PRS REIT has reported strong interim results for the six months ending 31 December, with significant increases in revenue, net rental income and pretax profit.
The company is undergoing a sale process following months of shareholder pressure and the resignation of its chair.
It has a portfolio of 5,437 homes and an estimated rental value of £68.6m per annum, up from £65.1m reported in June 2024.
PRS REIT’s revenue rose by 17% in the period to £32.9m, alongside its net rental income, which grew by 16% to £26.6m.
Pretax profit grew by 44% to £56.3m, and EPRA earnings per share rose by 17% to 2.1p.
Geeta Nanda, non-executive chair at PRS REIT, said: “Interim results are excellent, reflecting the continued strong performance of the company’s portfolio of rental homes, the largest of its kind in the UK. The final tranche of new homes is now due by the end of June, at which point the PRS REIT’s portfolio will amount to 5,478 completed homes with an estimated rental value of around £70m per annum.
“The shortage of high-quality family rental homes in the UK combined with rising demand continue to favour prospects for the PRS REIT.
“The strategic review and formal sale process remain in process and further updates will be made in due course, and by no later than the end of Q2 2025.”
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