Residential Secure Income REIT has posted a 15.7% uptick in the value of its investment property portfolio for its financial year ending in September.
The value of the affordable shared-ownership housing investor’s 2,708-home portfolio grew by 15.7% to £302m, from £261m during the same period last year. Valuations dipped by 0.3% on a like-for-like basis.
ReSI’s net asset value per share dropped by 3.3% to 105p, compared with September 2019, after paying out an annual dividend of 5p per share.
Operating profit before disposals rose by 10.3% to £9.9m, while net rental income grew by 0.9% to £11.3m. It has collected 99% of rent owed in the year ending September.
Alex Pilato, chief executive of ReSI Capital Management and head of the housing division of fund manager Gresham House, said that demand for housing in the UK remains “acute” and continues to rise.
He said: “We have a clear plan to reach full dividend coverage by FY22 which includes deploying the remaining £32m of available capital into our pipeline of new assets, securing residents for the unoccupied shared ownership homes and addressing voids in the retirement portfolio that increased during the lockdowns.”
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