REG - Real Est Crd InvsLtd - Investment Manager's Q2 Investor Presentation

Real Estate Credit InvestmentsAnnouncement

03/11/2023 07:15

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RNS Number : 2538S  Real Estate Credit Investments Ltd  03 November 2023

03 November 2023

 

Real Estate Credit Investments Limited

 

Investment Manager's Q2 Investor Presentation

 

Real Estate Credit Investments Limited ("RECI" or "the Company") is pleased to
announce that the Investment Manager's Q2 Investor Presentation is now
available on the Company's website at:

 

https://realestatecreditinvestments.com/investors/results-reports-and-presentations/#currentPage=1
(https://realestatecreditinvestments.com/investors/results-reports-and-presentations/#currentPage=1)

 

An extract from the Summary section of the presentation is set out for
investors in the Appendix to this announcement.

 

For further information, please contact:

 

 Broker:             Richard Crawley / Edward Mansfield (Liberum Capital)  +44 (0)20 3100 2222
 Investment Manager  Richard Lang (Cheyne)                                 +44 (0)20 7968 7328

 

 

Appendix: Q2 Investor Presentation Extract

 

Key Quarter Updates

 

 •    Portfolio
 -  Total NAV Return for the quarter: +0.5% / Total NAV Return for H1 2023: +3.8%
 -  No defaults in the portfolio
 -  During the quarter, one French loan fully repaid, realising net proceeds of
    £2.4m, and providing headroom to invest in new deals at enhanced IRRs
 -  Rotation of market bond portfolio into strong senior loans with attractive
    returns

 •    Cash
 -  Cash reserves remain targeted at between 5% to 10% of NAV
 -  As at 30 September 2023, cash was £14.9m / 4.3% of NAV

 •    Dividend
 -  Dividends maintained at 3p per quarter, annualised 9.1% yield, based on share
    price, as at 30 September 2023
 -  Dividends predominantly covered by net interest income generated from RECI's
    assets. The aim is for dividend cover from net interest income

 •    Opportunities
 -  The present macroeconomic backdrop is set to continue through 2023/2024,
    resulting in further constraints in bank lending and alternative sources of
    capital. The opportunity to provide senior loans at low risk points, for
    higher margins, is increasingly evident
 -  The Company expects to deploy its currently available cash resources to its
    near term commitments and towards a compelling emerging opportunity set in
    senior loans

 •    Post Quarter Update - Market Bonds
 -  RECI has exited 8 market bond positions since 30 September 2023, realising
    proceeds (net of repo financing) of £5.9m. The fund now only has 7 market
    bond positions, with a notional value of £11.9m / 3.5% of NAV

 •    Citywire Investment Trust Awards 2023
 -  RECI won the Best Performance award for Specialist Debt at Citywire's
    London-listed Investment Companies awards held on 01 November 2023. The
    performance awards are given to investment companies judged to have delivered
    the best underlying return in terms of growth in NAV in the three years to 31
    August 2023

 

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