The PRS REIT has provided an update for the three months to the end of December 2019 during which it completed 256 new rental homes bringing its total portfolio to 1,617 homes.
The new homes will contribute £2.6m per year to the company’s rental income, increasing its annualised rental income to £14.9m. The group said demand remained strong and its occupancy stood at 98%.
It is on site at 42 locations, with just over 3,300 homes under development across them at the end of the quarter. When complete, these homes are expected to generate an annualised gross rent of around £32.7m, lifting the PRS REIT’s total estimated rental value (ERV) to £47.6m per annum.
At the end of the quarter, the bulk of the REIT’s £900m net funding had been contracted, with the balance expected to be fully deployed by the end of the current financial quarter. The group said the pace of housing delivery continued to increase, and its 2,000th home is expected to be completed around the end of the current quarter.
An interim dividend payment of 1.0p per ordinary share in respect of the first quarter of the financial year was paid on 29 November 2019, and the company continues to target a total dividend of 5.0p per ordinary share for the current financial year.
PRSR : PRS REIT completed 256 new rental homes in final quarter of 2019