In Q3 PRSR’s like-for-like rental value growth on stabilised sites rose to 4.8% as the increases from re-lets (c+10% RVG) and renewals (c+4%) flowed into the numbers. The company’s key messages are that 1) the Q3 data is consistent with their position outlined in their (recent) interim results roadshow and 2) that they expect RVG to track close to inflation overtime. Reflecting this, we leave forecasts unchanged. Trading on 1.06x p/b to FY22e NAV with a 3.6% yield, we see further NAV progression ....
12 Apr 2022
Q3 Update: Like-for-Like RVG hits 4.8%
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Q3 Update: Like-for-Like RVG hits 4.8%
PRS REIT Plc (PRSR:LON) | 79.2 0.2 0.4% | Mkt Cap: 434.7m
- Published:
12 Apr 2022 -
Author:
Andrew Watson -
Pages:
5
In Q3 PRSR’s like-for-like rental value growth on stabilised sites rose to 4.8% as the increases from re-lets (c+10% RVG) and renewals (c+4%) flowed into the numbers. The company’s key messages are that 1) the Q3 data is consistent with their position outlined in their (recent) interim results roadshow and 2) that they expect RVG to track close to inflation overtime. Reflecting this, we leave forecasts unchanged. Trading on 1.06x p/b to FY22e NAV with a 3.6% yield, we see further NAV progression ....