Residential Secure Income has reported a 3.9% uplift in its portfolio valuation in the 12 months to 30 September.
The REIT saw £8.7m added to its portfolio of shared-ownership, retirement and local authority housing.
ReSI’s net asset value per share rose to £185.7p. There was a 3.3% increase in IFRS NAV to 108.6p per share.
It has focused on growing the shared ownership portfolio, driven by strong appetite from housing associations, local authorities and private developers.
During the period it invested or committed £83m in 332 homes, bringing the total deployed to £302m.
Its portfolio now comprises 2,677 homes valued at £321.3m, including £60m committed at Clapham Park to acquire 132 shared ownership units from Metropolitan Thames Valley Housing.
Annnualised net rental income increased by 6.7% to £11.2m, representing a 5% net yield on capital deployed to income-producing assets.
Jonathan Slater, chief executive of ReSI Capital Management, said the valuation increase “was driven by a combination of contractual inflation-linked rental increases flowing through into valuation accretions, along and our own asset management initiatives”.
“Our ambition remains to significantly grow the size of ReSI to be able to achieve the benefits of scale, and we continue to generate a strong pipeline of potential investments to facilitate this.”
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