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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Residential Secure Income Plc | RESI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.70 | -1.43% | 48.30 | 16:35:04 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 49.80 | 48.10 | 49.80 | 48.30 | 49.00 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 18/06/2024 | Interim | GBP | 0.0103 | 27/06/2024 | 28/06/2024 | 26/07/2024 |
| 31/01/2024 | Interim | GBP | 0.0103 | 08/02/2024 | 09/02/2024 | 08/03/2024 |
| 05/12/2023 | Interim | GBP | 0.0103 | 14/12/2023 | 15/12/2023 | 17/01/2024 |
| 03/08/2023 | Interim | GBP | 0.0129 | 10/08/2023 | 11/08/2023 | 11/09/2023 |
| 07/06/2023 | Interim | GBP | 0.0129 | 15/06/2023 | 16/06/2023 | 14/07/2023 |
| 01/02/2023 | Interim | GBP | 0.0129 | 09/02/2023 | 10/02/2023 | 10/03/2023 |
| 01/12/2022 | Interim | GBP | 0.0129 | 08/12/2022 | 09/12/2022 | 18/01/2023 |
| 27/07/2022 | Interim | GBP | 0.0129 | 04/08/2022 | 05/08/2022 | 09/09/2022 |
| 24/05/2022 | Interim | GBP | 0.0129 | 01/06/2022 | 06/06/2022 | 11/07/2022 |
| 27/01/2022 | Interim | GBP | 0.0129 | 03/02/2022 | 04/02/2022 | 04/03/2022 |
| 01/12/2021 | Interim | GBP | 0.0129 | 09/12/2021 | 10/12/2021 | 21/01/2022 |
| 29/07/2021 | Interim | GBP | 0.0125 | 05/08/2021 | 06/08/2021 | 31/08/2021 |
| 10/05/2021 | Interim | GBP | 0.0125 | 20/05/2021 | 21/05/2021 | 11/06/2021 |
| 28/01/2021 | Interim | GBP | 0.0125 | 04/02/2021 | 05/02/2021 | 05/03/2021 |
| 02/12/2020 | Interim | GBP | 0.0125 | 10/12/2020 | 11/12/2020 | 08/01/2021 |
| 29/07/2020 | Interim | GBP | 0.0125 | 06/08/2020 | 07/08/2020 | 04/09/2020 |
| 29/04/2020 | Interim | GBP | 0.0125 | 07/05/2020 | 11/05/2020 | 12/06/2020 |
| 31/01/2020 | Interim | GBP | 0.0125 | 13/02/2020 | 14/02/2020 | 13/03/2020 |
| 21/11/2019 | Interim | GBP | 0.0125 | 05/12/2019 | 06/12/2019 | 27/12/2019 |
| 01/08/2019 | Interim | GBP | 0.0125 | 08/08/2019 | 09/08/2019 | 06/09/2019 |
| Top Posts |
|---|
Posted at 18/6/2024 20:15 by ghhghh RESI confirmed nothing contentious, just backlog. |
Posted at 18/6/2024 08:16 by florence141414 I actually don't think that it is very concerning at all. Rents up and management fees down has meant they are generating earnings that could support a dividend close to 11% if they wanted to. Yes the negative is that they are close to a covenant breach on the floating debt. However this should be resolved in H2 by property sales currently in legals. Or it could resolve itself by virtue of lower rates increasing the property valuations which decreases the LTV. Even if neither of these happen and a breach does somehow occur, I'd be amazed if the bank weren't agreeable to a reasonable solution for what is a relatively small amount of debt against a highly cash generative portfolio. |
Posted at 18/6/2024 07:53 by damp seaweed Finally published !!What happened to the NAV ? A drop of over 8%. Less than half of which is explained by the LA sale. No mention in the narrative. Those LA sales are taking way too long. On the plus side. Income and Profit are up and covering the dividend |
Posted at 18/6/2024 07:47 by cwa1 Commenting on the results, Robert Whiteman CBE, ReSI's Chairman, said:"ReSI continues to deliver strong operational performance, with high levels of rent collection, occupancy, rent growth and stabilisation of operating costs. Coupled with Gresham House agreeing to reduce fund management fees, this has led to adjusted earnings growing by 9%, to comfortably cover our dividend. The sale of our local authority portfolio is continuing to progress, with one asset sale completing at the start of April and the remainder advancing through due diligence. Sales proceeds will be used to repay floating rate debt. "We continue to review opportunities to make further disposals that add value for shareholders, from which we would prioritise the return of capital. However, with investment market volumes expected to remain low until any future interest rate cuts, we expect opportunities may take time to emerge. In the meantime, we will maintain our focus on driving operational performance in the retirement portfolio, which should drive shareholder value." Ben Fry, Managing Director of Housing at Gresham House, added: "The quality of ReSI's operational business model, demonstrated by 6.5% like-for-like rental growth, consistently strong rent collection of over 99%, and record occupancy of 96% in retirement and 100% in shared ownership, continues to reflect our focus on the underserved markets of affordable purpose-built retirement living and the provision of affordable