12th Oct 2021 11:37
PRS REIT PLC - real estate investment trust focusing on new-build family homes for the private rental market - Pretax profit in the financial year that ended June 30 soars to GBP44.1 million from GBP16.4 million a year before. Net rental income more than doubles to GBP21.5 million from GBP10.2 million.
Net assets end the year at GBP490 million, up from GBP471 million a year before. EPRA net tangible asset per share rises to 99.0 pence from 95.1p.
Declares annual dividend of 4.0p, unchanged from year before.
Number of completed homes rose to 3,984 from 2,082 and notes this rose further, to 4,291, at the end of September.
Chair Steve Smith says: "We have effectively navigated the ongoing challenges posed by the coronavirus pandemic, delivering almost 2,000 new homes in the year. By the end of the first quarter of the new financial year, the portfolio comprised 5,055 completed and contracted homes, and following the recent equity placing we are firmly on track to deliver a higher target of 5,700 homes.
"The continued undersupply of high-quality, well-managed family rental homes means that we remain highly confident of long-term prospects for the company."
Current stock price: 101.32 pence
Year-to-date change: up 32%
By Paul McGowan; [email protected]
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