Business
Interim Results to 31 March 2023
Interim Results to 31 March 2023.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n\n7 June 2023\nResidential Secure Income plc\n \n(\"ReSI plc\" or the \"Company\") \n \nInterim Results to 31 March 2023\n \nResidential 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 interim results for the six months ending 31 March 2023.\n \nCommenting on ReSI plc's results, Robert Whiteman CBE, Chairman of ReSI plc said:\n \n\"ReSI remains well-placed, to meet continued enormous demand for affordable housing, enabling sustainable and growing, risk-adjusted returns over the long term.\n \nWe have continued to support residents, balancing rent increases and returns in a way which is sustainable for both residents and shareholders. This focus has been rewarded with 99% rent collection from 2,613 counterparties and resilient high-occupancy levels. These factors drive our secure income stream which has remained unaffected despite the impact of the macroeconomic environment on property valuations.\n \nWe are considering selective disposal of certain non-core assets, to reduce floating rate debt levels, and will then revisit the appropriate level for a fully covered and progressive dividend.\"\n \nBen Fry, Managing Director of Housing at Gresham House added:\n \n\"Our aim remains to deliver defensive long income for investors and meaningful social impact by providing high-quality, secure homes for our residents - and the fundamentals for this portfolio remain robust, with customer demand incredibly strong, given the economic circumstances.\"\n \nKey Financial Metrics\n \n\n\n\n\nIncome\n\n\nSix months to 31-Mar 23\n\n\nSix months to 31-Mar 22\n\n\nChange in Year\n\n\n \n\n\n\n\nLike-for-like rental reviews\n\n\n+6.2%\n\n\n+4.2%\n\n\n+2%\n\n\n \n\n\n\n\nRent Collection\n\n\n99%\n\n\n99%\n\n\n-\n\n\n \n\n\n\n\nGross Rental Income\n\n\n£13.6mn\n\n\n£12.4mn\n\n\n+10%\n\n\n \n\n\n\n\nNet Rental Income\n\n\n£8.8mn\n\n\n£8.1mn\n\n\n+8%\n\n\n \n\n\n\n\nAdjusted EPRA Earnings1,2\n\n\n£4.1mn\n\n\n£4.2mn\n\n\n-3%\n\n\n \n\n\n\n\nAdjusted EPRA EPS1,2\n\n\n2.2p\n\n\n2.4p\n\n\n-8%\n\n\n \n\n\n\n\nDividend paid per share\n\n\n2.6p\n\n\n2.6p\n\n\n-\n\n\n \n\n\n\n\nDividend cover3\n\n\n86%\n\n\n96%\n\n\n-10%\n\n\n&n...