Residential Secure Income Plc
0.08
EUR
+0.00
(+0.60%)
Residential Secure Income Plc
FRA:RK5
(Frankfurt Stock Exchange)
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0.08
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ROIC.AI
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- Residential Secure Income plc (LSE: RESI) is a United Kingdom-based real estate investment trust (REIT) that invests in affordable, high-quality shared ownership homes and independent retirement rental properties to generate secure, inflation-linked income for shareholders. Founded in 2017 and headquartered in London, the company operates exclusively in the UK residential housing sector, targeting sub-sectors underpinned by demographic trends including an ageing population and demand for affordable homeownership. Its portfolio features approximately 3,000 properties valued at around £317 million as of March 2024, comprising shared ownership homes where residents purchase a typical 25% stake and rent the remainder at below-market rates with options to staircase additional equity; independent retirement rentals, representing the UK's largest such private portfolio with 2,233 homes valued at £200 million featuring lifetime tenancies paid via pensions or housing benefits; and a recently divested local authority portfolio. The company owns ReSI Housing Limited, a wholly-owned for-profit registered provider of social housing that facilitates government-subsidised acquisitions of over £30,000 per new shared ownership home, enabling sub-market rents and adherence to proprietary Customer and Environmental Charters for social impact. Gresham House Asset Management Limited serves as fund manager, emphasising diversified income streams from thousands of residents and properties with strong covenants from housing associations, local authorities and shared owners. In late 2024, shareholders approved a managed wind-down and portfolio realisation strategy to maximise shareholder value amid share price discounts and market challenges, entailing orderly asset sales, debt repayment including full divestment of the local authority portfolio for £15 million in January 2025 ahead of book value, cancellation of the Santander revolving credit facility in June 2025 replaced by a 2.5-year Shawbrook facility at 4.20% margin, 15% adjusted earnings growth, 99% rent collection and 3.3% rental uplifts on select properties as of mid-2025, with lead fund manager Ben Fry stepping down in July 2025 while Mike Adams and Sandeep Patel continue operations. The strategy prioritises timely capital returns post-realisations while safeguarding resident interests under long-term leases.