REG - PRS REIT PLC (The) - Final Results
Tue 07:00
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RNS Number : 2845C PRS REIT PLC (The) 07 October 2025
PRSR.L
The PRS REIT plc
("PRS REIT" or "the REIT" or "the Company" or "the Group")
Audited Full Year Results
for the year ended 30 June 2025 & First Quarter Update
Portfolio now fully delivered
Asset performance remains very strong
Key points
Year to Year to Change
30 June 30 June
2025 2024
Revenue £66.5m £58.2m +14%
Net rental income £53.3m £47.3m +13%
Operating profit £97.4m £111.7m -13%
Profit after tax £77.0m £93.7m -18%
Basic earnings per share 14.0p 17.1p -18%
Adjusted EPRA earnings per share(( 1 )) 4.4p 3.7p +19%
Net assets at 30 June £785m £731m +7%
IFRS NAV and EPRA NTA per share(( 2 )) 143.0p 133.2p +7%
At At At Year-on-year change
30 Sept 30 June 30 June
2025 2025 2024**
Number of completed homes 5,478 5,478 5,396 +2%
Estimated rental value ("ERV") per annum £73.4m £72.0m £65.1m +11%
Number of contracted homes - - 82 -
ERV per annum - - £0.4m -
Completed and contracted sites 71 71 71 -
ERV per annum of completed and contracted sites* £72.0m £65.5m
£73.4m +10%
Rent collected (as a percentage of total rent invoiced for the period) 100% 99% +1%
99%
* based on all completed units being occupied/income
producing
**restated to exclude a 98-unit site, with a total ERV of £1.0m, following
the Board's decision not to exercise an option to purchase it after net
returns were considered
Financial
● Earnings in line with Board's expectations
● Adjusted EPRA earnings per share up 19% to 4.4p (2024: 3.7p), driven by
increased rental income and ongoing strong cost control
● Operating profit £97.4m (2024: £111.7m), reflecting lower gains from fair
value adjustments on investment property of £53.6m compared to the prior year
(2024: £73.4m). The gains are non-cash items
- Continued ERV growth partially offset slightly softer net investment yields of
4.66% compared to 4.59% in the prior year (2024: yields softened to 4.59% from
4.47%)
● Profit after tax of £77.0m (2024: £93.7m)
● Net asset value up 7% to £785m at financial year end (30 June 2024: £731m),
driven by strong ERV growth
- ERV was c.£4.7m higher than passing rent as at 30 June 2025 (2024: £5.4m
higher), another indicator of strong fundamentals of the Private Rental Sector
("PRS")
- IFRS NAV and EPRA NTA increased by 7% to 143.0p per share (2024: 133.2p per
share)
Portfolio delivery completed
● The remaining balance of 82 new homes was delivered as planned, completing the
construction phase and taking the portfolio to 5,478 completed homes at 30
June 2025 (2024: 316 new homes added; 5,396 completed homes)
- ERV of the 5,478 homes at 30 June 2025 was £72.0m p.a. (30 June 2024: 5,396
homes with ERV of £65.1m p.a.)
Another year of excellent portfolio performance
● Rent collection(( 3 )) was almost 100% for the year to 30 June 2025 (2024:
99%)
● Occupancy was 96% at 30 June 2025 (2024: 96%). Including homes where
prospective tenants had passed referencing and paid rental deposits but not
moved in by 30 June 2025, occupancy was 97% (2024: 98%)
● Gross arrears were £1.9m at 30 June 2025 (2024: £1.7m)
● Like-for-like rental growth(( 4 )) over the year was c.9% on stabilised sites
(2024: c.12%)
● Affordability (average rent as a proportion of gross household income) was
strong at 24% as at 30 June 2025 (2024: 23%)
● Gross to net ratio (being non-recoverable property costs as a percentage of
revenue) was 19.8% (2024: 18.8%), with the change mainly reflecting increased
maintenance partly due to the age of the portfolio and slightly higher costs
compared with the prior year
● Average net investment yield on the portfolio softened slightly to 4.66%
(2024: 4.59%)
Debt
● EPRA loan to value ('LTV') on portfolio reduced slightly to 35% (2024: 36%)
● Approx. 81% of the current £434m of investment debt is fixed at an average
interest rate of 3.8% over an average term of 14 years, which compares
favourably with the average net investment yield of 4.66%
Dividends
● Total dividends declared increased to 4.3p per share (2024: 4.0p), with
dividends declared fully covered on an EPRA EPS run-rate basis since March
2024
● Dividend target for FY26 is a minimum of 4.5p per share(( 5 ))
Strategic Review and Formal Sale Process
● Non-binding heads of terms agreed for Proposed Sale of the Company's assets as
announced on 17 September 2025, with proposed buyer being a vehicle wholly
owned by a fund being advised by Waypoint Asset Management Limited; underlying
investors comprise leading UK local government pension funds;
- proceeds to the Company, net of transaction expenses and corporation tax, are
expected to be approximately £633.2 million
- targeting end of November 2025 for completion, which is subject to shareholder
approval
- subject to completion, the Board intends to seek further shareholder approval
for the voluntary liquidation of the Company with a view to distributing the
Company's net assets to shareholders as soon as reasonably practicable
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.5%
- 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
Geeta Nanda, Chairwoman of The PRS REIT plc, commented:
"The Company has generated another very strong performance, with rental income
materially higher year-on-year. Other measures of the portfolio's performance,
including occupancy and rent collection, were also extremely encouraging and
its strong performance has continued into the new financial year. Our housing
delivery programme was completed in June 2025, marking a significant
milestone, and the latest estimated rental value of the completed portfolio,
at the end of September, 2025 is £73.4m per annum.
"We are at non-binding heads of terms stage for a potential sale of the
Company's assets and will make a further announcement on this in due course.
First and foremost, I would like to thank our shareholders for their support
and their invaluable feedback throughout the Strategic Review. I would also
like to thank all our partners, including our lenders and in particular Sigma
Capital, who managed the delivery of our portfolio as well as its very
successful performance to date. High-quality, new rental homes remain
undersupplied in the UK and we expect our portfolio to continue to perform
very well."
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378
Geeta Nanda, Non-executive Chairman
(c/o KTZ Communications)
Sigma PRS Management Limited Tel: 0333 999 9926
Graham Barnet, Mike McGill
Singer Capital Markets Securities Limited Tel: 020 7496 3000
James Maxwell, Asha Chotai (Investment Banking)
Alan Geeves, James Waterlow, Sam Greatrex (Sales)
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 12,000 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).
Chairwoman's Statement
Introduction
I am pleased to present The PRS REIT plc's (the "PRS REIT", or the "Company",
or the "Group") audited financial results for the year ended 30 June 2025. As
planned, the Company's portfolio of rental homes was successfully completed by
the end of the financial year, taking its total number of homes to 5,478, with
an estimated rental value ("ERV") of £72.0 million p.a at the financial year
end. This landmark point was achieved alongside continued very strong asset
performance, and I am also pleased to note the Company's entry into the FTSE
250 Index on 30 September 2024.
Largest portfolio of single-family rental homes in the UK
Over the financial year, the final tranche of 82 homes was completed and added
to the portfolio, taking it to 5,478 completed homes at 30 June 2025 (30 June
2024: 5,396 completed homes). We believe it remains the largest portfolio of
single-family rental homes in the UK.
The ERV of the 5,478 completed homes was £72.0 million per annum at 30 June
2025 (2024: £65.1 million per annum on 5,396 completed homes), an 11% rise
year-on-year. This increase was mainly driven by strong rental growth over the
period.
The Company's homes are spread across 71 sites (2024: 71 sites), which are
predominantly located in the major regions of England; the North-West,
North-East, Yorkshire, the Midlands, the South-East (excluding London) and
East of England. We have a single site in North Wales and another in Central
Scotland.
Strong asset performance
Our assets continued to perform strongly. Both occupancy and rent collection
(measured as rent collected relative to rent invoiced in a given period) over
the financial year remained very high. Rent collection was almost 100% (2024:
99%) and occupancy was 96% at 30 June 2025 (30 June 2024: 96%), with 5,252
homes physically occupied out of 5,478 completed homes. Including those homes
where a letting had been agreed, referencing passed and a rental deposit paid
but where occupancy had not commenced by 30 June 2025, occupancy was 97%
(2024: 98%).
Like-for-like rental growth over the financial year on stabilised sites was
c.9% (2024: c.12%). A stabilised site is one where all units were completed
and let (or nearly all let) at the end of the prior period. The c.9% increase
reflected a blended growth rate on re-lets to new tenants and renewals with
existing tenants. It is worth noting the closing gap between passing rent and
ERV, with rental increases for re-lets slightly less than the rental increase
for renewals. Gross rent arrears continued to be modest, despite the increase
in let homes, standing at £1.9 million at 30 June 2025 (30 June 2024: £1.7
million).
The affordability ratio, which is measured as average rent as a proportion of
gross household income remains another key statistic. The ratio was healthy at
24% at the financial year end (2024: 23%) reflecting the strong tenant base
and wage increases. It is also well within the Office of National Statistics'
guidance that rent should be less than 30% of a tenant's gross household
income.
Net rental income over the financial year grew by 13% to £53.3 million (2024:
£47.3 million). The rise was driven by a combination of three factors: a full
year's rental contribution from properties that had been completed and let
part-way through the prior financial year; increased unit numbers; and rental
growth.
The portfolio's strong performance to date demonstrates the continuing need
for high-quality family rental homes. While rental housing supply rose over
the year to June 2025, supply has still not yet reached pre-2020 levels and
remains an estimated 20% below pre-pandemic levels, with significant regional
variation. Demand for rented homes is more than 60% above pre-pandemic levels.
In its Housing Insight Report, published on 2 September 2025, Propertymark (a
leading property organisation) stated that demand continued to outpace supply.
It reported that the average number of applicants per member branch was just
over six people for each available property in July 2025, and that while
rental inflation had softened in 2025, the average UK rent in July 2025 was
5.9% higher than in July 2024. The Report commented, "The market remains
competitive … and many renters continue to stay put in their current homes
in fear of being unable to find somewhere else. If this trend continues and
landlords continue to pull their homes from the market, this is only likely to
worsen."
Zoopla, a leading UK property website, highlighted the slower pace of rental
inflation in its mid-September 2025 Rental Market Report, and stated that
rental inflation remains on track to be 3% over 2025. Its Report emphasised
the unaffordability of home ownership, which is "trapping people in private
renting and keeping rental demand above pre-pandemic levels". It states, "We
don't expect a surge of new investment activity by landlords to accelerate the
supply of homes for rental" and concludes that "encouraging new investment and
growing the supply of homes for rent is the only long-term solution to easing
the pressure on renters across Britain".
Financial results
Revenue, which is generated wholly from rental income, increased by 14%
year-on-year to £66.5 million (2024: £58.2 million). The rise reflects
rental growth, a full year's rental income from homes let part-way through the
prior financial year, and the increase in completed homes. Non-recoverable
property costs as a percentage of revenue increased slightly to 19.8% of
revenue (2024: 18.8%), reflecting the ageing of the portfolio with additional
homes coming out of warranty and slightly higher costs. Net rental income for
the financial year rose by 13% to £53.3 million (2024: £47.3 million).
Expenses in the year increased to £9.6 million (2024: £9.2 million).
Expenses include £0.8 million of non-recurring costs relating to the
Requisition Event, Strategic Review and Formal Sale Process (2024: £nil),
further details of which are given below. The £0.8 million is not included in
the calculation of EPRA EPS, but treated as an adjusting item due to the
one-off nature of these costs. Expenses also reflect the reduction in the
Investment Advisory fee, which took effect from the beginning of the financial
year.
The gain from the fair value adjustment on investment property was £53.6
million (2024: £73.4 million). It reflected a combination of strong but
slower growth in ERV in the year, partially offset by a softening in average
net investment yields.
The independent valuer's assessment of ERV on completed and let properties at
30 June 2025 was approximately £4.7 million higher than passing rent (2024:
£5.4 million higher), which demonstrates strong reversionary rents for the
Company's assets. The fair value of investment property is based on the
valuer's estimate of ERV with a capital deduction from investment value where
appropriate to reflect the difference between the passing rent and ERV.
Operating profit decreased by 13% to £97.4 million (2024: £111.7 million),
which mainly reflected lower gains from fair value adjustments on investment
property. These gains are non-cash items.
Finance costs were higher, as expected, at £20.7 million (2024: £18.2
million). This was in line with the increase in debt drawn, in particular the
use of the short-term, variable-rate loan facilities, which have higher
interest rates than the longer-term, fixed-rate investment debt facilities,
despite the decrease in reference rates in the year. Finance income from
short-term deposits increased to £236,000 (2024: £188,000), reflecting the
higher levels of cash held.
Profit after taxation was £77.0 million (2024: £93.7 million) while basic
and diluted earnings per share decreased by 18% to 14.0p (2024: 17.1p) on an
IFRS basis.
The Group's IFRS net asset value ("NAV") per share and EPRA net tangible asset
("NTA") per share at 30 June 2025, both increased to 143.0p (31 December 2024:
139.6p, and 30 June 2024: 133.2p). This is a 7% increase over the prior year
and a 2% increase over the prior six months.
In line with the process followed since IPO, the NAV of the Company is
calculated by reference to the aggregate valuation of each separate property
asset. These individual property valuations have been arrived at in accordance
with the requirements of IFRS 13 and the Royal Institution of Chartered
Surveyors' ("RICS") Valuation - Global Standards, incorporating the IVSC
International Valuation Standards effective from 31 January 2025, together,
where applicable, with the UK National Supplement effective 14 January 2019,
(together the "RICS Red Book"). These valuations include a number of
unobservable inputs and other valuation assumptions. The key unobservable
inputs are: ERV; gross to net assumption; and investment yield. Other Special
Assumptions applied in addition to the key unobservable inputs, and used since
inception include:
· all individual site valuations have been treated assuming part of a larger
portfolio (in excess of £50 million); and
· an indirect purchase of a special purpose vehicle holding title to the asset,
so stamp duty is assessed on a share purchase basis rather than as property.
Net assets at 30 June 2025 rose by 7% to £785 million (30 June 2024: £731
million). This was after paying dividends of £23.1 million in the year (2024:
£22.0 million).
Debt facilities
As at the financial year-end on 30 June 2024, the Company had £460 million of
committed debt facilities available for utilisation, of which nearly £420
million was drawn. This comprised £427 million of investment debt facilities
and £33 million of development debt facilities.
Debt refinancing
At the financial year-end on 30 June 2025, the Company had £467 million of
committed debt facilities available for utilisation, of which nearly £429
million was drawn. These facilities comprised £434 million of investment debt
facilities and £33 million of development debt facilities. The latter has
since been repaid and the facility closed in September 2025 following the
completion of the delivery programme.
Our lending partners are: Scottish Widows (£250 million - investment debt);
Legal and General Investment Management (£102 million - investment debt); The
Royal Bank of Scotland plc ("RBS") (£82.5 million - investment debt); and
Barclays Bank PLC (£33 million - development debt).
