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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
  -0.50 -0.38% 131.00 20,673 09:05:40
Bid Price Offer Price High Price Low Price Open Price
131.00 132.50 132.00 131.00 132.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial -17.42 -8.70 300
Last Trade Time Trade Type Trade Size Trade Price Currency
09:16:58 O 2,500 132.4849 GBX

Real Estate Credit Inves... (RECI) Latest News (5)

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Date Time Title Posts
23/11/202022:35Real Estate Credit Investments1,713

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Real Estate Credit Inves... (RECI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
09:16:59132.482,5003,312.12O
09:08:36131.526889.43O
09:08:13132.48500662.42O
09:07:27131.522,9893,931.13O
09:06:03132.482,5003,312.12O
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Real Estate Credit Inves... (RECI) Top Chat Posts

DateSubject
27/11/2020
08:20
Real Estate Credit Inves... Daily Update: Real Estate Credit Investments Limited is listed in the General Financial sector of the London Stock Exchange with ticker RECI. The last closing price for Real Estate Credit Inves... was 131.50p.
Real Estate Credit Investments Limited has a 4 week average price of 122p and a 12 week average price of 121p.
The 1 year high share price is 173.50p while the 1 year low share price is currently 90.20p.
There are currently 229,332,478 shares in issue and the average daily traded volume is 584,899 shares. The market capitalisation of Real Estate Credit Investments Limited is £300,425,546.18.
23/11/2020
21:28
thewheeliedealer: Hi all, My mate Peter @Conkers3 and myself did a ‘Twin Petes Investing’ Podcast a few days ago and part of our discussion includes RECI and our thoughts on the Commercial Property sector which is starting to look pretty interesting. We also chatted about loads of other Stocks and Ideas for research and did a particular bit about Luck vs Skill. We also discussed the outlook for Markets and as usual a fair bit of educational stuff with regards to Investing. Anyway, if you use Apple, Audioboom, Overcast or Spotify you can find it under the 'Conkers Corner' Channel (you want Podcast TPI 36) and you can find it on Soundcloud at the link below. It is also now on Youtube. I hope you enjoy it and find it useful, Cheers, WD @wheeliedealer hTTps://soundcloud.com/user-479955511/conkers3-wheeliedealer-36-market-bounce-winners-tm17-uls-hfd-gaw-purp-arw-reci-hsp-ai
19/11/2020
14:58
jonathan49: Hi, I am new to this BB but have been holding and following RECI for some while. I am concerned that they do not appear explain in the presentations what are the remaining impairments against the FEB 20 NAV. We still seem to be 12% down in NAV terms from the pre - covid point. RECI did explain the NAV drop in March by advising that 2.1p loss had been crystallised on sales made, but and that 8.9 was the bond NAV loss due to mark to market and the mezzanine loans loss was 6.2p due to fair value adjustment. I would like to know where this stands now to get comfort that there the only permanent impairment to date is the 2.1p loss mentioned in the March summary. Put the other way that if all loans/bonds are good for the money, then the only loss will be the crystallised 2.1p.
11/11/2020
19:11
williamcooper104: 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)
11/11/2020
07:24
skyship: 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
09/10/2020
10:01
davebowler: 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.
16/9/2020
23:20
williamcooper104: 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
16/9/2020
16:44
kenny: The report from Hardman & Co is deceptive: - forecasts show a material increase in profits in each of 2021 and 2022 but the report fails to highlight that this is because they assume the company issues £50m of new shares in each of 2021 and 2022. - commentary only mentions raising "£10m in 1Q'21 and £50m through FY22", so does not seem to agree with the figures in the projected balance sheet. - there are no EPS figures stated in the report, for 2021 or 2022, therefore, it is not easy for a casual reader of the report to understand whether the issue of further shares is earnings enhancing or just maintains the status quo for EPS. Indeed, in leaving out EPS figures, the report seems deliberately deceptive. - the only comment about how the company will raise £100m in further share issues, is that the company is unlikely to make such issues "at a discount to NAV". - it is possible to work out the number of new shares to be issued to produce this material increase in profits for 2021 and 2022. Working back from the per share NAV figure, gives about 10m new shares in 2021 and 50m in 2022; which does not tally with the £50m raised in each year that is shown elsewhere: in the very same balance sheet! - referring to the comment immediately above: taking Hardman's figures at face value and assuming that the shares are issued, it looks like EPS would be 12.3p in 2022, therefore, no increase in EPS. In other words, the increase in net profits looks impressive until you understand that those profits have to be divided by many more shares in issue. Also, I can only assume, that you have to believe that a smaller number of shares will be issued at a material premium to NAV, in order to produce the projected EPS figures. -the "Cost of dividend" projections are showing very small increases in dividend costs for 2021 and 2022. This suggests £100m is going to be raised and it is going to increase profits materially but with hardly any increase in dividends. Alternatively, the 50m shares issued in 2022 are issued near the year end but produce profits throughout the 2022 accounting period. Quite a feat! Given the above, it's hard to understand the purpose of issuing such a report, which is, in my opinion, not worth the paper its written upon. Leaving out fundamental information - which you have used in calculating your estimates - makes the report highly misleading. I will leave people to make their own judgement whether the share price is likely to recover to NAV in 2021 or 2022, such that £100m of shares can be issued in that time period.
