Residential Sec Regulatory News (RESI)

29 July 2020

Residential Secure Income plc

Dividend Declaration

Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in affordable Shared Ownership, retirement and Local Authority housing, is pleased to declare an interim dividend of 1.25 pence per Ordinary Share for the period from 1 April 2020 to 30 June 2020.

0.60 pence of the dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 0.65 pence will be paid as an Ordinary UK dividend ("non-PID"). The dividend will be paid on 4 September 2020 to Shareholders on the register as at 7 August 2020. The ex-dividend date is 6 August 2020.

With this interim dividend, the Company will have paid 3.75 pence per Ordinary Share for the three quarters from 1 October 2019, in line with the target of 5.0 pence per Ordinary Share for the current financial year. Over time, ReSI expects its dividends to increase broadly in line with inflation, and targets a total return in excess of 8% per annum1. ReSI intends to pay dividends to Shareholders on a quarterly basis and in accordance with the REIT regime.

1 These are targets only and not a profit forecast. There can be no assurance that the targets will be met.

FOR FURTHER INFORMATION, PLEASE CONTACT: 

NOTES:

Residential Secure Income plc (LSE: RESI) is a real estate investment trust (REIT) listed on the premium segment of the Main Market of the London Stock Exchange with the objective of delivering secure inflation linked returns by investing in affordable shared ownership, retirement and Local Authority housing throughout the UK.

ReSI targets a secure, long-dated, inflation-linked dividend of 5.0 pence per share p.a. (paid quarterly) and a total return in excess of 8.0% p.a. and has to date deployed £305 million, assembling a portfolio of 2,718 properties.

ReSI aims to make a meaningful contribution to alleviating the UK housing shortage by meeting demand from housing developers (Housing Associations, Local Authorities and private developers) for long-term investment partners to accelerate the development of socially and economically beneficial new affordable housing.

ReSI's subsidiary, ReSI Housing Limited, is registered as a for-profit Registered Provider of Social Housing, and so provides a unique proposition to its housing developer partners, being a long term private sector landlord within the social housing regulatory environment. As a Registered Provider, ReSI Housing can acquire affordable housing subject to s106 planning restrictions and housing funded by government grant.

Acquisitions by ReSI are limited to homes with sufficient cashflows, counterparty credit quality and property security to be capable of supporting long‑term investment grade equivalent debt. ReSI does not manage or operate stock and uses experienced and credit-worthy third party managers.

ReSI is managed by ReSI Capital Management Limited, a wholly-owned subsidiary of TradeRisks Limited which has a 19 year track record of executing transactions within the UK social housing sector and, to date, has arranged funding of over £11 billion in the social housing, care and other specialist residential property sectors.

TradeRisks Limited and ReSI Capital Management Limited were acquired on 4 March 2020 by Gresham House plc, the specialist alternative asset management business which is listed on the London Stock Exchange and now has c.£3.3 billion of assets under management. Gresham House plc provides funds, direct investments and tailored investment solutions, including co-investment across a range of highly differentiated alternative investment strategies. The Group's expertise includes timber, renewable energy, housing and infrastructure, strategic public and private equity (private assets). It aims to deliver sustainable financial returns and is committed to building long-term partnerships with clients (institutions, family offices, high-net-worth individuals, charities and endowments and private individuals) to help them achieve their financial goals. Shareholder value creation will be driven by long-term growth in earnings as a result of increasing AUM and returns from invested capital.

Further information on ReSI is available at www.resi-reit.com 

Further information on Gresham House is available at www.greshamhouse.com