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PRSR Prs Reit (the) Plc

-1.50 (-1.88%)
30 Nov 2023 - Closed
Delayed by 15 minutes
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
  -1.50 -1.88% 78.20 3,373,395 16:35:24
Bid Price Offer Price High Price Low Price Open Price
77.80 78.10 80.00 77.40 80.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 51.35M 42.45M 0.0773 10.09 428.42M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:56:25 O 10,348 78.042 GBX

Prs Reit (PRSR) Latest News

Prs Reit (PRSR) Discussions and Chat

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Date Time Title Posts
14/11/202313:33:::: The PRS REIT ::::224

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Prs Reit (PRSR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-11-30 17:56:2678.0410,3488,075.79O
2023-11-30 17:55:5877.9112798.94O
2023-11-30 17:37:2878.543,0002,356.17O
2023-11-30 17:37:0578.2061,12047,795.84O
2023-11-30 17:23:5277.7919,15514,900.29O

Prs Reit (PRSR) Top Chat Posts

Top Posts
Posted at 30/11/2023 08:20 by Prs Reit Daily Update
Prs Reit (the) Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker PRSR. The last closing price for Prs Reit was 79.70p.
Prs Reit currently has 549,251,458 shares in issue. The market capitalisation of Prs Reit is £428,416,137.
Prs Reit has a price to earnings ratio (PE ratio) of 10.09.
This morning PRSR shares opened at 80p
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 11/10/2023 08:52 by spectoacc
"All homes for The PRS REIT plc are marketed under Sigma’s Simple Life private rental brand."

[...] (Edit - Trustpilot link blocked, but easy to Google it.)

I believe Simple Life are owned by Sigma and aren't a separate co. I assume it's Simple Life to whom the 8% +VAT is being paid by PRS shareholders.

So it sort of is "In-house", just that it's c.£6m a year being ripped out the trust.

Open to anyone putting me right.

It isn't even my main gripe:

1.PRS appear to be subprime lettings (or "cheap end", for want of a better description) without getting the enhanced rents for that end of the market;

2. There's a cliff edge CapEx cost ahead. No way should newbuild be costing this much in repairs/maintenance already, tho I acknowledge @Makinbuks' point about eg £700pcm = c£500 pa. But £500 on each of 5,000 relatively new properties? What will that look like when it's kitchens/bathrooms?

Would add that the RCF, which they're using to finish off a few hundred remaining houses, is costing c.6%.

And a cliff edge refinancing a long way down the line on the long-term debt, which isn't likely to be cheaper than now.

And an uncovered divi.

I can see rents rising, the divi getting covered, but costs steadily rising up to the cliff edge of bathrooms/kitchens. So no divi growth of note.

Is it unreasonable to assume say two years of "repairs/maintenance" at 10x existing? ie £500 pa per house atm; you'd be doing well to get a bathroom or kitchen for just £5k these days but do them in consecutive years, and 6% of rent becomes 60% of rent :)

What am I missing?

Having been involved exposing HOME, have become increasingly cynical, & more than happy to hear counter-arguments. One is "It's all in the price". PRS isn't HOME, but I'm not sure it's what it was sold as either.
Posted at 10/10/2023 11:17 by makinbuks
I don't necessarily think lenders would foreclose (indeed Govt would pressure them to hold off), but they would extract a price at the expense of equity.

I agree that gap between the share price and NAV could attract an outright bid, but the insurers are not operators. Why not take a stake in PRSR and then invest in a fund managed by them?
Posted at 10/10/2023 11:01 by davebowler

Room to go to cover dividend
Analyst: Shonil Chande

Mkt Cap £364m | Share price 66.3p | Prem/(disc) -43.4% | Div yield 6.0%


PRS REIT’s EPRA NTA per share 120.1p, as at 30 June 2023, represented a 3.2% increase over the FY period and a 6.6% total return. Like-for-like rental growth over the year on stabilised sites was 7.5%, based on a blended growth rate of c.12% on re-lettings to new tenants and c.7% on existing tenant renewals. The average net investment yield, as at 30 June 2023, was 4.47%, This compared with an average interest cost of 3.8% on total fixed long-term debt of £352m (37% gearing).

