TIDMPRSR
RNS Number : 2265M
PRS REIT PLC (The)
20 September 2021
PRSR.L
The PRS REIT plc
("the Company" or "the PRS REIT")
Trading Update and Net Asset Value Update
The PRS REIT, the closed ended real estate investment trust that
invests in high-quality, new-build family homes for the private
rented sector ("PRS"), is pleased to provide an update on activity
since the financial year end to 31 August 2021, including the
immediate pipeline of development opportunities, and unaudited NAV
for the financial year ended 30 June 2021.
At At At
31 Aug 2021 30 Jun 2021 31 Mar 2021
---------------------------------- ------------- ------------ ------------
Number of completed homes 4,227 3,984 3,590
Estimated rental value ("ERV") GBP40.3m GBP37.5m GBP33.3m
per annum
---------------------------------- ------------- ------------ ------------
Number of contracted(1) homes(2) 828 1,096 1,536
ERV per annum GBP7.7m GBP10.8m GBP15.8m
Completed and contracted(1)
sites 64 64 65
ERV of completed and contracted GBP48.0m GBP48.3m GBP48.8m
sites*(2)
---------------------------------- ------------- ------------ ------------
2 months Year to 30 9 months
Jul and Aug Jun 2021 to 31 Mar
2021 2021
---------------------------------- ------------- ------------ ------------
Rent collected as percentage
of rent invoiced 98% 98-% 99%
---------------------------------- ------------- ------------ ------------
*ERV as at current rental levels .
Construction activity continues to progress well, with 243 new
homes added to the portfolio since the end of the financial year to
30 June 2021. This takes the total portfolio to 4,227 completed
homes with an ERV of GBP40.3m as at 31 August 2021, with a further
828 homes contracted and at varying stages of the construction
process.
Of the 4,227 homes completed, 4,081 (97%) were occupied at 31
August 2021, with a further 80 homes reserved for qualified
applicants with rental deposits received. Demand is high, and rent
collection in July and August remained strong, with 98% of rent
collected (as a percentage of rent invoiced in the period). Total
arrears remain very low at GBP0.4m as at 3 September 2021.
As at 30 June 2021, the PRS REIT's unaudited NAV was 99.0 pence
per ordinary share (31 December 2020: 96.1 pence per ordinary
share).
The Company is now approaching its initial target of creating a
portfolio of c.5,200 homes, with an ERV of around GBP50m per
annum(3) , which will be delivered utilising the Company's existing
resources, from a combination of its existing contracted sites and
developments in the Investment Adviser's pipeline.
In addition to these, the Investment Adviser has identified a
pipeline of six additional sites, with the potential for 670 new
homes with a total ERV of c.GBP6.5m per annum. Three of these six
sites (providing 383 homes at a total gross development cost
("GDC") of c.GBP58.7m) are available for immediate acquisition and
construction commencement, with pricing agreed. Three further sites
(representing 287 homes with a GDC of c.GBP43.8m) are scheduled to
be available for acquisition within the next six months. As with
all of the Group's sites, these opportunities will be developed
under fixed-price design and build contracts.
The Board is exploring the most appropriate way of raising
additional capital to fund the six sites identified with a view to
delivering further value for shareholders. A further announcement
will follow in due course.
Dividends
The Company has paid dividends totalling 4.0 pence per share for
the year ended 30 June 2021, and the annual dividend is expected to
be fully covered on an EPRA EPS basis by 31 December 2021. As
previously stated, the Board continues to target a minimum dividend
of 4.0 pence per ordinary share for the year ending 30 June 2022(3)
.
Publication of full year audited results
The Company expects to publish its full year audited results in
mid-October.
NOTES
(1.) Contracted refers to sites under construction (under design
& build contracts), which have been either purchased by the PRS
REIT or purchased by the PRS REIT's Investment Adviser and forward
sold to the PRS REIT.
2. Due to the replotting of units on a contracted site, the
number of completed and contracted homes has reduced slightly by 30
units with a commensurate drop in ERV of GBP0.3m between 30 June
2021 and 31 August 2021. For the same reason, the number of
completed and contracted homes reduced by 46 units between 31 March
2021 and 30 June 2021.
3. 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.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014 (MAR).
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, Asha Chotai
(Investment Banking)
Alan Geeves, James Waterlow, Sam Greatrex
(Sales)
Panmure Gordon (UK) Limited Tel: 020 7886 2500
Chloe Ponsonby (Corporate Broking), Alex Collins
(Corporate Finance)
Tom Scrivens (Sales)
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 GBP0.5bn (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
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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END
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