Final Results

RNS Number : 5448N
PRS REIT PLC (The)
25 September 2019
 

25 September 2019

PRSR.L

The PRS REIT plc

("PRS REIT" or "the REIT" or "the Company" or "the Group")

 

AUDITED FULL YEAR RESULTS

for the year ended 30 June 2019

 

GOOD PROGRESS TOWARDS FULL DEPLOYMENT

KEY POINTS

Summary

768 new rental homes were added to the Company's portfolio over the year, taking the cumulative total to 1,173 at 30 June 2019 (30 June 2018: 405 homes), and annualised estimated rental income to £10.7m (30 June 2018: £3.6m)

A further 3,196 homes were under construction across 37 sites at 30 June 2019 (30 June 2018: 1,305 homes across 17 sites), with wider geographic exposure.  When completed the annualised estimated rental income will rise to £41.2m

The pace of homes completing is accelerating

Remainder of £900m (gross) of funds will be deployed over the coming months


-

expected total is for 5,400 new family rental homes across an estimated 75 sites, generating an estimated rental value ("ERV") of £55m per annum once completed

 

Dividends

Dividends paid in respect of FY 2019 totalled 5p per share (FY 2018: 5p), in line with targets

Total dividend targeted at stabilisation is 5.5p1 per share in FY 2022

 

Financial


Year to 30 June 2019

13 months to

30 June 2018

Change

Revenue

£6.0m

£1.8m

+233%

Net rental income

£4.9m

£1.5m

+227%

Operating profit

£14.6m

£2.7m

+441%

Profit after tax

£14.6m

£3.2m

+356%

Basic earnings per share

2.9p

1.0p

+190%

Net assets at 30 June*

£474m

£486m

(3%)

IFRS and EPRA NAV* per share at 30 June

95.8p

98.3p

(3%)

*after dividend payments

 

Operational

At 30 June 2019

At 30 June 2018

Change

1,173

405

+190%

£10.7m p.a.

£3.6m p.a.

+197%

17

5

+240%

Gross development cost ("GDC") of completed sites

 

£145m

 

£43m

 

+237%

4

5

-

3,196

1,305

+145%

£30.5m p.a.

£12.0m p.a.

+154%

37

17

+118%

£517m

£174m

+197%

 

13.4%

 

12.8%

 

+4.7%

 

Outlook

To date, 1,351 units have now been completed, with an ERV of £12.3m

Underlying structural drivers for growth remain unchanged, with critical supply shortage and rising demand for high-quality family rental houses

The number of completions is set to rise significantly over the new financial year and Company remains well-positioned to achieve its targets

 

1This 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.

 

Steve Smith, Chairman of the PRS REIT, said:

 

"The PRS REIT made good progress over its second year of activity, and our portfolio of newly-built family rental homes increased by 768 to 1,173 by the year end, with a further 3,200 or so homes under construction across 37 sites. The pace of completions continues to accelerate, and we have since the year end completed a further 178 homes, taking our total to 1,351.

 

"Within the next few months the remainder of the Company's £900m of gross funds will be deployed.  When the last house is completed, this will take the PRS REIT's portfolio to some 5,400 homes in 75 sites across the major regions of England, and should provide an ongoing dividend of 5.5p per annum.

 

"Family rental homes remain critically undersupplied throughout the U.K., and the PRS REIT is playing a part in addressing this need, bringing high quality, professionally-managed homes to middle-income families.  Whilst there is political uncertainty, the Board believes that the Company is in good shape and remains on track to achieve both its short and long-term goals."

 

 

 

For further information, please contact:

 

The PRS REIT plc
Steve Smith, Non-executive Chairman

 

Tel: +44 (0)20 3178 6378
(c/o KTZ Communications)

Sigma PRS Management Ltd
Graham Barnet, Malcolm Briselden

 

Tel: +44 (0)333 999 9926

N+1 Singer 
James Maxwell, James Moat, Ben Farrow

Tel: +44 (0)20 7496 3000

G10 Capital Limited (AIFM)

Gerhard Grueter

 

Tel: +44 (0)20 3696 1302

KTZ Communications

Katie Tzouliadis, Dan Mahoney

Tel: +44 (0)20 3178 6378

 

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 Ltd, is Investment Adviser to The PRS REIT plc.

