PRSR’s interims are in line. Key items were pre-announced (96.2p EPRA NAV, 1.0p Q2 dividend) with interims providing supporting colour. 367 homes have been completed in Q3 to date (agg. 3,530 completed) – on track to hit 5,000 units within 12 months. Underlying performance remains strong: 100% rent collection and 1% voids. We leave our forecasts unchanged. We see dividend cover vs N+1Se as imminent, which makes the 15%+ discount to NAV and a 5%+ dividend yield attractive given underlying income ....
24 Mar 2021
No surprises, visibility offering attractive total returns
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No surprises, visibility offering attractive total returns
PRS REIT Plc (PRSR:LON) | 77.1 -0.1 (-0.1%) | Mkt Cap: 423.5m
- Published:
24 Mar 2021 -
Author:
Andrew Watson -
Pages:
3
PRSR’s interims are in line. Key items were pre-announced (96.2p EPRA NAV, 1.0p Q2 dividend) with interims providing supporting colour. 367 homes have been completed in Q3 to date (agg. 3,530 completed) – on track to hit 5,000 units within 12 months. Underlying performance remains strong: 100% rent collection and 1% voids. We leave our forecasts unchanged. We see dividend cover vs N+1Se as imminent, which makes the 15%+ discount to NAV and a 5%+ dividend yield attractive given underlying income ....