home ownership to young families and key workers. "Whilst cost pressures remain, they have started to ease. This has enabled top-line performance to grow Adjusted Earnings by 9% and cover the dividend by 117%. We continue to see strong rental growth, combined with good progress on our asset management initiatives, within our retirement portfolio, which we anticipate will underpin ongoing earnings growth. "The sale of our local authority portfolio is continuing to progress with one asset sale in April generating £5.6m of net proceeds, slightly ahead of the September 2023 book value. The remainder of the local authority portfolio is advancing through due diligence and will enable the full repayment of floating rate debt. This will lead to the simplification of ReSI's portfolio to focus on the strongest market segments of independent retirement living and shared ownership. "The sector outlook remains positive, with low housing affordability and an ageing population driving higher demand, amid the persistent shortfall in new housing." |
Posted at 14/6/2024 15:30 by cwa1 14 June 2024Residential Secure Income plc ("ReSI" or the "Company") Notice of Interim Results 2024 Residential Secure Income plc (LSE: RESI), which invests in independent retirement living and shared ownership to deliver secure, inflation-linked returns, will publish its Interim Results for the six months ended 31 March 2024 at 07:00am BST on Tuesday 18 June 2024. A webinar for analysts and investors will be held at 11:00am BST on Tuesday 18 June 2024. To access the live webinar, please register here or enter the following into your browser The Company's Interim Results announcement, Interim Report and Accounts, and webinar presentation will all be made available on the Gresham House website on 18 June 2024. |
Posted at 24/5/2024 18:29 by wunderbar This is a peculiar REIT, peculiar in the fact share price continues to fall in a rising market. Today, RESI hit a new all-time low of 45.91p. Since start of 2024 the share price has fallen 19%, and since inception in July 2017, is down 53%.So what’s going on here, is this downward momentum sector related. Well, no. Most other REIT’s have bounced off their recent lows whilst RESI is stubbornly stuck in the doldrums. I’ll throw out some possible reasons. 1]. Large seller in background, desperate to take any price they can get. 2]. Concerns over debt c.£182m / LTV 50% [at 31 Sep 2023] 3]. Investors selling up, unhappy with 20% dividend cut [announced 31 Jan] - rebased from 5.16p to 4.12p. 4]. Prolonged disposal of Local Authority Portfolio [c.£20m / 6% of portfolio at 31 Sep 2023]. Was expected to complete early part of 2024. 5]. The market is sceptical re accuracy of NAV. 6]. Too Boring! Niche REIT specialising in retirement rentals/shared ownership properties. No fashionable warehouse/logistics hubs here! 7]. A combination of all or some of above. 8]. No reason at all, it is what it is! I think there’s good value down at these levels. I’ve recently bought a couple of small tranches, one at 50p, and another today at 46.5p. Really just to add a bit of diversity to my portfolio which is mainly geared towards income plays that also have potential for significant capital growth. As it stands RESI is currently yielding 8.71% based on closing price 47.3p. It trades on a c.44% discount to NAV c.85p. The valuation gap seems hugely disproportionate to me, perhaps a 15-20% discount would be more fair in today's market, this would imply a share price of 68-72p, an increase of 30-34% on current price. It's worth noting between July 2017 [inception] and mid Sept 2022, the NAV discount [in the main, barring Covid flash crash] was quite narrow/steady at 10-17%, and even traded at a premium on sporadic occasions. Of course around the middle of Sept 2022 interest rates started accelerating which in turn began decimating REIT share prices and widening NAV discounts. The rest is history. As many of you will be aware, there’s been a fair few REIT's consolidating, merging or opting to initiate wind downs this year due to persistent large NAV discounts. Given the significant discount here and noting RESI’s lowly market cap of c.£88m it might only be a matter of time before one of the above scenarios plays out here. |
