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Real Estate Credit Investments Ltd on Thursday said its net asset value per share remained stable in the first half of its financial year, despite market volatility.
Guernsey-based Real Estate Credit Investments is a specialist investor in European real estate credit markets.
Real Estate Credit’s NAV per share was £1.48 for the six months to September 30, down slightly from £1.51 the year before.
The company said this reflects the payment of 6p per share during the half year, in respect of the fourth interim dividend for financial 2022 and the first interim dividend of the current financial year.
This returned £13.8 million to shareholders and provided an annualised NAV total return of 5.9% for the half year.
Real Estate Credit added that market volatility after the Mini-Budget provoked investor uncertainty in credit markets and contributed to some reactive selling of its shares.
Overall, Real Estate Credit’s net assets for the period were £340.5 million, down from £343.9 million in the last quarter, while total assets declined 4.2% to £465.7 million from £447.0 million.
The company’s net profit was £10.3 million in the half year, down 27% from £14.2 million.
Looking ahead, Real Estate Credit said it will be operating against a backdrop of high inflation and increasing interest rates for the rest of this financial year.
The company’s portfolio composition, structure and diversification into western Europe, ‘position it well’ to withstand these challenges and steer a course through difficult market conditions.
Real Estate Investment said it aims to deliver a stable quarterly dividend with minimal portfolio volatility.
Real Estate Credit Investments shares were up 1.4% to 136.43p on Thursday afternoon in London.
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