TIDMPRSR
RNS Number : 7378Y
PRS REIT PLC (The)
18 January 2022
18 January 2022
PRSR.L
The PRS REIT plc
("the PRS REIT" or "the Company")
Second Quarter Update and
Dividend Declaration
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
for the second financial quarter ended 31 December 2021 and to
declare the dividend payment relating to that period.
Second quarter performance
At At At
31 Dec 2021 30 Sept 31 Dec 2020
2021
----------------------------------- ------------- --------- -------------
Number of completed homes 4,489 4,291 3,163
Estimated rental value ("ERV") GBP43.5m GBP41.1m GBP29.4m
per annum
----------------------------------- ------------- --------- -------------
Number of contracted homes 949 764 1,963
ERV per annum GBP8.2m GBP7.0m GBP19.4m
Completed and contracted sites 67 64 65
ERV of completed and contracted GBP51.7m GBP48.1m GBP48.8m
sites
----------------------------------- ------------- --------- -------------
Rent collected in period relative
to rent invoiced for the same
period 99% 99% 100%
----------------------------------- ------------- --------- -------------
During the quarter, which included the Christmas period, 198 new
rental homes were added to the portfolio. This took the total
number of completed homes added to the Company's portfolio during
the first half of the financial year to 505 . The number of new
additions reflects the mature stage of the delivery programme,
which is around 80% complete. This number was also affected by a
combination of coronavirus-related staffing absences (especially
after the emergence of the Omicron variant) and materials
availability attributable to supply chain disruption.
The new additions took the total number of completed homes in
the portfolio to 4,489 at 31 December 2021, up by 42% year-on-year,
with the estimated rental value ("ERV") on completed homes 48%
higher at GBP43.5m per annum (31 December 2020: 3,163 homes with an
ERV of GBP29.4m per annum).
A further 949 homes with an ERV of GBP8.2m per annum were
contracted as at 31 December 2021, and are at varying stages of the
construction process. This number includes the 383 homes currently
under way across the three sites acquired in the quarter, which
have a combined gross development cost of c.GBP60.3m. These site
acquisitions saw the Company fully commit the proceeds of its
September 2021 equity placing.
The Company plans to acquire at least two further sites during
the first half of calendar 2022, utilising debt funding, and now
anticipates delivering its 5,000(th) completed home towards the end
of calendar 2022. It continues to target a total portfolio of 5,700
homes, with an ERV approaching GBP55m per annum.
Demand for the Company's homes remains strong. Of the 4,489
completed homes, 4,411 (98%) were occupied at 31 December 2021, and
a further 37 homes were reserved for qualified applicants with
rental deposits paid.
Rent collection was also strong at 99% (relative to rent
invoiced in the period). Total arrears remained low at GBP0.4m at
31 December 2021 (31 December 2020: GBP0.2m), representing less
than 1% of annualised ERV on completed units.
Dividend declaration
The Company is pleased to declare an interim quarterly dividend
of 1.0 pence per ordinary share in respect of the second quarter of
the financial year.
The dividend, which will be a Property Income Distribution
('PID'), will be payable on 11 February 2022 to shareholders on the
register on 28 January 2022. The ex-dividend date will be 27
January 2022.
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
Singer Capital Markets Tel: 020 7496 3000
James Maxwell, Asha Chotai
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
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 ("PRS") and to
provide shareholders with an attractive level of income together
with the potential for capital and income growth. The Company is
investing over GBP1bn in a portfolio of high quality homes for
private rental across the regions, having raised a total of
GBP0.56bn (gross) through its Initial Public Offering, on 31 May
2017 and subsequent fundraisings in February 2018 and September
2021. The UK Government's Homes England has supported the Company
with direct investments. On 2 March 2021, the Company transferred
its entire issued share capital to the premium listing segment of
the Official List of the FCA and to the London Stock Exchange's
premium segment of the Main Market. On 16 July 2021, the Company
announced the completion of the 4,000(th) new rental home for its
portfolio, which the Company believes is the largest build-to-rent
single family rental portfolio in the UK.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group Limited (formerly Sigma Capital Group
plc)
www.sigmacapital.co.uk
Sigma Capital Group Limited ("Sigma") is a PRS, residential
development, and urban regeneration specialist, with offices in
Edinburgh, Manchester and London, and is part of PineBridge
Investments, a private, global asset manager with $133bn in assets
under management as at March 2021.
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 property 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
Sigma Capital Group Limited 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 AIFM 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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