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PRS REIT reports strong progress

PRS REIT

PRS REIT has reported significant progress in the delivery of private rented housing portfolio in full year results.

The group almost doubled the number of homes in its portfolio in the year to 30 June 2021, from 2,082 to 3,984. In the quarter to 30 September 2021 it has added a further 307, bringing the number of completed new homes to 4,291.

This has seen the portfolio’s estimated rental value (ERV) grow from £19.1m per annum in June 2020 to £37.5m in June 2021 and £41.1m at September 2021.

A further 764 homes with an ERV of £7m are currently under construction.

The progress meant revenue for the year to June 2021 jumped 106% to £26.6m, net rental income by 111% to £21.5m and basic earnings per share by 170% to 8.9p. Profit after tax was £44.1m (June 2020: £16.4m). Net asset value per share was up 4% to 99.0p.

Total dividends declared for the year was 4.0p.

Last month the group raised £55.6m in an equity raise, which will be used to acquire five sites that are expected to deliver 500 new homes with an ERV of £4.8m. Two of the five sites have already been acquired.

Steve Smith, chairman, said: “We are pleased with the continued progress of The PRS REIT plc in its fourth year of activity. We have effectively navigated the ongoing challenges posed by the coronavirus pandemic, delivering almost 2,000 new homes in the year. By the end of the first quarter of the new financial year, the portfolio comprised 5,055 completed and contracted homes, and following the recent equity placing we are firmly on track to deliver a higher target of 5,700 homes.

“The continued undersupply of high-quality, well-managed family rental homes means that we remain highly confident of long-term prospects for the company. We are very pleased to be playing a role in helping to solve the UK’s housing shortage, providing desirable homes across the country for hard-working families.”

PRSR : PRS REIT reports strong progress

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