The PRS REIT has fixed long-term debt facilities totalling £352 million, with
an average blended interest rate of 3.8% and an average term of 14 years,
which compares favourably with the average net investment yield of 4.66% as at
30 June 2025. These long-term debt facilities account for approximately 81% of
the Company's total investment debt of £434 million.
The portfolio's gearing reduced slightly to 35% EPRA LTV (2024: 36%), and the
debt facilities are below the maximum gearing ratio of 45% of gross asset
value, in line with the Company's Investment Policy.
Environmental, Social and Governance ("ESG") practices
The PRS REIT is a member of the UK Association of Investment Companies and
adheres to its Code of Corporate Governance to ensure best practice in
governance.
The Board is responsible for determining the Company's investment objectives
and policy, and has overall responsibility for the Company's activities. This
includes the review of investment activity and portfolio performance. The
day-to-day management of ESG matters is delegated to the Investment Adviser,
Sigma PRS, a signatory and participant of the United Nations Global Compact.
As a landlord of a substantial portfolio of residential properties across the
United Kingdom, the Board recognises the significant potential impact the
Company can have on both individuals and communities. With this in mind, in
creating the portfolio, our primary objectives were to establish developments
offering high-quality, energy-efficient and well-located homes, and to provide
residents with high customer service levels. Environmental considerations
were also important and remain so. In addition, we place a strong emphasis on
promoting a sense of community within our developments and actively facilitate
and support the development of strong community links.
This ethos underpins the Group's Environmental, Social and Governance
activities and policies. Further details are provided in the Investment
Adviser's Report. They illustrate our ongoing initiatives to maintain a high
standard of customer care, foster a sense of community, and promote
environmental sustainability. We believe that the regular social activities
that we organise across developments, as well as the partnerships formed with
charities, sports clubs and other beneficiary organisations, help to promote
both individual well-being and social cohesion. Feedback from residents and
other beneficiaries indicate the tangible benefits that are delivered, and we
are pleased to highlight the specific examples included in the Investment
Adviser's Report.
Requisition event, Board changes, and Strategic Review and Formal Sale Process
As previously reported, a Requisition Notice was received on 29 August 2024, which set in motion a consultation process with major shareholders and Requisitioning Shareholders. The outcome of this process was the withdrawal of the Requisition Notice and the implementation of a number of Board changes. On 8 October 2024, Robert Naylor and Christopher Mills were appointed to the Board as Non-executive Directors, and on 3 December 2024, at the Company's AGM, Geeta Nanda, previously the Senior Independent Director, assumed the role of independent, Non-executive Chairwoman, with Chairman Steve Smith stepping down. Karima Fahmy became Senior Independent Director. On 1 September 2025, after Karima retired from the Board to take up a position overseas, Steffan Francis took up the role. The Board takes this opportunity to thank Steve and Karima for their contribution to the Company during their tenure.
As previously announced on 23 October 2024, a strategic review formally commenced to consider the future of the Company and to explore all the various strategic options available to enhance value for shareholders, including a potential sale of the Company ("Strategic Review and Formal Sale Process").
On 17 September 2025, the Company entered into non-binding heads of terms for
the proposed sale (the "Proposed Sale") of The PRS REIT Holding Company
Limited, the Company's operating subsidiary that holds the entirety of the
Company's portfolio of property assets, to a vehicle ("Bidco") wholly owned by
a fund being advised by Waypoint Asset Management Limited ("Waypoint") as
investment adviser. The cash consideration receivable in respect of the
Proposed Sale is expected to be approximately £646.2 million. Proceeds to the
Company of the Proposed Sale, net of transaction expenses and corporation tax,
are expected to be approximately £633.2 million.
This Proposed Sale is conditional on, inter alia: satisfactory completion of
confirmatory due diligence by Waypoint; the Company and Bidco agreeing and
entering into a sale and purchase agreement in respect of the Proposed Sale;
and approval of the Proposed Sale by the Company's shareholders at a general
meeting by way of a special resolution. The Company and Waypoint are working
together with a view to completing the Proposed Sale by 30 November 2025.
Subject to completion of the Proposed Sale, the Board intends to seek further
shareholder approval for the voluntary liquidation of the Company, with a view
to distributing the Company's net assets to shareholders as soon as reasonably
practicable. Details of the net assets to be distributed to shareholders will
be announced in due course.
The Strategic Review and Formal Sale process, conducted in conjunction with
the Board's advisers, has been thorough, and multiple, non-binding expressions
of interest were received from a wide range of parties. However, the Company
has not received any written proposals on superior terms to the Proposed Sale,
or received an equivalent proposal that is not conditional on securing further
funding. The Board has noted the disparity between the pricing presented in
these indications of interest and the Company's NAV which has highlighted that
due to the size of the Company, amongst other things, the current realisable
value of the Company or its assets as a whole, may be materially different
from the aggregate of the estimate of each property's value. Accordingly, the
Board believes that the Proposed Sale provides the greatest certainty and cash
return to shareholders of any of the proposals received.
Subject to the outcome of the Strategic Review and Formal Sale Process, the Board intends to consider and develop a succession plan in respect of the Board members in early 2026. This is particularly relevant for the tenures of Steffan Francis and Rod MacRae, which are both coming up to nine years of service in April 2026. Succession planning will be conducted in accordance with the AIC Code of Corporate Governance.
Investment Advisory Agreement
In November 2024, the Company's Investment Advisory Agreement (the
"Agreement") with Sigma PRS Management Ltd ("Sigma PRS") was amended to
include a change of control provision such that both parties have the right to
serve notice to terminate the Agreement on 12 months' notice in the event of a
change of control of the Company. This change was designed to add further
flexibility as to how any potential sale of the Company could be implemented.
Summary and outlook
The completion of the Company's portfolio of new, high-quality, single family
rental homes in June 2025 marked a significant milestone and we believe it
remains the largest of its kind in the UK. The portfolio's performance
measures have been excellent and we expect it to continue to perform very
well, supported by effective asset management as well as market fundamentals.
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.5% (2024: c.12%).
We increased the total dividend in the financial year under review and it has
been fully covered on a run rate EPRA EPS basis since March 2024. The dividend
target for the new financial year is a minimum of 4.5p per share*, and we
expect to declare the interim dividend for the first quarter of the new
financial year in November 2025.
The Company's debt position is very robust with approximately 81% of long-term
debt fixed at an average weighted cost of 3.8% over an average term of 14
years. Current market forecasts suggest that interest rates are expected to
reduce further this year, providing an opportunity to either extend the
existing or agree another fixed-rate, long-term investment debt facility to
replace the short-term RBS variable rate facility.
Geeta Nanda
Chairwoman
6 October 2025
* This is a target only and there can be no assurance that
the target can or will be met and should not be taken as an indication of the
Company's expected or actual future results. Accordingly, potential investors
should not place any reliance on this target in deciding whether or not to
invest in the Company or assume that the company will make any distributions
at all and should decide for themselves whether or not the target dividend
yield is reasonable or achievable.
IFRS and EPRA Performance Measures
Under the European Real Estate Association ("EPRA") Best Practice
Recommendations for financial disclosures by public real estate companies,
three measures for reporting net asset value are available, EPRA Net Tangible
Assets ("NTA"), EPRA Net Reinstatement Value ("NRV"), and EPRA Net Disposal
Value ("NDV").
The Group considers EPRA NTA to be the most relevant measure for its operating
activities and has adopted this as the Group's primary measure of net asset
value.
EPRA NRV is not considered an appropriate disclosure measure for the PRS REIT
as the Group has acquired, constructed and developed the vast majority of
assets and this would therefore equate to adjusted historic construction cost.
The valuation of the Group's assets is undertaken in accordance with RICS
guidance. However, this does not include any adjustment to reflect the size
and scale of the Group's overall portfolio of assets. In the absence of
comparable market evidence for such a portfolio, EPRA NDV is not considered an
appropriate measure.
KPI Explanation Performance
Year to Year to
30 June 2025
30 June 2024
IFRS NAV Unadjusted net asset value. 143.0p per share 133.2p per share
(see note 9)
EPRA NTA EPRA Net Tangible Asset is net asset value adjusted to include properties and 143.0p per share 133.2p per share
(see note 9) other investment interests at fair value and to exclude certain items not
expected to crystallise in a long-term property business model.
IFRS EPS Unadjusted earnings per share. 14.0p per share 17.1p per share
(see note 5)
Adjusted EPRA EPS Earnings per share excluding investment property revaluations, gains and 4.4p per share 3.7p per share
(see note 5) losses on disposals, changes in the fair value of financial instruments and
associated close-out costs and their related taxation.
EPRA Earnings EPRA Earnings is a measure of operational performance and represents the net £'000 £'000
income generated from the operational activities excluding changes in value of
(see note 5) investment properties. 24,241 20,263
Market Dynamics
The UK build-to-rent sector ("BTR") has been growing robustly over the past
decade although it is still significantly behind the mature markets of Germany
and the United States. It has also established itself as an important
component in the delivery of new housing in general, including for sale and
affordable homes. The sector has become closely integrated into house
builders' delivery strategies, with partnerships between house builders and
institutional investors providing significant benefits for both parties. House
builders are able to reduce their reliance on their own sources of capital and
debt, and improve their cash flows, thereby enabling them to deliver more
homes in total while BTR specialists have been able to tap into an established
supply chain.
According to the British Property Federation's Q2 BTR Report, at the end of
June 2025, a total of 293,096 BTR homes were either completed, under
construction or in planning in the UK. Some 132,296 homes were completed at
that point, up 12% year-on-year, while 51,216 homes were under construction
and 109,583 in the planning pipeline. The number of homes under construction
was down 11% year-on-year and the number in planning up 5% up over the year to
30 June 2025, which may constrain longer term supply. Approximately, 87% of
the 293,096 BTR homes completed, under construction or in planning were
Multifamily (BTR flats) with only 13% Single Family (BTR houses). Over the
last six years or so, the number of BTR homes being delivered outside London,
has been growing and the split between BTR homes in the regions and London is
now 62%: 38%. These percentages include all BTR homes, completed, under
construction or in planning.
The key driver of the growth in the BTR sector has been the structural
shortage of properties in the UK, for both the owner-occupied and rental
sectors. The former has been impacted by affordability issues, which have
increased demand in the rental sector, while rental supply has been adversely
affected by private landlords leaving the private rented sector. Since 2010,
several policy changes have adversely impacted private landlords,
disincentivising them from participating in the market. These include tax
changes, changes to Stamp Duty Land Tax, tighter lending criteria on
Buy-to-Let mortgages and, more recently, government plans to reform the
private rented sector with the Renters' Rights Bill. Higher interest rates and
rising costs have also hit private landlords. Savills reported that
approximately 290,000 rental properties, making up 6% of the rental stock in
England and Wales, were sold between April 2021 and October 2024. According to
the English Private Landlord Survey 2024, more private landlords reported that
they were planning to decrease the size of their portfolio than in 2021 and
2018.
The significant imbalance between supply and demand in the UK housing market
has put considerable pressure on the rental market. The shortage of rental
properties was highlighted in a report from TwentyCI and TwentyFA, which
stated that the supply of new properties to rent in Q1 2025 reduced by 1% in
the quarter compared to the same period in the previous year and was 22% lower
than the corresponding period in the pre-pandemic year of 2019. In addition,
the volume of all properties to let in the quarter reached an all-time low and
was 18% less than in Q1 2024. In its Rental Market Report March 2025,
Hometrack stated that each rental property was receiving on average around 12
enquiries. Although this is lower than 2022-24 levels, it remains higher than
pre-pandemic levels.
The high rental growth of the past few years has moderated more recently,
principally driven by affordability issues. The Office of National Statistics
has estimated that average UK monthly private rents increased by 6.7% in the
12 months to June 2025, compared to 7.0% in the twelve months to June 2024.
Fundamentally, the rental market needs more supply, however it seems likely
that forthcoming rental reforms and other proposed policy changes will limit
new investment and supply growth, at least from private landlords. Given the
potential for further departures from the market by private landlords at a
time of continuing strong demand, especially for high-quality, well-managed
rental properties, the outlook for the BTR sector appears strong.
Private Rented Sector Reform
The Renters' Rights Bill is the most significant reform of the private rented
sector since the Housing Act 1988, and has wide-ranging implications for
landlords, tenants and letting agents. First introduced to Parliament in
September 2024, it is currently expected to come into force later this year or
in early 2026 and will apply to all tenancies in England.
A key proposal of the new legislation is the reform of the grounds for
repossession. The abolition of Section 21 "no fault" evictions will remove a
landlord's ability to evict tenants without a specific, legally defined
reason. Other proposals include the replacement of fixed-term assured
tenancies and assured shorthold tenancies with periodic tenancies, typically
rolling monthly, with tenants able to end their tenancy at any time with two
months' notice. Private rented properties will have to meet the Decent Homes
Standard, with a strengthening of timeframes in which landlords are required
to investigate and fix reported health hazards. There will also be a
requirement for rental properties to have an EPC rating of C or above by 2030.
These proposals are likely to put further pressure on private landlords to
exit the sector.
As a professional landlord, the PRS REIT is in the market for the long-term
and is in favour of proposals that support the rights of tenants to a decent
home while also supporting responsible landlords. All of the Company's homes
have an EPC rating of C or above, with 88% of the portfolio rated as A and B.
Portfolio Analysis
As at 30 June 2025, the value of the Group's completed property portfolio was
c.£1.2 billion (2024: c.£1.1 billion). These are independent, third-party
property valuations determined by Savills, the global real estate services
provider.
Since May 2017, Savills has undertaken separate property valuations of each
asset as they were acquired by and developed by the PRS REIT. In addition, a
valuation has been prepared by Savills on a biannual basis since 2018. The
property valuations have been arrived at predominantly by reference to market
evidence of ERV, net investment yield, and open market value for comparable
properties in accordance with the requirements of IFRS 13 and the Royal
Institution of Chartered Surveyors' ("RICS") Valuation - Global Standards,
incorporating the IVSC International Valuation Standards effective from 31
January 2025, together, where applicable, with the UK National Supplement
effective 14 January 2019, (together the "RICS Red Book"). Every property is
reviewed individually and visited at least once a year by a member of the
Savills valuation team.
Regional split of the portfolio by investment value - at 30 June 2025
The portfolio is geographically diversified and at 30 June 2025, the regional
split by investment value was as follows:
Region 2025 2024
North West 51% 52%
West Midlands 22% 21%
South East 11% 11%
Yorkshire 11% 11%
North East 2% 2%
Wales 2% 2%
Scotland 1% 1%
Other key metrics - at 30 June 2025
· Gross-to-net: the deduction from gross rent to net rent across the portfolio
for the year ended 30 June 2025 was 19.8% (2024: 18.8%) largely reflecting
increased maintenance expenses, partly due to the age of the portfolio, as
well as slightly higher costs.
· Rent roll: the rent roll at 30 June 2025 was £68.6 million (2024: £61.9
million) and the average rent increased to £13,151 per annum or £1,096 per
month (2024: £12,060 per annum or £1,005 per month).
· Average size of site: the average size of site was 77 housing units (2024: 77
housing units).
· Properties by bedroom number: the split between 1, 2, 3 and 4-bedroom
properties was unchanged at 3%, 26%, 62% and 9% respectively (2024: 3%, 26%,
62% and 9% respectively).
