27th Sep 2022 12:01
(Alliance News) - PRS REIT PLC on Tuesday said it estimates 17% year-on-year growth for its financial year 2022 net asset value.
The real estate investment trust's NAV at June 30 is estimated to be at least 116.0 pence per share, up from 99.0p a year before.
As at August 31, PRS completed 4,841 homes at a estimated rental value of GBP49.1 million per year, it said. This was up from 4,786 homes at an estimated rental value of GBP47.8 million at June 30.
The number of contracted homes fell to 669 from 693, however. The estimated rental value of these homes also dropped, to GBP3.7 million from GBP4.4 million.
Completed and contracted sites inched up to 70 from 68, at an estimated rental value of GBP52.8 million, up from GBP52.2 million.
For the two-month period, the firm collected 99% of rent.
PRS added that around 86% of its home are now rated 'A' or 'B' in terms of energy performance certification, with the remainder rated 'C'.
"As well as being environmentally desirable, this puts all homes in compliance with proposed new regulation requiring all rental homes to possess an energy performance certificate of 'C' or above from 2025," the company explained.
The company declared a dividend of 4.0 pence per share for the year ended June 30.
PRS expects to publish its results for its financial year that ended June 30 on October 11.
Shares in PRS were down 0.3% to 87.10 pence each in London on Tuesday around midday.
By Sophie Rose; [email protected]
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