Share Name Share Symbol Market Type Share ISIN Share Description
Prs Reit (the) Plc LSE:PRSR London Ordinary Share GB00BF01NH51 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  1.00 0.91% 110.50 4,490,544 16:35:19
Bid Price Offer Price High Price Low Price Open Price
109.00 109.50 110.00 109.00 110.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 12.95 16.41 3.30 33.5 547
Last Trade Time Trade Type Trade Size Trade Price Currency
17:47:37 O 11,136 110.50 GBX

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Date Time Title Posts
08/6/202111:28:::: The PRS REIT ::::69

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Prs Reit Daily Update: Prs Reit (the) Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker PRSR. The last closing price for Prs Reit was 109.50p.
Prs Reit (the) Plc has a 4 week average price of 103p and a 12 week average price of 100p.
The 1 year high share price is 112p while the 1 year low share price is currently 71p.
There are currently 495,277,294 shares in issue and the average daily traded volume is 819,597 shares. The market capitalisation of Prs Reit (the) Plc is £547,281,409.87.
sphere25: Further to the post above, the answer is in... The buying ahead of the FTSE re-jig (PRSR goes into the Small Cap and All Share Indices) has now resulted in a premium to EPRA NAV. Clearly this one was known well in advance so the early buyers have done well, many promotions and demotions can be decided very close to the review or the actual close the day before. There is still strong demand for shares here. We can see anomalous volumes and some chunky trades in recent days so possibly a few more pennies for holders to come here but it has been an interesting example. A steady slow one to post on following NSCI - absolute rocket ship! Lobbed those now. Elsewhere notable activity... RCH - some big chunks going through (major ding dong going on at 246p) which will be the previously mentioned sellers in size continuing to lob but the volume is significant and a break of that 247p (where it knocked its head twice prior and fell back) mark will be key to watch. All imo DYOR
sphere25: Thanks for the updates Davebowler. I guess it does pay to buy boring turtle type shares - it is quite relaxing actually, hardly any drama. With the price now at 94.5p, clearly the discount to the EPRA NAV has narrowed substantially. I have this bad habit of taking some shares off the watchlist once they hit targets (alot having been too cautious targets, which have been blown away in this relentlessly bullish one way market) as the next batch of opportunities are sought out. Keeping this one on to see how the tracker buying plays out. The market has bought up the shares well in advance, so will they be lobbing to the trackers (as we get closer to the FTSE review in June) at around the EPRA NAV or will the demand coming in result in some form of premium? Don't know the answer but will keep a watch. All imo DYOR
sphere25: And catching up with boring PRSR: "The Company's transfer from the Specialist Fund Segment to the Premium Segment of the Main Market of the London Stock Exchange took place on 2 March. The migration will enable us to broaden the share register and facilitates our eligibility for inclusion in FTSE's EPRA and UK Index Series." Just want to see how the buying comes in now from the trackers for the next review in June and whether it results in closing the NAV from the current price of 87.1 to the EPRA NAV of 96.2p. Nothing of note as yet, it is early. Have to see if the wider market holds completely stable till the review in June too, but should be easy to see any whoppers being bought here because PRSR barely bats an eyelid most of the time. All imo DYOR
davebowler: Liberum; Event PRS REIT has reported an EPRA NAV per share of 96.2p at 31 December 2020 (95.1p at 30 June 2020), resulting in a NAV total return of 4.3% in the six-month period and 5.5% overall in 2020. Revaluation gains accounted for 95% of the returns in the period. The total number of completed and contracted units at 31 December 2020 was 5,126 (December 2019: 4,945). The portfolio is spread across 65 sites and has an ERV of £48.8m on completion (6.2% yield on cost). PRS REIT has reported total completed units of 3,163 at 31 December 2020 (June 2020: 2,082), representing a 52% increase (1,081 units) in six months. This represents 62% of the total number of completed and contracted units. The company expects completed units to rise to 5,000 by late 2021/early 2022. Net LTV has risen from 15% to 29% since June 2020 as deployment has progressed. The proportion of completed units has picked up considerably in recent quarters due to the number of sites