PRS REIT has completed 1,361 homes in the third quarter across 26 sites.
This marks a 129% increase on the same period last year when it had completed 595 homes across 14 sites.
Rental income has increased by 116% to £12.3m per year compared to £5.7m per year in Q3 2018.
At the close of Q3, which is the first quarter of the firm’s 2019-2020 financial year, a total of 43 sites were under construction, up from 19 sites last year. When construction has fully completed, these sites will deliver a total of 3,796 rental homes for a gross development cost of £595m.
The estimated rental value of both the completed properties and those in progress is £46m per year.
Approximately 91% of the PRS REIT’s total net funding (circa £900m gross) has now been deployed. The firm will now focus on deploying the balance of funds, delivering existing development sites and rental income growth as homes complete.
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