PRS Reit edges towards 5200 rental home target

Paul Stevens Paul Stevens Uploaded 24 September 2021

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UK: PRS REIT has revealed that it has added 243 new homes to its portfolio this year, meaning that it is edging towards its target of 5200 rental homes in the 12 months leading up to the end of June.

In total, the group's portfolio now consists of 4,227 completed homes with an estimated rental value [ERV] of £40.3 million. An additional 828 homes are contracted to the group and are in the construction phase.  w

Of the completed homes, 97 per cent were occupied by the end of last month and another 80 homes were reserved. 

Ahead of the publication of its annual results, PRS REIT told its investors that it was experiencing high demand and that 98 per cent of rent had been collected in July and August, with arrears standing at £400,000 at the beginning of this month.

The group's unaudited net asset value came in at 99p per share, as opposed to 96.1p at the end of December 2020.

Looking ahead, PRS REIT said that it was exploring the possibility of raising capital to fund a further six sites, which could potentially hold up to 670 new homes with a total ERV of £6.5 million a year.

The company is set to publish its audited results for the year in mid-October.

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