PRS REIT saw revenue more than double and profit rise during its third year in business.
The company, which has a target of building an initial portfolio of 5,200 build-to-rent homes, posted revenue of almost £13m for the 12 months to 30 June, up from £6m a year earlier. Profit after tax of £16.4m was 12% ahead of last year.
The REIT added 909 new homes to its portfolio over the year, taking its total to 2,082 completed homes. Over the first quarter of its current financial year it has added a further 552 homes. At the end of September the portfolio had an estimated rental value of £24.3m.
Chairman Steve Smith said: “The PRS REIT continued to make good progress in its third year of activity, despite the impact of the Covid-19 pandemic… Demand for our properties remains strong and the undersupply of good quality, well-located and professionally managed homes is significant.”
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