· Bad debt: bad debt expense for the year was £0.3 million (2024: £0.3
million) and the bad debt provision at the year-end was £0.9 million (2024:
£0.7 million) reflecting a prudent approach in the current economic climate.
Age groupings
The largest age grouping across the customer base at the time of sampling on
30 June 2025 was 26-35 years, with this age group increasing to c.48% of the
total customer base from c.46% in the prior year. The under 25 and over 65 age
groups also changed slightly year-on-year, with both age groups reducing
slightly as a proportion of the total customer base. Other age groupings
remained largely unchanged on 2024.
Age 2025 2024
Under 25 20% 22%
26-35 48% 45%
36-45 21% 21%
46-55 7% 7%
56-65 3% 3%
65+ 1% 2%
Household income bracket
The average income across the portfolio has moved higher compared to the prior
year, driven by increases in the two highest household income brackets
(together now c.52% of the total, up from c.45% in the prior year). There was
little change in the third highest income bracket (£45,000-£55,000) and
reductions in the lower income ranges, with the exception of the 'under
£25,000' household income range, which increased year-on-year.
Annual Household Income 2025 2024
Under £25k 13% 9%
£25k-£35k 8% 12%
£35k-£45k 11% 16%
£45k-£55k 16% 18%
£55k-£65k 14% 12%
£65k+ 38% 33%
Tenancies with children
Households with children reduced markedly year-on-year to c.37% of total
households against c.45% in the prior year. The change may indicate a tendency
to defer, or abandon, family formation. A second marked change was the number
of households with four children or over, which decreased significantly.
Households with two children also reduced sharply, while single-child
households went up year-on-year.
Children 2025 2024
None 63% 55%
One child 12% 6%
Two children 11% 19%
Three children 4% 2%
Four+ children 10% 18%
Distance travelled
We record the distance travelled by tenants from their previous address to
their new 'Simple Life' home. The largest category by far is those travelling
'under three miles', which has also increased significantly against the prior
year. As the brand is nationwide, we believe that this shows increasing brand
awareness and that our model of site selection in and around major
conurbations is capturing residents moving for employment reasons.
Distance Travelled 2025 2024
<3 miles 68% 49%
3-10 miles 11% 17%
10-50 miles 11% 15%
>50 miles 10% 19%
The data for both years are based on new applicant, regional data collected
for the Simple Life Homes brand.
Investment Strategy and Business Model
AWARDS
We are very pleased to report that our developments and model continued to be
recognised by our industry in award shortlists. We are delighted to highlight
the following commendations and achievements:
· Insider NE Property Awards - Residential Development of the Year 2024
(Kirkleatham Green) - WINNER
· Love To Rent Awards - Best BTR Marketing Campaign 2024 (Go-Get) - HIGHLY
COMMENDED
· Property Week RESI Awards - BTR Operator of the Year (over 1,000 units) 2025
(Sigma) - FINALIST
· Insider NW Residential Property Awards - Residential Operator of the Year 2025
(Simple Life Homes) - SHORTLISTED
· Citywire Investment Trust Awards - Best Property Specialist Trust Award 2024
(The PRS REIT plc) - SHORTLISTED
· Love To Rent Awards - Best BTR Single Family Housing Development Awards 2024
(Brookfield Vale) - SHORTLISTED
· Love To Rent Awards - BTR Sustainability Award 2024 - SHORTLISTED
· Love To Rent Awards - Social Value in BTR Award 2024 - SHORTLISTED
Business activities
The PRS REIT plc is a public limited company that was incorporated in England
on 24 February 2017. Together with its subsidiaries, it is the only quoted
Real Estate Investment Trust ("REIT") to focus purely on the Private Rented
Sector ("PRS").
Investment objective, policy and business model
The PRS REIT is seeking to provide investors with an attractive level of
income, together with the prospect of income and capital growth. This
financial year it completed its aim to establish a large-scale portfolio of
newly-constructed residential rental homes for private rental, in or near UK
towns and cities, excluding London. Housing delivery was completed using the
Investment Adviser's PRS property delivery and management platform (the
"Platform"), which continues to provide asset management.
The portfolio of homes is designed for the single family homes ("SFH") market,
i.e. homes for single family use - mainly houses. This segment is the largest
within the private rented sector. The Company has concentrated on traditional
housing with broad appeal, and the portfolio comprises differing house types,
built to standardised specifications. They cater for most stages of life,
including smaller houses for young couples and retirees, and larger houses for
growing families. The Company has also invested in some low-rise flats to
broaden its rental offering.
The Company's homes are located across multiple sites in the UK, all outside
London, with the largest number being in the Midlands and the North. All
locations have been carefully chosen for their accessibility to main road and
rail links, good primary schooling, and proximity to centres of economic
activity. The new-build nature of the assets means that they benefit from a
10-year building warranty, typically from the NHBC (National House Building
Council), and manufacturers' warranties. Homes are let on Assured Shorthold
Tenancies (as defined in the Housing Act 1988) to qualifying tenants. Asset
sourcing was undertaken by Sigma PRS, and the Company has built its portfolio
in two ways.
· In the first instance, on suitable development sites, selected by Sigma PRS,
with Sigma PRS obtaining detailed planning permission, agreeing fixed-price
design & build contracts with its construction partners, and managing the
delivery process on behalf of the Company.
The benefit of this approach is that assets are acquired with detailed
planning consent and fixed-price design & build contracts thereby reducing
the Company's exposure to development risk. Construction risk is further
mitigated by liquidated damages clauses for non-performance, financial
retentions for one year after completion, and a parent company guarantee
ensuring the satisfactory performance by the contractor and an indemnity for
losses incurred. Over 80% of the Company's assets have been sourced this way.
· In the second instance, assets were acquired by entering into forward purchase
agreements with Sigma Capital Group Limited ("Sigma"), the holding company of
Sigma PRS. However, the assets were only acquired once completed and fully
let. Typically, they have been constructed by the same construction partners
and supply chain as other assets whose development is described above, thereby
ensuring homogeneity of the Company's housing stock. One completed and
stabilised development constructed by an approved construction partner was
purchased from another third-party.
In both instances, assets were acquired at a valuation provided by an
independent valuer. The PRS REIT retains the right-of-first-refusal to acquire
and develop any sites sourced by Sigma PRS that meet the Company's investment
objective and policy subject to the availability of funding.
Achieving scale and reducing risk
The Sigma PRS Platform
The Investment Adviser utilised Sigma's PRS property delivery and management
platform to scale the PRS REIT's portfolio and to minimise development and
operational risks. During the delivery process, dedicated Sigma teams managed
the legal due diligence, corporate debt provision, site identification, and
development management. They also managed accounting and financial reporting,
brand representation, and leasing and property management. With portfolio
delivery now completed, their focus continues to be on asset management.
The Platform's efficacy is well established and its scale brings significant
financial and operational benefits. These include the award-winning 'Simple
Life' lettings brand, which has widespread consumer recognition, and the
Platform's third-party relationships, which support income growth and cost
control.
Dedicated finance team
Sigma's dedicated PRS REIT accounting and financial reporting team cover all
aspects of the Company's finances. This includes: site acquisition (during the
delivery phase), funding, board management and statutory reporting,
performance monitoring, forecasting, debt covenant compliance, and taxation.
Debt and Legal teams
The debt and legal teams at Sigma use their extensive knowledge of the PRS
REIT and their longstanding relationships with funders within the sector to
secure bespoke, competitively-priced debt facilities. These are used to ensure
sufficient ongoing support for the assets throughout their lifecycles. The
legal teams have also built-up strong relationships with funders' advisers and
this helps to ensure a streamlined and efficient legal process when
transferring assets across debt pools, driving optimum use of capital within
the business.
Development team
Sigma has well-established relationships with construction partners, central
government, and local authorities. Key construction partners include: Vistry
Group, including Countryside Partnerships; Kellen Homes; Springfield
Properties; Lovell; Telford Homes; and Persimmon. Homes England, an executive
non-departmental public body sponsored by the Department for Levelling Up,
Housing and Communities, works closely with Sigma towards the common goal of
accelerating new housing delivery in England.
Marketing team
The PRS REIT's homes are marketed under Sigma's 'Simple Life' brand, which is
widely recognised as a leader in the single family rental sector. The number
of enquires received from Simple Life's marketing channels during the process
of renting out vacant properties is now consistently greater than those
received from traditional property portals.
Lettings management team
A specialist Sigma team of leasing and property management professionals
manage the pricing and the release of new homes and oversee the customer
experience across all properties. Sigma has also developed a bespoke,
award-winning tenant app to support high customer service levels. It continues
to be enhanced with new functionality on an ongoing basis.
Asset management team
The asset management team is responsible for detailed reviews of tenancies,
and income and asset management, which are undertaken on a weekly basis. This
underpins the orderly management of tenancy renewals and new lettings,
supporting income predictability and cash generation. The large size of
Sigma's operations, including those outside the PRS REIT, means that the
Platform benefits from significant economies of scale. This includes
considerable purchasing power, which reduces costs and provides greater
long-term visibility of costs.
Geographic diversification
The PRS REIT's concentration risk has been reduced by creating assets across
multiple locations and in different regions. Certain locations demonstrate
higher yielding profiles (predominantly those in the North of England) while
others provide greater potential for capital appreciation (often in the South
of England). Proximity to good primary schools has been a key requirement in
site selection, reflecting the Company's focus on the single family rental
sector.
In addition, no investment has been made in any single completed PRS site or
PRS development site that exceeded 10% of the aggregate value of the total
assets of the Company at the time of commitment.
'Simple Life' brand
The PRS REIT's rental homes are marketed under the 'Simple Life' brand. The
brand has created an identity for the PRS REIT's product, and it aims to
represent a 'gold standard' in the private rented sector, with its
high-quality, sensibly-priced rental homes, supported by high customer service
standards.
The PRS REIT's long-term approach to the ownership of its assets also provides
important reassurance to residents that their tenancies offer longevity. The
Company also fosters initiatives that help to create a sense of community
within the Group's developments.
Investment restrictions
The Group has observed the following restrictions when making investments:
· the Group has only invested in private rented residential houses and
apartments located in the UK (predominantly in England);
· the Group invested in assets that required development by means of the Group's
forward funding model, (so long as they met the Company's investment policy
when completed). It did not undertake development without planning consent
being in place or if the gross committed (but unspent) construction costs to
the Group of all such forward funded development exceeded 25% of the aggregate
gross value of total assets of the Group at the time of commitment, as
determined in accordance with the accounting principles adopted by the Group
from time to time (the "gross asset value"). Any forward funded developments
were only for investment purposes;
· in order to further manage risk in the portfolio, no investment by the Group
in any completed PRS site or PRS development site exceeded 10% of the
aggregate value of the gross asset value of the Group at the time of
commitment); and
· the Group did not invest in other alternative investment funds or closed-end
investment companies.
Equity and debt financing
As previously outlined, the PRS REIT obtained funding via equity raises from
the capital markets and Homes England and utilises gearing to enhance equity
returns. The level of borrowing, raised from banks and other institutions, is
prudent for the asset class, whilst maintaining flexibility in the underlying
security requirements and the structure of both the portfolio and the Group.
The Company's Investment Policy requires the aggregate borrowings of the Group
to be subject to an absolute maximum, calculated at the time of drawdown of
the relevant borrowings, of not more than 45% of the gross asset value. As the
portfolio has now reached stabilisation, the Investment Adviser expects
gearing to settle to around one-third of gross asset value. Further detail of
the Company's debt facilities can be found in the Investment Adviser's Report.
Derivatives
The PRS REIT uses derivatives for efficient portfolio management. In
particular, the Company may engage in full or partial interest rate hedging or
otherwise seek to mitigate the risk of interest rate increases on borrowings
incurred, in accordance with the Company's gearing limits as part of the
management of the portfolio.
REIT Status
The Company will conduct its affairs so as to enable it to remain qualified as
a REIT for the purposes of Part 12 of the Corporation Tax Act 2010 (and the
regulations made thereunder).
Investment Adviser's Report
Sigma PRS Management Ltd ("Sigma PRS"), a wholly-owned subsidiary of Sigma
Capital Group Limited, is the Company's Investment Adviser. It is pleased to
provide a report on the PRS REIT's activities and progress for the year ended
30 June 2025 and to outline the portfolio's performance in the first quarter
of the new financial year ending 30 June 2026.
Operational Review
Development activity
We completed the delivery of the balance of 82 homes that remained in the
pipeline by the financial year end. These 82 new homes (2024: 316 new homes)
took the total number of completed homes in the portfolio to 5,478, a 2%
increase on the same point last year (2024: 5,396). At this stage, there are
no further homes to be acquired or developed.
The combined estimated rental value ("ERV") of the completed homes in the
portfolio increased by approximately 11% year-on-year to £72.0 million per
annum (30 June 2024: £65.1 million per annum). The majority of these homes
are in six of the eight major regions of England, with the remainder being one
site in Wales and another site in Central Scotland.
There is a difference between ERV, which is used for valuation, and the rent
being paid by tenants (the passing rent). ERV is what a property could achieve
if let at the current market conditions. It is calculated for a specific date
and determined based on the assumption of an open market letting, meaning a
willing landlord and a willing tenant, with no special circumstances affecting
the rent. It therefore reflects the market conditions at the time of
calculation.
As at 30 June 2025, ERV was estimated to be c.£4.7 million higher than
passing rent (2024: c.£5.4 million higher), which reflects the strong
fundamentals of the private rented sector. The fair value of the Company's
properties as at 30 June 2025 is based on ERV with a capital deduction from
investment value where appropriate to reflect the difference between the
passing rent and ERV. All calculations of ERV are conducted independently for
the Investment Adviser by a third-party, being Savills.
The table below provides further information on development activity over the
financial year, as well as comparative data for the prior financial year and
data for the first quarter of the new financial year ending 30 June 2026.
At At At
30 September 2025
30 June
30 June 2024*
2025
Number of completed homes 5,478 5,478 5,396
ERV per annum of completed homes £73.4m £72.0m £65.1m
Completed sites 71 71 68
Contracted sites - - 3
Number of contracted homes - - 82
ERV per annum of contracted homes - - £0.4m
*Restated to exclude 98 units with ERV of £1.0m, see note below for further
details
It should be noted that during the year under review, the Board decided
against exercising its option to purchase a completed site of 98 units and an
ERV of £1.0m, after considering net returns to the Company. As a result, the
total number of contracted and completed sites reduced by one to 71, as at 30
June 2025, from 72 as at 30 June 2024, with the total ERV and number of homes
decreasing by £1.0m of ERV and 98 units respectively.
Financial results
Income statement
The Group's revenue (which is wholly derived from rental income) increased by
14% over the year to £66.5 million (2024: £58.2 million). After deducting
non-recoverable property costs, the net rental income was £53.3 million
(2024: £47.3 million). Administration expenses were slightly higher at £9.6
million (2024: £9.2 million) reflecting advisory costs relating to the
Shareholder Requisition Event and Strategic Review and Formal Sale Process,
which amounted in total to £0.8 million, including VAT. The rise in
administration expenses was partly offset by the reduction in the Investment
Adviser's fee, which took effect from 1 July 2024.
