In QuotedData’s morning briefing 11 January 2023:
- PRS REIT (PRSR) provided a trading update for the quarter to 31 December 2022 in which it completed 57 new rental homes brining the company’s portfolio to 4,913 as at 31 December 2022. The delivery programme is around 85% complete, with 613 additional homes contracted and at various stages of development. The estimated rental value (ERV) of the current completed portfolio is £50.7m per annum and once all homes are complete the ERV of the portfolio is expected to total £57.3m per annum. Occupancy at 31 December 2022 stood at 97% with 4,788 of the 4,913 completed homes occupied. A further 44 homes were reserved for applicants who had passed referencing and paid rental deposits, giving an occupancy rate of 98%. Like-for-like rental growth on an annualised basis was 5.7%. Rent collection in the quarter was 98%, slightly down on the long-term average of 99%. Total arrears was £0.7m at 31 December 2022 (31 December 2021: £0.4m), representing 1% of annualised ERV on completed units. The group said that the affordability of its rents remained strong, with average rent as a proportion of household income at 25%.
We also have a trading update from Digital 9 Infrastructure