The PRS REIT (PRSR) H1 2025 earnings summary

Executive summary

• Largest UK single-family build-to-rent REIT, nearing completion with 5,437 homes and target of 5,478 across 71 sites, ERV of £70m p.a. at completion.

• Only 41 homes left to complete by June 2025, with strong portfolio performance.

• Strategic review and formal sale process underway, with several non-binding proposals received and ongoing discussions.

• Board changes included new Chair and directors; Investment Advisory Agreement amended for sale flexibility.

Financial highlights

• Revenue up 17% to £32.9m; net rental income up 16% to £26.6m.

• Operating profit up 44% to £56.3m; profit before tax up 52% to £46.2m.

• Basic EPS up 53% to 8.4p; EPRA EPS up 17% to 2.1p.

• Net assets at £767m, up 13% YoY; IFRS and EPRA NTA per share at 139.6p.

• Fair value gains on investment property were £34.7m, reflecting ERV growth.

Outlook and guidance

• Portfolio nearly complete, with all remaining homes due by June 2025.

• Dividend growth potential supported by completions and rising income; Board considering raising payout target.

• Macro factors, including high demand and low supply, expected to support continued rental growth.

• Board to provide further updates on strategic review by end of Q2 2025.

• Rent collection strong at 101% (Jan–Feb 2025); occupancy at 96%.