23rd Nov 2018 11:21
LONDON (Alliance News) - Residential Secure Income PLC on Friday said its total return has exceeded its own target since it joined the London Stock Exchange.
The company, which invests in residential assets, was admitted on the LSE in July 2017.
The company's net asset value per share rose 7.3% to 105.1 pence at the end of September from 98.0p at admission, on July 12 last year. It delivered a total return of 9.5%, higher than the targeted 8% set at the firm's initial public offering.
Since July 2017, the company invested GBP234.0 million in acquiring a portfolio of 2,435 residential units for retirement, local authority housing, and shared-ownership tenants.
Chief Executive Jonathan Slater 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."
During the year, the investment company declared a total dividend of 3.0p per share, in four equal 0.75p interim dividends, in line with its IPO target. For its current financial year, the company is targeting a total payout of 5.0p.
So far, Residential Secure Income has also repurchased 9.3 million shares in a buy-back at 92.5p launched in April 2018.
Looking ahead, due to the shortage of housing in the UK, the company said it continued to see high levels of demand and "strong appetite" for investment in residential assets from housing associations, local authorities and private developers.
Shares in the company were trading up 3.5% at 93.41 pence each on Friday.
Related Shares:
Residential Sec