The gain from the fair value adjustment on investment property was £53.6
million. This gain is a non-cash item and was 27% lower than last year's gain
(2024: £73.4 million). It reflected a combination of strong but slower growth
in ERV in the year, which was partially offset by a softening in average net
investment yields. Operating profit decreased to £97.4 million (2024: £111.7
million).
As expected, finance costs for the year were higher than the prior year at
£20.7 million (2024: £18.2 million). The rise resulted from increased debt
utilisation as the portfolio was completed, which offset the slight reduction
in reference rates over the year. Finance income from short-term deposits
increased to £236,000 (2024: £188,000) reflecting the higher levels of cash
held. The profit after taxation decreased to £77.0 million (2024: £93.7
million) largely as a result of the lower revaluation uplift.
The basic and fully diluted earnings per share on an IFRS basis for the year
decreased by 18% to 14.0p (2024: 17.1p)
Dividends
The total dividend declared for the financial year under review amounted to
4.3p (2024: 4.0p) per ordinary share. Dividends were declared and paid
quarterly as follows:
· on 7 November 2024, the Company declared a dividend of 1.0 pence per Ordinary
Share in respect of the first financial quarter (1 July 2024 to 30 September
2024). It was paid on 29 November 2024 to shareholders on the register as at
15 November 2024;
· on 11 February 2025, the Company declared a dividend of 1.1 pence per Ordinary
Share in respect of the second financial quarter (1 October 2024 to 31
December 2024). It was paid on 7 March 2025 to shareholders on the register as
at 21 February 2025;
· on 6 May 2025, the Company declared a dividend of 1.1 pence per Ordinary Share
in respect of the third financial quarter (1 January 2025 to 31 March 2025).
It was paid on 6 June 2025 to shareholders on the register as at 16 May 2025;
and
· on 4 August 2025, the Company declared a dividend of 1.1 pence per Ordinary
Share in respect of fourth financial quarter (1 April 2025 to 30 June 2025).
It was paid on 29 August 2025 to shareholders on the register as at 15 August
2025.
Balance sheet
The principal items on the balance sheet as at 30 June 2025 were investment
property of £1.2 billion (2024: £1.1 billion), cash and cash equivalents of
£21.6 million (2024: £18.1 million), long-term loans of £410.2 million
(2024: £385.1 million), short term loans of £17.9 million (2024: £31.8
million) together with trade and other payables, accruals and deferred income
of £14.8 million (2024: £16.3 million).
With new home delivery completed by 30 June 2025, investment property at that
date solely comprised completed assets at fair value.
Debt financing
At 30 June 2025, the PRS REIT's debt facilities comprised:
· £100 million term loan of 15 years with Scottish Widows, fully drawn as at 30
June 2025 (2024: fully drawn) and maturing in June 2033. Interest is fixed at
3.1% and the loan is secured over assets allocated to Scottish Widows;
· £150 million term loan of 25 years with Scottish Widows, fully drawn as at 30
June 2025 (2024: fully drawn) and maturing in June 2044. Interest is fixed at
2.8% and the loan is secured over assets allocated to Scottish Widows;
· £102 million term loan of 15 years with Legal and General Investment
Management, fully drawn as at 30 June 2025 (2024: fully drawn) and maturing in
July 2038. Interest is fixed at 6.0% and the loan is secured over assets
allocated to Legal and General Investment Management;
· £82.5 million revolving credit facility ("RCF") with The Royal Bank of
Scotland plc ("RBS") to mid-July 2026. As at 30 June 2024, this was a £75
million two year facility to July 2025. This facility was increased and
extended in March 2025. Interest is based on three-month Sterling Overnight
Interbank Average Rate ("SONIA") plus applicable margin and the loan was
secured over assets allocated to Lloyds Banking Group. As at 30 June 2025,
£59.2 million had been drawn (2024: £34.3 million drawn); and
· £33 million (2024: £33 million) development debt facility with Barclays Bank
PLC, which matured in September 2025. Interest was based on three-month SONIA
plus applicable margin and the loan was secured over assets allocated to
Barclays Bank PLC. As at 30 June 2025, £18.2 million had been drawn (2024:
£32.6 million drawn). In September 2025, the Barclays Bank PLC development
debt facility was fully repaid and closed.
EPRA loan to value ("LTV") on the portfolio was 35% (2024: 36%). Approximately
81% of the £434 million of investment debt is now fixed rate at an average of
3.8%, which compares favourably against the average net investment yield for
valuation purposes of 4.7%.
The PRS REIT's aggregate borrowings will always be subject to an absolute
maximum, calculated at the time of drawdown of the relevant borrowings, of not
more than 45% of the value of the assets.
Key performance indicators
The Company's performance is tracked and the major key performance indicators
("KPIs") are shown below:
KPI June 2025 June 2024 Change
Rental income (gross) £66.5m £58.2m +14%
Average rent per month per tenant £1,096 £1,005 +9%
Number of properties available to rent 5,478 5,396 +2%
Average net investment yield 4.7% 4.6% +2%
Non-recoverable property costs as a percentage of gross rent (gross to net) 19.8% 18.8% +5%
Fair value uplift on investment property £53.6m £73.4m -27%
Operating profit £97.4m £111.7m -13%
Earnings per share ('EPS') 14.0p 17.1p -18%
EPRA EPS 4.4p 3.7p +19%
Dividends declared per share in relation to the period 4.3p 4.0p +8%
Dividends paid during the period 4.2p 4.0p +5%
All the KPIs are in line with management expectations. Rental income
increases, non-recoverable property costs, operating profit, and the number of
properties available to rent reflect the increase in the size of the portfolio
and the progression of development sites.
The valuation of the Group's property assets is based on three key drivers:
· ERV;
· gross to net income deductions; and
· yield.
Valuation of development sites was previously also driven by land purchase
costs and build costs.
Rental income, being passing rent (i.e. the rent a tenant is paying rather
than ERV) and gross to net income deductions or operating costs, are the key
factors in determining net income. Small variations in these can have a
material impact on the valuation of property or the net income levels. These
drivers therefore form the basis of the key performance indicators measured
and monitored by the Company. Other Special Assumptions are applied in
addition to the key drivers. They have been applied consistently since the
portfolio's inception and include the following, all individual sites are
valued on the basis that they are part of a larger portfolio (in excess of
£50 million) and stamp duty is assessed on a share purchase basis (rather
than on a property basis) because special purpose vehicles hold title to the
assets.
As all the property assets were completed by 30 June 2025, our primary focus
is now on rental income performance, operating expenses and average net
investment yield. Rental income is dependent on occupancy and annual rent
levels.
The number of completed homes at the end of June 2025 was 5,478, up by 82
homes (2%) from 5,396 at the same point in 2024. The delivery of these last 82
homes marked the completion of the portfolio and, at this stage, no further
homes are planned to be acquired or developed. Annual rent is set at the
initial letting and subsequently at renewals with existing tenants or re-lets
to new tenants. The portfolio's average rent at 30 June 2025 was £1,096 per
calendar month, which reflects year-on-year growth during the financial year
of 9% (2024: £1,005 per calendar month) and is consistent with the
like-for-like blended rental growth on stabilised sites of c.9% (2024: c.12%).
Operating expenses impact how much of the gross rental income is converted
into net rental income. This, in turn, determines the underlying profitability
of the Group. In addition, the independent valuers utilise industry-standard
assumptions on long-term, sustainable operating expenses when they perform
their valuation work. Monitoring real-life operating expense levels against
the industry-standard assumptions is therefore key in assessing overall asset
performance and validating the assumptions used by independent valuers. The
Company's prevailing level of operating expenditure is 19.8% (2024: 18.8%),
which is lower than the long-term industry assumption of 22.5% for single
family homes. This reflects the relatively young age of the assets in the
portfolio.
The valuation of the Group's property assets (which is determined
independently) represents the largest component of the balance sheet.
Understanding the valuation movements between balance sheet dates is essential
given the impact of the valuation on profitability in the income statement and
on asset strength in the statement of financial position.
The valuation uplift during the year reflects a combination of the development
surplus, recognised on assets under construction, together with the impact of
the revaluation of the portfolio at the financial year end. The valuation
uplift of £53.6 million (2024: £73.4 million) is the result of the combined
impact of ERV and average net investment yield movements. By the financial
year end, the ERV of completed homes had grown to £72.0 million from £65.1
million at 30 June 2024, an 11% uplift. Unit numbers accounted for only 2% of
this rise, while the average net investment yield had softened from 4.59% to
4.66%. As asset values move inversely to yield, the ERV growth has more than
offset the increase in net investment yield.
The portfolio's average affordability ratio (measured as rent paid as a
proportion of gross household income) is healthy at 24% in 2025 (2024: 23%).
This is after like-for-like rental growth on stabilised sites of c.9% over the
financial year (2024: c.12%). The like-for-like rental growth on stabilised
sites is the annual rental growth on sites where all units have been completed
and let, or nearly all let, and includes re-lets and renewals.
Resident feedback
Understanding how happy residents are with their homes and with customer
service is extremely important and we obtain and track resident feedback
regularly. All tenants are sent a tenant satisfaction survey about one week
into their tenancy and then again six months later. This helps us to
understand tenants' experience from the outset and then once settled into
their tenancies. We also ask tenants to complete a feedback survey when
renewing their tenancies.
The following table provides a summary of our surveys conducted in the
12-months to 30 June 2025 and to 30 June 2024.
Jul 2024 - Jun 2025 Jul 2023 - Jun 2024
Percentage of tenants who responded that:
Welcome survey - the team made it easy to apply 97% 96%
- they were kept well-informed during the application process 90% 91%
- they received all the information they required 91% 89%
- the quality of their home met with their expectations 92% 87%
- they would recommend 'Simple Life' 97% 96%
Six-month survey - they were still happy with their home 96% 94%
- they were happy with the service provided 87% 90%
- they felt they had been kept well-informed 81% 86%
- they felt that the Simple Life team has been responsive and are 82% 90%
satisfied with the service provided
- the communal areas were well maintained 89% 88%
- they feel part of a community 88% 89%
- they felt their maintenance requests were fixed in a timely 77% 81%
manner
- they would recommend 'Simple Life' 91% 94%
Tenancy renewal survey - they were happy with their 'Simple Life' experience so far 97% 97%
- they renewed their tenancy because they love the property 41% 54%
- they renewed their tenancy because they love the area 21% 28%
- they renewed their tenancy because of the rent (value for money) 13% 4%
- they renewed their tenancy because 'Simple Life' offers a better 16% 15%
service than a 'one-off' landlord
- they see themselves staying with 'Simple Life' for 4 years or more 60% 62%
- they see themselves staying for 3 years or more 73% 78%
- they would recommend 'Simple Life' 93% 94%
All results are based on responses on a range from "neutral" to "strongly
agree" across the entire Simple Life regional portfolio. Tenants are given the
option to respond on a range from "disagree" to "strongly disagree". These
responses are not included in the results reported above. The total number of
respondents to the three surveys for the 12 months ended June 2025 was as
follows: 'Welcome' survey - 299 (2024: 287); Six-month survey - 244 (2024:
246); and Renewal survey - 505 (2024: 660).
The results presented demonstrate a strong level of consistency in tenant
satisfaction between the two years.
In the Welcome survey, there was a notable year-on-year increase in tenants
stating that the quality of their home met with their expectations. This
figure rose to 92% from 87% in the prior year. It was also encouraging to see
that, across the three surveys, the proportion of tenants who stated that they
would recommend Simple Life remained very high at 97%, 93% and 91%.
The strength of the Simple Life brand has continued to grow.
· Between January and December 2024, the Simple Life website received over
30,000 enquiry submissions.
· The main drivers to the Simple Life website for information on newly-launched
developments are online searches (21%), portal listings (16%), site signage
(11%) and social media (11%).
· The main drivers to the Simple Life website for information on all
developments are online search (23%), portal listings (17%), adverts on
another website (12%) and social media (11%).
· Simple Life's following on social media platforms as at 30 June 2025 were:
Facebook - 6,300+; Instagram - 6,300 +; and YouTube - 1,400+. TikTok is the
newest social media platform for the brand, which is reflected in its
following of 370+ as at 30 June 2025.
· Approximately 74% of the Company's households have signed up to the Simple
Life mobile app as at 30 June 2025.
Tenant initiatives
Affordability and energy calculator
As reported previously, an affordability calculator, based on the Investment
Adviser's referencing criteria, is built into the Simple Life website. It is
designed to assist prospective tenants determine how much monthly rent they
can afford relative to their earnings and outgoings.
Following the energy efficiency modelling that Sigma undertook in 2022, the
Simple Life website now offers an energy efficiency calculator for our most
common property types. Existing and prospective tenants are able to input
their usage habits and property details to obtain an estimate of their energy
bill.
Rental availability
The Simple Life website lists the availability of rental homes in real-time.
As well as giving potential renters a better service, it also facilitates more
efficient uptake of homes. The website now has an 'all available properties'
search function, which better mirrors the user experience on portal listings,
searching by an area and setting criteria to refine searches.
'My Simple Life' mobile app
resident mobile app, 'My Simple Life', which is bespoke and available on
Google and Apple devices, provides a convenient 'one-stop shop' for
residents'. It offers access to:
· all important documents, including tenancy agreements, inventories, energy
performance certificates, gas certificates and electrical installation
condition reports;
· information on homes, including floorplans and measurements;
· information on home appliances, including manuals;
· statements of account, with certain payments enabled via the app;
· meter-readings, including 'push' notifications when a new reading is ready to
view;
· an open forum, enabling residents on the same development to engage with each
other;
· easy reporting of maintenance problems;
· exclusive affiliate offers and discounts;
· a dedicated health and wellbeing section;
· latest news;
· information on the local area;
· a tenant feedback section; and
· a diary function to highlight events and competitions.
During the year, the app was moved to a new upgraded platform, which also
allows for improved usage auditing. At the same time, the app was updated with
new functionality and services, including:
· an in-app messaging system, enabling easy communication between the Simple
Life team and customers;
· end-of-tenancy notifications (including important memos for customers such as
a cleaning check list in the lead up to a tenancy ending); and
· resident-to-resident business offers.
There are plans to enhance the app over the new financial year.
Affiliate offers
The app offers tenants access to a range of affiliate offers. These include
discounts from Hello Fresh, Furniture Box, Blinds Direct, byMATTER, Oddbox,
Sky, Argos, Dunelm, Wayfair, AO, Pretty Little Thing, Appleyard London
Florists, The Modern Milkman, ESPA, Virgin Wines, Smol and many more.
Podcast
The 'Simple Life Chat' podcast, presented by radio personality, Russ Morris,
explores topics of interest to residents, with experts and residents
participating in discussions. Later this year, we plan to refresh the
podcast's output.
Online reviews
Simple Life is registered with Trustpilot, the review platform, and tenants
are routinely invited to leave reviews. This helps the Investment Adviser to
identify any areas that need improvement. There are over 1,590 reviews on
Trustpilot, and Simple Life achieved an overall rating of 4.2 stars out of
5.0. This compares to an average rating of 2.7 for the 'Property Rental
Agency' business category. All reviews are monitored and responses provided,
as appropriate.
