Real Estate Credit Investments Limited (LON:RECI) has announced its Annual Report and Audited Financial Statements for the year ended 31 March 2024.
Outline of the Annual Report
1. Overview and Highlights
- Introduction: Overview of Real Estate Credit Investments Limited (RECI) and its market positioning as a specialist investor in UK and Western European real estate markets.
- Key Figures: Net assets, NAV per share, total assets, net profit, and share price performance as of 31 March 2024.
- Dividend Stability: RECI’s consistent quarterly dividends and its stable income amidst changing interest rate environments.
2. At a Glance
- Investment Strategy: Details about RECI’s approach to investing in real estate debt secured by commercial or residential properties in Western Europe.
- Portfolio Composition: Breakdown of the investment portfolio, including the number of positions, types of assets, geographic distribution, and yield metrics.
3. Chairman’s Statement
- Performance Overview: Commentary on the company’s performance, market conditions, and strategic decisions.
- Future Outlook: Insights on expected market conditions, potential interest rate changes, and the company’s preparedness for future opportunities.
4. KPIs and Financial Highlights
- Key Performance Indicators (KPIs): Detailed financial metrics including NAV per share, share price, discount, leverage, earnings per share, dividends, and total NAV return.
- Financial Performance: Comparative financial performance for the years ending 31 March 2023 and 2024.
5. Business and Strategy Review
- Strategic Framework: Objectives, performance highlights, and strategies to exploit market opportunities and deliver stable dividends.
- Portfolio Management: Overview of investment activities, repayments, dividends paid, and the composition of the investment portfolio.
6. Investment Manager’s Report
- Market Analysis: Macroeconomic backdrop and its implications for real estate assets.
- Investment Strategy: Approach towards senior real estate lending and management of the investment portfolio.
- Performance and Outlook: Insights into the performance of the investment portfolio and future strategy to maintain and enhance returns.
7. Stakeholder Engagement
- Engagement Activities: Overview of how the company engages with its stakeholders, including shareholders, service providers, and the community.
- Diversity and Inclusion: Details on the company’s approach to diversity and inclusion within its governance framework.
8. Sustainability Report
- ESG Integration: Description of how environmental, social, and governance (ESG) considerations are integrated into the company’s investment process.
- Sustainability Initiatives: Examples of sustainable investment projects and their impact.
- Cheyne’s ESG Policies: Details on the investment manager’s ESG policies and partnerships to enhance sustainability.
9. Governance
- Board of Directors: Composition and responsibilities of the board.
- Management Team: Overview of the management team and their roles.
- Corporate Governance: Explanation of the corporate governance framework, including the roles of various committees and their activities.
- Audit and Risk Committee Report: Summary of the audit and risk management processes and key findings.
10. Financial Statements
- Auditor’s Report: Independent auditor’s opinion on the financial statements.
- Comprehensive Financial Statements: Detailed financial statements including income, financial position, changes in equity, and cash flows.
- Notes to the Financial Statements: Explanatory notes providing additional details on the financial statements.
11. Appendices
- AIFM Remuneration Policy: Details on the remuneration policy for the Alternative Investment Fund Manager.
- AIFM Leverage: Information on the leverage employed by the AIFM.
- Glossary: Definitions of key terms and performance measures used in the report.
Real Estate Credit Investments is a specialist investor in the United Kingdom and Western European real estate markets with a focus on fundamental credit and value
