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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Prs Reit (the) Plc | PRSR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.80 | 0.70% | 114.40 | 16:35:08 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 114.20 | 113.00 | 114.60 | 114.40 | 113.60 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 11/02/2025 | Interim | GBP | 0.011 | 20/02/2025 | 21/02/2025 | 07/03/2025 |
| 07/11/2024 | Interim | GBP | 0.01 | 14/11/2024 | 15/11/2024 | 29/11/2024 |
| 01/08/2024 | Interim | GBP | 0.01 | 08/08/2024 | 09/08/2024 | 30/08/2024 |
| 23/04/2024 | Interim | GBP | 0.01 | 09/05/2024 | 10/05/2024 | 31/05/2024 |
| 31/01/2024 | Interim | GBP | 0.01 | 15/02/2024 | 16/02/2024 | 08/03/2024 |
| 02/11/2023 | Interim | GBP | 0.01 | 09/11/2023 | 10/11/2023 | 01/12/2023 |
| 02/08/2023 | Interim | GBP | 0.01 | 10/08/2023 | 11/08/2023 | 01/09/2023 |
| 25/04/2023 | Interim | GBP | 0.01 | 04/05/2023 | 05/05/2023 | 26/05/2023 |
| 07/02/2023 | Interim | GBP | 0.01 | 16/02/2023 | 17/02/2023 | 03/03/2023 |
| 02/11/2022 | Interim | GBP | 0.01 | 10/11/2022 | 11/11/2022 | 30/11/2022 |
| 25/07/2022 | Interim | GBP | 0.01 | 04/08/2022 | 05/08/2022 | 26/08/2022 |
| 12/04/2022 | Interim | GBP | 0.01 | 21/04/2022 | 22/04/2022 | 13/05/2022 |
| 18/01/2022 | Interim | GBP | 0.01 | 27/01/2022 | 28/01/2022 | 11/02/2022 |
| 05/11/2021 | Interim | GBP | 0.01 | 18/11/2021 | 19/11/2021 | 03/12/2021 |
| 10/02/2021 | Interim | GBP | 0.01 | 18/02/2021 | 19/02/2021 | 08/03/2021 |
| 09/11/2020 | Interim | GBP | 0.01 | 19/11/2020 | 20/11/2020 | 11/12/2020 |
| 07/08/2020 | Interim | GBP | 0.01 | 20/08/2020 | 21/08/2020 | 18/09/2020 |
| 18/06/2020 | Interim | GBP | 0.01 | 25/06/2020 | 26/06/2020 | 17/07/2020 |
| Top Posts |
|---|
Posted at 11/2/2025 16:51 by arbus5000 after all the kerfuffle of a requisition and a strategic review its a dissappointing outcome, an increase in the divi by 0.1p and a sale below NAV. The former has been mooted for years and the latter is a kick in teeth.If i was still a shareholder in this, i'd be dissappointed. |
Posted at 11/2/2025 11:56 by makinbuks Dividend increased. Offer expected before the end of March. Sound like they're conducting a professional process. Full marks to Christopher Mills.Having said that I still don't want to see an outright sale. I think this portfolio can deliver 8% total returns for a decade or more. If you want to expand it, work in JV with some of the companies that are looking to buy it. I'd be happy to participate in a rights issue to fund our share of the equity required |
Posted at 04/12/2024 17:28 by makinbuks Indeed it would make no sense of selling the entire portfolio. Better just realise enough to pay down the expensive floating rate debt and secure the dividend |
Posted at 09/10/2024 20:37 by pdosullivan In the statement PRSR says the end June figure was higher due to the year end falling on a weekend hence the fall in arrears from GBP1.7m at end-June to GBP1.3m at end-July. |
Posted at 08/10/2024 09:18 by makinbuks Not read the results in full yet. A new dividend policy to be announced in Q1 shows that the debate with the new board members is ongoing. Generally excellent numbers, but to be picky, arears rose from £1m to £1.7m, but bizarrely were back to £1.3m a month later. How come £400k of arrears settled like that? |
Posted at 06/9/2024 10:37 by smithers1 Looking forward to a shake up here and change of manager. Many obvious management mistakes by management – both Sigma and Board - and issues with fee structure:-As previously noted taking £102m of debt at 6.04% in July last year was an obvious mistake and dilutive as the properties yield less than that after allowing for maintenance and property management costs (not to mention the investment management fee). It's fixed for 15 years so paying that off early will be expensive. Sigma and the Board keep referring to the total blended debt interest cost but the last tranche of debt should not have been taken. When PRS REIT secured long term fixed debt tranches at 2.76% and 3.14% it was accretive but with these properties throwing off net income yields of 4-5% debt at 6/7/8% is dilutive. -Manager allowed to charge 1% fee p.a. throughout development phase so most of this in the early years was charged on unspent cash. In addition a high 4% development management fee was charged