DJ Hardman & Co Research: Real Estate Credit Investments (RECI): Experience shows resilience of the model
Hardman & Co Research
Hardman & Co Research: Real Estate Credit Investments (RECI): Experience shows resilience of the model
12-Aug-2021 / 10:05 GMT/BST
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Hardman & Co Research: Experience shows resilience of the model
The key messages we take from RECI's July quarterly investor update and end-July 2021 factsheet are i) attractive
returns from low LTV (average 65%) credit exposure to UK and European large, well-capitalised and experienced
institutional borrowers, ii) stable dividends, at 3p per quarter (latest yield: 7.9%), iii) a highly granular book - 61
positions, with the top position 14% of NAV (by commitment), iv) modest leverage - gross 29%, net 16.0% (with £44.4m
cash on the balance sheet), and v) access to a strong pipeline of enhanced return investment opportunities identified
by Cheyne. The premium to NAV (2%) is in line with pre-pandemic average levels.
Please click on the link below for the full report:
https://www.hardmanandco.com/research/corporate-research/experience-shows-resilience-of-the-model-2/
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(END) Dow Jones Newswires
August 12, 2021 05:05 ET (09:05 GMT)
