The PRS REIT has informed investors that it expects an 11% rise in net asset value (NAV) ahead of its results for the year to the end of June.
The closed-ended real estate investment trust that invests in high-quality, new build, single family homes for the private rented sector, is forecasting unaudited NAV per share to come in at “not less than” 116.p per share compared to 104.3p at the end of the previous year.
In an announcement released on Tuesday 27th September, they stated that ‘Construction activity continued to progress well, with 55 new homes added to the portfolio since 30 June 2022, the end of the last financial year. This has taken the total portfolio to 4,841 completed homes with an estimated rental value (“ERV”) per annum of £49.1m as at 31 August 2022. A further 669 homes were contracted at that point and are at varying stages of the construction process’.
They went on to say that ‘of the 4,841 completed homes, 4,745 (98%) were occupied as at 31 August 2022, with a further 40 homes reserved for qualified applicants with rental deposits paid. Rental demand remains high, supported by a strong rental market and the attraction of the PRS REIT’s high-quality, well located and managed homes’.
They said ‘Rent collection was 99% in the two-month period. (This is rent collected as a percentage of rent invoiced in the period). Total arrears remain very low, at £0.6m on 31 August 2022’.
The post PRS REIT declares 11% growth in annual NAV appeared first on Built Environment Networking.
