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
  -0.80 -0.8% 99.20 98.60 99.80 98.40 98.40 98.40 31,409 16:35:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 21.6 13.2 7.7 12.9 179

Residential Secure Income Share Discussion Threads

Showing 76 to 99 of 100 messages
Chat Pages: 4  3  2  1
DateSubjectAuthorDiscuss
31/1/2020
16:30
Liberum:Residential Secure Income VAT change impacts Q4 returns Mkt Cap £169m | Prem/(disc) -8.4% | Div yield 5.1%EventResidential Secure Income has reported a NAV per share of 107.7p at 31 December 2019, resulting in a NAV total return of 0.3% for Q4 and 6.5% in 2019. The portfolio valuation reduced by £0.5m on a like-for-like basis following clarification from HMRC that VAT is chargeable on property managers' salaries from 1 November 2018. This has increased the service charge payable by the company on its retirement living portfolio.  In terms of portfolio activity, 59 shared ownership apartments at Clapham Park have been acquired. Over half of these have been reserved by customers at sales prices in line with the company's target. They are expected to be income-producing from February 2020. RESI also expects to acquire a further 73 units at Clapham Park by the end of Q1, at which point it also expects to have debt in place on the portfolio. Liberum viewThe completion of the Clapham Park acquisition is on track with the revised timeframe after a constructor delay last year. The company will essentially be fully deployed once the 73 units at Clapham Park are acquired. Shared ownership properties comprise 26% of the portfolio and the majority of new acquisitions are likely to be in this sub-sector. There is potential for a high level of supply of shared ownership properties as we note the Regulator of Social Housing's latest sector risk report highlights a 56% increase in the stock of affordable home ownership homes unsold for more than six months.  
davebowler
15/1/2020
15:55
Mentioned here - hTTps://citywire.co.uk/investment-trust-insider/news/new-year-tips-winterflood-overhauls-investment-trust-recommendations-for-2020/a1312060
davebowler
02/1/2020
09:49
looks like someone is hoovering up the shares.
killing_time
21/11/2019
17:54
Tipped in Shares Mag
badtime
21/11/2019
11:13
Liberum; Residential Secure Income 7.6% NAV total return in FY 2019 Mkt Cap £155m | Prem/(disc) -16.7% | Div yield 5.5% Event Residential Secure Income's NAV per share at 30 September 2019 was 108.6p per share, representing a 7.6% NAV total return in the year. The majority of the NAV return continues to be driven by revaluation gains as the company had not fully deployed its debt capital during the period. 65% of the NAV return in the year was due to valuation uplifts. Recurring earnings resulted in dividend cover of 0.56x on dividends declared for the year (0.62x on dividends paid). The valuation gain represents a 3.9% increase for the 12-month period. This was due to the inflation-linked rent increases and an extension of the leaseholds for the retirement portfolio. The portfolio now comprises 2,677 units across shared ownership, retirement and local authority housing tenants. Recent investment activity has focused on shared ownership properties, including a £60m commitment to acquire 132 apartments at Clapham Park from Metropolitan Thames Valley Housing. The acquisition is due to complete in Q1 2020. Liberum view Returns were broadly in line with expectations for the full year following the valuation increase in H1. There has been a slight delay in the expected timeframe to reach full deployment due to a constructor delay at the Clapham Park scheme. Shared ownership properties comprise 26% of the portfolio and the majority of new acquisitions are likely to be in this sub-sector. There is potential for a high level of supply of shared ownership properties as we note the Regulator of Social Housing's latest sector risk report highlights a 56% increase in the stock of affordable home ownership homes unsold for more than six months. The company reports that marketing at the Totteridge Place development in Barnet is on target with 80% of the homes sold or in progress and have achieved the target sales price.
davebowler
13/8/2019
11:15
Thanks Dave - i agree ... would like to see the dividend cover higher but hopefully will come in the next 18 months
pyufak
01/8/2019
09:06
Liberum; Residential Secure Income generated a 1.3% NAV total return during the quarter. The portfolio value rose by 0.5% on a like-for-like basis, mainly due to the inflation-linked leases on the retirement homes portfolio. The majority of the NAV return continues to be driven by revaluation gains as the company had not fully deployed its debt capital during the period. Income earned in the half-year generated dividend cover of 0.6x. A new agreement with Places for People Group was completed in the period for the management and maintenance of the entire retirement living portfolio. We regard the current 14.7% discount to NAV as attractive (5.4% dividend yield) given the company's focus on on low-risk, lower return social housing properties.
