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LONDON (Alliance News) - Residential Secure Income PLC said on Monday it saw a rise in net asset value in the second quarter of its financial year, and continues to target a full-year dividend of 5.0 pence per share.
As at March 31, IFRS net asset value per share was 107.9 pence, up from 105.9p as at the end of December.
The real estate investment trust's total property portfolio value at the end of March was GBP260.7 million, reflecting a GBP4.2 million increase in its like-for-like value and net additions of GBP6.6 million, mainly in the retirement homes portfolio.
For the quarter, Residential Secure declared a quarterly dividend of 1.25 pence per share, in line with its target of 5.0p for its full financial year.
"The increase in NAV over the period primarily reflects the valuation uplift mainly resulting from contractual inflation-linked rental growth in the retirement and local authority housing portfolios, together with the previously announced lease extensions we secured within the retirement homes portfolio," said Ben Fry, managing director of ReSI Capital Management Ltd.
ReSI Capital Management is the fund manager of Residential Secure Income.
"Having successfully amassed a significant portfolio of income producing retirement homes and local authority housing working only with investment grade counterparties, we are now predominantly focused on building further scale with a portfolio of Shared Ownership properties, contributing positively to the delivery of affordable housing in the UK whilst growing income and delivering enhanced returns for shareholders," Fry added.
Shares in Residential Secure Income were down 0.4% at 91.00 pence on Monday.