TIDMRESI
RNS Number : 1190I
Residential Secure Income PLC
03 August 2023
3 August 2023
Residential Secure Income plc
Net Asset Value and corporate update
Residential Secure Income plc ("ReSI plc") (LSE: RESI), which
invests in independent retirement living and shared ownership to
deliver secure, inflation-linked returns , is pleased to announce
its unaudited third quarter net asset value ("Net Asset Value" or
"NAV") as at 30 June 2023 and to update on recent corporate
activity for the period.
Strong operational performance reflecting defensive nature of
assets
-- Portfolio focused on direct leases with pensioners and part home owners
-- Rent collection constistent at 99% for the quarter
-- Rent al growth of 6.4% on 1,084 directly rented homes (33% of
portfolio) giving 2.5% like-for-like growth
-- 99% shared ownership occupancy
-- Retirement occupancy continues at 94% in line with long-term average occupancy
V aluation s broadly flat with strong inflation-linked rent
growth, offsetting outward yield shift in the quarter
-- Total EPRA return for the quarter of 1.0% (0.9 pence per
share ("p")) to give EPRA NTA of 88.6p (GBP164.1mn) as at 30
June
-- Driven by 0.4p, or 0. 2 % , increase in like-for-like
investment property values, as follows:
o 4.9 p increase from inflation - linked rent reviews in the
quarter
o 4.5p decrease resulting from a further 13 basis points outward
yield shift
Resilient balance sheet with long-term and low-cost debt
-- Diverse portfolio of 3,298 homes worth GBP357mn
-- 22-year average debt maturity, 90% fixed or hedged with low 2.5% weighted average coupon
-- Loan-to-value ratio of 49% , down from 52% at 31 March 2023
and reduced to 4 1 % when including 20 % reversionary surplus
Outlook
-- Acute need for more affordable homes with estimated need for
GBP34bn (1) of annual investment in the UK
-- Particular shortage of affordable homes for home ownership
and suitable accommodation for independent later living for the
growing elderly population
-- Strong rental inflation - linked growth expected to continue,
underpinned by lack of supply and increasing demand
-- Institutional appetite for residential income generating assets remains strong
-- Continuing to f ocus 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
NAV movement
The movement in NAV between 31 March 202 3 and 30 June 2023 (the
"Period") is as follows:
EPRA NTA IFRS NAV
--------------------------------
GBP 'mn Pence GBP'mn Pence
per Ordinary per Ordinary
Share Share
-------- -------------- ------- --------------
Net Asset Value at 31 March
2023 164.8 89.0 166.6 90.0
-------- -------------- ------- --------------
Net income for the Period 2.2 1.2 2.2 1.2
-------- -------------- ------- --------------
Property valuation change 0.7 0.4 0.7 0.4
-------- -------------- ------- --------------
Debt valuation / indexation(*) (1.2) (0.7) 8.0 4.3
-------- -------------- ------- --------------
Dividend paid (2.4) (1.3) (2.4) -1.3
-------- -------------- ------- --------------
Net Asset Value at 30 March
2023 164.1 88.6 175.1 94.6
-------- -------------- ------- --------------
Total return 1.7 0.9 10.9 5.9
-------- -------------- ------- --------------
*In accordance with the EPRA Best Practice Recommendations, EPRA
NTA reflects the amortised cost of indebtedness, rather than its
fair value, and thus the EPRA NTA movement reflects the indexation
of USS debt.
Ben Fry, Managing Director, Housing at Gresham House,
commented:
"Underlying operational performance continues to be robust, with
strong rental growth, both on an absolute and a like-for-like
basis. We continue to balance rent increases and returns in a
sustainable manner for both residents and shareholders, which is
evident through our high occupancy and strong demand. There
continues to be a shortage of high-quality affordable homes which
should continue to support valuations and provide a strong outlook
for the portfolio."
1. British Property Federation, and Legal & General,
2022
2. Excluding the finance lease gross
For further information, please contact:
Gresham House Real Estate
Ben Fry
Sandeep Patel +44 (0) 20 7382 0900
Peel Hunt LLP
Luke Simpson
Huw Jeremy +44 (0) 20 7418 8900
KL Communications gh@kl-communications.com
Charles Gorman +44 (0) 20 3995 6673
Charlotte Francis
About ReSI plc
Residential Secure Income plc ("ReSI plc"" LSE: RESI) is a real
estate investment trust (REIT) focused on delivering secure,
inflation-linked returns with a focus on two resident sub-sectors
in UK residential - independent retirement rentals and shared
ownership - underpinned by an ageing demographic and untapped and
strong demand for affordable home ownership.
As at 30 June 2023 ReSI plc's portfolio comprises 3,298
properties, with an (unaudited) IFRS fair value of GBP357 mn(2)
.
ReSI plc's purpose is to deliver affordable, high-quality, safe
homes with great customer service and long-term stability of tenure
for residents. We achieve this through meeting demand from housing
developers, housing associations, local authorities, and private
developers for long-term investment partners to accelerate the
development of socially and economically beneficial affordable
housing.
ReSI plc's subsidiary, ReSI Housing Limited, is registered as a
for-profit Registered Provider of social housing, and so provides a
unique proposition to its housing developer partners, being a
long-term private sector landlord within the social housing
regulatory environment. As a Registered Provider, ReSI Housing can
acquire affordable housing subject to s106 planning restrictions
and housing funded by government grant.
About Gresham House and Gresham House Real Estate
Gresham House is a London Stock Exchange quoted specialist
alternative asset manager committed to operating responsibly and
sustainably, taking the long view in delivering sustainable
investment solutions.
Gresham House Real Estate has an unparalleled track record in
the affordable housing sector over 20 years, with senior members
having an average of c.30 years' experience.
Gresham House Real Estate offers long-term equity investments
into UK housing, through listed and unlisted housing investment
vehicles, each focused on addressing different areas of the
affordable housing problem. Each fund aims to deliver stable and
secure inflation-linked returns whilst providing social and
environmental benefits to its residents, the local community, and
the wider economy.
Further information on ReSI plc is available at
www.resi-reit.com , and further information on Gresham House is
available at www.greshamhouse.com
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END
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August 03, 2023 02:00 ET (06:00 GMT)
Residential Secure Income (LSE:RESI)
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から 10 2024 まで 11 2024
Residential Secure Income (LSE:RESI)
過去 株価チャート
から 11 2023 まで 11 2024
