TIDMRECI
RNS Number : 1613Z
Real Estate Credit Investments Ltd
12 May 2023
12 May 2023
Real Estate Credit Investments Limited
Investment Manager's Q4 Investor Presentation
Real Estate Credit Investments Limited ("RECI" or "the Company")
is pleased to announce that the Investment Manager's Q4 Investor
Presentation is now available on the Company's website at:
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 / Darren Vickers (Liberum Capital) +44
(0)20 3100 2222
Investment Manager: Richard Lang (Cheyne) +44 (0)20 7968
7328
Appendix: Q4 Investor Presentation Extract
Key Quarter Updates
-- Portfolio
- Total NAV Return for the quarter: +1.2%
- No defaults in the portfolio
- Rotation of market bond portfolio into strong senior loans with attractive returns
- During the quarter, four French loans fully repaid, realising
net proceeds of GBP54.4m, and providing headroom to invest in new
deals at enhanced IRRs
-- Cash
- Cash reserves remain targeted at between 5% to 10% of NAV
- As at 31 March 2023, cash was GBP17.0m.
-- Dividend
- Dividends maintained at 3p per quarter, 9.0% yield, based on share price, as at 31 March 2023
- Dividend predominantly covered by interest income
-- Financing
- A mix of flexible, short-dated financing employed, alongside
term-matched structured financing on selected high-quality senior
loan deals
-- Opportunities
- The present macroeconomic backdrop is set to continue through
2023, 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
ü Attractive returns from defensive, senior, low LTV credit
exposure to UK and European commercial real estate assets
-- A focus on senior, 1(st) lien loans:
-- Senior 1(st) lien loans now account for 82% of the total portfolio by commitment value
-- Top 10 positions are 100% senior loans
-- New origination is 100% senior loans
-- Weighted Average LTV on total portfolio by commitment value of 58.6% as at 31 March 2023
-- Predominantly large, well capitalised, and experienced institutional borrowers
-- Minimal exposure to shopping centres (<2% of GAV),
secondary offices (0% of GAV) and logistics (<3% of GAV)
-- RECI retains absolute governance, covenants and control,
afforded by senior ranking and bilateral singular lending
relationships
-- Portfolio has withstood COVID19 and other macro events, and
is well placed to withstand the current revaluations in real
estate
ü Quarterly dividends delivered consistently since October
2013
-- The Company has consistently sought to pay a stable quarterly
dividend from its distributable profits
-- This has led to a stable annualised dividend of around 7% of NAV
ü Highly granular book
-- 53 positions
ü Transparent and conservative leverage
-- Net leverage 20.0% (with GBP17m cash) as at 31 March 2023 versus a leverage limit of 40%
-- Non-recourse and limited-recourse, term, structured finance
provides returns optimisation and financial flexibility on senior
loans
ü Access to established real estate investment team at Cheyne,
which manages c$5bn AUM
ü Access to pipeline of enhanced return investment opportunities
identified by Cheyne
-- Cheyne's immediate pipeline of deals stands at GBP2.0bn with
a WA LTV of 59% and unlevered IRR of 11.7%
ü Robust mitigation against a rising rates environment
-- A high yielding portfolio, combined with a short weighted
average life of 2 years, ensures minimal exposure to yield widening
and the ability to redeploy quickly at higher rates
-- Strong pipeline of floating rate senior loans
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END
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