PRS Reit reports rising rents as sale talks continue

The PRS REITSharecast graphic / Josh White

PRS Reit (The)

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0.88%

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Private rented sector investor PRS Reit has hailed a "continued strong portfolio performance" in its second quarter with estimated rental value (ERV) from completed homes rising over the three months to 31 December.

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Real Estate Investment Trusts

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PRS Reit, which is currently in active sale discussions regarding a sale of the company, said it was talking to "a number of interested parties" but continues to explore all options focusing on maximising value for shareholders.

ERV per annum rose to £68.6m by the end of the first half, up from £67.5m three months earlier and ahead of the £60.3m reported the year before.

12 new homes were completed during the period, taking the portfolio to 5,437, with just 41 homes (all on one site) left to be completed which have an ERV of £0.4m per annum.

"The key drivers for the company's business model remain strong, despite recent market volatility, and are reflected in the company's trading performance," PRS Reit said in a statement on Monday.

"There is a significant shortage of high-quality, single-family rental homes in the UK and the rising population and increase in household formation also fuel demand."