PRS REIT has posted surges in pretax profit and completed homes, citing “strong progress” with housing delivery in the six months to 31 December.
EPRA NAV per share edged up by 1% year-on-year to 96.2p at the private rented sector specialist, which launched in 2017.
Pretax profit surged by 85% to £20.3m, while rental income surged by 91% to £10.7m.
The number of homes completed soared by 96% during the half-year period, to 3,163.
The REIT’s portfolio stood at 3,530 completed homes as at 19 March, with another 1,600 under way.
Steve Smith, non-executive chairman of PRS REIT, highlighted a continued “deficit in supply”.
He added that the business is on track to deliver its 5,000th home by early 2022, based on existing construction schedules.
The REIT has also appointed Metropolitan Thames Valley Housing Association chief executive Geeta Nanda as a non-executive director.
Nanda set up Fizzy Living, the housing association’s PRS subsidiary, in 2012. At MTVH, Nanda oversees the management of 60,000 homes as well as the new-build programme.
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