Real Estate Credit Investments Ltd Investment Manager's Q2 Investor Presentation (2538S)

TIDMRECI

RNS Number : 2538S

Real Estate Credit Investments Ltd

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

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:

 
                       Richard Crawley / Edward Mansfield    +44 (0)20 3100 
 Broker:                (Liberum Capital)                     2222 
                                                             +44 (0)20 7968 
 Investment Manager    Richard Lang (Cheyne)                  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 GBP2.4m, 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 GBP14.9m / 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 GBP5.9m. 
          The fund now only has 7 market bond positions, with a notional 
          value of GBP11.9m / 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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