PRS REIT has continued its good progress, despite the COVID-19 pandemic disrupting delivery on new private rented homes.
The group posted a 12% increase in profit after tax to £16.4m in the year to 30 June 2020.
It added 909 new rental homes in the year (2019: 768) to take the portfolio at the year end to 2,082. It has a further 2,803 homes at various stages of the delivery process.
Post year end, the group has added a further 552 new homes to the portfolio, bringing the portfolio to 2,634 homes.
IFRS net asset value (NAV) was relatively stable at 95.1p per share at 30 June 2020 (2019: 95.8p).
The group paid a dividend in the year of 4p per share, down on the 5p paid in 2019 due to its revised strategy taking into account the pandemic.
Chairman Steve Smith said: “PRS REIT continued to make good progress in its third year of activity, despite the impact of the COVID-19 pandemic. While construction was suspended in the fourth quarter, we reached the milestone of our 2,000th completed rental home by mid-June, and over the year as a whole added 909 new homes. We are now at 2,634 completed homes, with a further 2,369 homes under way as we approach our target of 5,200 rental homes.
“There are significant macroeconomic uncertainties ahead but the company is well-positioned financially, and our risk-mitigated model and the scale and geographic spread of our portfolio limits our exposures. Demand for our properties remains strong and the undersupply of good quality, well-located and professionally managed homes is significant.”
PRSR : PRS REIT continues strong progress despite COVID