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Last checked at 
13 Aug 2018 07:00
13 August 2018
Residential Secure Income plc
Net Asset Value
Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce its unaudited net asset value ("Net Asset Value" or "NAV") per ordinary share was 101.9 pence as at 30th June 2018, reflecting an independent valuation of the property portfolio prepared on an IFRS basis.
The movement in NAV since publication of interim results is as follows:
| £m | Pence per share |
Net Asset Value as at 31st March 2018 | 178.1 | 98.8 |
Net Income for period | 0.8 | 0.4 |
Valuation change | 5.8 | 3.2 |
Dividend paid | (1.3) | (0.7) |
Net share buyback1 | (3.0) | 0.2 |
Net Asset Value as at 30th June 2018 | 180.3 | 101.9 |
1 The increase in Net Asset Value per share from the share buyback was due to purchasing shares at a discount to NAV.
The increase in NAV over the period primarily reflects the valuation uplift from extending the leasehold interests of 1,003 retirement properties during June 2018 and net rental income from acquisitions.
The total return (i.e. the movement in NAV plus dividends paid) over the period was 3.9%, taking the total return since the admission of ordinary shares on 12th July 2017 to 5.5%.
The NAV has been calculated in accordance with International Financial Reporting Standards and incorporates the independent valuation on a "sum of the parts" basis, in accordance with, and required by, international accounting standards. The NAV does not include a provision for a third interim dividend for the period from 1 April 2018 to 30 June 2018.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ReSI Capital Management Limited Ben Fry Jonathan Slater Alex Pilato Mark Rogers | +44 (0) 20 7382 0900 |
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Jefferies International Limited Stuart Klein Gary Gould | +44 (0) 20 7029 8000 |
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FTI Consulting +44 (0) 20 3727 1000
Richard Sunderland Email: resi@fticonsulting.com
Claire Turvey
Richard Gotla
NOTES:
Residential Secure Income plc (LSE: RESI) is listed on the premium segment of the Official List of the UK Listing Authority and was admitted to trading on the Main Market of the London Stock Exchange in July 2017.
ReSI has been established to invest in portfolios of Homes across residential asset classes that comprise the stock of Housing Associations and Local Authorities, comprising Shared Ownership Homes and Rental Homes (being Market Rental Homes, Functional Homes and Sub-Market Rental Homes) throughout the UK.
ReSI is managed by ReSI Capital Management Limited, a wholly owned subsidiary of TradeRisks Limited which has a 17 year track record of executing transactions within the UK social housing sector and, to date, has arranged funding of over £10 billion in the social housing, care and other specialist residential property sectors.
ReSI seeks to deliver secure, long-dated, inflation-linked income returns through investment in UK social housing. It aims to meet demand from Housing Associations and Local Authorities for alternative equity-like financing sources that allows them to recycle capital back into socially and economically beneficial new housing, making a meaningful contribution to the UK housing shortage.
Homes acquired by ReSI will predominantly be on a freehold or long leasehold basis (typically 99 years or more to maturity) and benefit from long term (typically 20 years plus) inflation-adjusted cash flows. Acquisitions by ReSI will be limited to Homes with sufficient cashflows, counterparty credit quality and property security that allow the Fund Manager to arrange long-term investment grade equivalent debt.
Further information on ReSI is available at www.resi-reit.com
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