Residential Secure Income Dividends - RESI

Residential Secure Income Dividends - RESI

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Stock Name Stock Symbol Market Stock Type
Residential Secure Income Plc RESI London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
1.00 0.96% 105.50 16:35:08
Open Price Low Price High Price Close Price Previous Close
104.50 104.00 105.50 105.50 104.50
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Industry Sector

Residential Secure Income RESI Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

pyufak: Great news - should be game changing for the outlook of this REIT. Where else do you get 5% covered dividend linked to CPI on this quality of asset base (with the exception of secure income reit which is one of my other favourites giving 4%+ linked to RPI). I think we'll see the share price tick up and I hope the management can raise funds to increase the asset base / liquidity and accessibility of the REIT. It would also allow the reit to be held on margin in interactive brokers which would be nice.
pyufak: I’ve decided similar. Doubled my holding just below the 100 mark. I guess I think of RESI more fondly than QuePasse given I am looking for income not nothing too risky from the stock. I am keen to see them achieve dividend cover which recent RNS updates have said they are on course to do
davebowler: Liberum; Residential Secure Income's NAV at 30 June 2021 was 105.5p, representing a 1.6% NAV total return in Q2 2021 and 3.7% over the last 12 months. EPRA EPS increased by 10% in the quarter to 1.1p per share, resulting in dividend cover of 0.9x. The earnings improvement was primarily due to £19m of shared ownership acquisitions in March 2021 and occupancy improvements in the retirement living portfolio. 99% of rents were collected in the period. The manager still expects full dividend cover from 1 July 2021. NAV performance benefited from a 1% like-for-like valuation gain in Q2. At 30 June 2021, RESI's portfolio comprised 3,059 homes with a total value of £348m. The valuation gain was due to a small amount of yield compression and like-for-like rental growth. The voids on the retirement living portfolio have reduced to 7%, in line with pre-Covid levels. The shared ownership properties are 96% occupied, with a further 3% reserved. Gross LTV at the period end was 48%, broadly in line with the 50% target. The company has £162m of outstanding borrowings with a weighted average cost of debt of 2.3% and an average life remaining of 23 years.
davebowler: Liberum; Full dividend cover expected from July Mkt Cap £166m | Share price 96.8p | Prem/(disc) -7.4% | Div yield 5.2% Event Residential Secure Income's NAV at 31 March 2021 was 105.1p (previously announced), representing a 2.5% total return over the six months since September 2020. NAV performance in the period was driven by a combination of net income (+1.8p) and a like-for-like valuation increase on the portfolio (+1.1p). Like-for-like rental growth over the half-year was 1.1%, in line with RPI. At the end of March, the property portfolio was valued at £325.2m, representing a 0.8% like-for-like fair value increase. Rent collection in the quarter remained secure, with 99% collected, which is unchanged throughout the pandemic. Voids in the portfolio are now below 8%, which is only slightly ahead of the pre-Covid average of 7%. Adjusted EPRA EPS in the period were 1.8p, representing 0.72x cover. Dividend cover improved in the three months to March 2021 to 0.82x and the company expects full dividend cover to be achieved in July 2021. Once the dividend is fully covered, the board plans to increase dividends in line with inflation. At 31 March 2021, RESI's portfolio comprised 3,060 homes across 797 locations in the UK. The net initial yield on the portfolio was 4.5%, a small decrease since September 2020 (4.7%). 61% of the portfolio is in retirement rental, 29% is in shared ownership properties and 10% is leased directly to local authorities. RESI had £10.8m of cash at the end of March and an LTV ratio of 47%, broadly in line with the 50% target. The company has £162m of outstanding borrowings with a weighted average cost of debt of 2.4% and an average life remaining of 23 years.
