PRS REIT estimated rental values grow in Q4

(Sharecast News) - Real estate investment trust PRS REIT said on Monday that its estimated rental value had grown in the three months ended 30 June, up 3.44% quarter-on-quarter at £72m. PRS said its portfolio now comprises 5,478 homes, with rent collection remaining strong at 99%, while physical occupancy stood at 96%, rising to 97% when including reserved units.

Like-for-like rental growth on stabilised sites came in at 9.6% over the year to 30 June, with affordability metrics still well below national thresholds.

PRS also said it had opted not to proceed with a previously contracted 98-unit site, citing net return considerations, which slightly reduced its contracted footprint. Total arrears net of bad debt provision remained low at approximately £1m.

PRS also expects to declare a Q4 dividend in early August, following a 1.1p payout for Q3.

As of 0805 BST, PRS REIT shares were down 0.15% at 105.85p.





Reporting by Iain Gilbert at Sharecast.com