Real Estate Credit Investments Ltd (LON:RECI) has announced the release of the Company’s Condensed Unaudited Interim Financial Statements for the six months ended 30 September 2023.
The company has also declared a second interim dividend of 3.0 pence per Ordinary Share (a total amount of GBP 6,879,974.34) for the year ending 31 March 2024. The dividend is to be paid on 5 January 2024 to Ordinary Shareholders on the register at the close of business on 8 December 2023. The ex-dividend date is 7 December 2023.
OVERVIEW
AS AT 30 SEPTEMBER 2023
Overview and Highlights
· Defensive credit exposure to UK and Western European real estate credit markets
- Stable and uninterrupted dividends delivered consistently since October 2013
· Granular portfolio with detailed disclosure
- 45 positions
- Diverse portfolio across sectors and geography
· Attractive and stable income in a changing interest rate environment
- Consistent portfolio yield of 7%+ offering a buffer to risk-free rates
- A high-yielding portfolio, combined with a short weighted average life, ensures minimal exposure to yield widening and the ability to redeploy at higher rates quickly
· Access to Cheyne’s established real estate investment team and substantial origination pipeline
Key Figures
- Total Assets £408.5m (31 March 2023: £419.0m)
- NAV per share £1.48 (31 March 2023: £1.47)
- Net Assets £338.8m (31 March 2023: £337.0m)
- Net Profit £15.6m (Full year ended 31 March 2023: £20.6m profit)
Real Estate Credit Investments Offers:
· Focus on senior secured credit, with defensive Loan to Values (“LTVs”)
· Strong governance control over its loan book
· Large, experienced, well capitalised borrowers
· Conservative and flexible leverage profile
· Dividend stability without compromising risk
· Management from Cheyne’s Real Estate team
- H1 2023 Total NAV Return (annualised) 9.4% (30 September 2022: 5.9%)
- Share Price £1.32 (31 March 2023: £1.34)
- Dividend Yield 9.1% (31 March 2023: 9.0%)
- HY 2023 Dividends 6.0 pence (30 September 2022: 6.0 pence)
View the Interim Financial Statements:
Real Estate Credit Investments Limited (LON:RECI) is a closed-end investment company that specialises in European real estate credit markets. Their primary objective is to provide attractive and stable returns to their shareholders, mainly in the form of quarterly dividends, by exposing them to a diversified portfolio of real estate credit investments.
