Update on Net Asset Value

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 £43.5m p.a. (30 June 2021: 3,984 completed homes with an ERV of £37.5m 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 Steve Smith, Non-executive Chairman	Tel: [phone] (c/o KTZ Communications)
Sigma PRS Management Limited Graham Barnet, Mike McGill	Tel: [phone]
Singer Capital Markets James Maxwell, Asha Chotai	Tel: [phone]
Panmure Gordon (UK) Limited Chloe Ponsonby (Corporate Broking), Alex Collins (Corporate Finance)	Tel: [phone]
G10 Capital Limited (part of the IQEQ Group as AIFM) Paul Turner	Tel: [phone]
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 £1bn in a portfolio of high quality homes for private rental across the regions, having raised a total of £0.56bn (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).

 

END

 

 

NAVSSLFUMEESESE