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RESI Residential Secure Income Plc

0.00 (0.0%)
06 Dec 2023 - Closed
Delayed by 15 minutes
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 Shares Traded Last Trade
  0.00 0.0% 59.80 85,235 16:35:18
Bid Price Offer Price High Price Low Price Open Price
58.00 60.20 60.00 58.60 59.80
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 31.79M 13.33M 0.0687 8.73 116.49M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:49:03 O 5,927 59.806 GBX

Residential Secure Income (RESI) Latest News

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Date Time Title Posts
06/12/202319:19::: Residential Secure Income plc :::234

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Residential Secure Income (RESI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-06 17:49:0459.815,9273,544.70O
2023-12-06 16:39:5859.805,0002,990.00O
2023-12-06 16:35:1859.8022,12513,230.75UT
2023-12-06 15:53:5260.009255.20AT
2023-12-06 15:53:5260.00190114.00AT

Residential Secure Income (RESI) Top Chat Posts

Top Posts
Posted at 06/12/2023 08:20 by Residential Secure Income Daily Update
Residential Secure Income Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker RESI. The last closing price for Residential Secure Income was 59.80p.
Residential Secure Income currently has 194,149,261 shares in issue. The market capitalisation of Residential Secure Income is £116,489,557.
Residential Secure Income has a price to earnings ratio (PE ratio) of 8.73.
This morning RESI shares opened at 59.80p
Posted at 05/12/2023 10:13 by makinbuks
Fully covered 4.12p represents 6.5% at todays price. I suspect we will see a long sideways move now possibly until this time next year when UK rates are cut. If the dividend is then raised by 5% and the market yield falls to 6% we would see a price of 72p or almost 15% higher than today. I'll hold
Posted at 05/12/2023 07:52 by ghhghh
But under offer at what price? They don't even reference to Book Value, was £20m at Interims.
Posted at 05/12/2023 07:48 by rik shaw
Dividend rebased to 4.12p pa, and local authority portfolio under offer to pay of floating rate debt.
1.03p dividend declared ex-div 14 Dec paid 17 Jan
Posted at 15/11/2023 16:56 by williamcooper104
Given the damage it would do to housing associations they'll probably be alright Yep they've been taking about this for years, but they did ban ground rents at other than a peppercorn for new leases The capex on shared ownership should sit with the tenantBut on the retirement properties it has to be with RESI - albeit they probably can defer it a bit longer than a normal landlord can given their tenants are likely to stay longer - but deferring capex often of course just increases the bill when it finally lands
Posted at 15/11/2023 06:53 by spectoacc
Can't see RESI being classed as ground rents in any way. It's also the umpteenth time in the last 5 years there's been mooted legislation on leasehold.

My beef with RESI is they've a cliff-edge CapEx problem when all the kitchens, all the bathrooms will come up for refurbishment at roughly the same time (say oer 2 or 3 years). It (IMO) completely negates the business model. I'd be interested to hear an argument why it doesn't - I don't see much in the accounts in the way of accruals.

Rented property is a wasting asset.
Posted at 26/10/2023 15:43 by cwa1
RESI taking a bit of a beating today, anyone heard anything?
Posted at 03/8/2023 10:36 by makinbuks
On the one hand its encouraging that inflation based rent increases outpaced the increased discount factor. On the other, they repeat this vague warning:

"Continuing to focus on selective disposals of non-core assets, to reduce floating rate debt levels. This aims to deliver less volatile and more sustainable income, allowing ReSI plc to reposition the dividend for growth in line with underlying inflation-linked rents"

Precisely what have they disposed of, at what price and how did it compare to the modelled value? What are their future intentions with regard to this? Without knowing that, the trust is currently uninvestable.

Two other REIT's issued RNS's which I thought were interesting without a direct read across: BBOX today, £84m sale at NAV, £235m disposals YTD, clear intention to realise assets and cut debt; and AIRE yesterday, 19 properties, full disclosure of the tenants, the term the rent, 100% transparency. You can love it or hate it but you are not left with many questions.

In contract Gresham are very political in the wording of the RESI announcement. It takes me back to the Gresham House Strategic/Rockwood or Harwood saga. Gresham showed scant regard for shareholders in that. Their sole focus was maintaining AUM.
Posted at 07/6/2023 07:12 by cwa1


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 08:56 by davebowler

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%


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.
Posted at 24/12/2020 11:55 by 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."


Residential Secure Income share price data is direct from the London Stock Exchange

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