Simple Life developments also feature on 'Home Views', a dedicated review
website for housing developments. They have gained an average overall score of
4.28 out of 5.00 from approximately 952 resident reviews (with the
Build-to-Rent benchmark at 4.28).
Customer reviews
A selection of customer testimonies is below.
"Great community, lots to offer and fantastic community events. Help and
support is offered from all residents and people higher up. Nice spacious
homes that are easy to navigate. Beautiful gardens that are private. You can
really make a house a home living here."
Chloe, Simple Life Resident at Wards Keep. Review left on 'Home Views'.
"Simple Life homes are well designed nice and warm and our energy hardly cost
anything but the best thing was the large garden that we spent a lot of time
in."
Fran, Simple Life Resident at Bertha Park. Review left on 'Home Views'.
"House is beautiful! Appliances are great, and the design is lovely. Rent is
very good considering what's included and with it being a new build.
Neighbours are friendly, and it's fairly quiet on the estate. Management is
very prompt & helpful."
Danielle, Simple Life Resident at Dracan Village, Drakelow Park. Review left
on 'Home Views'.
"The design is perfect I absolutely love it. It is so nice; modern, clean and
just a lovely, cozy vibe. The house is exactly how I would design it myself.
Absolutely stunning. I couldn't ask for a nicer home. I am very happy and
satisfied with the house and when I report a repair they are quick to reply to
me which is great."
Frankie, Simple Life Resident at Ash Bank Heights. Review left on 'Home
Views'.
"The design of the houses is modern and lives up to the expectations for the
average family. The development's landlords are great to deal with if we have
any issues with the building or area."
Chad, Simple Life Resident at Havenswood. Review left on 'Home Views'.
"We have been renting with Simple Life for two years now and have had a great
experience. Everything from the welcome package to the contact app and the
helpful team has made our experience as good as it has been."
Joe, Simple Life Resident. Review left on Trust Pilot.
"Have been living in their house for nearly five years. I consider it as home.
The problems are solved quickly. For me it is more secure tenancy than renting
from a moody and/or hostile landlord who does not care about the law which is
my experience before Simple Life. The estate is safe and clean. Simple Life
introduced us to Outward Bound Trust and sponsor our cricket club. This is
very appreciated engagement."
Aleksandra, Simple Life Resident. Review left on Trust Pilot.
"Simple Life Homes, the BEST homes - Simple Life offers a dedicated app and
24/7 maintenance, ensuring prompt handling of issues. Across locations like
Blackburn and Darwen, tenants praise the fast and reliable maintenance
response. Moving into our new build home has been one of the best decisions
we've made as a family. From day one, it felt like a fresh start, everything
is clean, modern, and untouched. There's something deeply satisfying about
being the first to live in a space where there are no wear and tears, no
surprises behind walls or floors."
Rice, Simple Life Resident. Review left on Trust Pilot.
Summary and outlook
The remaining homes in the delivery pipeline were completed by the financial
year end, reaching an important milestone and taking the portfolio to 5,478
build-to-rent homes. The portfolio has continued to perform strongly and first
quarter figures for the new financial year reflect a continuation of this
trend. Occupancy and rent collection are excellent and affordability remains
healthy. This is an important ratio since it measures average rent as a
proportion of gross household income and we track it against guidance provided
by the Office of National Statistics.
While rental growth has eased slightly and continues to do so, most
commentators expect rental growth to continue over the next 12 months albeit
at lower levels, and this is our expectation too. Demand and supply dynamics
remain out of kilter, and general economic uncertainty typically bolsters the
rental market.
We are confident about future prospects and will continue to focus on
providing a high standard of customer care to tenants and to maintain all the
developments as attractive and neighbourly places in which to
live.Environmental, Social and Governance
ESG statement
The Company's Investment Adviser ("IA"), Sigma PRS, undertakes the day-to-day
management of the PRS REIT's ESG strategy and priorities at both a Company and
asset level. All the Company's assets are managed under the 'Simple Life'
brand, which is operated by Sigma PRS. The Board receives reports on ESG
matters on a quarterly basis, and there are regular meetings with Sigma PRS on
all matters of ESG strategy, planning and direction.
Approach
ESG activities and priorities focus on the Company's developments, its
residents and the wider communities and settings in which our homes are
situated. Our overall aims are for positive social impact and sustainability,
and to minimise negative impacts where possible.
The IA engages with leading industry bodies that seek to promote high ESG
standards and best practice, and has committed to the United National Global
Compact ("UN Global Compact") and the UN's Sustainable Development Goals
("SDG") and SDG Ambition, which guides the UN's goals.
The UN Global Compact is the world's largest corporate sustainability
initiative and a special initiative of the United Nations Secretary-General.
It is designed to encourage business leaders to implement universal
sustainability principles, in particular, the UN Global Compact's Ten
Principles and thereby help to deliver the UN's SDG. The Ten Principles are
derived from the Universal Declaration of Human Rights, the International
Labour Organisation's Declaration on Fundamental Principles and Rights at
Work, the Rio Declaration on Environment and Development, and the United
Nations Convention Against Corruption.
SDG Ambition is focused on the UN's target of Land Degradation Neutrality
("LDN") and its LDN principles. Objectives include zero deforestation and
enhanced biodiversity through tree and wildflower planting programmes.
The PRS REIT is a member of EPRA, a not-for-profit association that represents
the publicly-traded European real estate sector. EPRA's mission is to promote,
develop and represent the European public real estate sector by, amongst other
things, providing better information to investors and stakeholders, actively
engaging in public and political debate, and promoting best practices.
The Investment Adviser regularly monitors the changing legislative and
reporting landscape, including the EU Sustainable Finance Disclosure
Regulation, the UN Principles of Responsible Investment, the Task Force on
Climate-Related Financial Disclosures, the Taskforce on Nature-related
Financial Disclosures, the EU's Corporate Sustainability Reporting Directive,
and the Taskforce on Inequality and Social-related Financial Disclosures, as
well as national and city-level regulations.
National Government initiatives on energy and biodiversity, including
Biodiversity Net Gain, are closely monitored and Sigma PRS has incorporated
these and other ESG factors into investment advisory processes and operations.
A summary of Sigma PRS's policy approaches in key areas is outlined below:
Opportunity review
· ESG risks are assessed, reviewed and monitored, and strategies are
established, based on recognised frameworks such as climate change and social
needs.
Investment advice
· ESG issues are listed and addressed in a summary investment paper, which
informs decision-making at the Investment Adviser's Investment Committee
approval stage.
· ESG costs, including those related to ongoing community involvement, are
determined and factored into investment decision-making processes.
Asset management
· Appropriate governance structures are established.
· Relevant laws and regulations are adhered to.
· ESG issues are monitored and managed.
· Impacts on the natural habitat surrounding PRS assets are managed.
· Local community engagement and support plans are established, reviewed and
developed.
· Due diligence is performed on third parties e.g. service providers.
· Policy reviews and updates are ongoing.
· Good practice is established.
· Carbon reduction opportunities are regularly researched and reviewed.
· Investment restrictions are screened to ensure ongoing compliance.
· The ability of investments to comply with ESG standards is assessed.
Processes and strategies
The PRS REIT recognises its responsibilities regarding the environment and
also public priorities.
In the real estate sector, there is a continuing need for action in areas such
as energy and water consumption, non-fossil fuel heating provision and
biodiversity. In developing the Company's ESG agenda, Sigma PRS has embedded
best practices, and worked closely with supply chain and construction partners
to ensure that their policies and activities comply with the PRS REIT's
commitment to legislative requirements and best practice.
The Investment Adviser has aimed to create residential environments that
promote societal and individual well-being through the provision of:
· high-quality, well-designed, energy efficient homes;
· long-term tenancies;
· well-located developments which offer ready access to centres of employment,
good local primary education, public transport and retail centres;
· professional repair and maintenance;
· high levels of customer service
· regular community events; and
· active engagement and support for local charities, schools, clubs and groups.
Environmental impact and data
Please refer to the Company's EPRA sustainability performance measures
reporting in the Annual Report and Financial Statements for the year ended 30
June 2025.
Social engagement and impact
The Company places great importance on engaging with the communities in which
its developments are situated. Over the last twelve months, the Company has
supported over 20 charities, 40 schools and 11 clubs across the country,
either financially or practically, through work undertaken by Sigma PRS.
Residents are regularly involved in selecting good causes to support. Please
see further information reported under the EPRA sustainability performance
measures in the Annual Report and Financial Statements for the year ended 30
June 2025.
We have been pleased to support a wide range of organisations and social
initiatives, ranging from local clubs to national charities. Examples include:
Smart Works, which operates in Edinburgh, Manchester, and Birmingham and
assists women in securing employment and improving the trajectory of their
lives; Embassy Village, based in Manchester, which aims to improve the lives
of the homeless; Speed of Sight, a charity which offers people with
disabilities of all ages the challenge and thrill of driving; Zoe's Place Baby
Hospice Middlesbrough, which offers care for babies and children with
life-limiting and life-threatening conditions; and The Joshua Tree, which
provides support programmes to improve the emotional health and wellbeing of
families affected by childhood cancers across North West England and North
Wales. We outline below some of the feedback we have received from these
charities.
Sid Williams, Co-founder & Director, Embassy Village, Manchester
"…the value you've created for us… has been much bigger than either of us
could have expected ... Salford council has been so impressed [by us] that
they are giving us a plot of land to build more homes for women. An exciting
prospect! We've also agreed to a … lease on 8 apartments in a little,
new-build block. Because of what you've allowed us to prove, we are being
taken seriously by the local authority and they've agreed the housing benefits
we need to run the building and take 9 more women from the street."
Lilly Clements, Birmingham Fundraising & Partnerships Manager, Smart Works
"Simple Life's generous donations via the 'Big Give' match funding campaigns
are incredible and make a huge difference. Last year our Centre was one room
which was home to a wardrobe, dressing rooms, office desks, the lot! We made
it work but as we saw more and more women needing support it was becoming
unsustainable, and we always want to remain giving the highest standard of
care and respect towards the women we support. Moving to a new Centre with
double the number of dressing rooms and coaching rooms was a wow moment."
Victoria Cronquist, Head of Smart Works Greater Manchester
"On behalf of everyone at Smart Works GM, we want to express our gratitude for
your generous financial support. Your contribution has helped us to expand our
services and support even more women on their path to financial independence
and renewed confidence. Beyond the tangible benefits, your support sends a
powerful message of belief and encouragement to our community. It reminds us,
and those we aim to uplift, that positive change is possible when people come
together for a shared purpose.
Please know that your contributions are transforming lives. Once again, thank
you for enabling us to deliver our services to the unemployed women throughout
Greater Manchester, permitting us to make a meaningful difference in the lives
of women and their families, and our wider community."
Rich Driffield, CEO The Joshua Tree Charity
"We're incredibly grateful to Simple Life Homes for their generous support of
The Joshua Tree. As the demand for our services continues to grow,
partnerships like this are vital in helping us support more families affected
by childhood cancers. From actively championing our fundraising events to
taking the time to truly understand our mission, this partnership is a great
example of how companies can really help charities. The support not only
raises essential funds but also significantly increases awareness of the
critical work we do."
The PRS REIT aims to build long-term productive relationships with its charity
partners and good causes and to involve tenants as much as possible.
Large-scale engagements during the year included the Simple Life Schools and
Communities Biodiversity Project, in partnership with Green the UK; Minds on a
Mission's Schools Project; and sponsored track days with the Speed of Sight
charity. The 'Simple Life Schools and Communities Biodiversity Project' is a
countrywide project, which involves communities and schools engaging in
nature-related activities, including tree planting, vegetable cultivation, and
wildflower cultivation. During the year, nine schools and 243 children
benefited from nature-based activities and workshops. The Minds on a Mission
took Escape Room-themed workshops to over 1,380 pupils, aged 8-11 years, in 23
schools across Greater Manchester. Workshop content was based on local needs
and focused on antisocial behaviour and its consequences. The Speed of Sight
track days that we sponsored were enjoyed by over 148 individuals. They
participated in an activity that might otherwise have been unavailable to them
and gained an insight into what can be achieved when boundaries are pushed.
Examples of the feedback we have received from our social and charitable
efforts are below.
Sophie Wolfendale, Founder Minds on a Mission, Greater Manchester
"My aim with all my escape rooms is to educate children on their
decisions…and the consequences of their decisions. The reason I have
picked an Escape Room is to make it 100% inclusive to any child with
additional needs whether that is physical or neurodivergent. It is completely
hands on, the children read information that is 100% factual and listen to
recordings of victims. At the end of the session we will have a knowledge
check and conversation around different information they have taken in."
Mike Newman BEM, CEO Speed of Sight
"Simple Life Homes' support and financial contribution across the last twelve
months has enabled Speed of Sight to consolidate its reputation as an
organisation that provides high quality specialist driving opportunities for
people living with complex disabilities. The collaboration that Simple Life
Homes has provided, means that we have been able to travel widely around the
UK. Working with many individuals and other charitable organisations Speed of
Sight with partners like Simple Life Homes continues to make a significant
contribution to peoples well-being and self-worth."
Ashleigh Ennion, Senior Corporate & Major Donor Fundraiser, Zoe's Place,
Middlesbrough
"Our partnership with Simple Life has continued to be a total joy, they're not
just sponsors or donors, we've built a true friendship and they're a huge part
of Zoe's Place family.
What makes this partnership so special is that it's not just about the
donations. It's the energy, heart, and genuine connection the team brings to
everything they do with us. They get stuck in, they care deeply, and they help
us reach more families who need our care - all while making the journey feel
uplifting and full of heart.
We're so grateful for everything we've achieved together this year and can't
wait for what's to come!"
Debbie Wilkinson, Corporate Partnership Officer, The Joshua Tree Charity,
Cheshire
"Thanks to the generous sponsorship from Simple Life Homes, supporting a range
of events for us this year, allowing raised proceeds to go directly towards
providing essential support for families. Funds raised will help deliver
counselling sessions, therapies, family fun days, and specialised services
tailored to the unique needs of those affected by childhood cancers.
The Joshua Tree is incredibly grateful to Simple Life Homes for their
commitment to making a real difference in the lives of these families."
Teacher, New Park Academy, Eccles (secondary school for pupils assessed with
special needs) commenting on the Minds on a Mission schools initiative
"Thank you to Minds on a Mission for coming to deliver the Anti-social
Behaviour on Buses Escape Room event at New Park Academy. The day was very
well organised and the staff that delivered the workshop were knowledgeable
and supportive. It was certainly beneficial to all of the pupils who accessed
it showing the wider consequences that your actions can have. Plus, all pupils
engaged well with the task, which isn't easy given the needs of our pupils. We
would love to be involved with any future workshops that you offer."
Year 6 Pupil Christ the King RC Primary School, Worsley, Manchester
(commenting on the Minds on a Mission schools workshop)
"It was really good, it helped with teamwork and the talk at the end was
really good as it helped us see exactly what our actions can lead to.'"
