Business
INTERIM RESULTS ANNOUNCEMENT
INTERIM RESULTS ANNOUNCEMENT.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \nRNS Number : 0761T Residential Secure Income PLC 29 June 2018 \n\n \n \n \n29 June 2018\n \nResidential Secure Income plc \n \nINTERIM RESULTS ANNOUNCEMENT \n \nPORTFOLIO OF 1,772 RESIDENTIAL UNITS ACQUIRED FOR C. £155MN SINCE IPO \n \nResidential Secure Income plc (\"ReSI\") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, today announces its interim results for the period 12 July 2017 to 31 March 2018, reviewed by ReSI's Auditor in accordance with the ISRE 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'.\n \nFinancial highlights\n· Successful admission to the main market of the London Stock Exchange in July 2017, raising £180mn\n· 3% valuation increase on the Retirement Housing Partnership portfolio (\"RHP\") which was acquired in November 2017, leading to: \no IFRS Net Asset Value (\"NAV\") of £178.1mn \no IFRS NAV per share of 98.8p¹\no Earnings per share of 1.8p\n· RHP produces an annualised net rent roll of £5.1mn \n· Operating profit achieved on a run-rate basis as at 31 March 2018\n· Interim dividends declared of 1.5 pence per share ('pps') for the period, targeting 3.0pps for the period ending 30 September 2018 and 5% per annum on a fully invested and geared basis\n· Post-period share buy-back programme - 3.4mn shares purchased at an average price of 89.3p\n· Including post period transactions, c. £155mn deployed with exclusive heads of terms in place and detailed legal, property and financial due diligence in progress on a further £54mn of investments.\n \nProperty highlights \n· £100mn acquisition of the 1,341-property RHP Portfolio, operated by the UK retirement home manager subsidiary of one of the largest UK Housing Associations:\no 82% let on RPI linked assured tenancies offering lifetime security of tenure to residents\no Portfolio 59% concentrated in the South of England\no 1,225 properties are long leasehold with an average un...