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
  -1.00 -0.6% 167.00 181,234 16:28:17
Bid Price Offer Price High Price Low Price Open Price
167.00 168.00 167.50 167.00 167.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 19.23 13.10 12.7 333
Last Trade Time Trade Type Trade Size Trade Price Currency
17:05:24 O 431 167.242 GBX

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

More Real Estate Credit Inves... News
Real Estate Credit Inves... Takeover Rumours

Real Estate Credit Inves... (RECI) Share Charts

1 Year Real Estate Credit Inves... Chart

1 Year Real Estate Credit Inves... Chart

1 Month Real Estate Credit Inves... Chart

1 Month Real Estate Credit Inves... Chart

Intraday Real Estate Credit Inves... Chart

Intraday Real Estate Credit Inves... Chart

Real Estate Credit Inves... (RECI) Discussions and Chat

Real Estate Credit Inves... Forums and Chat

Date Time Title Posts
09/10/201908:58Real Estate Credit Investments1,488

Add a New Thread

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

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-10-22 16:05:24167.24431720.81O
2019-10-22 15:35:06167.00150250.50UT
2019-10-22 15:28:17167.006881,148.96AT
2019-10-22 15:28:17167.00418698.06AT
2019-10-22 15:14:27167.5010,00016,749.93O
View all Real Estate Credit Inves... trades in real-time

