PRS REIT is aiming to bolster its portfolio’s estimated rental value to around £48m, with just under 3,300 homes under development at the end of its second quarter.
In the three months to 31 December the closed-ended real estate investment trust completed 1,617 homes, up from 1,361 in September.
These new homes will contribute £2.6m per year to the company’s rental income, increasing its annualised rental income to £14.9m, up from £12.3m in September. Occupancy is 98%.
The total number of contracted sites now stands at 42, with just over 3,300 homes under development across them at the end of the quarter.
When complete, these homes are expected to generate an annualised gross rent of around £32.7m, lifting the PRS REIT’s total ERV to £47.6m per year.
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