Sigma Capital, the PRS REIT, has reported an 11% increase in net assets per share to 45.1p for the year to 31 December 2017.
The group’s annual results are the first since the launch of the PRS REIT via an IPO in May. The REIT said its initial goal was to create a £1bn+ portfolio of at least 10,000 high-quality, newly built rental homes.
PRS REIT’s resources are targeted to be around £900m with gearing, equivalent to circa 6,200 new homes.
Sigma committed the PRS REIT’s entire IPO equity of £250m by early January 2018, representing around 1,720 properties with an estimated rental value of £15.7m.
Construction is underway across 26 sites in the North West, Midlands and South Yorkshire.
In total, Sigma currently has around 1,383 homes under construction for delivery to the PRS REIT and sites for a further circa 4,000 homes have been identified.
Revenues fell 18.2% year-on-year to £4.4m. Profit before tax was up 10.6% year-on-year to £4.1m.
Graham Barnet, chief executive of Sigma, said: “2017’s results do not reflect the profound change to Sigma’s growth prospects and earnings profile. However, our financial performance from the new financial year onwards will reflect the new model.
“We are wholly focused on delivering the PRS REIT’s initial goal of creating an initial 10,000 high-quality new rental homes for middle-income families, and are confident that, with our unrivalled PRS platform, supported by our house building partners as well as by central and local government, Sigma is well-placed to achieve its objectives.”
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