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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
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 78.70 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 78.70 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
|---|
Posted at 18/4/2024 20:31 by jimbobbaby Deadline for voting shares tomorrow. There is a proposal to disappear preemption rights. Would make sense for us smaller investors to all vote against. Probably not enough to swing it but worth registering the protest. |
Posted at 04/4/2024 15:39 by pdosullivan Very interesting - the Investors Chronicle article has been amended. It now says "The company knows [it does not have cash to build more houses] and told Investors' Chronicle it is speaking to its shareholders about its next move" with a footnote adding - This article has been amended to clarify the nature of PRS REIT's discussions with shareholders |
Posted at 03/4/2024 13:36 by jimbobbaby A capital raise now would be purely in the managers interest and very detrimental to shareholders given the long term fixed nature of much of the debt.If leverage and gearing ratio are a concern they should sell some properties to reduce debt.This would have a much smaller impact on current holders.Or if issuing new capital it should be to all shareholders pro rata.Is there enough private holders to block it / cause a fuss by e-mailing investor relations setting out the concerns. |
Posted at 02/4/2024 23:07 by smithers1 Investors Chronicle states today PRSR speaking to shareholders about an equity raise. Do not see shareholder value in this. Investment Manager self interest looking to increase assets under management.PRSR launched in 2017 targeting a geared 6p dividend. Almost 7 years in dividend is 4p and still not yet fully covered and share price 21p below raise price. Do not see the attractions of equity raise based on track record and current discount to "stated" NAV when can get 5%+ interest on deposit. Given gearing risk and longer term maintenance cost risk I would be looking for 8% min. div. Portfolio should be left to stabilise and investment advisor fees slashed given their role now is limited to overseeing a third party letting / property management company. £6m a year to do that seems excessive |
Posted at 05/11/2023 09:07 by masurenguy Interesting share tip - no position but added to my watchlist.MIDAS SHARE TIPS: Home in on cash from PRS Reit 4 November 2023 The group was set up in 2017 to deliver high-quality homes at affordable rates, while generating robust income for shareholders. To date, it has delivered on each of those ambitions, amassing a portfolio of more than 5,000 purpose-built, private rental homes and paying attractive dividends along the way. Yet PRS shares have fallen from £1.10 in the summer of 2022 to just 79p today, with investors deserting property stocks in droves, concerned by rising interest rates and weak economic growth. For PRS, the decline seems overdone, reflecting neither the value of its properties nor its growth potential. Earnings per share were 3.1p in the last financial year and dividends were 4p, so some of the money paid out to shareholders came from the company's balance sheet rather than tenants' rents. That should change this year as PRS is on track to add another 400 homes to its portfolio, taking the estate to 5,500 homes, each of which will be generating rent and ensuring that dividends are covered by earnings. Brokers predict a 16% increase in rental income to more than £46m by next June, rising to £51m in 2025. Dividends are likely to remain at 4p this year, but they should rise steadily from 2024. Midas verdict: PRS Reit shares have been hit by stock market woes and now look like a bargain. At 79p, the stock offers attractive dividend income, capital growth potential and the opportunity for investors to help solve one of the UK's most pressing problems. Buy. |
Posted at 10/10/2023 11:40 by makinbuks Interesting update. Model looks like it just about hangs together with a 4p dividend. the future all depends on the direction of interest rates. My prediction FWIW is two years from now the base rate is 2% lower and the share price goes to £1, still yielding 4%.There is the risk of a really sharp recession with a crash in house prices pushing the LTV beyond the 45% covenants. Rent arrears would also increase, but rates would be cut more quickly cutting the cost of debt and the discount for the income stream The real question as we complete the build out in that period is what next. The manager will want to increase AUM. Possible asset management approach? Could existing investors be invited to invest in a separate managed fund? |
Posted at 29/7/2022 10:02 by giltedge1 Hope my posts have helped a few new investors come on board, upcoming results will be excellent chronic shortage of EPC B family homes. I hope 4% Income + 5% Capital gains next few years. Done so well I am now moving to GRI as well, good luck. |
Posted at 15/6/2022 14:31 by giltedge1 Think I will add before next update as good hedge against inflation which may stick around another 12 months. Found this analysis on Legal & General website.All in all, the historical evidence suggests that the residential sector typically generates stable and long-term income streams that tend to outpace inflation. With the fundamental backdrop of continued pressures on UK housing, we expect this to continue. We believe this makes exposure to the residential sector a worthwhile complement for investors with liabilities linked to inflation. |
Posted at 21/12/2020 10:28 by wingchan Another massive conflict. The investment advisor sigma capital sells a site it developed and managed on behalf of BlackRock to the PRS Reit who it acts on behalf on.... presumably Sigma had a financial interest on the site depending on its performance for BlackRock which will have been driven largely by the sale price but don't worry, there was an "independent" valuation by Savills who undertake all of the Reit's and Sigma's valuation services...... total lack of corporate governance! An independent party and an independent valuer should have been appointed to act for the REIT in this transaction given the obvious conflict.Also for clarity Sigma were contractually obliged to acquire shares in the REIT. Under the terms of their development management agreement where they receive a generous 4% fee, half must be re-invested in the REIT. That they paid Investors Champion to put out a research note implying that they were buying shares of their own free will is seriously misleading. The 1.5m shares acquired by Sigma on 25th Nov were done so as a contractual obligation. What is curious given they could have issued new shares at NAV and invested the funds in their "attractive proposition", was that they instead bought them from an institution that was prepared to sell 1.5m shares at 76p. That says more about the outlook than anything. I hope the appointment of a joint broker is not a preclude to attempting to raise more equity taking the REIT back to cash drag and negative dividend cover. On every financial metric the Reit has underperformed to date. It has some way to go before DEPLOYING the £900m gross which was originally targeted in two years... The dividend yield will be sub 4% not 6%+ and that is after many more years taken to deploy the funds than was originally advised with initial sites having the benefit of rental growth. The NAV remains significantly below the initial raise price inspite of beneficial headwinds through rising house prices. Yield compression and a robust rental collection rate that compares favourably to many commercial property sectors. The NAV was meant to be growing at 10%+ per annum at this point per original marketing forecasts. The only beneficiary has been the Investment Advisor and yet the conflicts of interest continue unchallenged |
Posted at 17/2/2020 17:22 by steviet1 Liberum: Rental Housing Trust Pays Fund Manager Too MuchGovernment-backed real estate investment trust (Reit) PRS (PRSR) may be doing an important job rolling out much-needed homes for rent, but Liberum analyst Conor Finn believes its fund manager Sigma Capital continues to get the better end of the deal over shareholders. Responding to PRS’ second quarter trading update, Finn criticised the property development fees paid to Sigma that he said had seen the AIM-listed fund manager make as much money as the Reit's shareholders since its flotation, or initial public offer (IPO), nearly three years ago. ‘From IPO to June 2019, PRS has generated £17.8m of earnings but the manager has received £17.9m in investment and development management fees,’ he said. ‘The company does not charge a performance fee but the 4% development management fee seems high given it is generally dealing with established developers,’ Finn said in a note to investors. The speed of rollout is important for investors after PRS last year cut its dividend target for 2021/22 from 6p to 5.5p, blaming planning delays and political uncertainty. Finn said investors in the £448 million trust, managed by Sigma’s Graham Barnet, had had a ‘frustrating&# |
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