17th Oct 2019 10:44
(Alliance News) - PRS REIT PLC on Thursday said first quarter rental income more than doubled year-on-year on solid housing demand.
The real estate investment trust focused on new build, family homes in the private rented sector recorded rental income of GBP12.3 million for the three months to September 30, up from GBP10.7 million in final quarter of financial 2019 and GBP5.7 million in the year ago period.
The company completed construction of 188 homes in the quarter. Year-on-year number of homes completed by the end of the first quarter rocketed to 1,361 across 26 sites from 595 across 14 sites in the comparative year ago period. In the fourth quarter of financial 2019, the completed homes stood at 1,173.
The Manchester, England-headquartered company had 43 sites under construction at the end of first quarter, versus 19 a year ago. The under construction sites are expected to deliver a total of 3,796 rental homes and the estimated rental value of both the completed properties and those in progress is GBP46.0 million per annum.
Sigma Capital Group PLC noted PRS REIT's quarterly performance. Sigma's subsidiary, Sigma PRS Management Ltd, serves as investment adviser to PRS REIT.
PRS REIT shares were up 1.7% at 89.50 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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