The PRS REIT (PRSR) H2 2025 earnings summary

Executive summary

• Completed delivery of 5,478 single-family rental homes across 71 sites, establishing the largest such portfolio in the UK.

• Portfolio is fully let at 96% occupancy, with strong rent collection at 99% and continued rental growth.

• Strategic review led to a proposed sale of the operating subsidiary to Waypoint, with expected net proceeds of £633.2m, pending shareholder approval.

• Board composition changed during the year to support the strategic review and sale process.

Financial highlights

• Gross rental income rose 14% year-over-year to £66.5m; net rental income up 13% to £53.3m.

• Profit after tax was £77.0m, down from £93.7m the previous year.

• EPRA EPS increased 19% to 4.4p; basic EPS fell 18% to 14.0p.

• Net assets at 30 June 2025 were £785m, up from £731m.

• FY25 dividend declared at 4.3p, fully covered by EPRA EPS.

Outlook and guidance

• Rental market fundamentals remain robust, with demand outstripping supply, especially in suburban areas.

• Prospects supported by structural undersupply and government reforms favoring professional landlords.

• Further update on the proposed sale expected, with completion targeted by 30 November 2025.