TIDMPRSR
RNS Number : 2133V
PRS REIT PLC (The)
13 April 2021
13 April 2021
PRSR.L
The PRS REIT plc
("the Company" or "the PRS REIT")
Third Quarter Update
The PRS REIT, the closed-ended real estate investment trust that
invests in high-quality, new build, family homes in the private
rented sector ("PRS"), is pleased to provide an update on activity
over the third quarter of its financial year ending 30 June
2021.
At At At
31 Mar 2021 31 Dec 2020 31 Mar 2020
----------------------------------- ------------- ------------ -------------
Number of completed homes 3,590 3,163 1,947
Estimated rental value ("ERV") GBP33.3m GBP29.4m
per annum GBP17.9m
----------------------------------- ------------- ------------ -------------
Number of contracted homes 1,536 1,963 2,885
ERV per annum GBP15.8m GBP19.4m GBP28.3m
Completed and contracted sites 65 65 60
ERV of completed and contracted GBP48.8m GBP48.8m
sites GBP46.2m
----------------------------------- ------------- ------------ -------------
Rent collected in period relative
to rent invoiced over the same
period 99.2% 100% 100%
----------------------------------- ------------- ------------ -------------
Construction activity continued to progress well in the third
quarter of the financial year, with 427 new rental homes added to
the portfolio. This took total housing delivery over the first
three quarters to 1,508 rental homes, which includes 175 homes
acquired from BlackRock Real Assets and Sigma Capital Group plc,
and is significantly above the 909 homes added over the whole of
the last financial year.
In total, the Company's portfolio at 31 March 2021 stood at
3,590 completed homes, providing an estimated rental value ("ERV")
of GBP33.3m per annum (31 December 2020: 3,163 homes with an ERV of
GBP29.4m). The portfolio of completed homes now stands at
approximately 70% of the Company's fully optimised target of an
initial 5,200 homes, providing an ERV of approximately GBP50.0m per
annum.
Rent collection in the quarter remained strong. While the rent
roll has grown by 96% over the last nine months, total arrears has
remained very low at GBP0.2m at 31 March 2021. This is less than 1%
of annualised ERV on completed units.
Demand for rental homes has remained high. At 31 March 2021,
3,433 of the Company's 3,590 completed homes were occupied, and a
further 74 homes were reserved for qualified applicants with rental
deposits paid. There is a healthy waiting list for homes still
under construction, with 44 homes pre-let.
Details regarding the payment of the Company's dividend for the
third quarter will be published at the end of April 2021.
DEFINITIONS
Contracted refers to sites under construction (under a design &
build contract), which have been purchased by the PRS
REIT or the PRS REIT's Investment Adviser (forward sold
to the PRS REIT).
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378 (c/o
Steve Smith, Non-executive Chairman KTZ Communications)
Sigma PRS Management Limited Tel: 0333 999 9926
Graham Barnet, Mike McGill
N+1 Singer Tel: 020 7496 3000
James Maxwell, James Moat, Sebastian Burke
Panmure Gordon (UK) Limited Tel: 020 7886 2500
Chloe Ponsonby (Corporate Broking), Alex Collins
(Corporate Finance)
G10 Capital Limited (part of the IQEQ Group Tel: 020 3745 2826
as AIFM)
Paul Turner
KTZ Communications Tel: 020 3178 6378
Katie Tzouliadis, Dan Mahoney
NOTES TO EDITORS
About The PRS REIT plc
www.theprsreit.com
The PRS REIT plc is a closed-ended real estate investment trust
established to invest in the Private Rented Sector and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. The Company is investing
GBP0.9bn in a portfolio of high quality homes for private rental
across the regions, having raised a total of GBP500m (gross)
through its Initial Public Offering, on 31 May 2017, and a
subsequent placing in February 2018. Both fundraisings were
supported by the UK Government's Homes England with direct
investments.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma Capital Group plc ("Sigma") is a PRS, residential
development, and urban regeneration specialist, with offices in
Edinburgh, Manchester and London. Sigma's principal focus is on the
delivery of large scale housing schemes for the private rented
sector. The Company has a well-established track record in
assisting with property related regeneration projects in the public
sector, acting as a bridge between the public and private
sectors.
Sigma has created an unrivalled PRS platform, which sources
sites and brings together construction resource to develop them,
enabling Sigma to deliver an integrated solution to partners. As
well as sourcing sites and managing all stages of the planning and
development process, Sigma also manages the rental of completed
homes through its award winning rental brand 'Simple Life'. The
Company's subsidiary, Sigma PRS Management Limited, is Investment
Adviser to The PRS REIT plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly-owned subsidiary of
AIM-quoted Sigma Capital Group plc and is Investment Adviser to The
PRS REIT plc. It sources investments and operationally manages the
assets of The PRS REIT plc and advises the Alternative Investment
Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in
accordance with The PRS REIT plc's Investment Policy. The
Investment Manager is G10 Capital Limited. Sigma PRS Management Ltd
is an appointed representative of G10 Capital Limited, which is
authorised and regulated by the Financial Conduct Authority
(FRN:648953)
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END
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