 

About Sigma PRS Management Ltd

Sigma PRS Management Ltd 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.



 

CHAIRMAN'S STATEMENT

Introduction

 

Financial Results

 

Dividends

 

The Board

 

 

Corporate Social Responsibility

 

Outlook

 

Steve Smith

Chairman

24 September 2019



 

INVESTMENT ADVISER'S REPORT

 

 

Business Activities

On 31 May 2017, the Company completed its IPO raising initial gross proceeds of £250m through the issue of 250 million ordinary shares of one pence each. The shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. On completion of the IPO, Sigma PRS was appointed as Investment Adviser to the Company. The Company has since raised additional funds, through a further placing and through gearing, which has taken its total resource to £900m (gross).

 

Investment Objective and Business Model

·      by acquiring residential development opportunities, with these development sites sourced and managed by Sigma PRS (or another member of Sigma Capital Group plc acting as development manager). When completed, homes on these sites are subsequently let to individual qualifying tenants. The PRS REIT aims to fund a minimum of two-thirds of the new properties this way.

 

·      by acquiring already completed and let PRS sites that fulfil the Company's investment objectives, including return and occupancy hurdles. Completed sites are acquired from Sigma Capital Group plc, pursuant to a forward purchase agreement between the PRS REIT and Sigma Capital Group plc. Should the opportunity arise, the PRS REIT may acquire newly-built PRS assets from third party vendors. The Company has the ability to fund up to a maximum of one third of new properties in this manner.

Achieving Scale and Reducing Risk

 

The Sigma PRS Platform

The Investment Adviser is utilising Sigma Capital Group plc's well-established PRS delivery platform ("Sigma PRS Platform") to help the PRS REIT achieve scale and to minimise development and operational risk. It plays the central role in sourcing and developing investment opportunities.

 

The Sigma PRS Platform comprises relationships with construction partners, central government, and local authorities. Key construction partners include Countryside Properties, which is the primary partner, Engie, and Galliford Try. Homes England, an executive non-departmental public body sponsored by the Ministry of Housing, Communities & Local Government, works closely with Sigma in the common goal of accelerating new housing delivery in England.

All pre-development risks are identified and underwritten by Sigma Capital Group plc and its partners, and development sites will have an appropriate certificate of title, detailed planning consent and a fixed price design and build contract with one of Sigma Capital Group plc's housebuilding partners. During the construction phase, many of the properties are pre-let and subsequently occupied as they complete.

Multiple Geographies

'Simple Life' Brand

 

Financing Resource

 

Equity Placing Programme

Debt Facilities

 

Operational Review

Development Activity and Acquisitions


At 30 June 2019

At 30 June 2018

Number of completed homes

1,173

405

Estimated rental value of completed homes

£10.7m p.a.

£3.6m p.a.

Completed sites

17

5

GDC of completed sites

£145m

£43m

Part-completed sites

4

5

Number of contracted homes

3,196

1,305

ERV of contracted homes

£30.5m p.a.

£12.0m p.a.

Sites in progress

37

17

GDC of sites in progress

£517m

£174m

Construction Resource

Financial Results

 

Income statement

The Company's revenue for the year increased to £6.0m (2018: £1.8m), which was all derived from rental income. After the deduction of non-recoverable property costs, the net rental income was £4.9m (2018: £1.5m). Administration expenses were higher at £5.9m (2018: £4.3m). The gain from the fair value adjustment on investment property increased to £15.6m (2018: £5.5m), reflecting the greater number of homes completed and increase in construction activity during the year. This resulted in increased operating profit of £14.6m (2018: £2.7m). Finance income for the period from short term deposits was £0.8m (2018: £0.6m), whilst finance costs were £0.9m (2018: £nil). The profit after finance income and taxation was £14.6m (2018: £3.2m).

 

The basic and fully diluted earnings per share on an IFRS basis for the year increased to 2.9p (2018: 1p).

