PRS REIT PLC (The) First Quarter Update (1457Q)
17 Octubre 2019 - 01:00AM
UK Regulatory
TIDMPRSR
RNS Number : 1457Q
PRS REIT PLC (The)
17 October 2019
17 October 2019
PRSR.L
The PRS REIT plc
("Company" or "PRS REIT")
First Quarter Update
The PRS REIT, the closed-ended real estate investment trust
established to invest in new build, family homes in the private
rented sector ("PRS"), is pleased to provide an update for the
first three months of its financial year to 30 June 2020.
At 30 Sept At 30 June At 30 Sept Year-on-year
2019 2019 2018 change
Completed homes
Total number of completed
homes 1,361 1,173 595 129%
Rental income per annum GBP12.3m GBP10.7m GBP5.7m 116%
Contracted homes
Total number of contracted
homes 3,422 3,196 1,935 96%
Estimated rental value per
annum GBP33.7m GBP30.3m GBP18.4m 83%
Total number of sites (completed
or contracted) 60 54 25 140%
Gross development cost ("GDC")
of sites GBP740m GBP661m GBP384m 92%
Estimated rental value of
homes per annum (completed
and contracted) GBP46.0m GBP41.0m GBP24.1m 91%
Uplift on development cost
to market value subject to
vacant possession (MV-VP) n/a* 15.5% n/a*
* This is calculated on a six monthly basis at the financial
year end and half-year end when independent valuations are
prepared
Progress during the first quarter of the new financial year has
continued positively, in line with management expectations, as
reported in the Company's full year results announcement published
on 25 September 2019, with 188 homes completed in the period.
Year-on-year the Company has made significant progress, with the
total number of homes completed by the end of the first quarter of
the current financial year up by 129% to 1,361 across 26 sites (30
September 2018: 595 across 14 sites). Rental income has increased
by 116% to GBP12.3m per annum (30 September 2018: GBP5.7m per
annum) and demand for the Group's high-quality family homes remains
strong.
At the close of the first quarter, a total of 43 sites were
under construction (30 September 2018: 19 sites). When construction
has fully completed, these sites will deliver a total of 3,796
rental homes for a GDC of GBP595m (30 September 2018: 2,530 homes
for a GDC of GBP333m). The estimated rental value of both the
completed properties and those in progress is GBP46.0m per annum
(2018: GBP24.1m per annum).
Approximately 91% of the PRS REIT's total net funding (c.GBP900m
gross) has now been deployed, and activity over the coming months
is fully focused on deploying the balance of funds, delivering
existing development sites and rental income growth as homes
complete.
The dividend for the quarter ended 30 September 2019 will be
announced at the end of October 2019.
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 KTZ Communications)
Steve Smith, Non-executive Chairman
Sigma PRS Management Limited Tel: 0333 999 9926
Graham Barnet, Rob Sumner
N+1 Singer Tel: 020 7496 3000
James Maxwell, James Moat, Ben Farrow
G10 Capital Limited (part of the IQEQ Group Tel: 020 3696 1302
as AIFM)
Gerhard Grueter
KTZ Communications Tel: 020 3178 6378
Katie Tzouliadis, Dan Mahoney
NOTES TO EDITORS
About The PRS REIT plc
(www.theprsreit.com)
The PRS REIT 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. It has 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 private rented sector,
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. It 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.
Its subsidiary, Sigma PRS Management Limited, is Investment Adviser
to The PRS REIT plc. In April 2019, Sigma launched the Sigma
Scottish PRS Fund, the first dedicated vehicle to focus on the
creation of new rental homes for families in the private rented
sector in Scotland, and in October Sigma announced the expansion of
its build-to-rent activities in London.
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)
This information is provided by RNS, the news service of the
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END
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