PRS REIT PLC (The) Update on Net Asset Value (8110A)
February 07 2022 - 1:59AM
UK Regulatory
TIDMPRSR
RNS Number : 8110A
PRS REIT PLC (The)
07 February 2022
7 February 2022
PRSR. L
The PRS REIT plc
("the PRS REIT" or "the Company")
Net Asset Value Update at 31 December 2021
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 the
Company's unaudited Net Asset Value ("NAV") as at 31 December
2021.
c.5% uplift in NAV in the six month period to 31 December
2021
NAV per share at 30 June 2021
(audited) 99.0p
------------------------------- -------
Development surplus 0.6p
Investment uplift 5.3p
Net income 1.4p
Dividends (2.0p)
------------------------------- -------
NAV per share at 31 December
2021 (unaudited) 104.3p
------------------------------- -------
As at 31 December 2021, the PRS REIT's unaudited EPRA NTA and
IFRS NAV increased to 104.3 pence per ordinary share, a rise of
approximately 5% since 30 June 2021 (30 June 2021: both 99.0p per
ordinary share). This increase is after total dividend payments of
2.0p per ordinary share during the period. Dividends were paid on 3
September and 19 December 2021 in respect of the quarters ended 30
June and 30 September 2021.
The six-month increase in NAV reflects approximately 2% growth
in the estimated rental value ("ERV") of completed homes in the
portfolio and yield reduction. At 31 December 2021, there were
4,489 completed homes in the portfolio with an ERV of GBP43.5m p.a.
(30 June 2021: 3,984 completed homes with an ERV of GBP37.5m p.a.).
These valuations were completed by an independent third party
valuer.
A year-on-year comparison of EPRA NTA and IFRS NAV shows an
increase of approximately 8%, which is after total dividend
payments of 4.0p per ordinary share (31 December 2020: both 96.2p
per ordinary share).
The average yield on assets in the portfolio as at 31 December
2021 was 4.2% compared to 4.25% as at 30 June 2021 and 4.3% as at
31 December 2020.
Publication of Interim Results
Interim results for the six months ended 31 December 2021 are
expected to be issued on 23 March 2022, when an update on trading
will also be provided.
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. The Company has over 4,400 new
rental homes in 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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