08/9/2020
07:51
davebowler: 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.
07/7/2020
07:58
davebowler: 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.
30/5/2020
09:04
robow: here it is in full Questor: this fund is less risky than it looks and its 10pc yield gives our income a nice boost Questor Income Portfolio: we’ve had to go back to property but this investment trust invests cannily in debt rather than bricks and mortar By Richard Evans The managers of Real Estate Credit Investments are working with borrowers to limit Covid damage Last week we took the reluctant decision to sell Next. We felt we could not afford to own shares in a company that had suspended its dividend at a time when our portfolio’s overall income was below target. And, as we said in one of our mini-podcasts to the Questor WhatsApp group, we should judge the portfolio’s estimated income for the year, £23,500, against an inflation-adjusted figure rather than the headline £25,000 – the figure derived from our target yield of 5pc on the £500,000 notionally invested at the outset in 2016. Our true income target this year, if we are to keep pace with the rise in the cost of living, is £27,500. This leaves the £23,500 figure 15pc short. Getting some income from the £11,340 realised from the sale of Next (we invested £10,000 in January 2017) would go some way to closing the gap. In choosing a home for this money, we seek a high yield alongside good prospects for income security. The latter is in short supply at the moment: hundreds of companies have cut or suspended their dividends as a result of the pandemic. We have had to fall back once more on the sector in which a large proportion of this portfolio is already invested: property. This time, however, in an attempt to get some diversification, we are choosing a property debt fund This means that, rather than owning buildings and receiving rent, the fund, Real Estate Credit Investments, lends to property-related firms such as housebuilders, hotel chains and owners of student housing. Hold on, you say: surely those are some of the very sectors most severely affected by the lockdown? Is there not a huge risk that such borrowers will be unable to make their loan repayments to the fund because their own income has dried up? At first sight, perhaps – and certainly some investors take that view, to judge by the 10pc that this trust now yields. But a closer look at how its investments are actually managed, and how they are performing now, in the midst of the closure of most of the retail and hospitality sectors, paints a different picture. When we first tipped this trust, in October 2017 for our Investment Trust Bargain format, we described the management team’s experience and nous in finding pockets of value in parts of the commercial property market no longer served by traditional lenders such as banks. The circumstances may have changed but the investment team behind the trust, which numbers 32 people at Cheyne Capital, the management firm, still have the expertise and agility to navigate the Covid-19 crisis not just so that damage is limited but with an eye to opportunities thrown up by dislocation in the markets, Questor believes. An update that Cheyne published earlier this month included much to reassure investors. It has already written off one asset that it believes to be at risk, at a cost of 1.6p per share, while a loan to a housebuilder has been reduced in value by 58pc, or 5.5p a share, on the trust’s books. A 9.7pc reduction in the value of its bond portfolio accounts for another 8.9p per share. All these losses are notional, as the assets concerned have not actually been sold, but sales that have taken place account for a 2.1p per share loss. All told, the fall in value is 18.1p a share. The current net asset value is 147.6p a share. The manager also set out in detail how it was seeking to preserve its income in the long term by working with its borrowers to see them through the crisis. These plans are all well and good but the proof of the pudding is in the dividend. Reassuringly, the trust announced, alongside its update, a quarterly divi of 3p a share. It reiterated its intention “to pay a stable quarterly dividend” and said the “cash forecasting and stress scenarios” outlined in the update “give us the confidence that the company can maintain its dividend cash coverage”. A quarterly divi of 3p means an annual total of 12p. At the current share price of 120p that represents a 10pc yield. Questor sees that as more than adequate recompense for the risks involved. At that rate, the fund will pay us £1,134 a year, which will take the portfolio’s estimated total to £24,634 or 90pc of our inflation-adjusted target. Questor says: buy Ticker: RECI Share price at close: 120p
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