Share Name Share Symbol Market Type Share ISIN Share Description
Residential Sec LSE:RESI London Ordinary Share GB00BYSX1508 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  +0.20p +0.22% 91.00p 840,778 16:35:05
Bid Price Offer Price High Price Low Price Open Price
90.20p 91.00p 91.00p 91.00p 91.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 16.11 9.02 10.1 164.1

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Date Time Title Posts
30/1/201908:51::: Residential Secure Income plc :::62

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Residential Sec Daily Update: Residential Sec is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker RESI. The last closing price for Residential Sec was 90.80p.
Residential Sec has a 4 week average price of 90p and a 12 week average price of 86p.
The 1 year high share price is 97.80p while the 1 year low share price is currently 85.40p.
There are currently 180,324,377 shares in issue and the average daily traded volume is 448,501 shares. The market capitalisation of Residential Sec is £164,095,183.07.
davebowler: Liberum; Residential Secure Income 7% portfolio valuation uplift drives NAV gain Mkt Cap £145m | (discount to NAV) -14.1% | Div yield 3.3% Event Residential Secure Income's NAV per share at 30 September 2018 was 105.1p per share. NAV total return in the period from launch in July 2017 is 9.5%. NAV total return in the quarter to September was 3.9%. 86% of the NAV return is due to a 7% revaluation uplift on assets acquired. The remainder is due to income earned in the period and a small uplift from share buybacks. Since launch, the company has acquired £234m of assets of which £184m are retirement properties. The remaining assets comprise local authority housing (£34m) and shares ownership properties (£16m). The average yield on acquisition is 5.0%. The company expects to complete further acquisitions in the near term which would deploy all of its remaining debt capital. Total dividends declared for the 14 month period were 3.0p which werre 0.3x covered by recurring earnings. Liberum view The majority of assets acquired by the company are either leased to or operated by established housing associations or operators (Places for People, Mears, First Port, Luton Borough Council). The slow pace of deployment after IPO contributed to the share price weakness but the company has made steady progress in terms of acquisitions. The discount differential to the peer group looks too wide in our view (-14.1% discount compared to 2.5% average premium for Civitas and Triple Point).
davebowler: Liberum; Residential Secure Income (Mkt Cap £166m) £21m acquisition Event Residential Secure Income REIT has exchanged contracts to acquire a £21m residential building in Luton, which is leased to a local authority to provide housing under its statutory obligation. Completion is expected on 29 June. The asset comprises 134 flats and is located in the centre of Luton. The lease has 7.3 years remaining on the lease term and the manager will seek to extend this in due course. The lease provides CPI-linked upwards-only rent and the local authority is responsible for repairs and the letting risk. The net initial yield has not been disclosed but the company expects to leverage the acquisition with investment grade debt to generate equity returns in line with target. Liberum view This is the company's third acquisition, bringing total deployed proceeds to £155m (c.9% of NAV is in cash). Almost £1.1 billion of equity has been raised by the three social housing funds and this is the first acquisition of a core social/affordable asset. Recent acquisitions have helped to allay fears over the company's lack of investment. The recent buyback has also helped to stabilise the share price. Assuming the company can deploy the rest of its capital (debt and equity) in 2018, we would expect the gap to the peer group to narrow.
davebowler: Liberum; Commencement of share buyback programme Event Residential Secure Income REIT has announced it will commence a share buyback programme following recent share price weakness. Residential Secure Income now trades on a -9.7% discount to NAV, which is the widest discount of the social housing fund peer group (Civitas -3.5% discount, Triple Point 1.2% premium). Deployment has been relatively slow with one large portfolio transaction completed to date. The £100m retirement portfolio is operated by one of the larger housing associations (Places for People). The sector has suffered a sell-off this year which has been amplified by concerns over the covenant strength in the supported living sector following issues experienced by First Priority Housing Association. First Priority was placed under review in January and the Regulator of Social Housing subsequently reported that it does not have sufficient working capital to meet its debts. First Priority leases from 26 different companies including 45 properties from Civitas Social Housing (c.11% of Civitas' portfolio). Trade press reports indicate the regulator has not asked First Priority's creditors to reduce rent levels owed by the association.
quepassa: Corporate financiers desperate to make IPO fees just keep on touting the idea as much as they can even if the market is swamped with product. With more flotations, it significantly hampers the share price prospects of the other sector comparisons as it draws money into the IPO's and away from them. It's just another structured speciality property investment vehicle run by Committee. Fees upon fees upon fees for everybody feeding off IPO monies. The only positive thing is that it drives up market price and demand for suppliers, like WJG, of the investments they need to invest in. ALL IMO. DYOR. QP
Residential Sec share price data is direct from the London Stock Exchange
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