PRS REIT Provides Q3 Update on Continued Strong Portfolio Performance
Why we think this is neutral
This RNS announcement provides a general business update on the company's portfolio performance, delivery program, and dividend, but does not contain any of the mandatory news types that would require a more detailed analysis.
Key Points
- Portfolio now comprises 5,443 completed homes with £69.6m estimated rental value
- Rent collection at 101% and occupancy at 96%
- Like-for-like rental growth of 10% over the past year
- Interim dividend expected in early May 2025
- Strategic review and formal sale process ongoing
Summary
The real estate investment trust reports continued strong performance in its portfolio, with high occupancy and rent collection rates, as well as progress on its delivery program.
Key highlights from the Q3 update include:
- The portfolio now comprises 5,443 completed homes, with an estimated rental value of £69.6m per annum
- Rent collection in the period was 101% and physical occupancy at 31 March 2025 was 96%
- Like-for-like rental growth on stabilised sites over the year to 31 March 2025 was 10%
- The company expects to declare an interim quarterly dividend in early May 2025
- The strategic review and formal sale process launched in H1 are ongoing, with discussions with potential acquirers continuing
Key Dates
Early May 2025
Interim quarterly dividend declaration
Late June 2025
Completion of remaining 35 homes in delivery pipeline
Late June 2025
Further updates on strategic review and formal sale process
GENERAL UPDATE