Business
Corporate & Pre-Close Trading Update
Corporate & Pre-Close Trading Update.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5916U\n Residential Secure Income PLC\n 07 April 2021\n \n \n \n \n 07 April 2021\n \n \n Residential Secure Income plc \n \n \n Corporate Update / Pre-Close Trading Update\n \n \n Full deployment reached and full dividend coverage expected from July 2021\n \n \n \n \n \n Residential Secure Income plc (\"ReSI\") (LSE: RESI),\n \n which invests in affordable shared ownership, retirement and local authority housing, i\n s pleased to provide a\n n\n update on recent corporate activity and performance ahead of its interim results for the half-year ending 31 March 2021.\n \n \n \n \n \n \n \n \n \n Financial \n \n \n Update\n \n \n \n \n \n \n \n \n \n ●\n \n \n \n \n Following its £16 million acquisition of 191 shared ownership homes from Orbit the Company has reached \n full deployment with a £345 million\n \n (1)\n \n portfolio consisting of 3,061 homes\n \n \n \n \n \n \n ●\n \n \n \n \n Passing portfolio net rent less interest grown to £9.9 million\n \n \n \n \n \n \n ●\n \n \n \n \n Total Debt £162 million (before fair value update) as at 31 March 2021 with an average 23 year maturity and weighted average cost of 2.3%. Gross LTV ratio\n \n (1)\n \n of \n 47\n %\n \n \n \n \n \n \n ●\n \n \n \n \n Improved earnings position arising from being fully invested, as well as ongoing operational improvements, means the Company now expects to reach full dividend coverage (on a look forward basis and calculated on recurring profit before valuation movements) in July 2021\n \n (2)\n \n \n \n \n \n \n \n \n \n Shared Ownership Portfolio\n \n \n \n \n \n \n \n \n ●\n \n \n \n \n Net annual rent roll less interest\n \n (3)\n \n on completed shared ownership homes increased to 2.2 million (1.3 pence per share) reflecting the growing size of the portfolio as well as further progress on occupancy over the quarter\n \n \n \n \n \n \n ●\n \n \n \n \n Shared ownership portfolio now comprising 549 homes (including 85 committed acquisitions), of which 418 homes are occupied, 31 reserved and in sales progression and 15 remaining available for shared owners\n \n \n \n \n \n \n ○\n \n \n \n \n Continuing occupational progress with\n 17 \n reserved homes becoming occupied over the quarter to 31 March 2021\n \n \n \n \n \n \n ●\n \n \n \n \n Since 30 September 2020 the Com...