TIDMPRSR
RNS Number : 5764T
PRS REIT PLC (The)
25 July 2022
25 July 2022
PRSR.L
The PRS REIT plc
("the PRS REIT" or "the Company")
Fourth Quarter Update and
Dividend Declaration
Strong Asset Performance
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 activity
for the fourth quarter of its financial year ended 30 June
2022.
Fourth quarter performance
At At At
30 Jun 31 Mar 30 Jun
2022 2022 2021
----------------------------------- --------- --------- ---------
Number of completed homes 4,786 4,616 3,984
Estimated rental value ("ERV") GBP47.8m GBP45.5m GBP37.5m
per annum
----------------------------------- --------- --------- ---------
Number of contracted homes 693 822 1,096
ERV per annum GBP4.4m GBP6.2m GBP10.8m
Completed and contracted sites 68 67 64
ERV of completed and contracted GBP52.2m GBP51.7m GBP48.3m
sites
----------------------------------- --------- --------- ---------
Rent collected in period relative
to rent invoiced for the same
period 100% 99% 98%
----------------------------------- --------- --------- ---------
Like-for-like rental growth
on stabilised sites
in the preceding 12 months 5.1% 4.8% n/a
----------------------------------- --------- --------- ---------
Delivery Progress
During the fourth quarter of the financial year, 170 new rental
homes were added to the Company's portfolio, taking the total
number of homes added during the financial year to 802. T his has
raised the number of completed homes in the portfolio to 4,786 as
at 30 June, an increase of 20% year-on-year.
The estimated rental value ("ERV") of the 4,786 completed homes
at 30 June 2022 was GBP47.8m per annum, a 27% increase on the same
point last year (30 June 2021: 3,984 homes with an ERV of GBP37.5m
per annum). A further 693 homes, with an ERV of GBP4.4m per annum,
were contracted at 30 June 2022, and are at varying stages of the
construction process.
As planned, during the period, the Company completed the
acquisition of a contracted site and acquired an additional
development site, utilising debt funding. The contracted site is
located at Baberton Grange, Nuneaton, and comprises 50
newly-completed and let homes, with an ERV of GBP0.5m per annum. It
was bought from Sigma Capital Group Limited after an independent
valuation. The new development site is at Drakelow Park,
Burton-Upon-Trent, and will deliver 41 homes when fully completed,
with an ERV of GBP0.4m, at a gross development cost of GBP7.3m. The
Company plans to acquire a further three sites in the first half of
the new financial year.
Asset Performance
Asset performance during the quarter was very strong. Rent
collection* for the period was 100% and total occupancy at the end
of the quarter was at 98%, with 4,674 of the 4,786 completed homes
occupied. A further 53 homes were reserved at the quarter end for
applicants who had passed referencing and paid rental deposits.
Total arrears at 30 June 2022 were low at GBP0.6m (30 June 2021:
GBP0.4m) . Like-for-like rental growth over the year has been
strong at 5.1% on stabilised sites.
These very encouraging performance figures demonstrate the
continuing strong market demand for rental homes and the attraction
of our high-quality homes, which are well-located, and supported by
very high customer service.
*Rent collection is defined as rent invoiced in the period
against rent collected in the same period.
Dividend declaration
An interim dividend of 1.0 pence per ordinary share in respect
of the third quarter of the financial year was paid on 13 May
2022.
The Board is pleased to declare an interim quarterly dividend of
1.0 pence per ordinary share in respect of the fourth quarter of
the financial year ended 30 June 2022. The dividend, which will be
a non-Property Income Distribution ('non-PID'), will be payable on
Friday 26 August 2022 to shareholders on the register on Friday 5
August 2022. The ex-dividend date will be Thursday 4 August
2022.
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378 (c/o
Steve Smith, Non-executive Chairman KTZ Communications)
Sigma PRS Management Limited Tel: 0333 999 9926
Graham Barnet, Mike McGill
Singer Capital Markets Tel: 020 7496 3000
James Maxwell, Asha Chotai
Panmure Gordon (UK) Limited Tel: 020 7886 2500
Chloe Ponsonby (Corporate Broking), Alex Collins
(Corporate Finance)
G10 Capital Limited (part of the IQEQ Group Tel: 020 7397 5450
as AIFM)
Paul Cowland
KTZ Communications
Katie Tzouliadis, Dan Mahoney
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. At almost 4,800 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, and is part of PineBridge
Investments, a private, global asset manager with $146bn in assets
under management at March 2022.
Sigma's principal focus is on the delivery of large-scale
housing schemes for the private rented sector. The business 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 unrivalled property 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 also manages the rental of completed
homes through its award-winning rental brand 'Simple Life'. The
business's subsidiary, Sigma PRS Management Limited, is Investment
Adviser to The PRS REIT plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited 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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