20th Jan 2025 08:58
(Alliance News) - PRS REIT PLC on Monday said that key business drivers remain strong, despite recent market volatility, amid a significant housing shortage in the UK.
The Manchester, England-based real estate investment trust cited a growing UK population and an increase in household formation for boosting demand in the private rental sector.
The number of completed homes for PRS REIT rose 3.3% to 5,437 as of December 31 from 5,264 a year prior, with the estimated rental value climbing 14% to GBP68.6 million per year from GBP60.3 million.
The ratio of rent collection to rent invoiced was unchanged on-year at 99%.
"There is a significant shortage of high-quality, single-family rental homes in the UK and the rising population and increase in household formation also fuel demand. The company provides homes that are energy efficient and well-located, close to employment centres, good primary schools, local amenities and transport links," PRS REIT said.
PRS REIT expects to declare an interim dividend for the second quarter ended December 31 in mid-March. In March 2024, it had declared an interim dividend of 2.0p each for the six months to December 31, 2023, unchanged from a year prior.
PRS REIT continues to be in active discussions regarding a potential sale of the company, with a further update planned in the current first quarter of 2025, it said.
PRS REIT shares were 0.7% lower at 109.60 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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