davebowler
27/7/2019
11:50
welcome HugePants... love the name! Indeed this one hasn't been overly exciting. You can see from my two posts above I am relatively positive but have been disappointed by the share price performance post May. I am wondering if I am missing something or if the market is just finding this stock uninteresting, especially when contrasted with the recent performance of riskier assets. I choose this in preference to CSH due to no exposure to specialist supported living. I think the next quarterly update will be key now the fund is fully invested. My bias is to see a slow upward trending NAV and a covered dividend and I will add. I own this not to knock the lights out - I want exactly what they say on the tin - an inflation protected 5% return in the long run. Corbyn I am less worried about than I was a year ago - much as I have complete dismay at British politics across the political spectrum I view him as completely un-electable - he's shown no ability to capitalise on the open goal of the past 18 months and polls show the parliament split with both traditional parties losing significant ground.
pyufak
25/7/2019
09:26
Comrade Corbyn surely?
hugepants
25/7/2019
09:06
Oh, they'll be exciting when El Presidente Corbyn gets in! In CSH here, bigger discount, bit riskier.
spectoacc
25/7/2019
09:02
Trying to diversify away from office and retail REITS so picked up some of these. Decent yield and discount. Not very exciting.
hugepants
23/5/2019
22:02
Hi, this is a re-post from a comment I placed on another personal finance site pre: half year but got no responses. Would be interested in anyone's views here. Just wondering if I could ask anyone who has been following this one to share their two pence with me please. I arrived here after reading of the difficulties both Civitas and Triple Point social housing funds are experiencing on Investment Trust Insider. I looked into the area and stumbled upon RESI REIT. While I wish to avoid significant exposure to specialist care provision a few things peeked my interested: 1. No exposure to specialist support living - released a statement post recent regulatory announcement affecting Civitas and Triple Point. 2. Almost fully invested after most recent investments and I would be surprised if they raised additional funds at such a steep discount to NAV. We're at as a big a discount as when they announced their share buyback programme last year. 3. On track for 5p annual dividend in 2019 (5.2% yield) 4. 10.2% discount to end of Q1 NAV, 95p against 105.9p. 5. Relatively diversified - approximately a third each of a) shared ownership; b) Local authority & c) independent retirement living 6. Retirement and Local authority assets at purchase all achieved 8%+ total return once leveraged according to their company announcements with purchases. The assets have now been leveraged; shared ownership is RPI+0.5%. 7. Schroders are selling - down from 15%+ last summer to most recent report they were down to 9.7% (7th of May i think) While it's not unusual for investment trusts to trade discounted - the 10.2% discount strikes me as a bit steep for a trust which largely appears to be performing in line with their strategy. 7 quarters in and total NAV return since inception is 14p, target total return of 8% annually. Although they did aim to deploy funds within 9 months and the last funds were used in Q1 this year so it took more than double that amount of time. Maybe I'm looking for negatives which are not here - and it's just a boring (I often like boring) REIT with a large holder exiting. Either way, I am considering buying for my REIT and/or Income holdings. Any comments and thoughts appreciated,
pyufak
20/5/2019
10:03
Half year report. Financial highlights · IFRS Net Asset Value ("NAV") Total Return of 4.7 pence per share for the period and 14.1 pence since Admission, with ReSI on track to again exceed its 8%+ annual target · 8.3% uplift in the portfolio valuation, compared to purchase price, to £321.3 million driven primarily by inflation linked rent increases and successful lease extensions in the retirement portfolio · 2.7% increase in IFRS NAV to 107.9 pence per share (30 September 2018: 105.1 pence per share) representing growth of 10.1% since Admission · Earnings per share for the first half increased 145% to 4.5 pence compared to 1.8 pence for the 8.5 month period to 31 March 2018 and on an annualised basis equalled those for the full year 2018 of 9.0 pence · Net property income for the first half increased 211% to £6.1 million (8.5 months to 31 March 2018: £1.9 million) · Annualised net rental income increased 125% to £11.5 million compared to 31 March 2018 (£5.1 million) and 9.5% since the 2018 year end (£10.5 million), representing a 5.1% net yield on capital deployed to income producing assets · 96% of rental income is subject to contractual inflation-linked rental uplifts · Total drawn debt of £107.5 million (30 September: £51.6 million) reflecting a gearing ratio of 35.6% · Dividends of 2.5 pence per share declared for the period (in two equal quarterly instalments of 1.25 pence), in line with the 5.0 pence per share target for the current financial year · NAV accretive share buy-back programme launched in April 2018 has resulted in 9,304,729 shares being purchased at an average price of 92.5 pence more.....
skinny
29/4/2019
10:39
This all looks pretty solid. Should not be trading on 15% discount.
