Residential Secure Income PLC Net Asset Value & Corporate Update (4938B)
31 Gennaio 2020 - 08:00AM
UK Regulatory
TIDMRESI
RNS Number : 4938B
Residential Secure Income PLC
31 January 2020
31 January 2020
Residential Secure Income plc
Net Asset Value & Corporate Update
Residential Secure Income plc ("ReSI") (LSE: RESI), which
invests in affordable shared ownership, retirement and Local
Authority housing, is pleased to announce its unaudited first
quarter net asset value ("Net Asset Value" or "NAV") as at 31
December 2019 and to provide an update on its corporate
activity.
Financial highlights:
-- IFRS NAV per share of 107.7 pence(1) (30 September 2019:
108.6 pence), resulting in a total return for the quarter of 0.4
pence.
-- Total property portfolio value of GBP260.3 million,
reflecting a decrease in the like-for-like value of GBP0.5 million,
primarily in the retirement homes portfolio. The change in
valuation was due to an industry-wide clarification from HMRC(2)
that from 1 November 2018 VAT is chargeable on property managers'
salaries. This has impacted this quarter after being reflected in
increased service charges payable by ReSI.
-- Interim dividend announced of 1.25 pence per Ordinary Share
for the period from 1 October 2019 to 31 December 2019, in line
with the target of 5.0 pence per Ordinary Share for the current
financial year(3) .
Update on corporate activity since 30 September 2019:
-- On the 29(th) January 2020, ReSI completed its purchase of 59
apartments at Clapham Park intended for shared ownership. Over half
of the purchased units are already reserved by customers at sales
price at least in line with the target at acquisition, who are
expected to complete on shared ownership leases in February 2020
from when the units will be income producing. The purchase of the
remaining 73 units at Clapham Park that ReSI has committed to
(bringing the total to 132 units) will complete before the end of
March 2020, in line with expectations set out in the 2019 Annual
Report.
-- The work on the shared ownership debt has advanced to final
stages and is now expected to complete simultaneously with the
completion of the remaining 73 units at Clapham Park.
(1) Reflecting an independent valuation of the property
portfolio prepared on an IFRS basis.
(2) Customs and Excise Brief 03/94
(3) This is a target only and not a profit forecast. There can
be no assurance that this target will be met.
The movement in NAV since 30 September 2019 is as follows:
GBPm* Pence per
share
Net Asset Value as at 30(th)
September 2019 185.7 108.6
------ ----------
Net Income for period 1.1 0.7
------ ----------
Valuation change (0.5) (0.3)
------ ----------
Dividend paid (2.1) (1.3)
------ ----------
Net Asset Value as at 31(st)
December 2019 184.1 107.7
------ ----------
*Please note that values do not sum to total due to rounding
differences
FOR FURTHER INFORMATION, PLEASE CONTACT:
ReSI Capital Management Limited / TradeRisks
Limited
Ben Fry
Alex Pilato
Mark Rogers
Jonathan Slater +44 (0) 20 7382 0900
Jefferies International Limited
Stuart Klein
Gary Gould +44 (0) 20 7029 8000
FTI Consulting +44 (0) 20 3727 1000
Richard Sunderland Email: resi@fticonsulting.com
Claire Turvey
Richard Gotla
NOTES:
Residential Secure Income plc (LSE: RESI) is a real estate
investment trust (REIT) listed on the premium segment of the Main
Market of the London Stock Exchange with the objective of
delivering secure inflation linked returns by investing in
affordable shared ownership, retirement and Local Authority housing
throughout the UK.
ReSI targets a secure, long-dated, inflation-linked dividend of
5.0 pence per share p.a. (paid quarterly) and a total return in
excess of 8.0% p.a. and has to date committed c. GBP300 million,
assembling a portfolio of 2,680 properties.
ReSI aims to make a meaningful contribution to alleviating the
UK housing shortage by meeting demand from housing developers
(Housing Associations, Local Authorities and private developers)
for long-term investment partners to accelerate the development of
socially and economically beneficial new affordable housing.
ReSI's subsidiary, ReSI Housing Limited, is registered as a
for-profit Registered Provider of Social Housing, and so provides a
unique proposition to its housing developer partners, being a long
term private sector landlord within the social housing regulatory
environment. As a Registered Provider, ReSI Housing can acquire
affordable housing subject to s106 planning restrictions and
housing funded by government grant.
ReSI is managed by ReSI Capital Management Limited, a
wholly-owned subsidiary of TradeRisks Limited which has a 19 year
track record of executing transactions within the UK social housing
sector and, to date, has arranged funding of over GBP11 billion in
the social housing, care and other specialist residential property
sectors.
Acquisitions by ReSI are limited to homes with sufficient
cashflows, counterparty credit quality and property security to be
capable of supporting long--term investment grade equivalent
debt.
ReSI does not manage or operate stock and uses experienced and
credit-worthy third party managers.
Further information on ReSI is available at
www.resi-reit.com
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END
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