REG - PRS REIT PLC (The) - Correction to First Quarter Update

PRS ReitAnnouncement

13/11/2025 10:00

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RNS Number : 4295H  PRS REIT PLC (The)  13 November 2025

PRSR.L

The PRS REIT plc

("the PRS REIT" or "the Company")

 

Correction to First Quarter Update

 

The Board of The PRS REIT plc announces a correction to its First Quarter
Update, included in the Audited Full Year Results & First Quarter Update
announcement, published on 7 October 2025. The Company's like-for-like rental
growth on stabilised sites over the year to 30 September 2025 was c.8% (not
c.5% as previously stated). This statement has no impact on the reported
results for the year ended 30 June 2025.

 

The corrected Q1 FY26 and Outlook section of the announcement is reproduced
below, with the amended text underlined:

 

Q1 FY26 and Outlook

 ●    Trading in July - September 2025, the first quarter of the new financial
      year, remained strong:
      -                                      ERV of portfolio 5,478 completed homes was £73.4m p.a. at 30 September
                                             2025
      -                                      occupancy high at 96%
      -                                      rent collection strong at 99%
      -                                      like-for-like rental growth on stabilised sites over the year to 30 September
                                             2025 of c.8%
      -                                      affordability (average rent as a proportion of gross household income) very
                                             healthy at 23%
 ●    Prospects remain very positive and an update on the Strategic Review and
      Formal Sale Process will be made in due course

 

The corrected excerpt of the Summary and Outlook section of the Chairwoman's
statement is reproduced below, with the amended text underlined:

 

Over the first quarter of the new financial year, the ERV of the completed
portfolio increased to £73.4 million per annum as at 30 September
2025 (30 June 2025: 5,478 completed homes with an ERV of £72.0 million per
annum and 30 September 2024: 5,425 completed homes with an ERV of £67.5
million per annum). Asset performance over the quarter has been very strong.
Rent collection in the first quarter was 99% (30 September 2024: 100%) and
total occupancy at 30 September was at 96% (30 September 2024: 98%), with
5,251 homes occupied out of the total of 5,478. At that point, including those
83 homes reserved for applicants who had passed referencing and paid rental
deposits but not taken occupancy by 30 September 2025, total occupancy was
97%. Total arrears at 30 September 2025 stood at £2.1
million (2024: £1.6 million). The like-for-like rental growth on stabilised
sites over the year to 30 September 2025 was c.8% (2024: c.12%).

 

This information was also included in the Company's announcement of 3 November
2025 regarding the Proposed Sale of The PRS REIT Holding Company Limited and
associated circular to shareholders (within the section titled 'Current
trading update').

 

For further information, please contact:

 The PRS REIT plc                                          Tel: 020 3178 6378

Geeta Nanda, Non-executive Chairwoman

                                                         (c/o KTZ Communications)

 Sigma PRS Management Limited                              Tel: 0333 999 9926

Graham Barnet, Mike McGill

 Singer Capital Markets                                    Tel: 020 7496 3000

James Moat, Asha Chotai, James Todd, Patrick Weaver

 G10 Capital Limited (AIFM and part of the IQ-EQ Group)    Tel: 020 3745 2826

 Maria Baldwin

 KTZ Communications                                        Tel: 020 3178 6378

 Katie Tzouliadis, Robert Morton

 

NOTES TO EDITORS

About The PRS REIT plc

www.theprsreit.com (http://www.theprsreit.com/)

 

The PRS REIT plc is a closed-ended real estate investment trust established
to invest in the Private Rented Sector ("PRS") and to provide shareholders
with an attractive level of income together with the potential for capital and
income growth. The Company has invested over £1bn in a portfolio of
high-quality homes for private rental across the regions, having raised a
total of £0.56bn (gross) through its Initial Public Offering on 31 May
2017 and subsequent fundraisings in February 2018 and September 2021.
The UK Government's Homes England has supported the Company with direct
investments. The Company is listed on the Closed-ended investment funds
category of the FCA's Official List and its Ordinary Shares are traded on
the London Stock Exchange's Main Market. It is a constituent of the FT250
Index. With 5,478 new rental homes as at 30 September 2025, the Company
believes its portfolio is the largest build-to-rent single-family rental
portfolio in the UK.

 

LEI: 21380037Q91HU97WZX58

 

About Sigma Capital Group Limited (formerly Sigma Capital Group plc)

www.sigmacapital.co.uk (http://www.sigmacapital.co.uk/)

 

Sigma Capital Group Limited ("Sigma") is a build-to-rent ("BTR") regeneration
specialist, with offices in Edinburgh, Manchester and London. The
Company's principal focus is on the delivery of large-scale housing schemes
for the private rented sector and Sigma is the UK's leading provider of BTR
homes for the single family sector. The Company also has extensive experience
in the delivery of multi-family apartment schemes and a well-established track
record in assisting with property-related regeneration projects in the public
sector, acting as a bridge between the public and private sectors.

 

Sigma has created an unrivalled property delivery and management platform,
which has delivered or is in the process of delivering over 13,500 homes
across the UK to date. The Company has a significant pipeline of development
opportunities, which currently stands at over £3 billion in gross
development cost. Sigma manages the letting of completed homes through its
property platform, which includes its award-winning rental brand 'Simple
Life'. The Company's subsidiary, Sigma PRS Management Ltd, is Investment
Adviser to The PRS REIT plc.

 

About Sigma PRS Management Ltd

 

Sigma PRS Management Ltd is a wholly-owned subsidiary of Sigma Capital Group
Limited and is Investment Adviser to The PRS REIT plc. It sources
investments and operationally manages the assets of The PRS REIT plc and
advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT
plc on a day-to-day basis in accordance with The PRS REIT plc's Investment
Policy. The AIFM is G10 Capital Limited. Sigma PRS Management Ltd is an
appointed representative of G10 Capital Limited, which is authorised and
regulated by the Financial Conduct Authority (FRN:648953).

 

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