Business
3Q22 NAV & Corporate Update
3Q22 NAV & Corporate Update.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \n \n 27 July 2022\n \n \n \n \n \n \n \n \n \n Residential Secure Income plc\n \n \n \n \n \n \n \n \n \n Net Asset Value and corporate update\n \n \n \n \n \n \n Residential Secure Income plc (ReSI plc) (LSE: RESI), which invests in independent retirement living and shared ownership to deliver secure, inflation-linked returns\n ,\n is pleased to announce\n its unaudited third quarter net asset value (\"Net Asset Value\" or \"NAV\") as at 30 June 2022 and to update on recent corporate activity for the period.\n \n \n \n \n \n \n Income/dividends\n \n \n \n \n \n \n \n ●\n \n \n \n \n Quarterly interim dividend of 1.29p paid out, in line with FY22 target\n \n \n [1]\n \n \n of 5.16p per share, and a further 1.29p quarterly interim dividend declared today\n \n \n \n \n \n \n ●\n \n \n \n \n Dividend 97% covered by recurring income during the quarter\n \n \n \n \n \n \n \n \n \n \n \n \n \n ○\n \n \n \n \n Dividend cover is stable after factoring in the February share issuance,\n with at least 96% expected for the full year\n \n 1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ○\n \n \n \n \n Inflation-linked rental income provides ongoing platform for dividend progression\n \n \n \n \n \n \n ●\n \n \n \n \n >99% rent collection maintained, in line with historic and pre-pandemic levels\n \n \n \n \n \n \n \n \n \n \n Resilient financial position\n \n \n \n \n \n \n \n ●\n \n \n \n \n EPRA Net Tangible Assets (NTA) total return for the quarter of 2.0% (2.2p)\n \n \n \n \n \n \n ●\n \n \n \n \n Total property portfolio of 3,291 homes with a value of £389 million\n \n \n [2]\n \n \n up 0.9% or £3.2 million on a like-for-like fair value basis in the quarter\n \n \n \n \n \n \n \n \n \n \n \n \n \n ○\n \n \n \n \n Movement driven by inflation-linked rental reviews growth of 6.1% on 1,142 properties in the quarter (36% of rent roll), driving 2.3% like-for-like rental growth\n \n \n \n \n \n \n \n \n \n \n \n \n \n ○\n \n \n \n \n Portfolio is focused on £223 million of independent retirement living and £135 million shared ownership homes\n \n \n \n \n \n \n ●\n \n \n \n \n ReSI plc continues to maintain a robust balance sheet with a loan-to-value ratio of 44%. Total debt was £185 million at 30 June 2022 with a long average 22-year maturity and low-weighted average cost of 2.2% (92% fixed or he...