**Summary**
PRS REIT PLC, a UK-based real estate investment trust focused on the Private Rented Sector (PRS), released its final results for the year ended June 30, 2025, and a first-quarter update. The company reported strong financial performance, with revenue increasing by 14% to £66.5 million and net rental income rising by 13% to £53.3 million. However, operating profit decreased by 13% to £97.4 million due to lower gains from fair value adjustments on investment properties.
Key highlights include
**Portfolio Completion** The company completed its portfolio delivery, with 5,478 homes now fully delivered, marking a 2% increase from the previous year.
**Asset Performance** Strong asset performance was maintained, with rent collection at nearly 100% and occupancy at 96%.
**Rental Growth** Like-for-like rental growth on stabilized sites was approximately 9%, driven by increased rental income and strong cost control.
**Net Asset Value (NAV)** NAV increased by 7% to £785 million, with IFRS NAV and EPRA NTA per share rising to 143.0p.
**Debt Management** The company reduced its EPRA loan-to-value ratio to 35% and has approximately 81% of its investment debt fixed at an average interest rate of 3.8% over an average term of 14 years.
**Dividends** Total dividends declared increased to 4.3p per share, with a dividend target of 4.5p per share for FY26.
**Strategic Review and Sale Process** The company announced a proposed sale of its assets to a vehicle owned by a fund advised by Waypoint Asset Management Limited, with expected proceeds of £633.2 million. The sale is subject to shareholder approval and is targeted for completion by the end of November 2025.
The companys Chairwoman, Geeta Nanda, expressed satisfaction with the strong performance and highlighted the completion of the housing delivery program as a significant milestone. The proposed sale, if completed, would lead to the voluntary liquidation of the company and distribution of net assets to shareholders.
**First Quarter FY26 Update**
**Estimated Rental Value (ERV)** ERV increased to £73.4 million per annum for the 5,478 completed homes.
**Occupancy and Rent Collection** Occupancy remained high at 96%, and rent collection was strong at 99%.
**Rental Growth** Like-for-like rental growth on stabilized sites was approximately 5% over the year to September 30, 2025.
**Affordability** The average rent as a proportion of gross household income remained healthy at 23%.
Overall, PRS REIT PLC demonstrated robust financial and operational performance, with a focus on delivering value to shareholders through its strategic initiatives and strong asset management.
| Metric | Year to 30 June 2025 | Year to 30 June 2024 | Change |
|---|---|---|---|
| Revenue (£m) | 66.5 | 58.2 | +14% |
| Net Rental Income (£m) | 53.3 | 47.3 | +13% |
| Operating Profit (£m) | 97.4 | 111.7 | -13% |
| Profit After Tax (£m) | 77.0 | 93.7 | -18% |
| Basic Earnings Per Share (p) | 14.0 | 17.1 | -18% |
| Adjusted EPRA Earnings Per Share (p) | 4.4 | 3.7 | +19% |
| Net Assets (£m) | 785 | 731 | +7% |
| IFRS NAV and EPRA NTA Per Share (p) | 143.0 | 133.2 | +7% |
| EPRA Loan to Value (%) | 35 | 36 | -3% |
| Total Dividends Declared (p) | 4.3 | 4.0 | +8% |