Dividend Declaration and NAV Update

RNS Number : 5978O

PRS REIT PLC (The)

31 January 2019

 

31 January 2019

PRSR.L

The PRS REIT plc

("Company" or "PRS REIT")

Dividend Declaration and Net Asset Value ("NAV") Update

The PRS REIT, the closed-ended real estate investment trust established to invest in new-build homes in the Private Rented Sector ("PRS"), is pleased to declare today an interim quarterly dividend of 1.0 pence per ordinary share in respect of the second quarter period, covering 1 October 2018 to 31 December 2018. This dividend will be payable on 28 February 2019 to shareholders on the register on 8 February 2019. The ex-dividend date will be 7 February 2019.

The dividend will comprise a Property Income Distribution ("PID") of 0.5 pence per share in respect of the Company's tax exempt property rental business and a non-PID dividend of 0.5 pence per share. The Company continues to target a total dividend of 5.0 pence per ordinary share¹ for the year from 1 July 2018 to 30 June 2019.

As at 31 December 2018,  the PRS REIT's unaudited EPRA NAV and IFRS NAV were both 96.3 pence per ordinary share (30 June 2018: both 98.3p per ordinary share). It should be noted that this is after the payment of dividends that together totalled 3.5p per ordinary share (2.5p per ordinary share on 31 August 2018, which related to the three months to 30 June 2018, and 1.0p per ordinary share on 30 November 2018, which related to the three months to 30 September 2018). 

The PRS REIT expects to issue interim results on 12 March 2019 when it will also provide an update on trading.

In a separate announcement issued today, the PRS REIT also reports that it has signed contracts over four additional PRS sites.

For further information, please contact:

The PRS REIT plc Steve Smith, Non-executive Chairman	Tel: [phone] (c/o KTZ Communications)
Sigma PRS Management Limited Graham Barnet Graeme Hogg	Tel: [phone]
N+1 Singer  James Maxwell, James Moat, Ben Farrow	Tel: [phone]
Stifel Mark Young, Neil Winward, Gaudi Le Roux	Tel: [phone]
G10 Capital Limited (AIFM) Gerhard Grueter, Anthony Wood, Gaia Udage	Tel: [phone]
KTZ Communications Katie Tzouliadis, Dan Mahoney	Tel: [phone]

NOTES TO EDITORS

About The PRS REIT plc
(www.theprsreit.com)

The PRS REIT is a closed-ended real estate investment trust established to invest in the Private Rented Sector and to provide shareholders with an attractive level of income together with the potential for capital and income growth.  It has raised a total of £500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments.  

LEI: 21380037Q91HU97WZX58

About Sigma Capital Group plc
(www.sigmacapital.co.uk)

Sigma Capital Group plc is a private rented sector, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors.  Its subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc and is Investment Adviser to The PRS REIT plc. It sources investments and manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in accordance with The PRS REIT plc's Investment Policy. The Investment Adviser is an appointed representative (reference number: 776293) of the AIFM.

¹ This is a target only and there can be no assurance that the target can or will be met and should not be taken as an indication of the Company's expected or actual future results. Accordingly, potential investors should not place any reliance on this target in deciding whether or not to invest in the Company or assume that the Company will make any distributions at all and should decide for themselves whether or not the target dividend yield is reasonable or achievable. 

 

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