Teacher, Newby Primary School, Bradford (commenting on the Simple Life Schools
and Communities Biodiversity Project, in partnership with Green the UK)
"The Environment is something our children are really passionate about - so to
have someone talk to us about the importance of biodiversity - particularly
the 'bugs' which get overlooked but are crucially important.'"
"The session linked really closely to the Science we had been doing in class.
This meant children could link what we had already learnt to the things being
discussed. It was great to have an 'expert' in the room with us - it helped
children to see future career opportunities as well as bringing Science to
life."
Teacher, Christ Church Primary, Shipley, Bradford (commenting on the Simple
Life Schools and Communities Biodiversity Project, in partnership with Green
the UK)
"The session sparked genuine curiosity and excitement about the vital role
pollinators play in our ecosystems. The interactive learning, combined with
the hands-on experience of planting wildflower seeds and bulbs, helped our
students truly connect with nature and understand how even small actions can
make a big difference for wildlife. Thanks to the generous provision of
wildflower seeds and bulbs, we've now created a beautiful wildflower garden
that not only enhances our school environment but also provides a valuable
habitat for bees, butterflies, and other pollinators. This has linked heavily
with our new Eco-Council and our work to develop our current school grounds
and looking forward to further extending."
Ryan Doherty, Sundon Park Rangers U12 Football coach,
"I would love for Simple Life to carry on this journey with Sundon Park.
Obviously, this will come at a small cost as the sponsorship will cover new
kits. Thank you so much for helping out, makes it so much easier for boys to
be able to play as their parents not having to pay for kits on-top-of yearly
signing on fees."
Michelle Bryan - Team Treasurer and Hardball Vice-captain, Runcorn Cricket
Club, Cheshire
"Our team has grown this season alone from about 15 ladies last year and only
a softball team to 28 women and girls this year. We range from ages 15 to 60+
and all very much love getting together. Your sponsorship has helped us more
than you will ever know. We wouldn't be as progressed as we are today without
it. From kitting us out with the equipment we very much needed to get started
in hardball and then helping us to look the absolute part while we take to the
field!. It has allowed us to gain confidence and involve more people to give
it a try. We honestly can't thank you enough and appreciate your sponsorship
to us immensely."
Sam Marsh - Hardball Team member, Runcorn CC
"Eternally grateful for the support Simple Life have given to the Runcorn
Rebels Cricket team. Thanks to them we all turn up looking professional, with
our pitch and equipment looking professional. I genuinely believe this has
helped our success this season.
Personally, I've been in women's sports for decades and getting any
sponsorship is always a struggle. Simple Life have shown our worth and are
wonderful!"
Karl Allan, Earlestown Cricket Club, Lancashire
"As a member of the club for 30 years I can remember what the ground looked
like before your Earle Street development. It has transformed our ground from
being almost on the edge of Earlestown to being in the centre, surrounded by
homes and a bustling community, not to mention the new members we have gained
from the estate.
Add to that the sponsorship and it's safe to say that Simple Life has had a
huge impact on our club. We hope to continue our partnership for many years to
come."
Community events
Throughout the year the Investment Adviser arranges resident events as an
opportunity for neighbours to get to know one another. These include
'roadshow' events taking place on-site at developments, for example a visit
from Santa and his brass band of elves at Christmas, and regional events with
limited tickets available on a first come, first served basis. These events
have included hiring out an Everyman Cinema for a private screening of a new
release, hiring out one of the 'Big Bakes' locations and trips to Alton
Towers. As Empyrean has the benefit of its own private resident garden,
residents can expect a development specific event each year, for example,
Summer games, food and drink and outdoor cinema evenings. All events are free
for residents.
Resident focused initiatives
Our resident-focused initiatives are designed to create specific opportunities
for residents to engage with each other and generate educational, social and
other benefits. Feedback from two initiatives are highlighted below.
Friendsgiving - Community Get-Together
Residents were invited to apply for donations to support community
get-togethers during the winter months. This included neighbourhood dinners
and other gestures of community spirit.
Aleksandra, a Simple Life resident
"I believe in community spirit. On Saturday our neighbour and her daughter
came to dinner, and yesterday another 6 neighbours joined us. They are from
Hong Kong so L made special Hong Kong style egg tarts. Both visits were very
nice and friendly, and our neighbours were grateful to hear who had sponsored
the evenings. We were speaking a lot, getting to know one another and I do
hope for all of us it was a great time."
12 Days of Christmas, December 2024
In our 2024 '12 Days of Christmas' campaign, residents were invited to
nominate a local charity close to their hearts to receive a £1,000 donation
over the 12 days of Christmas. We are delighted to highlight below some of the
feedback both from charities and tenants following the campaign.
Matthew Flavin, Secretary, 'Showtime Community Productions CIO, West Bromwich
"This year our pantomime was attended by over 1,500 audience members across
seven performances, this included two free school performances which we were
able to provide the opportunity to local schools to attend the pantomime free
of charge due to generous donations like yours. Some of these children that
attended had never seen a live performance before and it was really beneficial
for them. This years pantomime benefitted 8 youth members, alongside around 25
adult members in a range of different roles from front of house, backstage,
performing, prop making, carpentry, fundraising all aspects of bringing a
production together."
Leah Moran - Fundraising Officer, Mental Health Charter Team, Nantwich
"Wow wow wow! Thank you so much. As a registered non-profit community interest
company, it's donations like this that make a real difference to our
communities."
Jon Arnold, Chief Executive, Tiny Tickers, Leeds
"This will make a big difference to our work helping babies with congenital
heart disease, their families, and the health professionals who look after
them. We can't thank you and all those involved in the nomination and
selection process enough! We're all delighted with the donation - thank you
once again and have a wonderful Christmas!"
Human Rights
The obligations under the Modern Slavery Act 2015 (the "Act") are not
applicable to the Company given its size. However, to the best of its
knowledge, the Group is satisfied that its principal suppliers and advisors
comply with the provisions of the Act.
The Company operates a zero-tolerance approach to bribery, corruption and
fraud.
Health and safety
In order to maintain high standards of health and safety for those working on
sites, monthly checks by independent project monitoring surveyors are
commissioned to ensure that all potential risks have been identified and
mitigated. These checks supplement those undertaken by construction and
development partners. The data is reported to the Board on a quarterly basis
in the event of a nil return, and immediately in the event of an incident.
There were no reportable incidents over the year (2024: none).
Governance
Strong governance is essential to ensuring that risks are identified and
managed, and that accountability, responsibility, fairness and transparency
are maintained at all times.
The Company is subject to statutory reporting requirements and to rules and
responsibilities prescribed by the London Stock Exchange and the Financial
Conduct Authority. The Board has a balanced range of complementary skills and
experience, with independent Non-executive Directors who provide oversight,
and challenge decisions and policies as they see fit. The Board believe in
robust and effective corporate governance structures and are committed to
maintaining high standards and applying the principles of best practice.
Employee diversity - gender and ethnicity
This is reported within the EPRA sustainability performance measures
information in the Annual Report and Financial Statements for the year ended
30 June 2025.
Principal Risks and Uncertainties
The Board is responsible for determining the nature and extent of the
principal risks that the Group is willing to take in achieving its objectives
and has carried out a robust assessment of the principal risks facing the
Group, including those that would threaten the business model, future
performance, solvency or liquidity. The Board recognises that its ability to
manage risk effectively throughout the organisation is central to the
Company's success.
The Board continually consider emerging risks and during the year under
review, the weakening macroeconomic environment in the UK, changing fiscal and
tax policy including higher interest rates for longer, ongoing inflationary
pressures and the risk of recession, together with global conflicts in Ukraine
and the Middle East, were identified.
Risk management and risk appetite
The Group's assets are made up of Build to Rent ("BTR") properties located in
the UK. Its principal risks are therefore related to the UK BTR market in
general and also to the particular circumstances of the individual properties
and the tenants within the properties. Taking this into account, the Group's
risk appetite policies and procedures, alongside the appropriate controls and
financial reporting are regularly reviewed and updated to ensure they remain
in line with regulation and corporate governance.
The Company applies the 'Three Lines of Defence' model for effective risk
management and control:
· The first line of defence is performed by the management team of the
Investment Adviser who are responsible and accountable for identifying and
managing risk as part of their objectives. As part of this the Investment
Adviser produces a risk register that it provides to the Audit Committee for
review and consideration at least twice per year.
· The second line of defence comprises the policies, frameworks and challenge
provided to ensure that the Investment Adviser is effectively managing risk.
This is performed by the Board and reported on by the Audit Committee.
· The third line of defence is independent assurance provided by the external
auditor.
The below list sets out the current identifiable principal risks and
uncertainties which the Board are monitoring.
Valuation risk - investment property
The valuation of the Group's property assets is primarily based on three key
drivers being, estimated rental income, gross to net income deductions, and
yield. Valuation of development sites was previously also driven by land
purchase costs and build costs. Small variations in these can have a material
impact on the valuation of property. Other Special Assumptions applied in
addition to the key drivers, and used since inception include: all individual
site valuations are assumed to be part of a larger portfolio (in excess of
£50 million); and an indirect purchase of a special purpose vehicle holding
title to the asset, so stamp duty is assessed on a share purchase basis rather
than as property.
Valuation risk is mitigated by a combination of factors including the detailed
site selection and appraisal process, fixed price building contracts at
competitive rates to control costs, quality product from house builders,
project monitoring and review by the Investment Adviser, tenant selection and
management by Lettings Agents, geographic spread of sites / assets, mixture of
asset size and portfolio spread. The sector is considered attractive to
investors and debt providers with some defensive attributes in relation to
recessionary risk. Notwithstanding the above mitigating factors, the Board
constantly monitors risk around these factors in conjunction with the
Investment Adviser.
The Company appoints an external valuer on a three-year basis to provide
continuity and consistency, whilst also representing a natural point for
review and consideration. In addition, the use of a separate independent
valuer by the providers of debt, and expert review by further independent
valuer appointed by the Group's auditors, RSM, ensures that there are a number
of views and opinions on valuation being considered and taken into account at
any point. Savills have been retained due to their knowledge of the Company's
asset base, in particular taking into account that 55 of the 71 sites were
developed in the PRSR with only 16 sites acquired in a completed and
stabilised state. This has ensured a consistent approach during the period of
development and stabilisation of the portfolio.
Site selection
As discussed under Valuation Risk, the principal drivers for the valuation of
the PRS REIT's property assets are: land purchase, cost to build, rental
income, gross to net income deductions and yield. Selection of sites which
match the investment criteria in terms of cost to purchase and build, ERV,
gross to net income deductions and yield are therefore critical to the success
of individual developments.
Site selection risk is mitigated by performing detailed appraisal and
assessment of all aspects of a site, including location, access to transport
links, education, amenities and employment which are necessary to formalise a
view on the likely viability and profitability as a build to rent development.
This process also involves expert third party guidance from valuers, house
builders, and lettings agents. The process is particularly important given the
prevailing background of cost inflation outpacing rental growth. The
Investment Adviser's process on site assessment and appraisal necessarily
involves a number of individuals with different skill sets to ensure a balance
of views and full consideration of all factors.
The portfolio approach including broad geographic spread adopted by the
Investment Adviser also helps to mitigate the associated risks.
Subject to availability of capital, the Company seeks to obtain and maintain a
pipeline of potential PRS properties and PRS development sites with partners
for future development. There is no certainty that viable, commercially
justifiable sites, with planning permission, can continue to be sourced on
acceptable terms. The availability of viable, commercially justifiable sites
with planning permission may therefore adversely affect the ability of the PRS
REIT to continue to pursue further growth which could, in turn, have a
material adverse impact on the overall level of returns for Shareholders.
The Board and the Investment Adviser manage this risk through a number of
long-term partnerships, including different local councils and a variety of
house builders, to maintain a wide range of opportunities that are
geographically spread.
Whilst the Company signed Forward Purchase Agreements ("FPA") in respect of
the sites acquired from the Sigma Group, it did not commit to acquiring these
sites. The FPA is conditional on:
· Practical completion of all units;
· Confirmation of good and marketable title;
· Tenant occupation and rent stabilisation; and
· Availability of funding.
As a result, the Board considers that the Company has always retained a high
degree of flexibility in relation to the timing of site acquisitions, and
therefore the Company's funding requirements.
Risks relating to the Company's reliance on the Investment Adviser
The Company has the benefit of access to the Sigma PRS platform through the
Investment Adviser. If the Investment Advisory Agreement is terminated it is
likely that the Company will cease to have access to the platform and to the
relationships and contractual frameworks with Approved Contractors, Local
Authorities, and the Approved Letting Agents, together with the favourable
terms and economies of scale derived from these that have taken years to
establish. The Company would also need to identify replacement sources of PRS
Development Sites and Completed PRS Sites.
In accordance with the Investment Advisory Agreement, the Investment Adviser
is responsible for providing certain asset management and investment advisory
services to the Company. Accordingly, the Company will be reliant upon, and
its success will depend on, the Investment Adviser and its key personnel,
services and resources.
Consequently, the future ability of the Company to successfully pursue its
investment objective and investment policy may, among other things, depend on
the ability of the Investment Adviser to retain its existing staff and/or to
recruit individuals of similar experience and calibre. Whilst the Investment
Adviser has endeavoured to ensure that the principal members of its management
team are suitably incentivised, the retention of key members of the team
cannot be guaranteed. Furthermore, in the event of a departure of a key
employee of the Investment Adviser, there is no guarantee that the Investment
Adviser would be able to recruit a suitable replacement or that any delay in
so doing would not adversely affect the performance of the Company. Events
impacting the Investment Adviser but not entirely within the Investment
Adviser's control, such as its financial performance, it being acquired or
making acquisitions or changes to its internal policies and structures, could
in turn affect its ability to retain key personnel.
Under the terms of the Investment Advisory Agreement, the Investment Adviser
is required to devote such time and have all necessary competent personnel and
equipment as may be required to enable the Investment Adviser to carry out its
obligations properly and efficiently. However, if the Investment Adviser fails
to allocate the appropriate time or resources to the Company's investments,
the Company may be unable to achieve its investment objectives. In addition,
although the Investment Advisory Agreement requires the Investment Adviser to
dedicate competent personnel to the Company's business, they may not be able
to do so.
The Board mitigates these risks by holding regular Board meetings (at least
four times per financial period), which are attended by the Investment
Adviser, whilst also having regular informal meetings with the key members of
the Investment Adviser on a more regular basis. The Board's Management
Engagement Committee also meets at least once a year to consider the
performance of the Investment Adviser and the other outsourced professional
firms and advisers engaged by the Company. The Board actively engages with key
personnel of the Investment Adviser and assesses its key risks to ensure that
it is adequately staffed with suitably qualified personnel and that succession
planning is in place.
Risks relating to the REIT status of the Group
There is a risk that the Company may fail to remain qualified as a REIT and
therefore its rental income and capital gains will be subject to UK
corporation tax. Any change in the tax status of the Company or a change in
tax legislation could adversely affect the investment return of the Company.
The Company has been structured to be REIT compliant and the Board will
continue to monitor the tax status using professional taxation advisers.
