TIDMPRSR
RNS Number : 0818P
PRS REIT PLC (The)
07 February 2023
PRSR.L
The PRS REIT plc
("the Company" or "the PRS REIT")
Update on Net Asset Value and Dividend Declaration
The PRS REIT, the closed-ended real estate investment trust that
invests in high-quality, new build, single family homes for the
private rented sector ("PRS"), is pleased to provide an update on
the net asset value ("NAV") of its portfolio and to declare an
interim dividend in respect of the second quarter of the current
financial year ending 30 June 2023.
Net Asset Value
As at 31 December 2022, the Company's unaudited NAV on an EPRA
NTA and IFRS basis was 117.1p per ordinary share. This is an
increase of 0.7p on NAV of 116.4p (audited) as at 30 June 2022 and
is 12.8p higher than at the same point in the prior year (31
December 2021: 104.3p (unaudited)).
The rise in NAV principally reflects strong estimated rental
value ("ERV") growth of 5% since 30 June 2022, underpinned by high
demand for the Company's homes. As previously reported,
like-for-like rental growth on stabilised sites on an annualised
basis to 31 December 2022 was 5.7% (year ended 30 June 2022: 5.1%),
with rental growth on lets to new tenants averaging just above 10%
and marginally below 5% on renewals with existing tenants.
Rental growth remains well-supported by high levels of rent
collection (Q2 FY2023: 98%), very modest arrears (Q2 FY2023:
GBP0.7m), and an affordability ratio on homes of approximately 25%,
which is well below Home England's upper limit of average rent as a
proportion of gross household income of 35%.
The average net investment yield on the portfolio was at 4.3% at
31 December 2022 compared to 4.125% at 30 June 2022 (31 December
2021: 4.25%). However, strong ERV growth has more than offset this
softening. It is also worth noting that against market-wide
reductions in property investment values, the Single Family Rental
sub-sector has delivered the strongest performance. Several factors
account for this; high and increasing demand for this product,
strong rental growth, which also reflects lack of supply, and the
robust nature of portfolios underpinned by multiple individual
covenants.
Valuations were completed by Savills as an independent
third-party valuer.
Dividend
The Board is also pleased to declare an interim dividend of 1.0p
per ordinary share for the three months ended 31 December 2022, the
second quarter of the current financial year.
The dividend, which is 75% Property Income Distribution ("PID")
and 25% Non-PID, will be paid to all shareholders on the register
as at 17 February 2023 and is payable on 3 March 2023. The
ex-dividend date is 16 February 2023.
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)
Panmure Gordon (UK) Limited Tel: 020 7886 2500
Chloe Ponsonby, Alex Collins (Investment
Banking)
G10 Capital Limited, part of IQ-EQ Tel: 0207 397 5450
(AIFM)
Paul Cowland
KTZ Communications Tel: 020 3178 6378
Katie Tzouliadis, Robert Morton, 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. Approaching its 5,000th new
rental home, 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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