on Development costs so on certain tranches of money Sigma received 5%. Development contracts were fixed price Design & Build with substantial housebuilders so 4% development management fee excessive and unjustified – industry norm. 2%. This fee was not renegotiated in the recent management contract extension. -Clear conflicts of interest with Sigma selling its own completed sites to the PRS REIT, on one hand acting as seller but on the other representing the PRS REIT as buyer. Relationship with the “independent&# -Initial £250m raised in June 2017. Prospectus stated: “Upon full investment of the capital and associated gearing the Company is targeting a dividend yield of 6 per cent. or more per annum based on the Issue Price, which the Company expects to increase broadly in line with inflation. The Directors will seek to maintain the dividend over the long term. In addition, the Company is targeting a net total Shareholder return of 10 per cent. or more per annum based on the Issue Price at stabilisation of the PRS Portfolio. It is anticipated that the Company will reach stabilisation by the third anniversary of First Admission.” 6% dividend!!!! 7 years in and they still do not have a fully covered 4% dividend against issue price (never mind 6%) despite reported strong rental growth over the intervening years, high occupancy and low maintenance costs. On that benchmark Sigma have failed miserably and yet no explanation has ever been given. -Second £250m raised in Feb 2018 far too early after the initial raise. Clear asset gathering by Sigma to boost investment management fee which as noted previously was charged on unspent cash. Why was this allowed to happen? 7 years in since initial launch the proceeds raised with associated investment debt are still not fully deployed. -Sigma outsource the day to day property management and rent collection to a third party with those costs charged directly to the REIT. Long term debt is in place. Their role is now reduced to overseeing the property management company and reporting. In that context a 1% annual management fee is simply not justifiable and the recent extension of their contract on broadly these terms was not acceptable. The underlying fundamentals for this REIT are extremely strong: a granular income spread across thousands of Tenants across the whole country that makes it extremely robust unlike commercial where the loss of a few large Tenants can significantly impact total rental collection; obsolescence less of an issue unlike commercial; annual rent increases. Unfortunately it has been mismanaged and milked by Sigma since inception. I welcome the long overdue overhaul and the positive impact this should have for shareholders. |
Posted at 30/8/2024 09:25 by asagi did any else have a problem with their dividend this morning? My payment includes only the ordinary distribution, the PID element is not there.Asagi (long PRSR) |
Posted at 19/7/2024 13:32 by arbus5000 if PRSR and other reits are allowed to re-invest all their cash, expect precipitous drops in their share prices due to dividend cuts.PRS was able to raise capital via share and debt issuance, and picked up c5,000 houses no where near the top of the market. According to its recent RNS, it has a low LTV, with fixed rates at a low level - so it financed at a great time. It bogles the mind though, how the investment case for PRS has any relevevance in the judgement of the viability of the REIT regime. I suggest you keep your opinions on a dedicated thread. RGL has done well, thanks - it just depends when and where you invested ! |
Posted at 19/7/2024 10:06 by pdosullivan If PRSR was trading at 1x NAV then the dividend yield would be only 3.25pc. You can do a lot better than that sticking your money on deposit. So I don't see 1x NAV as achievable in the short term. This circles back to the comment about the UK REIT regime. If PRSR was investing its cash building homes instead of distributing it would probably deliver more shareholder value over the cycle |
Posted at 18/7/2024 12:26 by arbus5000 i like PRSR but:- have been waiting for ages for a hike to the dividend! - current dividend is 5%, but can get 8%+ in the reit sector - Due to high occupancy, cannot easily raise rents to realise ERV - potential for further capital raising to fund expansion. |
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