cwa1: 27 May 2021 Residential Secure Income plc ("ReSI" or the "Company") Interim Results to 31 March 2021 Residential Secure Income Fund plc (LSE: RESI), which invests in affordable shared ownership, retirement and local authority housing, is pleased to announce its interim results for the six months ending 31 March 2021. Financial highlights - full deployment and void reductions driving increasing dividend cover -- Operating profit before property disposals and change in fair value up 17% to GBP5.6 million (1H20: GBP4.8 million) o 1.1% like-for-like rental growth in line with RPI o 99% of rent collected during the half year to March 2021, continuing to demonstrate defensive characteristics of the portfolio -- IFRS Net Asset Value Total Return of 2.9 pence per share for the half-year, including 1.8 pence recurring income (1H20: total return of 0.8 pence) -- IFRS Net Asset Value of GBP179.7 million, or 105.1 pence per share (FY20: 105.0p) -- Adjusted earnings per share of 1.8 pence, up 29% (1H20: 1.4 pence per share) -- Total dividends for the half-year of 2.5 pence per share, in line with target (1H20: 2.5 pence per share) -- Gross rental income up 5%, to GBP10.7 million (1H20: GBP10.2 million)
pyufak: Nice; I mentioned dividend cover a fair amount in recent posts and seems the market is re-rating because RESI on track to achieve it. Comparable ‘safe’ REITs with RPI linked assets underlying are trading 4-4.5% dividend yield area which implies if dividend cover confirmed and maintained we could see 110-125p area medium term. I’ve held as a bond proxy for a long time and will continue to do so.
davebowler: Liberum; Residential Secure Income Full dividend cover expected in Q3 2021 Mkt Cap £157m | Prem/(disc) -11.3% | Div yield 5.4% Event Residential Secure Income expects to reach full dividend cover from July 2021. The improved earnings position is largely a result of the deployment of additional capital in shared ownership properties in recent months. RESI is now fully deployed with a gross LTV ratio of 47%. RESI - net rent less interest by asset type (excludes fund management and operating costs) £m Pence per share Retirement Living 6.3 3.6 Shared Ownership 2.2 1.3 Local Authority 1.4 0.8 Total 9.9 5.7 Source: Liberum, Company data The shared ownership portfolio now comprises 549 homes (including 85 committed acquisitions). Of the 464 acquired properties, 418 are occupied, 31 are reserved and 15 are available for occupation. Retirement living properties accounted for 69% of the portfolio (based on December 2020 valuations). Void levels have reduced to 8% across the retirement living portfolio from a peak of 11% in July 2020. The local authority assets (11% of portfolio) continue to perform well with 100% rent collection in the period. Liberum view The expectation of full dividend cover by July is ahead of the previous guidance of October 2021. The dividend cover issue has been addressed through shared ownership acquisitions and reducing voids in the retirement living portfolio. It will be almost four years from IPO by the time full dividend cover is achieved. This is partly due to the strategy of focusing on shared ownership assets in recent years, rather than immediate income-producing properties. We expect a gradual re-rating in the shares as the improvement in recurring EPS comes through from acquisitions.
davebowler: Liberum; Residential Secure Income 0.8x dividend cover expected for FY 2021 Mkt Cap £151m | Prem/(disc) -16.1% | Div yield 5.7% Event Residential Secure Income's NAV per share at 31 December 2020 was 105.0p per share, representing a NAV total return of 1.2% in Q4 2020 and +2.1% over the prior 12 months. The portfolio valuation increased by 0.6% on a like-for-like basis, predominantly due to shared ownership assets. Recurring EPS was 0.8p in the period, representing dividend cover of 0.6x. The manager expects recurring earnings of 4.0p for the year to 30 September 2021 (0.8x dividend cover) and projects full dividend cover on a run-rate basis by October 2021. The incremental improvement in income is expected to be driven increased occupancy across shared ownership assets. The £305m portfolio is primarily invested in retirement living assets (c.70% of portfolio value). The weighting to shared ownership properties will rise as this accounts for the bulk of new investments. Covid-19 had impacted the company's ability to bring in new tenants but occupancy is beginning to recover. Voids have reduced from a high of 10.5% in July to 8.5% currently. Rent collection remains high at 99%. Liberum view The company's 2.1% NAV total return in 2020 reflects the impact one-off events including debt facility set-up costs of £2.4m and a £0.5m reduction in the retirement living portfolio valuation from a VAT change. The discount to NAV is c.18% wider than social housing peers and we believe this reflects the lower level of dividend cover. The strategy to acquire shared ownership assets, rather than immediate income-producing properties, has contributed to lower dividend cover. The manager intends to address dividend cover by deploying £32m in shared ownership properties and reducing voids in the retirement living portfolio and an improvement in cover by Q4 should lead to a re-rating of the shares.