 

Dividends

The Company has declared and paid a total of 5p per ordinary share for the year under review, which comprised the following:

 

·      On 31 October 2018, the Company announced the declaration of a dividend of 1.0 pence per Ordinary Share in respect of the period from 1 July 2018 to 30 September 2018, which was payable on 30 November 2018 to shareholders on the register as at 9 November 2018.

 

·      On 31 January 2019, the Company announced the declaration of a dividend of 1.0 pence per Ordinary Share in respect of the period from 1 October 2018 to 31 December 2018, which was payable on 28 February 2019 to shareholders on the register as at 8 February 2019.

 

·      On 29 April 2019, the Company announced the declaration of a dividend of 1.0 pence per Ordinary Share in respect of the period from 1 January 2019 to 31 March 2019, which was payable on 31 May 2019 to shareholders on the register as at 10 May 2019.

 

·      On 31 July 2019, the Company announced the declaration of a dividend of 2.0 pence per Ordinary Share in respect of the period from 1 April 2019 to 30 June 2019, which was payable on 30 August 2019 to shareholders on the register as at 9 August 2019.

 

Balance Sheet

The principal items on the balance sheet are investment property of £362.3m (2018: £121.1m), cash and cash equivalents of £229.9m (2018: £374.3m), long term loans of £100m (2018: £nil) and trade and other payables of £23.4m (2018: £13.3m).

 

The investment property includes completed assets and assets under construction at fair value. Trade and other payables includes £14.4m of development expenditure that was paid in July 2019.

 

Debt Financing

The PRS REIT has the following debt facilities:

 

·      £100m revolving credit facility with Lloyds Banking Group for an initial term of two years, which can be extended further for up to two years. Interest is based on three month LIBOR plus applicable margin and the loan is secured over assets allocated to Lloyds Banking Group. The Group has credit approval to extend this to £150m. This was undrawn at 30 June 2019;

 

·      £100m term loan of 15 years with Scottish Widows, which was drawn in two equal instalments in March and April 2019. Interest is fixed at the 15 year swap rate of 1.588% plus applicable margin and the loan is secured over assets allocated to Scottish Widows; and

 

·      £150m term loan for 15 years with Scottish Widows which will be drawn in two equal instalments in April and October 2020. Interest was fixed at the relevant swap rate of 1.164% plus applicable margin and is secured over assets allocated to Scottish Widows.

 

Key performance indicators

The Group's key performance indicators ("KPI") include:

 

KPI

June 2019

June 2018

Rental income (gross)

£5,970,000

£1,765,000

Average rent per month per tenant

£760

£741

Non-recoverable property costs as a percentage of gross rent (gross to net)

17.5%

15.5%

Fair value uplift on investment property

£15,609,000

£5,515,000

Operating profit

£14,646,000

£2,667,000

Dividends paid per share in relation to the period

5p

5p

Number of properties available to rent

1,173

405

 

All the KPIs are in line with management expectations.

 

Market Overview

An interim report of a study investigating housing supply requirement by Herriot-Watt University published in May 2018 suggested that the estimate of an additional 300,000 new homes per annum to rebalance supply in England understated the problem. The report suggests that the total level of new housebuilding required is around 340,000 per annum for England (and 380,000 for Great Britain) until 2031, which represents a total requirement of over 4m new homes.

 

Against that wider picture of undersupply, demand for rental homes is growing, fuelled by restricted access to other tenures, with affordability and mortgage availability limiting owner occupation and social rented funding constraining development and supply. After tax changes introduced in 2016 and 2017, there has been an exodus of typically small individual landlords from the buy-to-let sector, and the estimated resultant outflow of properties from the rental market over the last two years is put at 120,000.

 

The build-to-rent market is growing steadily and investment in PRS in 2018 increased by 11% on the previous year to £2.6 billion. By the end of the first quarter of 2019, there were approximately 30,000 completed PRS homes in the UK. About half of this output was concentrated in London and almost all of the development comprised apartments. A similar number of PRS homes is currently under construction and a further 70,000 or so homes are in planning. The vast majority of this delivery remains apartment schemes in urban centres. To place the scale of this PRS activity in context, it accounts for under 1% of the total value of the rental stock in the UK. By comparison, in more mature PRS markets, such as the United States, institutionally-owned properties represent nearly 50% of the total rental market.

