Residential Secure Income posts strong maiden results
Residential Secure Income has exceeded its target total return, hitting 9.5% in its first set of annual results.
Returns were driven by a 7% uplift in its portfolio valuation to £225.2m, while IFRS NAV rose by 7.3% to 105.1p per share.
It said it would target a return of at least 8% at the time of its IPO in July 2017.
Residential Secure Income has exceeded its target total return, hitting 9.5% in its first set of annual results.
Returns were driven by a 7% uplift in its portfolio valuation to £225.2m, while IFRS NAV rose by 7.3% to 105.1p per share.
It said it would target a return of at least 8% at the time of its IPO in July 2017.
It has invested £234m on acquisitions since its IPO. This included £184m on a portfolio of 2,112 retirement homes and £34m on 289 self-contained flats in Luton, which are leased to Luton Borough Council.
In July, the company became the first publicly listed investment fund to become a registered provider with the social housing regulator, which Residential Secure said has “significantly” expanded its pool of potential investments.
Although its share price is up by 1.4% at the time of writing, it has fallen by about 8.4% since its IPO.
Jonathan Slater, chief executive of ReSI Capital Management, the company’s fund manager, said: “After a slower than expected start, the pace of investment accelerated significantly in the second half of the period and has continued since, allowing us to build a large and diverse portfolio of high-quality, immediately income producing properties.”
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