TIDMPRSR
RNS Number : 9028Z
PRS REIT PLC (The)
17 January 2024
17 January 2024
PRSR.L
The PRS REIT plc
("the PRS REIT" or "the Company")
Second Quarter Update
The PRS REIT, the closed-ended real estate investment trust that
invests in high-quality, new build, family homes in the private
rented sector ("PRS"), is pleased to provide an update on
performance over the second quarter (1 October to 31 December 2023)
of its current financial year ending 30 June 2024.
At At At 31 Dec
31 Dec 30 Sept 2023 2022
2023
---------------------------- ---------------------------- ---------------------------- ----------------------------
Number of completed homes 5,264 5,129 4,913
Estimated rental value GBP60.3m GBP57.6m GBP50.7m
("ERV") per annum
---------------------------- ---------------------------- ---------------------------- ----------------------------
Number of contracted homes 312 395 613
ERV per annum GBP3.1m GBP3.1m GBP6.6m
---------------------------- ---------------------------- ---------------------------- ----------------------------
Completed and contracted
sites 72 71 71
ERV of completed and GBP63.4m GBP60.7m GBP57.3m
contracted sites
---------------------------- ---------------------------- ---------------------------- ----------------------------
Rent collected 99% 98% 98%
---------------------------- ---------------------------- ---------------------------- ----------------------------
Delivery programme
The Company's homes delivery programme is now at a very mature
stage. During the second quarter, which included the Christmas
period, a further 135 rental homes were completed, taking the
number of completed homes in the portfolio at the half-year end on
31 December 2023 to 5,264 and overall delivery to approximately 95%
complete.
The estimated rental value ("ERV") of the 5,264 completed homes
is GBP60.3 million per annum, approximately 19% higher than at the
same point in the prior year (31 December 2022: 4,913 homes, ERV of
GBP50.7 million per annum). The ERV increase reflects both the
increase in completed homes and strong rental growth.
As at 31 December 2023, a further 312 homes, with a combined ERV
of GBP3.1 million, were contracted and under way, at varying stages
of the construction process. Once these homes have been completed,
the ERV of the portfolio is expected to increase to c.GBP63.4
million per annum (30 September 2023: GBP60.7 million per
annum).
Asset performance
Rental demand for the Company's homes remains very high,
reflected in very strong rental growth and occupancy rates.
Occupancy at 31 December 2023 stood at 97% with 5,087 of the 5,264
completed homes occupied. A further 47 homes were reserved for
applicants who had passed referencing and paid rental deposits,
giving an occupancy rate of 98%. Like-for-like rental growth for
the 12 months to 31 December 2023 was 11% (2022: 6%).
Rent collection (defined as rent collected in the period
relative to rent invoiced in the same period) for the quarter ended
31 December 2023 was extremely robust at 99%. Arrears were low at
GBP0.6 million at 31 December 2023 (31 December 2022: GBP0.7
million). This represents c.1% of annualised ERV on completed
units.
Affordability, which is average rent as a proportion of gross
household income, continues to be well within Homes England's upper
guidance limit of 35%. Reflecting the tenant base, where average
household income has increased, the Company's homes have an
affordability ratio of c.22% of gross household income at 31
December 2023 (30 September 2023: 22%).
Dividend
The Company expects to announce the interim quarterly dividend,
relating to the second quarter of the current financial year,
towards the end of January 2024.
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378
Steve Smith, Non-executive Chairman (c/o KTZ Communications)
Sigma PRS Management Ltd Tel: 0333 999 9926
Graham Barnet, Mike McGill
Singer Capital Markets Tel: 020 7496 3000
James Maxwell, Asha Chotai (Investment
Banking) Alan Geeves, James Waterlow,
Sam Greatrex (Sales)
Jefferies International Limited Tel: 020 7029 8000
Gaudi Le Roux, Tom Yeadon,
Harry Randall, Ollie Nott
G10 Capital Limited (part of IQ-EQ) Tel: 0207 397 5450
Maria Baldwin
KTZ Communications Tel: 020 3178 6378
Katie Tzouliadis, Robert Morton
NOTES TO EDITORS
About The PRS REIT plc www.theprsreit.com
The PRS REIT plc is a closed-ended real estate investment trust
established to invest in the Private Rented Sector ("PRS") and to
provide shareholders with an attractive level of income together
with the potential for capital and income growth. The Company is
investing over GBP1bn in a portfolio of high-quality homes for
private rental across the regions, having raised a total of
GBP0.56bn (gross) through its Initial Public Offering, on 31 May
2017 and subsequent fundraisings in February 2018 and September
2021. The UK Government's Homes England has supported the Company
with direct investments. On 2 March 2021, the Company transferred
its entire issued share capital to the premium listing segment of
the Official List of the FCA and to the London Stock Exchange's
premium segment of the Main Market. With over 5,200 new rental
homes, the Company believes its portfolio is the largest
build-to-rent single-family rental portfolio in the UK.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group Limited (formerly Sigma Capital Group
plc) www.sigmacapital.co.uk
Sigma Capital Group Limited ("Sigma") is a PRS, residential
development, and urban regeneration specialist, with offices in
Edinburgh, Manchester and London. Sigma's principal focus is on the
delivery of large-scale housing schemes for the private rented
sector. The Company has a well-established track record in
assisting with property-related regeneration projects in the public
sector, acting as a bridge between the public and private
sectors.
Sigma has created an excellent property procurement and
management platform, which sources sites and brings together
construction resource to develop them, enabling Sigma to deliver an
integrated solution to partners. As well as sourcing sites and
managing all stages of the planning and development process, Sigma
manages the rental of completed homes through its award-winning
rental brand 'Simple Life'. The Company's subsidiary, Sigma PRS
Management Ltd, is Investment Adviser to The PRS REIT plc.
About Sigma PRS Management Ltd
Sigma PRS Management Ltd is a wholly-owned subsidiary of Sigma
Capital Group Limited and is Investment Adviser to The PRS REIT
plc. It sources investments and operationally manages the assets of
The PRS REIT plc and advises the Alternative Investment Fund
Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in
accordance with The PRS REIT plc's Investment Policy. The AIFM is
G10 Capital Limited. Sigma PRS Management Ltd is an appointed
representative of G10 Capital Limited, which is authorised and
regulated by the Financial Conduct Authority (FRN:648953).
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END
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