cwa1: Residential Secure Income plc Acquisition of 85 new build homes for shared ownership Homes acquired from Brick By Brick, the development company set up by Croydon Council Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in affordable shared ownership, retirement and local authority housing, has exchanged contracts for GBP29 million to acquire up to 85 newly completed homes for delivery as shared ownership. The properties are being acquired from Brick By Brick, the housing development company set up to deliver a large programme of high quality and affordable homes for local people across the London Borough of Croydon. The transaction will allow Brick By Brick to offer these homes as shared ownership, accelerating the delivery of much-needed affordable homes and returning the proceeds of the sale to the London Borough of Croydon to be spent on frontline services. The homes will be held by ReSI's wholly owned registered provider of social housing, ReSI Housing, and part financed by government grant. The acquisitions will be completed in a staggered manner to align with when purchasers are ready to occupy the properties. This is expected to happen rapidly, as 90% of Brick By Brick's available homes for sale are already reserved. The portfolio consists of one, two and three-bedroom apartments in new developments in Upper Norwood, Thornton Heath and South Croydon in South London, designed by outstanding architects, including RIBA Stirling Prize-winning Mikhail Riches. The homes have been developed to a high specification, with timber parquet flooring, Silestone worktops, Bosch appliances and private balconies. The homes meet or exceed ReSI's sustainability criteria and include secure cycle storage, solar energy, electric vehicle charging points, and have an energy efficiency Environmental Performance Certificate rating of B or higher. Shared ownership allows a purchaser to buy a property with a lower deposit requirement and lower annual costs, making the apartments more affordable and allowing local individuals and families to get onto the housing ladder. The homes will follow ReSI's best practice approach, as set out in its shared ownership customer and environmental charters and will be available starting at 25% shared owner stakes on 250-year shared ownership leases. The deal brings ReSI's total shared ownership portfolio to 281 homes and will be funded through the GBP300m 45-year debt facility ReSI put in place in July. Upon occupation, each home will be fully income generating, with an expected inflation-linked leveraged yield which supports ReSI's 8% total return and c. 5% dividend targets. Assuming that the shared owners each acquire approximately 25% of their asset from ReSI on occupation, the acquisition commits more than half of the GBP32m capital still required to reach ReSI's target 50% leverage. Earlier this month, ReSI reported resilient rent collection, at more than 99% for the year to September. This is in line with normal performance and was unchanged through the Covid-19 pandemic, supporting virtually flat investment valuations for the year. ReSI's recent shared ownership deals include the July 2020 purchase of the final 73 apartments at Clapham Park, London, from Metropolitan Thames Valley Housing, and 39 houses from Step Forward, in Cheshire, Lancashire and Yorkshire, also in July. Ben Fry, investment manager of ReSI Capital Management and head of housing at Gresham House, said: "We are delighted to help Brick By Brick increase its delivery of affordable homes, while generating a return for the London Borough of Croydon. These homes exemplify the sort of high-quality assets we seek, delivering value and housing security to first-time homeowners, and meeting the pressing housing needs of London and the rest of the UK. We see this as the start of a long-term partnership with Brick By Brick to facilitate its delivery of much needed affordable homes. "This investment further diversifies our portfolio and is a key step to reaching full dividend cover by the beginning of October 2021. We look forward to updating shareholders on further progress in 2021." Colm Lacey, Chief Executive at Brick By Brick added: "Brick By Brick's partnership with ReSI will help us to realise the delivery of high-quality and affordable housing in Croydon and accelerate the returns we provide to our shareholder Croydon Council. ReSI's approach means we are transacting with a registered provider of social housing that delivers best-in-class shared ownership and provides long-term housing security for Croydon's residents." ENDS ENDS
rambutan2: Well worth having: 19(th) March 2020 Residential Secure Income plc ReSI Housing awarded Investment Partner status by Homes England Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in affordable shared ownership, retirement and Local Authority housing, is pleased to announce that ReSI Housing, its wholly owned For-Profit Registered Provider of Social Housing has been awarded Investment Partner status by Homes England, the U.K. government public body that funds new affordable housing in England. The new status allows ReSI to access Homes England's GBP4.7 billion Shared Ownership and Affordable Homes Programme "SOAHP" 2016-21. ReSI Housing is already an Investment Partner with the Greater London Authority ("GLA") and, as previously announced, has secured GBP6 million of government grant to date to support the ongoing delivery of ReSI's shared ownership portfolio in London. Investment Partner status with Homes England extends ReSI Housing's abil i ty to access grant funding to include schemes outside of London and bring forward much needed additional Affordable Housing at national level. Both the new Homes England and the GLA programmes provide government grant funding as a capital contribution towards new sub - market rented housing such as shared ownership, affordable rent and social rent. Alex Pilato, CEO of ReSI Capital Management, commented: "Achieving Investment Partner status from Homes England allows ReSI to help them bring forward much needed new affordable housing right across the UK, working with national House Builders in allocating funds efficiently."
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