 

According to Savills, at full maturity, the UK PRS market could be worth around £550 billion and encompass more than 1.7 million households. This indicates the scale of opportunity available to market participants, including the PRS REIT. 

Post Period Review

Progress since the start of the new financial year has continued positively, in line with management expectations. The number of completed homes as of 31 August 2019 stood at 1,289, with their annualised rental value expected to be £11.8m. A further 3,429 homes with an ERV of £34m per annum were in delivery at that point. The total estimated ERV of the homes under construction and those already delivered, together 4,718 homes across 59 sites, amounted to £45.8m, and their gross development cost is £734m. The table below provides further information of delivery activity.

 

Approximately 91% of the Company's total net funding has now been deployed and the balance is expected to be contracted over the coming months. The total portfolio is anticipated to comprise approximately 5,400 new family homes.


At 31 August

2019

At 30 June

2019

Number of completed PRS homes

1,289

1,173

Estimated rental value of completed homes

£11.8m p.a.

£10.7m p.a.

Completed sites

17

17

GDC of completed sites

£145m

£145m

Part-completed sites

8

4

Number of contracted homes

3,429

3,196

ERV of contracted homes

£34.0m p.a.

£30.5m p.a.

Sites in progress

42

37

GDC of sites in progress

£589m

£517m

Summary and Outlook

The growth opportunity available to the PRS REIT remains substantial, driven by the strong underlying supply and demand fundamentals in the housing market. We also believe that PRS housing (at scale) can play a part in accelerating the overall delivery of new homes, a key agenda with local authorities. In addition, the track record that we have established in delivering high quality new homes over multiple sites through our efficient supply chain platform places the Company in a strong position in the PRS market. Notwithstanding current political uncertainties, we believe that the Company remains firmly on track to invest its full available capital and associated gearing to time and budget, and to achieve its targeted dividend return of 5.5p per share at stabilisation in 2022.

 

 

 

 



 

FINANCIAL STATEMENTS

 

Consolidated Statement of Comprehensive Income

For the year ended 30 June 2019

           


Year ended

30 June 2019

£'000


31 May 2017 to
30 June 2018

£'000





Rental Income

5,970


1,765

Non-recoverable property costs

(1,054)


(274)

Net rental income

4,916


1,491





Administrative Expenses




Directors' remuneration

(123)


(67)

Investment advisory fee

(4,402)


(3,295)

Other administrative expenses

(1,354)


(977)

Total administrative expenses

(5,879)


(4,339)





Gain from fair value adjustment on investment property

15,609


5,515

Operating profit

14,646


2,667





Finance income

789


570

Finance cost

(864)


-

Profit before taxation

14,571


3,237





Taxation

-


-

Total comprehensive income for the year/period attributable to the equity holders of the Company

14,571


3,237





Earnings per share attributable to the equity holders of the Company:




IFRS earnings per share (basic and diluted)

2.9p


1.0p

 

All of the Group activities are classed as continuing and there were no comprehensive gains or losses in the period other than those included in the statement of comprehensive income.


Consolidated Statement of Financial Position

Company No. 10638461

As at 30 June 2019

 


At
30 June 2019

£'000


At
30 June 2018

£'000

ASSETS




Non-current assets




Investment property

362,275


121,109

           

362,275


121,109

Current assets




Trade receivables

89


28

Other receivables

5,379


3,786

Cash and cash equivalents

229,946


374,339


235,414


378,153

Total assets

597,689


499,262





LIABILITIES




Non-current liabilities




Trade and other payables

2,954


961

Interest bearing loans and borrowings

100,000


-


102,954



Current liabilities




Trade and other payables

20,410


12,296

Total liabilities

123,364


13,257

Net assets

474,325


486,005





EQUITY




Called up share capital

4,953


4,943

Share premium account

245,005


244,025

Capital reduction reserve

206,559


233,800

Redeemable preference shares

-


-

Retained earnings

17,808


3,237

Total equity attributable to the equity holders of the Company

474,325


486,005





IFRS net asset value per share (basic and diluted)

95.8


98.3p

 

As at 30 June 2019, there is no difference between IFRS NAV per share and the EPRA NAV per share.

