05 February 2024
Real Estate Credit Investments
Limited
Investment Manager's Q3 Investor
Presentation
Real Estate Credit Investments Limited
("RECI" or "the Company") is pleased to
announce that the Investment Manager's Q3 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 / Edward Mansfield
(Liberum Capital)
|
+44 (0)20 3100 2222
|
Investment Manager
|
Richard Lang (Cheyne)
|
+44 (0)20 7968 7328
|
Appendix: Q3
Investor Presentation Extract
Key Quarter
Updates
• Portfolio
‒ Total NAV Return for the
quarter: -0.6% / Total NAV Return to Q3 2023 : +4.1%
‒ During the quarter, one UK
loan fully repaid, realising net proceeds of £9.4m, 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 31 December 2023, cash was £12.1m / 3.7% of NAV
• Dividend
- Dividends maintained at 3p
per quarter, annualised 9.3% yield, based on share price as at 31
December 2023
-
Dividends predominantly covered by net interest income generated
from RECI's assets. The aim is for dividend cover to totally come
from net interest income
• Opportunities
- The present macroeconomic
backdrop is set to continue through 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
• 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.