TIDMPRSR
RNS Number : 1366F
PRS REIT PLC (The)
14 July 2021
14 July 2021
PRSR.L
The PRS REIT plc
("the Company" or "the PRS REIT")
Fourth 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 activity
over the fourth quarter of its financial year ended 30 June
2021.
At At At
30 Jun 2021 31 Mar 2021 30 Jun 2020
--------------------------------- ------------- ------------ ------------
Number of completed homes 3,984 3,590 2,082
Estimated rental value ("ERV") GBP37.5m GBP33.3m GBP19.1m
per annum
--------------------------------- ------------- ------------ ------------
Number of contracted homes 1,096 1,536 2,750
ERV per annum GBP10.8m GBP15.8m GBP27.1m
Completed and contracted sites 64 65 65
ERV of completed and contracted GBP48.3m GBP48.8m GBP46.2m
sites*
--------------------------------- ------------- ------------ ------------
Rent collected in period 98.4-% 99.2% 98.0%
--------------------------------- ------------- ------------ ------------
*ERV as at today's rental levels
Construction activity continues to progress well, with 394 new
rental homes added to the portfolio in the fourth quarter of the
financial year, taking total housing delivery for the year ended 30
June 2021 to 1,902 new homes. This compares with 909 homes during
the previous financial year. A further 1,096 homes were contracted
at the financial year end, and are at varying stages of the
construction process.
The new completions increased the size of the portfolio at 30
June 2021 to 3,984 completed homes, with an estimated rental value
("ERV") of GBP37.5m per annum (30 June 2020: 2,082 homes with an
ERV of GBP19.1m). The Company is now over three quarters of the way
towards its initial target of 5,200 homes, with an ERV of
approximately GBP50.0m per annum (1) . The balance of homes is
expected to be delivered from existing contracted sites and further
development opportunities in the Investment Adviser's pipeline.
Of the 3,984 completed homes, 3,888 (97.6%) were occupied at 30
June 2021, and a further 30 homes were reserved for qualified
applicants with rental deposits paid.
Demand for homes remains strong, and rent collected in the
period (relative to rent invoiced in the period) was 98.4%. As the
size of the portfolio grows, total arrears continue to remain very
low at GBP0.4m at 30 June 2021.
Dividends
An interim dividend of 1.0 pence per ordinary share was paid on
18 June 2021, of which 0.5 pence per ordinary share was a Property
Income Distribution ("PID").
Details regarding the payment of the Company's dividend for the
fourth quarter will be published at the end of July 2021. The Board
continues to target (1) a minimum total dividend of 4p per share
for the financial year ended 30 June 2021.
(1.) This is a target only and there can be no assurance that
the target can or will be met and should not be taken as an
indication of the Company's expected or actual future results.
Accordingly, potential investors should not place any reliance on
this target in deciding whether or not to invest in the Company or
assume that the Company will make any distributions at all and
should decide for themselves whether or not the target dividend
yield is reasonable or achievable.
DEFINITIONS
Contracted refers to sites under construction (under a design &
build contract), which have been purchased by the PRS
REIT or the PRS REIT's Investment Adviser (forward sold
to the PRS REIT).
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, Hannah Woodley, Sebastian
Burke
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 3745 2826
as AIFM)
Paul Turner
KTZ Communications Tel: 020 3178 6378
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 and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. The Company is investing
GBP0.9bn in a portfolio of high quality homes for private rental
across the regions, having raised a total of GBP500m (gross)
through its Initial Public Offering, on 31 May 2017, and a
subsequent placing in February 2018. Both fundraisings were
supported by the UK Government's Homes England with direct
investments.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma Capital Group plc ("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 unrivalled PRS 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
Company'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
AIM-quoted Sigma Capital Group plc 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
Investment Manager 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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