Risks relating to compliance
The Group has a wider variety of compliance risks ranging from factors
including status as a Real Estate Investment Trust on the Premium Segment of
the London Stock Exchange, scale and complexity of the Group structure,
Companies House requirements, HMRC obligations, planning requirements, Health
& Safety, statutes and legislation.
Compliance risks are mitigated by the Board and the Investment Adviser
utilising and employing qualified professionals and professional advisers to
ensure compliance with current legislation and requirements including
auditors, tax advisors, Nominated Advisor, recognised house builder partners
and legal advisers.
Emerging risks
As well as the principal risks, the Directors identify any emerging risks
which are considered as part of the formal risk review. Emerging risks
encompass those that are rapidly evolving, for which the probability or
severity are not yet fully understood. As a result, any appropriate
mitigations are also still evolving, however, these emerging risks are not
considered to pose a material threat to the Company in the short term. This
could, however, change depending on how these risks evolve over time. Senior
members of the Investment Adviser are responsible for day-to-day matters and
have a breadth of experience across all corporate areas; they consider
emerging risks and any appropriate mitigation measures required. These
emerging risks are then raised as part of the risk assessment where it is
considered whether these emerging risks have the potential to have a
materially adverse effect on the Group.
During the year the Requisitioning Event and subsequent Strategic Review and
Formal Sale Process along with the weakened macroeconomic environment in the
UK, and the new Labour government were all identified by the Board as key
emerging risks.
The Board commenced the Strategic Review and Formal Sale Process during the
year and there is no guarantee that this will result in a transaction. In the
event that no offer is accepted, the Board could consider alternative courses
of action, in accordance with the wishes of the majority of shareholders,
including the sale of individual portfolios of assets, the repayment of debt
and the return of capital to shareholders. The Company has engaged a variety
of professional advisers to ensure that any regulatory risks throughout the
process are mitigated. There may also be reputational damage suffered by the
Company.
The risk of interest rates remaining at a higher level for longer than
previously forecast affecting the Group's financial performance and banking
covenants was of particular focus. The higher interest rates charged on the
variable investment and development debt facilities were partially offset by
the increase in rental growth experienced in the private rental sector and
there were no covenant breaches. The Group has 81% of its investment debt
facilities as long-term, fixed rate arrangements. The Group's remaining
variable rate investment debt has been retained to provide an opportunity to
ensure that the best interest rates can be obtained.
With regards to continuing inflationary pressures, the Company has completed
the current development phase and is now only exposed to this with regards to
increased costs to maintain the high standard of the Company's assets, while
offsetting this has been the continued strong demand for Build to Rent assets.
The market for such assets remains strong and is reflected in rising rents
which have more than offset the slight softening of yield which is included in
the valuation of our existing properties. The risk of recession has also been
considered, particularly in relation to possible increased tenant default and
the subsequent impact on financial returns. This risk continues to be closely
monitored and is mitigated by a geographically diverse portfolio, the use of
rental insurance contracts where considered appropriate, and a continued focus
on identifying at an early stage where there could be potential issues.
The UK economy is expected to experience modest growth during the rest of
calendar years 2025 and 2026, with forecasts ranging from 1.0% to 1.2% for
2025 and 1.0% to 1.9% for 2026. The change of UK government in July 2024 has
brought in several new policies; there are presently no specific policy
changes that are seen as providing additional material risks to the PRSR
Group.
In relation to the conflicts in Ukraine and the Middle East, this has not had
a direct impact on the Group but are continually monitored in terms of
contributing to higher inflation and interest rate environments.
The Board continues to monitor closely the market volatility to ensure that
all risks to the Company and Group are identified and addressed where possible
to reduce the potential negative effects.
FINANCIAL STATEMENTS
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2025
Note 30 June 30 June
2025 2024
£'000 £'000
Rental income 66,476 58,231
Non-recoverable property costs (13,167) (10,940)
Net rental income 53,309 47,291
Other income 101 194
Administrative expenses
Directors' remuneration (241) (213)
Investment advisory fee (6,151) (6,051)
Other administrative expenses (3,201) (2,921)
Total administrative expenses (9,593) (9,185)
Gain from fair value adjustment on investment property 7 53,626 73,412
Operating profit 97,443 111,712
Finance income 236 188
Finance cost (20,650) (18,225)
Profit before taxation 77,029 93,675
Taxation 4 - -
Profit after tax and Total comprehensive income for the year attributable to 77,029 93,675
the equity holders of the Company
Earnings per share attributable to the equity holders of the Company:
IFRS earnings per share (basic and diluted) 5 14.0p 17.1p
All of the Group activities are classed as continuing and there were no
comprehensive gains or losses in the period other than those included in the
statement of comprehensive income.
Consolidated Statement of Financial Position
Company No. 10638461
As at 30 June 2025
Note 30 June 30 June
2025 2024
£'000 £'000
ASSETS
Non-current assets
Investment property 7 1,200,092 1,139,823
1,200,092 1,139,823
Current assets
Trade and other receivables 6,637 6,817
Cash and cash equivalents 21,600 18,053
28,237 24,870
Total assets 1,228,329 1,164,693
LIABILITIES
Non-current liabilities
Accruals and deferred income - 1,073
Interest bearing loans and borrowings 8 410,208 385,003
410,208 386,076
Current liabilities
Trade and other payables 14,851 15,182
Provisions - 77
Interest bearing loans and borrowings 8 17,885 31,933
32,736 47,192
Total liabilities 442,944 433,268
Net assets 785,385 731,425
EQUITY
Called up share capital 5,493 5,493
Share premium account 298,974 298,974
Capital reduction reserve 113,092 113,092
Retained earnings 367,826 313,866
Total equity attributable to the equity holders of the Company 785,385 731,425
IFRS net asset value per share (basic and diluted) 9 143.0p 133.2p
As at at 30 June 2025, there is no difference between IFRS NAV per share and
the EPRA NTA per share.
Consolidated Statement of Changes in Equity
For the year ended 30 June 2025
Attributable to equity holders of the Company
Share Share Capital reduction reserve Retained Total equity
capital premium earnings
account
£'000 £'000 £'000 £'000 £'000
At 30 June 2023 5,493 298,974 118,584 236,669 659,720
Comprehensive income
Profit for the year - - - 93,675 93,675
Transactions with owners
Dividends paid - - (5,492) (16,478) (21,970)
At 30 June 2024 5,493 298,974 113,092 313,866 731,425
Comprehensive income
Profit for the year - - - 77,029 77,029
Transactions with owners
Dividends paid - - - (23,069) (23,069)
At 30 June 2025 5,493 298,974 113,092 367,826 785,385
Consolidated Statement of Cash Flows
For the year ended 30 June 2025
Note 30 June 30 June
2025 2024
£'000 £'000
Cash flows from operating activities
Profit before tax 77,029 93,675
Finance income (236) (188)
Finance costs 20,650 18,225
Fair value adjustment on investment property (53,626) (73,412)
Cash generated by operations 43,817 38,300
Increase in trade and other receivables (1,201) (8)
Decrease in trade and other payables (1,457) (3,117)
Net cash generated from operating activities 41,159 35,175
Cash flows from investing activities
Purchase of investment property 7 - (9,100)
Development expenditure on investment properties* (6,647) (22,084)
Finance income 236 188
Net cash used in investing activities (6,411) (30,996)
Cash flows from financing activities
Bank and other loans advanced 8 25,957 151,957
Bank and other loans repaid 8 (15,431) (110,229)
Finance costs (18,658) (19,082)
Dividends paid 6 (23,069) (21,970)
Net cash (used in) / generated from financing activities (31,201) 676
Net increase in cash and cash equivalents 3,547 4,855
Cash and cash equivalents at beginning of year 18,053 13,198
Cash and cash equivalents at end of year 21,600 18,053
Restricted cash 4,551 4,185
The accompanying notes are an integral part of this cash flow statement.
Total interest paid in the year was £17.7 million (2024: £16.6 million).
* Includes capitalised interest of £0.6 million (2023: £1.9 million)
.Notes to the Financial Statements
1. General information
This final results announcement was approved for issue by a duly appointed and
authorised committee of the Board of Directors on 6 October 2025.
2. Basis of preparation
The financial information set out in this announcement does not constitute
statutory financial statements for the year ended 30 June 2025 and year ended
30 June 2024. The financial information in this announcement has been derived
from the statutory accounts for the year ending 30 June 2025 and year ending
30 June 2024. The report of the auditor on the statutory financial statements
for the year ended 30 June 2025 was (i) unqualified; (ii) included references
to the proposed sale of the Group and Company's portfolio of property assets
and a material uncertainty in respect of going concern, to which the auditor
drew attention by way of emphasis without qualifying their report; and (iii)
did not contain statements under section 498(2) or (3) of the Companies Act
2006. The report of the auditor on the statutory financial statements for the
year ended 30 June 2024 was (i) unqualified; (ii) did not include references
to any matters to which the auditor drew attention by way of emphasis without
qualifying their report; and (iii) did not contain statements under section
498(2) or (3) of the Companies Act 2006. The statutory financial statements
for the year ended 30 June 2025 will be delivered to the Registrar of
Companies following the Company's Annual General Meeting. The statutory
accounts for the year ending 30 June 2024 have been delivered to the Registrar
of Companies.
3. Going concern
The consolidated and Company financial statements have been prepared on a
going concern basis. The Directors have reviewed the current and projected
financial position of the Group, making reasonable assumptions about future
trading performance with sensitivity testing undertaken to replicate plausible
downside scenarios related to the principal risks and uncertainties associated
with the business. Therefore, the Directors believe the Group and Company are
well placed to manage their business risks successfully. However, there is a
material uncertainty in relation to the Group's and Company's ability to
continue for a period of at least 12 ,months from the date of this report as a
result of the proposed sale of the Company. As interest rate exposure has
largely been mitigated with 81% of the investment debt in the portfolio at
fixed rates for relatively long periods averaging 14 years, the Directors paid
particular attention to the risk of a deterioration in the forecast rental
growth over the review period which would have a negative impact on both
forecast valuations and cashflows. Increased costs were also modelled in these
forecasts. The outcome of this stress testing indicated that covenants on
existing facilities would not be breached. As part of the review, the Group
has considered its cash balances, and its debt maturity profile, including
undrawn facilities. The Group had net current liabilities of £4.5 million as
at 30 June 2025 (2024: net current liabilities £22.3 million). The decrease
in net current liabilities is as a result of the repayment of the remaining
Barclays development loan ahead of maturity in September 2025 and increasing
use of the RBS investment debt facility, repayable in July 2026. The
opportunity to secure an additional long term fixed rate investment debt
facility continues to be reviewed. As at 30 June 2025, the total loan amount
drawn on the Barclays facility was £18.2 million (2024: £32.6 million).
The Group's cash balances at 30 June 2025 were £21.6 million (2024: £18.1
million), of which £4.6 million was restricted but released within 3 months.
The Group had debt borrowing as at 30 June 2025 of £426.4 million (2024:
£415.3 million).
There were no capital commitments outstanding as at 30 June 2025 (2024: £6.4
million). The Group's current ERV as at 30 June 2025, was £72.0 million from
5,478 homes and has increased to £73.4 million as at 30 September 2025. This
has increased the Company's recurring income which at this level is more than
sufficient to cover monthly cash costs. Based on the prevailing run-rate of
monthly cash costs and average rent levels, approximately 2,600 homes are
required to generate income to cover monthly cash outlays.
The current market volatility is being monitored by the Board however, the
strong income performance and high proportion of fixed rate debt puts the
Group in a good position.
In line with the process followed since IPO, the NAV of the Company is
calculated by reference to the aggregate valuation of each separate property
asset. These individual property valuations have been arrived at in accordance
with the requirements of IFRS 13 and the Royal Institution of Chartered
Surveyors' ("RICS") Valuation - Global Standards, incorporating the IVSC
International Valuation Standards effective from 31 January 2025, together,
where applicable, with the UK National Supplement effective 14 January 2019,
(together the "RICS Red Book"). These valuations include a number of
unobservable inputs and other valuation assumptions. Please see note 7 for
further details.
During the financial year ended 30 June 2025, the Board and its advisers have
engaged with a number of parties in connection with the proposed sale of the
Company or its assets pursuant to the Strategic Review and Formal Sale
Process. This has been an extensive and thorough process with engagement from
a wide range of parties with multiple non-binding expression of interest
received. The Board has noted the disparity between the pricing presented in
these indications of interest and the Company's NAV of £785.4 million at 30
June 2025, which has highlighted that due to the size of the Company, amongst
other things, the current realisable value of the Company or its assets as a
whole, may be materially different from the aggregate of the estimate of each
property's value.
Material uncertainty related to going concern
On 17 September 2025, the Board announced that it has entered into non-binding
heads of terms for the proposed sale (the "Proposed Sale") of The PRS REIT
Holding Company Limited, the Company's operating subsidiary that holds the
entirety of the Company's portfolio of property assets, to a vehicle ("Bidco")
wholly owned by a fund being advised by Waypoint Asset Management Limited
("Waypoint") as investment adviser. The cash consideration receivable in
respect of the Proposed Sale is expected to be approximately £646.2 million.
Proceeds to the Company of the Proposed Sale, net of transaction expenses and
corporation tax, are expected to be approximately £633.2 million. The
Proposed Sale is conditional on, inter alia, satisfactory completion of
confirmatory due diligence by Waypoint, the Company and Bidco agreeing and
entering into a sale and purchase agreement in respect of the Proposed Sale
(the "SPA"), and approval of the Proposed Sale by The PRS REIT shareholders at
a general meeting by way of a special resolution. The Company and Waypoint are
working together with a view to completing the Proposed Sale by 30 November
2025. Subject to completion of the Proposed Sale, the Board intends to seek
further shareholder approval for the voluntary liquidation of the Company with
a view to distributing the Company's net assets to shareholders as soon as
reasonably practicable.
The Proposed Sale therefore represents a material uncertainty regarding the
going concern status of the Company. Notwithstanding the Proposed Sale, which
remains conditional at this stage, the Board considers that it remains
appropriate for the financial statements to be prepared on a going concern
basis.
4. Taxation
As a UK REIT, the Group is exempt from corporation tax on the profits and
gains from its property investment business, provided it meets certain
conditions as set out in the UK REIT regulations. For the current year and
prior year, the Group did not have any non-qualifying profits and accordingly
there is no tax charge in the period. If there were any non-qualifying profits
and gains, these would be subject to corporation tax.
It is assumed that the Group will continue to be a UK REIT for the foreseeable
future, such that deferred tax has not been recognised on temporary
differences relating to the property rental business. No deferred tax asset
has been recognised in respect of the unutilised residual current period
losses from non-qualifying activities as it is not anticipated that sufficient
residual profits will be generated from these in the future. The total amount
of tax assets not recognised as a deferred tax asset as at 30 June 2025 was
£5.3 million (2024: £4.8 million).
5. Earnings per share
Earnings per share ("EPS") amounts are calculated by dividing profit for the
period attributable to ordinary equity holders of the Company by the weighted
average number of Ordinary Shares in issue during the period. As there are no
dilutive instruments, basic and diluted earnings per share are the same for
both the current and prior periods.
