PRS REIT has boosted its rental income by more than a third over the past year as it nears its 5,000-home target.
In a trading update for its third quarter, the private rented sector specialist said ERV had risen to £45.5m at 31 March, up from £33.3m for the same period in 2021.
During the quarter, it added 127 homes to its portfolio, taking the total number of homes added during the current financial year to 632 and the total number of completed homes in the portfolio to 4,616. That reflects a year-on-year increase of 29%. The REIT has contracted a further 822 homes with an ERV of £6.2m pa, which are at varying stages of the construction process.
PRS said it plans to acquire two further sites before the financial year-end, using debt funding, and anticipates completing its 5,000th home towards the end 2022.
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