Investors are still Out of Office (and other REITs…)

Another disappointing result for DIY corporate financiers this week. Having hosted the ‘Fair Sale’ over itself nearly two years ago, Residential Secure Income (LSE: RESI) has announced that most of its assets are set to be acquired by the Social Housing REIT (LSE: SOHO). SOHO will get RESI’s retirement home portfolio, with the rump of RESI’s assets going to a currently unnamed bidder. The mostly paper-based deal values RESI at about 57p per share, depending on movements in SOHO’s share price. There are a few moving parts to the deal. But the point to note is that RESI was priced at about 60p a share in October 2024 when it first announced it was winding itself down. Hence this has hardly been a barnstorming return for anyone who bought into the REIT 1 in hopes of unlocking value. Moreover, RESI’s tangible NAV 2 was nearer 80p in late 2024, compared to c.63p at the last count. RESI did sell a different chunk of its portfolio in early 2025, but that all went on debt repayment. So its…