now under construction and three portfolio acquisitions of completed properties (175 units). This includes a fully-let development of 123 homes from Blackrock Real Assets and 31 homes in Birmingham from Sigma Capital (the investment manager). Rent collection has remained robust with arrears unchanged at £0.2m (less than 1% of ERV). EPRA EPS in the half-year to December was 0.2p. Occupancy of completed units was 96.3% with a further 1.7% of units reserved. Like-for-like rental growth in H2 2020 was 0.5%.The company remains on track to distribute 4.0p in FY 2021 (June period end) and now expects to be able to increase the dividend in FY 2022. Liberum view NAV performance has picked up as the pace of completions accelerates, resulting in an uplift from development profits. The average uplift on completed assets to investment value was 9.7%. The proportion of completed units increased markedly in H2 2020 and will contribute to an improvement in dividend cover. Portfolio performance has been resilient throughout 2020 as rent collection levels have been relatively unaffected. Rental demand remains high with with rent levels holding at pre-Covid levels. The key focus for the company remains on progressing development schemes and building up the level of dividend cover (0.1x dividend cover in the six-month period to December 2020). We expect the shares to re-rate in 2021 as the company approaches its target of 5,200 units and income visibility improves.
sphere25: Just bought more. Boring boring PRSR! Two weeks to get to 93p? Interested to see how the tracker funds approach the buying here. Did I mention how boring PRSR is? All imo DYOR
sphere25: Wonder how far along they are in changing listing - possibly ready for the review in June? Nonetheless, good ole boring PRSR has almost closed that gap now so the bulk of the capital growth must be in the price now. With a minimum 4p dividend, the yield is hardly a disaster compared to cash or bonds so perhaps more of these lagging REIT's will re-rate higher as confidence in the economic recovery grows. To my untrained eye, it looks like the NAV are stable or actually going up in the sector with not only PRSR but BREI upgrading. There is alot more interest with much heavier buying in RDI recently and separately even HWG upgraded their numbers. Possibly a signal on the improving fundamental picture. Still, slow and boring ones have been quite good really. All imo DYOR
sphere25: "The Board can now confirm its intention to apply to the FCA for the Company's issued share capital to be admitted to the Premium Segment in early 2021. The transfer is expected to broaden the Company's share register and facilitate its eligibility for inclusion in FTSE's EPRA and UK Index Series." That's an interesting piece of news regarding the premium listing. This will head into the FTSE Small Cap and naturally that will mean trackers having to buy in. This share clearly isn't going to set the world on fire with share price moves but a bullish technical point of note.
kingrat1: Crude using average prices that cover such a large area. Prices can vary significantly street by street. It also somewhat misses the point about the obvious conflicts of interest that have yet to be acknowledged by the Board let alone addressed. The PRS Reit launched in May 2017 and since then the share price is DOWN 23%, more if you consider the second £250 mill was raised at £1.025, and that's after a strong rebound from £0.58 at the start of the pandemic. This was supposed to be a safe and boring investment trust.... In contrast Grainger's share price is UP 19% over the same period.....
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
davebowler: Liberum; £1.1m share acquisitions by investment adviser Mkt Cap £372m | Prem/(disc) -19.2% | Div yield 5.2% Event Sigma Capital Group, the parent company of the investment adviser to PRS REIT, has acquired 1.5m shares in the company at a price of 76p per share. Sigma Capital now owns 5.9m shares (1.2% shareholding) in PRS REIT. Liberum view The £1.1m share acquisition demonstrates confidence in PRSR's portfolio. Capital deployment has progressed this year, with completed units representing 51% of the portfolio at the end of September. This remains the key area of focus for the company in order to build the level of dividend cover (0.03x dividend cover in the year to 30 June 2020). Portfolio performance has been resilient throughout 2020 as rent collection levels have been relatively unaffected. Rental demand remains high with with rent levels holding at pre-Covid levels.
Prs Reit share price data is direct from the London Stock Exchange
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