Posted at 17/5/2024 13:22 by spectoacc With apologies to @Hugepants - @CWA1's point above is a good one, but it was the former who made the point re the debt covenants [all copy/paste and not checked]. Both may be good reasons for RESI weakness:"I did notice one of the covenants is quite tight though. From accounts to end September. "...The drop in property investment values and increase in debt fair value has narrowed headroom in the Santander working capital facility’s loan-to-value covenant which is £21mn drawn and represents 11% of ReSI’s outstanding debt balance. As at 30 September 2023, the working capital facility’s LTV level was 51%, with c.£25mn of property value headroom (7%) before a covenant breach is triggered. We estimate that ReSI’s weighted average valuation yield would need to shift outward by a further c.40bps for this valuation loss to be realised, on top of the c.80bps widening since September 2022..." |
Posted at 17/5/2024 10:56 by spectoacc @CWA1 spotted there's a possible debt covenants issue."One thing that I wondered about re RESI was that they said this on 31/1/24... · Exchanged on sale for £5.8mn of assets in line with September 2023 book value, with completion scheduled to occur by early April 2024 · As announced at year end, proceeds will be used to pay down floating rate debt · Remainder of the Local Authority portfolio under offer with due diligence advancing Would we expect that completion of that £5.8M sale to be RNS'ed-as early April has clearly passed with no word-or is it just "business as usual" and will be confirmed at the next update? Also, is "due diligence advancing" STILL advancing after 3.5 months, or has it slowed/stalled completely?" |
Posted at 07/6/2023 08:12 by cwa1 Interims...Dividend... Residential Secure Income plc Dividend Declaration Residential Secure Income plc (LSE: RESI), which invests in independent retirement living and shared ownership to deliver secure, inflation-linked returns, is pleased to declare an interim dividend of 1.29 pence per Ordinary Share to be paid in the financial year to 30 September 2023. The full 1.29 pence of the dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax-exempt property rental business. This dividend will be paid on 14 July 2023 to Shareholders on the register as at 16 June 2023. The ex-dividend date is 15 June 2023. ReSI intends to pay dividends to Shareholders on a quarterly basis and in accordance with the REIT regime. |
Posted at 14/9/2022 09:56 by davebowler Liberum;Residential Secure Income £50m investment in shared ownership properties and extension of RCF Mkt Cap £212m | Share price 114.5p | Prem/(disc) 3.3% | Div yield 4.5% Event Residential Secure Income (RESI) has announced a partnership with social impact real estate firm HSPG. As part of the partnership, RESI will acquire ownership of properties worth up to £50m over the next three years while HSPG will develop the properties and is responsible for letting them out to shared owners. The first transaction has already been completed. In it, RESI acquires 21 completed homes at the Laureate Fields development in Felixstowe, Suffolk for £2.7m. This acquisition brings RESI's shared ownership portfolio to 725 homes and a further 59 committed homes. RESI also announced the extension of its existing RCF with Santander from £10m to £25m. The expansion comes with a reduction in the interest rate margin from 2.8% to 2.25% and a one-year extension of the facility to March 2025. Liberum view With the expansion of the RCF, RESI has now sufficient cash capacity to fully finance the £50mn partnership with HSPG. As peer the interim statement, RESI had £34.6m cash at hand. With the expanded RCF that so far has not been tapped into, that rises to £59.6m. However, tapping into the RCF would come at a material cost to RESI, since SONIA is now at 1.7% and rising. With the reduced spread, that still is an expensive source of working capital at 3.95% annual rate of interest and rising. But it will enable RESI to better manage its working capital position and complete the deal with HSPG without the need to raise additional capital in current volatile markets. It's the right thing to do at this time. The shared ownership market also is more lucrative for RESI with rents contractually growing at RPI + 0.5% each year and a levered yield of the existing shared ownership portfolio of 7.1% vs. 6.9% for the retirement housing estate. Furthermore, there is a significant shortage of shared ownership schemes in the UK as evidenced by the 100% occupancy rate for the existing RESI shared ownership portfolio vs. 94% for the retirement housing portfolio. With the £50m partnership announced today, the portfolio of RESI is shifting more towards an even split between shared ownership and retirement living, which should improve income generation over the coming years. |
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