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(Alliance News) - Residential Secure Income PLC said Thursday its net asset value rose in its recently ended financial year, as the value of its property portfolio rose over the year.
For the year to the end of September, the real estate investment trust reported pretax profit of GBP13.2 million, down 18% from GBP16.1 million the year before, despite total income more than doubling to GBP21.6 million from GBP10.4 million.
Residential Secure's profit performance was hindered by a lower gain on the fair value of investment properties at GBP8.7 million from GBP14.8 million.
As at the end of September, trust reported a net asset value of 108.6 pence, up 3.3% from 105.1p on the same date the prior year.
As at September 30, Residential Secure's portfolio consisted of 2,677 homes, which were valued at GBP321 million, up 43% year-on-year from GBP225 million the prior year.
Residential Secure declared an interim dividend of 5.0 pence per share, up 66% from 3.0p the year before, and in line with the trust's target at its IPO in July 2017.
"The well-documented shortage of housing in many parts of the UK continues to drive high levels of demand, and ReSI has seen strong appetite from Housing Associations, Local Authorities and private developers for new sources of capital to invest in housing in these areas. ReSI has clearly demonstrated its ability, through ReSI Housing, our Registered Provider of social housing, to deliver new and much needed affordable accommodation supported by government grant, including shared ownership," said Chair Robert Whiteman.
Shares in Residential Secure Income - which is headquartered in London - were up 1.5% at 91.84 pence on Thursday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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