 



 

Consolidated Statement of Changes in Equity

For the year ended 30 June 2019

 

Attributable to equity holders of the Company

 


Share

 capital


Share

premium

account


Capital reduction reserve


Redeemable preference shares


Retained

earnings


Total equity


£'000


£'000


£'000


£'000


£'000


£'000













Share capital issued in the period

4,943


495,524


-


50


-


500,517

Share capital issue costs

-


(8,999)


-


-




(8,999)

Cancellation of share premium



(242,500)


242,500


-


-


-

Share capital redeemed in the period

-


-


-


(50)


-


(50)

Dividend paid

-


-


(8,700)


-


-


(8,700)

Profit for the period

-


-


-


-


3,237


3,237

At 30 June 2018

4,943


244,025


233,800


-


3,237


486,005













Share capital issued in the period

10


961


-


-


-


971

Share capital issue credit

-


19


-


-


-


19

Dividend paid

-


-


(27,241)


-


-


(27,241)

Profit for the year

-


-


-


-


14,571


14,571

At 30 June 2019

4,953


245,005


206,559


-


17,808


474,325













 

 


Consolidated Statement of Cash Flows

For the year ended 30 June 2019

 


Year ended
30 June 2019

£'000


31 May 2017 to

30 June 2018

£'000





Cash flows from operating activities




Profit before tax

14,571


3,237

Finance Income

(789)


(570)

Finance costs

864


-

Fair value adjustment on investment property

(15,609)


(5,515)

Cash used in operations

(963)


(2,848)





Increase in trade and other receivables

(1,684)


(3,748)

Increase in trade and other payables

3,026


1,708





Net cash generated from/(used) in operating activities

379


(4,888)





Cash flows from investing activities




Acquisition of subsidiaries

(34,665)


(40,770)

Purchase of investment property at fair value through profit and loss

(181,627)


 

(63,451)

Finance income

823


504

Net cash used in investing activities

(215,469)


(103,717)





Cash flows from financing activities




Bank and other loans

100,000


-

Finance costs

(2,877)


-

Issue of shares

971


500,467

Cost of share issue

(156)


(8,823)

Redeemable preference shares

-


-

Dividends paid

(27,241)


(8,700)

Net cash generated from financing activities

70,697


482,944





Net (decrease)/increase in cash and cash equivalents

(144,393)


374,339

Cash and cash equivalents at beginning of period

374,339


-





Cash and cash equivalents at end of year/period

229,946


374,339

 

 

 


NOTES TO THE FINANCIAL STATEMENTS

 

1.   General information

This final results announcement was approved for issue by a duly appointed and authorised committee of the Board of Directors on 24 September 2019.

 

2.   Basis of Preparation

The financial information set out in this announcement does not constitute statutory financial statements for the year ended 30 June 2019 and period ended 30 June 2018. The financial information in this announcement has been derived from the statutory accounts for the year ending 30 June 2019 and period ending 30 June 2018.The report of the auditor on the statutory financial statements for the year ended 30 June 2019 and period ended 30 June 2018 was (i) unqualified; (ii) did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006. The statutory financial statements for the year ended 30 June 2019 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The statutory accounts for the period ending 30 June 2018 have been delivered to the Registrar of Companies.

3.   Segmental information

For the year ended 30 June 2019, the Directors regard the Group as having just one reportable segment, property, and the business only operates in the United Kingdom therefore segmental information is not presented.

 

4.   Unrealised gains on investment property

The total unrealised gains on investment property during the period were are set out below.

 


Group

2019


Group

2018


£'000


£'000





Unrealised gains through profit and loss

15,609


5,515


15,609


5,515

 

5.   Taxation

As a UK REIT, the Group is exempt from corporation tax on the profits and gains from its property investment business, provided it meets certain conditions as set out in the UK REIT regulations. For the year ended 30 June 2019 and the period ended 30 June 2018, the Group did not have any non-qualifying profits and accordingly there is no tax charge in the period. If there were any non-qualifying profits and gains, these would be subject to corporation tax.

