Dividend Declaration and Net Asset Value Update
10 February 2021
PRSR.L
The PRS REIT plc
("the Company" or "the PRS REIT")
Dividend Declaration and Net Asset Value ("NAV") Update
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 declare today an interim quarterly dividend of 1.0 pence per ordinary share in respect of the second quarter period, covering 1 October 2020 to 31 December 2020.
This dividend, which is a non-Property Income Distribution, will be payable on 8 March 2021 to shareholders on the register on 19 February 2021. The ex-dividend date will be 18 February 2021. The Company continues to target a minimum total dividend of 4.0p1 per ordinary share for the current financial year ending 30 June 2021.
As at 31 December 2020, the PRS REIT's unaudited EPRA NAV and IFRS NAV were both 96.1 pence per ordinary share (30 June 2020: both 95.1p per ordinary share). This is after the payment of dividends on 17 July 2020, 18 September 2020 and 11 December 2020, which together totalled 3.0p per ordinary share. These payments related respectively to the three-month periods ending 31 March 2020, 30 June 2020, and 30 September 2020.
The PRS REIT expects to issue interim results towards the end of March, when it will also provide an update on trading.
1 This is a target only and there can be no assurance that the target can or will be met and should not be taken as an indication of the Company's expected or actual future results. Accordingly, potential investors should not place any reliance on this target in deciding whether or not to invest in the Company or assume that the Company will make any distributions at all and should decide for themselves whether or not the target dividend yield is reasonable or achievable.
For further information, please contact:
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The PRS REIT plc
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Tel: 020 3178 6378 (c/o KTZ Communications) |
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Sigma PRS Management Limited
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Tel: 0333 999 9926 |
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N+1 Singer
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Tel: 020 7496 3000
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Panmure Gordon (UK) Limited Chloe Ponsonby (Corporate Broking), Alex Collins (Corporate Finance)
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Tel: 020 7886 2500 |
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G10 Capital Limited (part of the IQEQ Group as AIFM) Paul Turner
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Tel: 020 3745 2826 |
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KTZ Communications Katie Tzouliadis, Dan Mahoney |
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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 and to provide shareholders with an attractive level of income together with the potential for capital and income growth. The Company is investing £0.9bn in a portfolio of high quality homes for private rental across the regions, having raised a total of £500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma Capital Group plc ("Sigma") is a PRS, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. 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 PRS 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. In September 2020, the Company launched a joint venture with EQT Real Estate, the real estate platform of global investment firm EQT to establish a £1bn portfolio of high quality, new-build homes for private rental in Greater London.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc 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 Investment Manager 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).
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