PRS REIT is on track to reach its 5,000-home milestone by the end of the year as revenue and profit rise.
Chair Steve Smith said: “We expect to approach our 5,000th home towards the end of 2022. We are now targeting 5,600 homes, providing over £1bn of assets with an anticipated rental income stream of £57.5m a year.”
In its final results, released this morning, the private rented sector REIT said revenue had risen by 58% over the year to June 2022, to reach £42m. Rental income rose by 60% to hit £34.3m, with profit after tax increasing by 163% to £115.9m.
As of the end of September, PRS REIT had 4,856 homes, capable of generating rent of £49.4m. It added 802 homes during the year, and a further 693 are contracted.
Smith added: “The structural shortage of high-quality rental homes in the UK and rising demand against a backdrop of higher interest rates continue to demonstrate a need for our model of high-quality, professionally-managed single-family rental homes.”
Net asset value was up 30% year-on-year to £639m, or 116.4p per share, at 30 June 2022. At the same point last year it was £490m or 99p per share.
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