Residential Secure Income preps portfolios for sale

Residential Secure Income, which is in the process of being wound down, is preparing to launch properties and portfolios for sale.  In results for the year ended 30 September 2024, the retirement home investor posted a 7.2% rise in gross rental income to £29.9m, with adjusted EPRAS earnings up by 9% at £9.5m. It said portfolios and marketing materials are now being prepared for the formal launch of sale processes after shareholders approved a wind down last year. Chairman Robert Whiteman said: “The underlying operational performance of the company has been robust throughout the year. We have successfully reduced costs, executed the sale of the local authority portfolio and reduced exposure to floating rate debt. “Despite these positive moves, the company faces the same challenges faced by other smaller investment trusts. The modest market capitalisation of the company and persistent discount to NAV undermines the company’s ability to raise more capital and reach a sufficient scale to efficiently manage the portfolio in the medium-term and provide sufficient liquidity to our investors.”