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PRS REIT reports accelerating home completions

PRS REIT

PRS REIT reports accelerating home completions – PRS REIT has published results covering the year ended 30 June 2019. Highlights are:

  • 768 new rental homes added to the portfolio, taking the cumulative total to 1,173 at 30 June 2019
  • Annualised estimated rental income GBP10.7m (30 June 2018: GBP3.6m)
  • a further 3,196 homes under construction across 37 sites at 30 June 2019 (30 June 2018: 1,305 homes across 17 sites), with wider geographic exposure.
  • When completed the annualised estimated rental income will rise to GBP41.2m
  • The pace of homes completing is accelerating
  • Remainder of GBP900m (gross) of funds will be deployed over the coming months
  • Expected total is for 5,400 new family rental homes across an estimated 75 sites, generating an estimated rental value (“ERV”) of GBP55m per annum once completed
  • Dividends paid in respect of FY 2019 totalled 5p per share, unchanged from the previous year but in line with targets
  • Total dividend targeted once the portfolio is stable is 5.5p per share, estimated in FY 2022

Steve Smith, the chairman, said “Family rental homes remain critically undersupplied throughout the U.K., and the PRS REIT is playing a part in addressing this need, bringing high quality, professionally-managed homes to middle-income families. Whilst there is political uncertainty, the board believes that the company is in good shape and remains on track to achieve both its short and long-term goals.”

PRSR : PRS REIT reports accelerating home completions

 

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