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| 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
|
|
|---|---|---|---|---|---|
| 0.40 | 0.68% | 59.00 | 34,902 | 13:01:31 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 58.60 | 59.20 | 59.00 | 59.00 | 59.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Investment Trust | 41.3M | -23.15M | -0.1250 | -4.72 | 108.51M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 13:31:39 | O | 6,240 | 58.60 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 06/12/2024 | 17:35 | UK RNS | Residential Secure Income PLC Result of Meeting |
| 20/11/2024 | 07:00 | UK RNS | Residential Secure Income PLC Publication of Circular & General Meeting.. |
| 01/11/2024 | 07:05 | UK RNS | Residential Secure Income PLC Update to asset management services.. |
| 07/10/2024 | 15:28 | UK RNS | Residential Secure Income PLC Fund Management Fee |
| 03/10/2024 | 13:20 | ALNC |  Residential Secure shareholders to vote on proposed managed wind-down |
| 03/10/2024 | 06:00 | UK RNS | Residential Secure Income PLC Proposed managed realisation and return of.. |
| 01/8/2024 | 06:00 | UK RNS | Residential Secure Income PLC Dividend Declaration |
| 01/8/2024 | 06:00 | UK RNS | Residential Secure Income PLC Net Asset Value and corporate update |
| 02/7/2024 | 14:55 | UK RNS | Residential Secure Income PLC Fund Management Fee |
| 20/6/2024 | 14:55 | ALNC | Best and worst performing London-listed funds in May - QuotedData |
Residential Secure Income (RESI) Share Charts1 Year Residential Secure Income Chart |
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1 Month Residential Secure Income Chart |
Intraday Residential Secure Income Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 29/11/2024 | 22:30 | ::: Residential Secure Income plc ::: | 332 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 13:31:40 | 58.60 | 6,240 | 3,656.64 | O |
| 13:24:40 | 58.60 | 1,801 | 1,055.39 | O |
| 13:01:31 | 59.00 | 213 | 125.67 | AT |
| 13:01:05 | 59.00 | 2,000 | 1,180.00 | O |
| 12:51:06 | 59.00 | 37 | 21.83 | AT |
| Top Posts |
|---|
Posted at 12/12/2024 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 58.60p.Residential Secure Income currently has 185,163,281 shares in issue. The market capitalisation of Residential Secure Income is £109,246,336. Residential Secure Income has a price to earnings ratio (PE ratio) of -4.72. This morning RESI shares opened at 59p |
Posted at 17/10/2024 13:50 by wshak I've been buying #RESI in size today.Organised a clear out trade at 57.4p - we will see if it genuinely takes the seller out.Managed wind-down situation, should be relatively straightforward to generate a decent profit given discount to NAV.https://x.com/ws |
Posted at 06/10/2024 13:45 by grahamg8 Any thoughts on a bail out price? With an share price of 58.4p and dividend of 4.12p the yield is 7.05%pa. That on its own is not enough to keep me here. I need the prospect of a capital gain, and a view on timing. We have a quoted NAV, selling costs, sale at a discount, possible premium from the reversionary gain. At the moment I'm working on net 73.1p. Which gives me a gain of 25.2%. But I'm going to have to wait for that, let's say 12 months and discount at 10%pa. Now the capital is only worth 65.8p, and I would continue to hold up to this price. In which case I would get a future return of 73.1p plus an income of 4.1p, instead on an instant 65.8p. If the sale(s) takes longer then my tendency to sell now increases, as would the prospect of a lower eventual payout. RESI looks like quite a strong hold to me at present. I might even be thinking of a modest top up if the share price dipped further, and I actually had any spare cash at the present. |
Posted at 03/10/2024 07:15 by grahamg8 Correct Arbus, from Q3 update "Loan-to-value ratio of 52%, down from 53% at 31 March 2024 and reduced to 41% when including 26.3% reversionary surplus". The calculation is Portfolio £315m, LTV 52%, therefore debt £163.8m. Shares 185.16m so rough NAV 81.6p, slap in the middle of quoted 76.7-83.6pps. To move the LTV to 41% the portfolio has to increase to £399.5m and the NAV would then be 127.3p Sounds good? The problem is that residents have a right to occupy and you can only realise the premium when they move out or die. A buyer may pay a little over the top for this 'premium' but as sellers RESI would not get anywhere near the extra 'hidden' asset of £84.5m. |
Posted at 03/10/2024 06:47 by invisage ReSI plc's sole remaining local authority asset has now exchanged for sale at a price marginally in excess of book value, with completion scheduled to occur by the end of 2024, enabling the full repayment of the Company's floating rate debt. |
Posted at 03/10/2024 06:28 by grahamg8 I didn't see that one coming. At 30/6 EPRA NAV 76.7p, IFRS NAV 83.6p. Overnight share price 53.3/54.6. Local Authority sale now confirmed at just above book is a relief. It might take a while but we should see a capital gain going forward. Meanwhile enjoy the dividend. |
Posted at 18/6/2024 06:47 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 14:30 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 17:29 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 12:22 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 14/9/2022 08:56 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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