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PRS REIT PLC announced on Wednesday an increase in rental value amid the completion of its 5,000th build-to-rent home.
The Manchester, England-based real estate investment trust said the completion brings the total number of completed homes in the third quarter of its year ending June 30 to 5,010 at March 31. This is an 8.5% increase from 4,616 homes in March 2022.
The firm added that the estimated rental value for the completed homes is £52.7 million per year, 16% higher than £45.5 million a year ago.
PRS REIT expects the number of homes in its portfolio to rise to approximately 5,600 homes with an estimated rental value of around £58.0 million per year upon the completion of its delivery programme.
The company also noted its rent collection at March 31 was 101%, up from 99% at the same time last year.
Looking ahead, PRS REIT said its portfolio performance remains ‘extremely strong,’ with occupancy in the third quarter of the financial year at 97%, with 4,860 of the 5,010 completed homes occupied.
Chair Steve Smith said: ‘The completion of the 5,000th rental home marks a significant milestone for the PRS REIT and demonstrates our success in building the largest portfolio of high-quality, build-to-rent, single-family rental homes in the UK over the last six years.’
Shares were up 0.7% at 83.47 pence in London on Wednesday morning.
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