14th Jan 2020 12:10
(Alliance News) - PRS REIT PLC on Tuesday said its performance improved in the second quarter of its current financial year.
The company, which invests in new-build family homes, reported rental income per annum of GBP14.9 million as at the end of 2019, up 21% from GBP12.3 million reported at the end of September 2019.
PRS REIT said it continued to make good progress in the second quarter of its current financial year, in line with management expectations. The company said it has delivered an additional 256 rental homes in the period, bringing the PRS REIT's total portfolio to 1,617 homes by the end of 2019.
Demand, meanwhile, remains strong and the PRS REIT's homes, it said, with occupancy at 98%.
The total number of contracted sites now stands at 42 sites, with just over 3,300 homes under development across them at the end of the quarter. When complete, these homes are expected to generate an annualised gross rent of around GBP32.7 million, lifting the PRS REIT's total estimated rental value to GBP47.6 million per annum from GBP46.0 million expected at the end of September.
In terms of dividend, the company said it continues to target a 5.0 pence a share total payout for its current financial year, which ends in June. In November, PRS REIT paid a 1.0p per share interim payout.
PRS REIT shares were trading 0.3% lower in London on Tuesday at 90.25 pence each.
By Evelina Grecenko; [email protected]
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