TIDMPRSR
RNS Number : 0359I
PRS REIT PLC (The)
12 April 2022
PRSR.L
The PRS REIT plc
("the PRS REIT" or "the Company")
Third Quarter Update and
Dividend Declaration
Portfolio Continues to Perform Strongly
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 third financial quarter ended 31 March 2022 and to declare
the dividend payment relating to that period.
Third quarter performance
At At At
31 Mar 2022 31 Dec 2021 31 Mar 2021
----------------------------------- ------------- ------------- -------------
Number of completed homes 4,616 4,489 3,590
Estimated rental value ("ERV") GBP45.5m GBP43.5m GBP33.3m
per annum
----------------------------------- ------------- ------------- -------------
Number of contracted homes 822 949 1,536
ERV per annum GBP6.2m GBP8.2m GBP15.8m
Completed and contracted sites 67 67 65
ERV of completed and contracted GBP51.7m GBP51.7m GBP48.8m
sites
----------------------------------- ------------- ------------- -------------
Rent collected in period relative
to rent invoiced for the same
period 99% 99% 99%
----------------------------------- ------------- ------------- -------------
Like-for-like rental growth on
stabilised sites
in the preceding 12 months 4.8% 3.2%
----------------------------------- ------------- ------------- -------------
Delivery Progress
During the quarter, 127 new rental homes were added to the
Company's portfolio. This took the total number of homes added
during the current financial year to 632 and the total number of
completed homes in the portfolio to 4,616 as at 31 March 2022, a
year-on-year increase of 29%. With fixed price design & build
contracts in place, the Company continued to benefit from
insulation against rising material costs.
The estimated rental value ("ERV") of the 4,616 completed homes
in the portfolio at the end of March was GBP45.5m per annum,
approximately 37% higher than at the same point in 2021 (31 March
2021: 3,590 homes with an ERV of GBP33.3m per annum). A further 822
homes with an ERV of GBP6.2m per annum were contracted as at 31
March 2022, and are at varying stages of the construction process.
The Company plans to acquire two further sites before the financial
year-end, utilising debt funding, and continues to anticipate
completion of the 5,000(th) home towards the end of calendar
2022.
Asset Performance
The portfolio performed very well, with occupancy at 98% and
rent collection* at 99% as at 31 March 2022. Of the total of 4,616
completed homes 4,513 were occupied at the quarter end, and a
further 40 homes were reserved for prospective applicants who had
passed referencing and paid rental deposits. Total arrears at 31
March 2022 were low at GBP0.5m (31 March 2021: GBP0.2m) . In the
twelve months to 31 March 2022, like-for-like rental growth was
strong at 4.8% on stabilised sites.
Dividend declaration
The Board is pleased to declare an interim quarterly dividend of
1.0 pence per ordinary share in respect of the third quarter of the
financial year. The dividend, which will be a Property Income
Distribution ('PID'), will be payable on Friday 13 May 2022 to
shareholders on the register on Friday 22 April 2022. The
ex-dividend date will be Thursday 21 April 2022.
*Rent collection is defined as rent invoiced in the period
against rent collected in the same period.
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. On 16 July 2021, the Company
announced the completion of the 4,000(th) new rental home for its
portfolio, which the Company believes 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 $133bn in assets
under management as at March 2021.
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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END
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