Share Name Share Symbol Market Type Share ISIN Share Description
Residential Secure Income Plc LSE:RESI London Ordinary Share GB00BYSX1508 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 90.00 88.20 89.80 - 7,062 08:38:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 32.2 2.4 1.4 64.3 162

Residential Secure Income Share Discussion Threads

Showing 101 to 125 of 125 messages
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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
But of weakness ...nearer 80 and I might top up
My gut agrees with you. The idea I liked; a load of safe assets which pay 5% dividend and protect my capital from inflation... good diversification for a portfolio. Slow implementation and thin margins mean it could be sometime so probably better hunting elsewhere until it becomes apparent they’re close to hitting div cover sustainably.
I watched the management presentation of the results. They are hoping to achieve 4p per share of rental income etc in this financial year - 100% cover at last 12 months away. I suspect it will be even longer given previous statements!!
income investor
i think needs to achieve dividend cover for any material move in this share price upwards; for now sideways or drift off until we get that
The share price has as good as flatlined since recovering from the March dip...but happy to take the div
Sent them an email and, miraculously, the dividend appeared the day later. Just shows that you need to keep a careful eye on your broker and their dividend application.
Likewise at Youinvest
Still not had mine yet, which is disappointing. Thanks rambutan2. Time to chase it up I feel...
My HL account received it last fri.
Cheers, thanks rik
Got mine ok 1st thing last Friday with EQi
rik shaw
Anyone else not had their dividend yet? Cheers
Very modest after hours announcement of a Director's purchase:- 18 August 2020 Residential Secure Income plc Share Purchases Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in affordable shared ownership, retirement and Local Authority housing, announces that on 13 August 2020 Elaine Bailey, Non-Executive Director of ReSI, purchased the following number of ordinary shares in the Company. PDMR Date Acquired Number of shares acquired Elaine Bailey 13 August 2020 5,000 ---------------- -------------------------- ReSI's Non-Executive Directors now hold 168,552 ordinary shares. The total number of ordinary shares owned by the directors and former directors of the Investment Manager is 2,413,517. The Investment Manager also owns 752,989 ordinary shares directly. The Investment Manager and its current and former directors thus hold 3,166,506 ordinary shares, 1.95% of shares in issue (excluding shares held in treasury).
Nice too see a directors buy
Stamp duty cut going to help here ?
Acquisition of 39 shared ownership homes. Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in affordable Shared Ownership, retirement and Local Authority housing, has acquired 39 shared ownership homes for a total consideration of £3.5 million including deferred payments. The properties have been purchased from Step Forward Homes, which specialises in the provision of homes for key workers, in particular the Armed Forces and Emergency Services personnel. The portfolio is located across the north west of England and comprises 24 two and three bedroom homes that will be immediately income generating, enhancing ReSI's dividend cover. The remaining 15 homes will be acquired by ReSI within six months once construction is completed and the homes are occupied. The acquisition brings ReSI's total shared ownership portfolio to 205 homes and is funded through ReSI's new ultra-long term £300 million debt facility. Gary Metcalf, Director at Step Forward Homes said: "The proceeds from this timely sale will be recycled into the development of further, much needed affordable homes for key workers. This is the first transaction we have worked on with the team at ReSI and we are looking forward to building a longer term relationship with them as Step Forward works to create a lasting social impact." Ben Fry, Investment Manager of ReSI Capital Management, commented: "We are particularly pleased to have completed this transaction against the current backdrop where many families, particularly those of key workers, are facing challenging situations where we can help meet a clear need. This is a portfolio of high quality homes that further expands our shared ownership exposure and enables us to support housing delivery at a time when the supply is starved."
Aye...I'm happy
Looks a great deal to me: The facility provides ReSI with long term and low cost funds to achieve full income generation and subsequently grow its shared ownership portfolio . The RPI-linked debt has an annual coupon of 0.461% whilst the debt principal will inflate in line with the RPI linked rent in ReSI's shared ownership leases, with an RPI collar of 0% and 5% p.a. The debt was arranged for ReSI by TradeRisks Limited and is interest only for the first three years and then will fully amortise over its remaining 42 years, with the fixed amortisation payments representing approximately 2 to 3 per cent of the principle per annum. Reflecting no refinancing risk and the strength of the shared ownership cashflows, the facility's covenants are cashflow based, rather than valuation linked, thus ensuring covenant compliance is fully in ReSI's control.
Half-Year Results. Financial highlights · IFRS Net Asset Value ("NAV") Total Return of 0.7 pence per share for the period; this comprises 2.8 pence recurring income, offset by 2.1 pence of one-off valuation reduction · Earnings per share increased 8.3% to 1.3 pence (31 March 2019: 1.2 pence), reflecting continued progress in growing rental income from the shared ownership portfolio · Marginal 0.4% decline in portfolio valuation since year end due primarily to a 1.5% (£3.3 million) reduction in the net present value of cashflows in the independent retirement rental portfolio caused by the onset of COVID-19 and an industry-wide clarification from HMRC that from 1 November 2018 VAT became chargeable on property managers' salaries. This was offset by a 10% (£2.7 million) valuation gain in the shared ownership portfolio as it progresses towards full income generation · In light of COVID-19, valuations have been reported on the basis of 'material valuation uncertainty' in line with recent RICS guidance · Small reduction in IFRS NAV to 106.9 pence per share (30 September 2019: 108.6 pence per share) · Annualised net rental income increased 4.5% to £11.7 million (31 March 2019: £11.2 million), representing a 5% net yield on capital deployed to income producing assets · 86.3% of rental income is subject to contractual inflation-linked rental uplifts · £108.0 million of predominantly long term, low cost asset level drawn debt (30 September 2019: £108.2 million) reflecting a gearing ratio of 36.4%. Stress testing has shown a large amount of headroom on all covenants due to the long-term nature of the ReSI's assets and strong cash flows Affirmation of full year dividend target · Affirmation of full year dividend target of 5 pence per share with two quarterly dividends of 1.25 pence already paid more.....
Cheers Ram
CG added a few at 91p on 1st. They are a cautious lot, so adds confidence that we are not missing something on the downside.
Agreed I'll add on weakness
Very solid update I would have thought thanks for posting@Skinny
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