28th Mar 2018 13:56
LONDON (Alliance News) - PRS REIT PLC on Wednesday - in its maiden results since listing last May - reported a profit for the seven months ended December and was positive on its outlook.
The company said it had an EPRA net asset value of 98.20 pence at December 31. PRS's rental income in the seven months to December 31 was GBP583,000, with net income GBP484,000.
Profit from operations was GBP347,000 after total expenses of GBP1.8 million, and gains from fair value adjustments on investment property of GBP1.6 million. Pretax profit totaled GBP539,000.
PRS said its net initial public offering proceeds were fully committed by early January, well ahead of schedule.
"The supply of residential housing in the UK remains critically short of requirements. Whilst supply has improved in recent years, upward pressure on housing numbers is still acute, reflecting both population growth and the changing nature of household composition," the company said.
"Against this backdrop of critical undersupply and high demand, there is a significant opportunity for the PRS REIT to become a significant contributor to new housing delivery and a major participant in the still nascent UK build-to-rent sector," PRS added.
Shares in the company were up 0.3% at 100.50 pence on Wednesday.
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