riverman77
29/4/2019
08:12
Liberum; Residential Secure Income 3% NAV TR in Q1 2019 Mkt Cap £156m | Prem/(disc) -15.3% | Div yield 5.5% Event Residential Secure Income's (RESI) NAV per share was 107.9p at 31 March 2019, representing a NAV total return for the quarter of 3%. Portfolio valuation increased by 1.6% on a like-for-like basis due to an uplift across the portfolio resulting from contractual inflation-linked growth of rent and the effect of lease extensions within the retirement homes portfolio. In the quarter, the company entered a £300m Housing Investment Partnership agreement with Morgan Sindall Investments to initially target 1,500 new Shared Ownership homes. RESI also extended the lease term on 279 long leasehold retirement properties to 150 years, increasing the average unexpired lease term of the 2,100 leasehold units in the portfolio to 131 years and enhancing portfolio valuation. A £14.5m debt facility secured against 289 units in RESI's local authority housing portfolio and a £4.0m debt facility secured against 102 units in RESI's retirement housing portfolio were completed in the period. As previously reported, a further £60m capital committed for the acquisition of 132 apartments at Clapham Park. Liberum view RESI will be close to full deployment following the £60m acquisition of the apartments in Clapham Park. The company intends to increase the level of shared ownership investments in the portfolio. Shared ownership assets have a number of attractive characteristics. Void levels are typically very low given the nature of part-ownership. Importantly, maintenance is the responsibility of the tenant. The shared owner has the option to acquire more of the property over time, offering the potential for staircasing profits for RESI.
davebowler
30/1/2019
08:51
Liberum; Steady NAV progression Mkt Cap £155m | Prem/(disc) -14.6% | Div yield 5.5% Event Residential Secure Income's NAV per share at 31 December 2018 was 105.9p. NAV total return in the quarter to December was 1.5%. The portfolio valuation rose by 0.4% on a like-for-like basis in the quarter. This follows the recognition of a 7% revaluation gain at September 2018. The quarterly dividend has increased to 1.25p from 0.75p, in line with the company's target of distributing 5p in the year to September 2019. Recurring EPS in the quarter was 0.8p and should improve further following recent acquisitions. In terms of deployment, the company acquired a £16.5m shared ownership portfolio of 34 homes from Crest Nicholson. £6.5m was also invested in a 39-unit retirement homes portfolio. RESI has also agreed a housing investment partnership agreement with Morgan Sindall Investments. The partnership is targeting the delivery of 1,500 shares ownership homes with a value of up to £300m. Liberum view NAV total return in the period from launch in July 2017 is 11.1%. We estimate the company needs to deploy another £100m of capital in order to achieve the targeted 50% LTV ratio. RESI made steady progress on acquisitions in 2018 following a slow start in the period after launch. The company has also secured long-term debt facilities on favourable terms. The discount differential to the peer group looks too wide in our view and we would expect the shares to re-rate as deployment and adjusted EPS increases.
davebowler
24/1/2019
09:05
hTTps://citywire.co.uk/investment-trust-insider/news/social-housing-reit-signs-up-home-builder-to-hit-targets/a1193934?re=61645&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Daily&utm_medium=BulkEmail_Investment+Trust+Insider+Daily&utm_campaign=BulkEmail_Investment+Trust+Insider+Daily
davebowler
22/1/2019
10:04
in my opinion, SHARED OWNERSHIP housing is a sub-standard and sub-optimal REAL-ESTATE ASSET CLASS. why do people use shared ownership - normally because they can't afford to buy outright? ALL IMO. DYOR. QP
quepassa
22/1/2019
09:34
NAV of 105.1p and dividend of 5p (yield 5.6%) ought to be attractive, certainly.
jonwig
22/1/2019
09:13
Liberum; Mkt Cap £152m | Prem/(disc) -15.3% | Div yield 3.4% Event Residential Secure Income has entered into a housing investment partnership agreement with Morgan Sindall Investments. The agreement aims to increase the supply of shared ownership homes. The partnership is targeting the delivery of 1,500 shares ownership homes with a value of up to £300m. Residential Secure Income made its first investment in shares ownership properties in October with a £16.5m portfolio acquisition from Crest Nicholson. The company will invest through the partnership using debt proceeds secured against its £240m portfolio. Liberum view The timing of the expected investment through the partnership is unclear from today's announcement. We estimate the company needs to deploy another £100m of capital in order to achieve the targeted 50% LTV ratio. RESI has made steady progress on acquisitions in 2018 following a slow start in the period after launch. The discount differential to the peer group looks too wide in our view (-15.3% discount compared to 0.8% average premium for Civitas and Triple Point).
davebowler
20/1/2019
16:43
htTPs://citywire.co.uk/investment-trust-insider/news/liberum-top-alternative-investment-funds-for-2019/a1192485
davebowler
08/12/2018
06:49
My posts, 12 , 14 and 19 refer and explain. This vehicle is all down-side and no upside in my view. ALL IMO. DYOR. QP
quepassa
08/12/2018
06:37
shauney - look at the sps of PRSR and CSH, which have also tanked recently. Why? I don't know, but First Priority Housing Association had financial problems earlier this year, and there have been complaints about profiteering: Https://www.theguardian.com/housing-network/2018/feb/28/housing-associations-record-profits-affordable-homes Has Mr Corbyn got them in his sights? I tend to stay away when I can't explain a situation.
jonwig
07/12/2018
19:26
What am i missing here? Seems seller(s) wanted out today plus the UT added to the fall but 17% below NAV and a good recent report make them look very interesting.
shauney2
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