1Q26 Net Asset Value and corporate update
Summary by AI BETAClose X
20 February 2026
Residential Secure Income plc
Net Asset Value and corporate update
Residential Secure Income plc ("ReSI" or the "Company") (LSE: RESI), which is pursuing an orderly realisation of its independent retirement and shared ownership portfolios, announces its unaudited Net Asset Value ("NAV") as at 31 December 2025 and provides an update on operational performance and the ongoing sales process.
Robert Whiteman CBE, Chairman of ReSI plc, commented:
"The Board and Investment Manager remain mindful of the Company's persistent share price discount and limited liquidity, which underpinned shareholder support for the managed realisation strategy. We remain focused on executing the shareholder-mandated realisation strategy in an orderly manner while seeking to maximise value.
"As announced in our full year results in January, the Board and Investment Manager have undertaken a comprehensive, adviser-led sales process across both portfolios. Following competitive bidding, both portfolios are now in exclusivity with preferred purchasers who are undertaking further due diligence.
"Operationally, the portfolios continue to perform well, with high levels of rent collection, occupancy and inflation-linked rental growth. The defensive characteristics of the assets remain evident."
Strong operational performance reflecting defensive nature of assets
· Rent collection consistent at over 99% for the quarter
· Rental growth of 4.6% on 472 properties (20.5% of portfolio) giving 2.5% like-for-like growth
· Shared ownership portfolio fully occupied, with retirement occupancy at 96%
Valuations remained broadly stable in the quarter, with a modest outward yield movement of 7 basis points largely offset by inflation-linked rental growth, resulting in a 0.2% like-for-like decline in values
· Total EPRA return for the quarter of 0.5% (0.3p) to give EPRA NTA of 62.6p (£134.1mn) as at 31 December 2025
· Driven by a 0.3p, or 0.2% decrease in like-for-like investment property values, as follows:
o 1.4p increase from inflation-linked rent reviews in the quarter
o 1.7p decrease resulting from a further 7 basis points outward yield shift
· Annualised net rental yields now 6.73% in retirement and 4.40% in shared ownership
Interim dividend of 1.03 pence per share declared today
· The Board will continue to balance dividend payments against capital preservation and the orderly execution of the realisation strategy with distribution in reference to:
o Overall profitability
o Progress on realisations
o Capital investment in investment portfolios to enhance value and
o Maintaining Real Estate Investment Trust status
· 126% dividend coverage from Adjusted EPRA earnings of 1.26p
Sales Process
· Following a comprehensive, adviser-led, sales process both the shared ownership and retirement portfolios are in exclusivity with the respective purchasers undertaking further diligence
o Prospective purchasers are expecting to acquire the portfolio with the existing debt facilities being ported; accordingly, any associated break gain would remain unrealised and should not be interpreted as distributable value under the expected transaction structures.
o The Board continues to evaluate pricing and terms carefully to ensure any transaction reflects best outcome for shareholders
NAV movement
The movement in NAV between 30 September 2025 and 31 December 2025 (the "Period") is as follows:
|
|
EPRA NTA* |
IFRS NAV |
Realisable NAV |
|||
|
|
£'mn |
Pence per Share |
£'mn |
Pence Per Share |
£'mn |
Pence per Share |
|
At 30 September 2025 |
117.2 |
63.3 |
134.2 |
72.5 |
126.2 |
68.1 |
|
Net income for the Period |
2.3 |
1.3 |
2.3 |
1.3 |
2.3 |
1.3 |
|
Dividend paid |
(1.9) |
(1.0) |
(1.9) |
(1.0) |
(1.9) |
(1.0) |
|
One off profit on disposal |
0.3 |
0.2 |
0.3 |
0.2 |
0.3 |
0.2 |
|
Property valuation change |
(0.9) |
(0.5) |
(0.9) |
(0.5) |
(0.9) |
(0.5) |
|
Debt valuation / indexation |
(1.1) |
(0.6) |
- |
- |
(1.1) |
(0.6) |
|
At 31 December 2025 Exc. Break Gain |
116.0 |
62.6 |
134.1 |
72.4 |
124.9 |
67.4 |
|
Break Gain** |
- |
- |
- |
- |
(1.2) |
(0.6) |
|
At 31 December 2025 inc. Break gain |
116.0 |
62.6 |
134.1 |
72.4 |
123.7 |
66.8 |
|
Total return |
0.5% |
0.5% |
1.3% |
1.3% |
(0.5%) |
(0.5%) |
|
|
|
|
|
|
|
|
*In accordance with the EPRA Best Practice Recommendations, EPRA NTA reflects the amortised cost of indebtedness, rather than its fair value, and thus the EPRA NTA movement reflects the indexation of USS debt.
**Realisable NAV represents EPRA NTA adjusted for estimated realisation costs and debt break assumptions at the balance sheet date.
For further information, please contact:
|
Gresham House Real Estate Mike Adams Sandeep Patel |
+44 (0) 20 7382 0900
|
|
Peel Hunt LLP Luke Simpson Huw Jeremy
|
+44 (0) 20 7418 8900 |
|
KL Communications Charles Gorman Charlotte Francis |
+44 (0) 20 3995 6673
|
About ReSI plc
ReSI plc (LSE: RESI) is a real estate investment trust (REIT) focused on delivering secure, inflation-linked returns with a focus on two residential sub-sectors in UK residential - independent retirement rentals and shared ownership - underpinned by an ageing demographic and untapped and strong demand for affordable home ownership.
ReSI plc's purpose is to deliver affordable, high-quality, safe homes with great customer service and long-term stability of tenure for residents. We achieve this through 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 affordable housing.
ReSI plc'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.
In December 2024, shareholders voted for and accepted a new investment objective which seeks to realise all the existing assets in the Company's portfolio in an orderly manner. The Company will pursue its investment objective by effecting an orderly realisation of its assets while seeking to balance maximising returns for Shareholders against timing of disposals whilst ensuring the interests of residents are protected. Capital expenditure will be permitted where it is deemed necessary or desirable in connection to the realisation, primarily where such expenditure is necessary to protect or enhance an asset's realisable value, to comply with statutory or regulatory obligations, to protect other stakeholders, to comply with the terms of any funding arrangement or to facilitate orderly disposals.
About Gresham House and Gresham House Real Estate
Gresham House is an alternative asset manager committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.
Gresham House Real Estate offers long-term equity investments into UK housing, through listed and unlisted housing investment vehicles, each focused on addressing different areas of the affordable housing problem. Each fund aims to deliver stable and secure inflation-linked returns whilst providing social and environmental benefits to its residents, the local community, and the wider economy.
Further information on ReSI plc is available at www.resi-reit.com, and further information on Gresham House is available at www.greshamhouse.com
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