to see growth in its pipeline of new opportunities at attractive floating rates. RECI had cash of £26.7m at the month end. The gross and net leverage ratios were 17.6% and 10.8% respectively at the end of April. RECI has also released its Q423 investor presentation. Key takeaways are: (i) The portfolio experienced no defaults; (ii) Cash reserves are targeted at between 5 and 10% of the NAV (April’s cash levels are c.8% of the NAV); (iii) The outlook is positive, guiding for a growing opportunity set as bank lending becomes more constrained. RECI states they have a strong pipeline of floating-rate senior loans. Liberum view April’s performance is in line with expectations. The opportunity set for new investments is very strong in this environment and the current 9.5% dividend yield represents attractive relative value, particularly given the focus on senior loans at low LTVs. We expect the company to continue rotating its bond portfolio into senior loans as it views senior loans as offering better risk-adjusted returns. |
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