The calculation of basic and diluted earnings per share is based on the
following:
2025 2024
£'000 £'000
Earnings per IFRS income statement 77,029 93,675
Adjustments to calculate EPRA Earnings:
Changes in value of investment properties (Note 18) (53,626) (73,412)
Adjustments related to non-operating and exceptional items* 838 -
Adjusted EPRA Earnings 24,241 20,263
Weighted average number of ordinary shares (Note 26) 549,251,458 549,251,458
IFRS EPS (pence) 14.0 17.1
Adjusted EPRA EPS (pence) 4.4 3.7
6. Dividends
The following dividends were paid during the current year and prior year:
2025 2024
£'000 £'000
Dividends on ordinary shares declared and paid:
Dividend of 1.0p for the 3 months to 30 June 2023 - 5,492
Dividend of 1.0p for the 3 months to 30 September 2023 - 5,493
Dividend of 1.0p for the 3 months to 31 December 2023 - 5,493
Dividend of 1.0p for the 3 months to 31 March 2024 - 5,492
Dividend of 1.0p for the 3 months to 30 June 2024 5,492 -
Dividend of 1.0p for the 3 months to 30 September 2024 5,493 -
Dividend of 1.1p for the 3 months to 31 December 2024 6,042 -
Dividend of 1.1p for the 3 months to 31 March 2025 6,042 -
23,069 21,970
Proposed dividends on ordinary shares:
3 months to 30 June 2024: 1.0p per share - 5,493
3 months to 30 June 2025: 1.1p per share 6,042 -
6,042 5,493
7. Investment property
The freehold/heritable, leasehold and part freehold / part leasehold interests
in the properties held within the PRS REIT were independently valued as at 30
June 2025 by Savills (UK) Limited, acting in the capacity of External Valuers
as defined in the RICS Red Book (but not for the avoidance of doubt as an
External Valuer of the PRS REIT as defined by the Alternative Investment Fund
Managers Regulations 2013). The valuations accord with the requirements of
IFRS 13 and the Royal Institution of Chartered Surveyors' ("RICS") Valuation -
Global Standards, incorporating the IVSC International Valuation Standards
effective from 31 January 2025, together, where applicable, with the UK
National Supplement effective 14 January 2019, (together the "RICS Red Book").
The valuations were arrived at predominantly by reference to market evidence
for comparable property.
Savills (UK) Limited are an accredited External Valuer with recognised and
relevant professional qualifications and recent experience of the location and
category of the investment property being valued.
The valuations are the ultimate responsibility of the Directors. Accordingly,
the critical assumptions used in establishing the independent valuation are
reviewed by the Board.
In line with the process followed since IPO, the NAV of the Company is
calculated by reference to the aggregate valuation of each separate property
asset. As noted above, these individual property valuations have been arrived
at in accordance with the RICS Red Book. These valuations include a number of
unobservable inputs and other valuation assumptions as described below.
During the financial year ended 30 June 2025, the Board and its advisers have
engaged with a number of parties in connection with the proposed sale of the
Company or its assets pursuant to the Strategic Review and Formal Sale
Process. This has been an extensive and thorough process with engagement from
a wide range of parties with multiple non-binding expression of interest
received. The Board has noted the disparity between the pricing presented in
these indications of interest and the Company's NAV which has highlighted that
due to the size of the Company, amongst other things, the current realisable
value of the Company or its assets as a whole, may be materially different
from the aggregate of the estimate of each property's value.
Completed Assets Assets under Construction Total
£'000 £'000 £'000
At 30 June 2023 947,727 87,005 1,034,732
Properties acquired on acquisition of subsidiaries 9,100 - 9,100
Property additions - subsequent expenditure - 22,083 22,083
Right of use asset movement during the year 496 - 496
Change in fair value 68,095 5,317 73,412
Transfers to completed assets 58,660 (58,660) -
At 30 June 2024 1,084,078 55,745 1,139,823
Property additions - subsequent expenditure - 6,647 6,647
Right of use asset movement during the year (4) - (4)
Change in fair value 47,698 5,928 53,626
Transfers to completed assets 68,320 (68,320) -
At 30 June 2025 1,200,092 - 1,200,092
The historic cost of completed assets and assets under construction as at 30
June 2025 was £870.8 million (2024: £863.8 million).
The carrying amount of investment property pledged as security as at 30 June
2025 was £1.2 billion (2024: £1.1 billion).
The Group has recognised a right-of-use ("ROU") asset within investment
property in relation to ground rents payable on certain investment property
sites. The net book value of the ROU asset was £1.5 million as at 30 June
2025 (2024: £1.5 million).
In the prior year we identified that there was a planning consent dispute on
one of our sites. As expected, the dispute has now been satisfactorily
resolved between the housebuilder and the Council.
Fair Values
IFRS 13 sets out a three-tier hierarchy for assets and liabilities valued at
fair value. These are as follows:
Level 1 quoted prices (unadjusted) in active markets for identical assets and
liabilities;
Level 2 inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly; and
Level 3 unobservable inputs for the asset or liability.
Investment property falls within Level 3.
The investment valuations provided by the external valuation expert are based
on RICS Professional Valuation Standards but include a number of unobservable
inputs and other valuation assumptions. The significant unobservable inputs
and the range of values used are:
Type Range Average Range Average
2024 2024 2023 2023
ERV per unit £11k - £24k £13k £11k - £23k £13k
Investment yield 4.25% to 5.50% 4.66% 4.25% to 5.25% 4.59%
Gross to net assumption 22.5% to 25.0% 22.9% 22.5% to 25.0% 22.9%
The following descriptions and definitions relate to key unobservable inputs
made in determining fair values:
· ERV (Estimated Rental Value) per unit: the estimated annual market rental
value that could be earned on a unit basis;
· Gross to net assumption: the non-recoverable property costs expected to be
incurred on a rental property as a percentage of rental income; and
· Investment yield: the net income earned as a percentage of the investment
value.
Other Special Assumptions applied in addition to the key unobservable inputs
identified above, and used since inception include:
· All individual site valuations have been treated assuming part of a larger
portfolio (in excess of £50 million); and
· An indirect purchase of a special purpose vehicle holding title to the asset,
so stamp duty is assessed on a share purchase basis rather than as property.
The impact of changes to the significant unobservable inputs for completed and
development assets are:
2025 2025 2024 2024
Impact on statement of comprehensive income Impact on statement of financial position Impact on statement of comprehensive income Impact on statement of financial position
£'000 £'000 £'000 £'000
Improvement in ERV by 5% 60,204 60,204 57,821 57,821
Worsening in ERV by 5% (60,188) (60,188) (56,595) (56,595)
Improvement in yield by 0.125% 33,421 33,421 32,232 32,232
Worsening in yield by 0.125% (31,641) (31,641) (30,560) (30,560)
Improvement in gross to net by 1% 16,252 16,252 15,486 15,486
Worsening in gross to net by 1% (14,929) (14,929) (14,153) (14,153)
The rates of sensitivity reflected in the above table have been selected as
being reflective of movements experienced in ERV, yields and gross to net
expenses.
The downside stress testing performed showed that covenants would not be
breached.
8. Interest bearing loans and borrowings
Borrowings are initially recognised at fair value, net of transaction costs
incurred. Borrowings are subsequently measured at amortised cost. Any
difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of the borrowings using
the effective interest method.
Group Company 2025 Group Company 2024
2025 2024
£'000 £'000 £'000 £'000
Current liabilities
Bank loans at 1 July 31,901 - 126,713 -
Loans advanced in the year 1,045 - 28,859 -
Loans repaid in the year (15,431) - (110,225) -
Loan term extended - - (13,101) -
Capitalised loan costs 350 - (345) -
Bank loans at 30 June 17,865 - 31,901 -
Lease liability (Note 25) 20 - 32 -
Total loans and borrowings 17,885 - 31,933 -
Non-current liabilities
Bank loans at 1 July 383,358 - 247,432 -
Loans advanced in the year 24,912 - 123,098 -
Loan term extended - - 13,101 -
Capitalised loan costs 258 - (273) -
Bank loans at 30 June 408,528 - 383,358 -
Lease liability (Note 25) 1,680 - 1,645 -
Total loans and borrowings 410,208 - 385,003 -
The fair value of loans and borrowings at year end totalled £377.3 million
(2024: £349.7 million).
Bank loans
Through its subsidiaries the Company has granted fixed and floating charges
over certain investment property assets to secure the loans.
The Group's borrowing facilities are with Scottish Widows, Legal and General
Investment Management, RBS plc and Barclays Bank PLC. At 30 June 2025, these
comprised the following:
Lender Loan facility Balance drawn Loan period Interest rate Loan type
30 June 2025
(all in)
Maturity
Scottish Widows £100 million £100 million 15 years 3.14% Fixed June 2033
Scottish Widows £150 million £150 million 25 years 2.76% Fixed June 2044
Legal and General Investment Management £102 million £102 million 15 years 6.04% Fixed
July 2038
RBS £82.5 million £59.2 million 2 years 6.00% Variable July 2026
Barclays Bank PLC* £33.0 million £18.2 million 3 years 7.56% Variable September 2025
* Facility repaid and closed in September 2025
As determined by the Company's Investment Policy, the Group's maximum loan to
value ratio can be no more than 45%. As at 30 June 2025 the Group's EPRA loan
to value was 35% (2024: 36%).
Reconciliation of movements of borrowings to cash flows arising from financing
activities:
2025 2024
£'000 £'000
Balance as at 1 July 415,258 374,145
Cash movements
Proceeds from borrowings 25,957 151,957
Borrowings repaid (15,431) (110,225)
Interest paid (17,720) (16,640)
Non-utilisation fees paid (309) (439)
Arrangement and commitment fees paid (180) (3,529)
Non-Cash movements
Finance costs 18,817 19,989
Balance as at 30 June 426,392 415,258
9. Net Asset Value
EPRA NTA is considered to be the most relevant measure for the Group. The
underlying assumption behind the EPRA NTA calculation assumes entities buy and
sell assets, thereby crystallising certain levels of deferred tax liability.
Due to the PRS REIT's tax status, deferred tax is not applicable and therefore
there is no difference between IFRS NAV and EPRA NTA.
Basic IFRS NAV per share is calculated by dividing net assets in the Statement
of Financial Position attributable to ordinary equity holders of the parent by
the number of Ordinary Shares outstanding at the end of the year. As there are
no dilutive instruments, only basic NAV per share is quoted below.
Net asset values have been calculated as follows:
2025 2024
IFRS Net assets at 30 June (£'000) 785,385 731,425
EPRA adjustments to NTA - -
EPRA NTA at 30 June 785,385 731,425
Shares in issue at end of year 549,251,458 549,251,458
Basic IFRS NAV per share (pence) 143.0 133.2
EPRA NTA per share (pence) 143.0 133.2
The NTA per share calculated on an EPRA basis is the same as the IFRS NAV per
share for the year ended 30 June 2025 and the year ended 30 June 2024.
10. Transactions with Investment Adviser
On 31 March 2017, Sigma PRS was appointed the Investment Adviser of the
Company. A new Investment Adviser Agreement with Sigma PRS was signed in July
2024.
For the year ended 30 June 2025, fees of £6.2 million (2024: £6.1 million)
were incurred and payable to Sigma PRS in respect of asset management fees. At
30 June 2025, £0.5 million (2024: £0.5 million) remained unpaid.
For the year ended 30 June 2025, development management fees of £0.2 million
(2024: £0.8 million) were incurred and payable to Sigma PRS. At 30 June 2025,
£nil (2024: £30,000) remained unpaid. Development management fees were
capitalised as development costs during the year and prior year.
For the year ended 30 June 2025, administration and secretarial services of
£70,000 (2024: £70,000) were incurred and payable to Sigma Capital Property
Ltd, a fellow subsidiary of the ultimate holding company of the Investment
Adviser. At 30 June 2025, £18,000 (2024: £18,000) remained unpaid.
Sigma PRS's shareholding as at 30 June 2025 was 5,889,852 (2024: 5,889,852),
which represents 1.07% (2024: 1.07%) of the issued share capital in the
Company. All the shares acquired were in accordance with the Development
Management Agreement between the Company and Sigma PRS.
For the year ended 30 June 2025, Sigma PRS received dividends from the Company
of £247,000 (2024: £236,000).
11. Post balance sheet events
Dividends
On 4 August 2025, the Company declared a dividend of 1.1p per ordinary share
in respect of the fourth quarter of the current financial year. The dividend
was paid on 29 August 2025, to shareholders on the register as at 15 August
2025.
Board changes
Karima Fahmy stepped down from her role as Non-executive Director and Senior
Independent Director with effect from 1 September 2025. In addition, on this
date, Non-executive Director, Steffan Francis assumed the role of Senior
Independent Director and chair the Nomination & Remuneration Committee.
Development debt facility
In September the Barclays Bank development debt facility was repaid and
closed.
Strategic Review and Formal Sale Process
On 17 September 2025, the Company entered into non-binding heads of terms for
the proposed sale (the "Proposed Sale") of The PRS REIT Holding Company
Limited, the Company's operating subsidiary that holds the entirety of the
Company's portfolio of property assets, to a vehicle ("Bidco") wholly owned by
a fund being advised by Waypoint Asset Management Limited ("Waypoint") as
investment adviser. The current expected cash consideration from the Proposed
Sale is approximately £646.2 million, compared to the Net Asset Value (see
note 29) at 30 June 2025 of £785.4 million.
This Proposed Sale is conditional on, inter alia: satisfactory completion of
confirmatory due diligence by Waypoint; the Company and Bidco agreeing and
entering into a sale and purchase agreement in respect of the Proposed Sale;
and approval of the Proposed Sale by the Company's shareholders at a general
meeting by way of a special resolution. The Company and Waypoint are working
together with a view to completing the Proposed Sale by 30 November 2025.
Subject to completion of the Proposed Sale, the Board intends to seek further
shareholder approval for the voluntary liquidation of the Company, with a view
to distributing the Company's net assets to shareholders as soon as reasonably
practicable. Details of the net assets to be distributed to shareholders will
be announced in due course.
12. Availability of statutory financial information
Copies of the full statutory financial statements are available on the
Company's website at www.theprsreit.com (http://www.theprsreit.com) .
13. Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of
Dentons UK and Middle East LLP, One Fleet Place, London EC4M 7RA on Tuesday 2
December 2025 commencing at 2 pm.
(( 1 )) A full reconciliation between IFRS profit and Adjusted EPRA earnings
can be found in note 5 of the Financial Statements
(( 2 )) A reconciliation of IFRS NAV to EPRA NTA can be found in note 9 of the
Financial Statements
(( 3 )) Measured as rent collected relative to rent invoiced in a given period
(( 4 )) Like-for-like rental growth on investment property stabilised sites is
defined as the annual rental growth on sites where all units have been
completed and either all, or nearly all, have been let at the end of the
comparative period
(( 5 )) *This is a target only and there can be no assurance that the target
can or will be met and should not be taken as an indication of the Company's
expected or actual future results. Accordingly, potential investors should not
place any reliance on this target in deciding whether or not to invest in the
Company or assume that the company will make any distributions at all and
should decide for themselves whether or not the target dividend yield is
reasonable or achievable.
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