As at 30 September 2023, the ERV of the completed and contracted homes was c.£61m p/a, based on total completed homes of 5,129. In terms of the reversionary potential, the ERV, based on contracted homes, was £5.1m higher than passing rent, as at 30 June 2023. PRSR is targeting an unchanged 4p dividend for FY24, which it expects to be run-rate covered. The cash cost of the dividend is c.£22m.
Posted at 04/10/2023 09:06 by spectoacc
A thread of a bunch of people arguing whether something is true or not - which it probably isn't.

Can't see any Holdings RNS implying RICA have any large stake in PRS.

As for PRSR themselves - the substantial and largely unexplained "non-recoverable property costs" of 18% puts me off. As does the fact they now can't grow - plenty geared already, no chance of raising equity.

At some point, their houses age and need CapEx, with no new ones having been added.

Difficult to argue it's expensive here, but will that 18% recur each year? What is it?
Posted at 13/9/2023 22:31 by pdosullivan
This is it exactly. PRSR yields 5.7% here. Far higher yields available elsewhere, which puts a cap on near term share price appreciation. It is a good business and I am a happy long term holder, but we must be patient until it gets back up to 100p+
Posted at 04/9/2023 09:32 by damp seaweed
Non recoverable property costs of 18.8% is a ridiculously high figure. The letting agent fees to such a big client with new properties in concentrated pockets should be less than 5%.
It’s just further evidence in my book as to how inept the management of PRSR truly are. They seem to under perform in nearly every aspect of this build and rent business.
Hence the lowly share price
Posted at 20/8/2023 23:01 by smithers1
Thanks pdosullivan. That's useful. My only comment is you have used ERV to calculate dividend cover. The ERV is based on the rent achieved for new lettings applied to all other homes of the same house type on that development I.e. if every property was let at the current full market rent. The passing rent of the portfolio (rents actually being charged) will always be below the ERV. PRSR have noted rental increases for existing tenants are lower than for new lets. Makes sense as you do not want to lose sitting Tenants over a few per cent as voids and re-letting costs would quickly wipe this out. But it is unclear how much lower the passing rent of the whole portfolio is below the stated £55m ERV. PRSR do not as yet include the passing rent in their reports and it is not possible to establish this from rental income figures in the half year and annual reports as the portfolio has been growing as they have been building more homes and deploying the last of the capital. It would be a useful inclusion in the reports moving forwards to see where the passing rent sits in relation to the stated ERV.
Posted at 19/8/2023 12:24 by fidra
Fallen back quite a lot here .

Assume NAV still way above share price.circa £1.20 (?)

Do they have room for a divi rise ?,I was expecting one.

Or will this fall to a 7% yield ,which means further down to go?

Anyone any thoughts.

I have a few ,and thought there could be an offer for the entire estate,as appears pretty good value rent wise going forward.
Posted at 10/7/2023 08:50 by davebowler
Debt refinancing and trading update
Analyst: Bjorn Zietsman

Mkt Cap £444m | Share price 80.9p | Prem/(disc) -32% | Div yield 5%


PRS REIT has announced its Q1 trading update and the completion of the refinancing of its £150m RCF. Q1 trading is said to be performing well and in line with management expectations, achieving 97% occupancy and 100% rent collection. Total arrears are low at 0.6% and LfL rental growth has averaged 6.5% over the 12 months ended May. The debt refinancing announcement fails to mention the rate at which the debt has been refinanced, but that £102m is fixed with a further £75m on a floating rate for two years, but that a cap will be placed on the floating rate debt to hedge against downside risk on further interest rate movements. Despite not mentioning the respective rate at which the debt refinancing took place, PRS states that they have total fixed long-term debt facilities of £352m with a blended average interest rate of 3.8%
Prs Reit share price data is direct from the London Stock Exchange

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