11th Feb 2025 09:59
(Alliance News) - PRS REIT PLC on Tuesday declared an increased interim dividend based on "continued strong" growth, and said it has received "several" non-binding takeover proposals.
FTSE 250-listed PRS, a real estate investment trust based in Manchester, England, declared the 1.1 pence per share dividend for its second quarter which ended in December. This was a 10% increase from the previous year's 1.0p and brings this year's total first-half payout to 2.1p per share, up 5.0% on-year from 2.0p.
"The dividend increase reflects the company's continued strong rental and earnings growth," PRS said. "Accordingly, the dividends declared in respect of the first six months of its current financial year...will be covered by EPRA earnings."
PRS will pay the quarterly dividend in early March.
The company also updated investors on its ongoing formal sales process, part of the strategic review it announced in late October.
PRS confirmed that "it has now received several non-binding proposals in connection with the acquisition of the company". It intends to invite some of the interested parties to enter a confirmatory due diligence process, and expects this to be completed by the end of the current quarter ending March 31.
However the trust noted that no party is guaranteed to make an offer, and that it continues to explore all available options under the strategic review's remit.
The price ranges in most of the proposals, PRS said, represented a premium to its then-current stock price of 109.2p and a discount to its net asset value of 133.2p per share as of June 30.
Shares in PRS REIT were 2.5% higher at 111.90p each on Tuesday morning in London, following the above announcements.
By Emma Curzon, Alliance News reporter
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