PRS REIT has deployed or committed £756m into the development of 5,100 rental homes, nearing its target to invest £900m into the sector by early 2019, the company has reported in its first results since its launch.
It has so far completed 595 homes across 14 sites in the North West, East Midlands, West Midlands, South Yorkshire and the South East, with 2,100 under construction.
Alongside the update, PRS REIT posted its results for the first 13 months of trading. It secured £200m of debt facilities in June with a further £200m under discussion.
Total revenue was £1.8m, with net rental income of £1.5m. Net asset value was 98.3p – a discount to the share price, which stands at 101.6p.
Steve Smith, chairman of PRS REIT, said: “We have performed well over our first 13 months of trading and, while there were some site-specific delays in the period, we are pleased with overall progress.
“Our access to land and development opportunities is one of our key strengths, and we remain on track to have committed £900m – our full resource when additional gearing is included – to sites early in 2019.
“The rental market for family homes remains especially undersupplied and we have experienced strong demand for our professionally-managed family housing.
“Overall, therefore, we believe that the company is in an extremely good position to deliver our planned programme of new family homes, and to prosper as the UK rented housing sector continues to grow.”
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