Business
NAV and Corporate Update
NAV and Corporate Update.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \nRNS Number : 4559H Residential Secure Income PLC 01 August 2019 \n\n1 August 2019\nResidential Secure Income plc \nNet Asset Value & Corporate Update\n \nResidential Secure Income plc (\"ReSI\") (LSE: RESI), which invests in affordable Shared Ownership, retirement and Local Authority housing, is pleased to announce its unaudited third quarter net asset value (\"Net Asset Value\" or \"NAV\") as at 30 June 2019 and to provide an update on its corporate activity since 31 March 2019. \n \nFinancial highlights: \n \n· IFRS NAV per share of 107.9 pence1 (31 March 2019: 107.7 pence), resulting in a total return for the quarter of 1.5p and taking the total return to 6.0p for the financial year to date and 15.3p since the admission of ordinary shares on 12 July 2017\n· Total property portfolio value of £262.3 million, reflecting an increase in the like-for-like value of £1.3 million, primarily in the retirement homes portfolio\n· Interim dividend announced of 1.25 pence per Ordinary Share for the period from 1 April 2019 to 30 June 2019, in line with the target of 5.0 pence per Ordinary Share for the current financial year2 \n \nUpdate on corporate activity since 31 March 2019:\n \n· 0.5% uplift in the portfolio valuation, compared to the previous quarter, to £262.3 million. The largest contributor to the valuation increase was capital accretion due to the realisation of the contractual inflation-linked rent increases embedded in the portfolio. In the absence of changes to property valuation yields or other factors, such rent increases automatically drive capital accretion when the portfolio is revalued each quarter. \n· In May 2019, ReSI agreed a new 10 year management agreement with Places for People group, rated G1/V1 by the Regulator of Social Housing, and credit rated A- by Standard & Poor's, covering the day-to-day management, rent collection and maintenance of its 2,223-unit retirement housing portfolio. The new contract incentivises Places for People to drive value in the portfolio by redu...