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(Alliance News) - Residential Secure Income PLC on Wednesday reported a slight slip in its net asset value though it hailed its "defensive" portfolio, with rent collection during its latest financial year near 100%.
The real estate investment trust's net asset value at September 30 was 105.0 pence, down 3.3% from 108.6p a year earlier.
Shares in the company rose 0.4% to 90.36p each in London on Wednesday morning.
Income rose 49% to GBP32.2 million from GBP21.6 million but pretax profit dropped 81% to GBP2.4 million from GBP13.2 million. Residential Secure posted a GBP8.7 million boost from the change in fair value of investment properties during financial 2019, but this time around, it reported a GBP759,000 hit.
The company held its payout at 5.0p per share.
The affordable housing investors portfolio value rose 16% to GBP302.5 million from GBP260.6 million.
During the year, it collected 99% of its rent, "demonstrating defensive characteristics of the portfolio".
By Eric Cunha; ericcunha@alliancenews.com
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