Real Estate Credit Inves... (RECI) Top Chat Posts

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 168p.
Real Estate Credit Investments Limited has a 4 week average price of 165p and a 12 week average price of 164p.
The 1 year high share price is 176p while the 1 year low share price is currently 162p.
There are currently 199,203,635 shares in issue and the average daily traded volume is 331,039 shares. The market capitalisation of Real Estate Credit Investments Limited is £332,670,070.45.
holts: Net Assets1 £228.1m Shares Outstanding 139.4m NAV (pence per share)1 £1.637 Share Price (pence per share) £1.650 Premium/(Discount) 0.8% Dividend Yield2 7.3% Market Capitalisation £230.0m
kenny: I do not think that is correct. I believe RECI share pro-rata on fees and equity profit share.
skyship: Certainly been a weak market recently; Kenny called this right it would seem. Still, I think the earnings are safe as they obviously had a good story to sell at the last placing @ 167p only 3 months ago: I expect the factsheet for March will confirm no problem. It is likely to have been a single fund selling down; and as they close out their position the share price will recover.
skyship: Kenny - I'll check that re uncovered dividend. In the meantime holders should be reassured by this extract from October's piece in the DTel. As for RUSP - holders have done well thus far; but I wouldn't sleep well at night holding stock in Putin's kleptocracy. Certainly NOT one for me! ============================================================== “We believe that the opportunity set available to RECI today, for the UK market, may be as compelling as that present in 2008 and 2009 in the immediate aftermath of the global financial crisis.” The fund manager gave the example of one £20m loan in April. It was for just 40pc of the property value, with the owner and other lenders ranking behind RECI in the event of default – but the return is expected to be 8pc a year. This kind of figure is normally associated with highly risky assets, not secured lending on London property when other parties have to lose 60pc of the asset’s value before any impact is felt. Across the £113m loan portfolio as a whole, RECI has lent about 69pc of the value of the properties concerned. The trust also owns about £50m in bonds backed by residential or commercial property. Some were bought below par value, which offers some limited scope for capital growth. The trust currently yields a highly attractive 6.8pc but there are good reasons to expect that figure to rise to about 8pc or perhaps even more, said James Burns, who holds it in multi-manager portfolios he runs for Smith & Williamson. “The trust used to have some expensive preference shares in issue, but they were redeemed last month,” he said. “These prefs cost 8pc a year but the fund manager expects to refinance at less than 2pc. “The other change is that the management fee will in future be calculated as a percentage of net assets, not the higher gross assets figure. Taken together, these two developments could see the yield rise by between 1.5 and two percentage points, so it could reach 8pc or more at the current share price.”
kenny: More important than the constant issue of shares, I am beginning to wonder if RECI are going to continue to struggle to earn an average of 3p per quarter net; to meet the quarterly dividend. Averaging the last 3 months, they just about made 3p in those 3 months but, importantly, those earnings include the effect of issuing shares at above NAV. Therefore in the last 3 months, in reality, they have not earned an average of 1p per month. You cannot keep issuing new shares at above NAV so your earnings are flattered. Essentially, if you look at the yield on recent loans, those investments have not been at a high enough yield to produce earnings after costs averaging 1p per month. Nothing to say the yield on new investments will improve even if interest rates nudge upwards because their loan rates are not really related to base rate. In essence, if future earnings are only just going to cover the dividend yield and for some periods not cover the dividends, there is no reason for the shares to trade at much over NAV. I appreciate people are desperate for yield – that might support the share price at a premium to NAV - but there are more risks below the surface with RECI than perhaps most investors appreciate. After careful consideration of the longer term outlook I sold some weeks ago and reinvested in RUSP. I appreciate that RUSP invests in Russian warehouses but this class is preference so the yield is fixed, higher and very well covered by earnings. I think all the political and other risks, if any transpire, will be borne by the ordinary class: RUS and not the preference I am invested in. I had held RECI for some years so it is sad selling the last of my holding of a share that had served me well for so long. However, I believe I have much less risk in RUSP (strange as that might sound!), my yield is higher, very well covered and, importantly to me, much more secure when comparing risks between the two investments.
grahamburn: And, so far, the share price has held up well.
davebowler: Liberum; Specialist Finance Real Estate Credit Investments (BUY, Mkt Cap £115m) 7.5% NAV return in 2016 Event RECI generated a NAV return of 1.1% in December 2016 bringing the NAV total return for 2016 to 7.5%. NAV performance in the month was driven by the loan portfolio and the third consecutive month of positive returns from the bond portfolio. December was an active month for portfolio activity with the company acquiring £15.4m of a bond secured against a prominent office building in the City of London (8.3% expected yield). £2.0m of bonds were sold above the prior month-end carrying values. In the loan portfolio, a new loan commitment was signed for a senior loan to fund the development of a site in Woolwich, London into 152 mid-market residential units. A €7.6m repayment on a loan secured on a Berlin shopping centre was received in the month. Liberum view 2016 has been another positive period for RECI and the 7.5% NAV return has been achieved despite volatility in the underlying real estate market during the year and cash drag in H2 2016 following a large loan repayment in August. Cash as a percentage of NAV at the end of December was 15% and outstanding loan commitments account for the majority of this. RECI's share price discount to NAV has widened to 3.2% which compares to an average 4.2% premium for peers. This is despite RECI's superior NAV total return track record and sector-leading dividend yield of 6.8% (6.0% for peer group).
grahamburn: Why buy this close to the ex-dividend date? Unless the share price rises by more than the two dividend amounts, all that you will achieve is getting some of your own money back, whilst losing some "capital" value. Add to that the uncertainty surrounding the next few days and you might get a double whammy. Personally, I'm sitting on my hands until after the ex-dividend date when I might get a much better price to add to my holdings. I might not, of course, but at least any downside risk is covered!
deadly: Results this Friday. Will they give a boost to the depressed share price? Hope so.
kenny: Yieldsearch – everything you say seems soundly based and logical. Most journalists do not seem to understand RECI – it is too much hard work! My current view is that RECI will wind up because it is a very small fund compared to the other funds Cheyne are managing. There have also launched at least 3 new funds in the last 18 months which are all now a lot bigger. I do think that eventually RECI will move to trade much closer or above its NAV. These things sometimes take a lot longer than would appear logical – especially when compared to new funds, which seem to have a big marketing machine to draw in new investors e.g. the investors chronicle article. If RECI keeps adding a penny or three to its NAV every month, then it will eventually be noticed and, perhaps, all of a sudden it will move up. You heard it here first!! Another important point to bear in mind is that RECI has a pool of potential pull to par money of 64p per share – new entrants do not have this potential. That combined with the fact Cheyne seem to be able to source higher yield investments should ensure that, over the long term, RECI out performs the newer funds. Perhaps the RECI share price has to first consolidate its move up over the last 9 months, with all short termers being flushed out, before it makes its next move up. The US MBS market and US based MBS funds appear to have closed the gap to a much greater extent, so perhaps we will eventually follow the US market.
Real Estate Credit Inves... share price data is direct from the London Stock Exchange
Your Recent History
Real Estat..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20191023 03:31:10