 

It is assumed that the Group will continue to be a UK REIT for the foreseeable future, such that deferred tax has not been recognised on temporary differences relating to the property rental business. No deferred tax asset has been recognised in respect of the unutilised residual current period losses as it is not anticipated that sufficient residual profits will be generated in the future.

 

6.   Earnings per Share

Earnings per share amounts are calculated by dividing profit for the period attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period. As there are no dilutive instruments, only basic earnings per share is quoted below.

 



 

The calculation of basic earnings per share is based on the following:

 


Year ended 30 June 2019


31 May 2017 to 30 June 2018


£000's


£'000





Net profit attributable to ordinary shareholders

14,571


3,237





EPRA adjustments:




Changes in value of investment properties

(15,609)


(5,515)

EPRA Net loss attributable to ordinary shareholders

(1,038)


(2,278)





Weighted average number of ordinary shares

495,180,547


330,854,803

Earnings per share (pence)

2.9


1.0

EPRA loss per share (pence)

(0.2)


(0.7)

 

7.   Dividends

The following dividends were paid during the current year and prior period:

 


Year ended 30 June 2019


31 May 2017 to

30 June 2018


£'000


£'000





Dividend of 1.5p for the 7 months to 31 December 2017

-


3,757

Dividend of 1.0p for the 3 months to 31 March 2018

-


4,943

Dividend of 2.5p for the 3 months to 30 June 2018

12,382


-

Dividend of 1.0p for the 3 months to 30 September 2018

4,953


-

Dividend of 1.0p for the 3 months to 31 December 2018

4,953


-

Dividend of 1.0p for the 3 months to 31 March 2019

4,953


-


27,241


8,700

 

On 31 January 2018, the Company announced the declaration of a dividend in respect of the period from 31 May 2017 to 31 December 2017 of 1.5 pence per Ordinary Share, which was payable on 16 March 2018 to shareholders on the register as at 16 February 2018.

 

On 30 April 2018, the Company announced the declaration of a dividend in respect of the period from 1 January 2018 to 31 March 2018 of 1.0 pence per Ordinary Share which was payable on 31 May 2018 to shareholders on the register as at 11 May 2018.

 

On 31 July 2018, the Company announced the declaration of a dividend in respect of the period from 1 April 2018 to 30 June 2018 of 2.5 pence per Ordinary Share which was payable on 31 August 2018 to shareholders on the register as at 10 August 2018.

 

On 31 October 2018, the Company announced the declaration of a dividend in respect of the period from 1 July 2018 to 30 September 2018 of 1.0 pence per Ordinary Share which was payable on 30 November 2018 to shareholders on the register as at 9 November 2018.

 

On 31 January 2019, the Company announced the declaration of a dividend in respect of the period from 1 October 2018 to 31 December 2018 of 1.0 pence per Ordinary Share which was payable on 28 February 2019 to shareholders on the register as at 8 February 2019.

 

On 29 April 2019, the Company announced the declaration of a dividend in respect of the period from 1 January 2019 to 31 March 2019 of 1.0 pence per Ordinary Share which was payable on 31 May 2019 to shareholders on the register as at 10 May 2019.

 

Subsequent to the year end, on 31 July 2019, the Company declared a dividend in respect of the period from 1 April 2019 to 30 June 2019 of 2.0p per Ordinary Share, which was paid on 30 August 2019 to shareholders on the register as at 9 August 2019. The ex-dividend date was 8 August 2019.

 

 

8.   Availability of statutory financial statements

Copies on the full statutory financial statements will be available from the Company's offices at 18 Alva Street, Edinburgh, EH2 4QG no later than 23 October 2019 and are available on its website at www.theprsreit.com.

 

9.   Annual General Meeting

The Annual General Meeting of the Company will be held the offices of Dentons UK and Middle East LLP, One Fleet Place, London, EC4M 7WS on Monday 25 November 2019 commencing at 11.00 am.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
FR USRURKUAKUUR
UK 100

Latest directors dealings