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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
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