Manchester-based PRS REIT has posted robust occupancy and rent collection rates for its second financial quarter.
Occupancy levels at Sigma Capital Group’s PRS stood at 98% for the quarter ending 31 December, with a further 37 homes reserved and rental deposits paid so far in 2022.
Rent collection was also strong at 99%. Total arrears remained low at £0.4m versus £0.2m a year prior, representing less than 1% of annualised estimated rental value on completed units.
PRS, which invests in new-build family homes in the private rented sector, said it added 198 new rental homes to its pipeline in the three months to the end of last year.
This took the total number of completed homes to 505 over the half year. The number of new additions reflects the mature stage of the delivery programme, which is around 80% complete.
Overall, PRS had 4,489 completed homes in the portfolio on December 31, 2021, up by 42% when compared with the end of 2020. The estimated rental value on completed homes rose by 48% to £43.5m year-on-year.
Looking ahead, the company plans to buy at least two further sites during the first half of calendar 2022, with completions reaching 5,000 homes by the end of calendar 2022.
The REIT will pay a second quarterly dividend of 1p per share on 11 February.
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