Built-to-rent firm managed by Sigma PRS is aiming to complete 5,000 homes by the end of this calendar year.
Build-to-rent firm PRS Reit has announced pre tax profit tax went up 90% in the six months to December 2021 compared to the same period the year before.
Announcing interim results to 31 December, the firm said its portfolio across England and Scotland now included 4,489 completed homes, up 42% from the same date in 2020, with a further 949 homes being built.
The company’s pre-tax profit after tax went up from £20.3m on 31 December 2020 to £38.6m on 31 December 2021.
Steve Smith, non-executive chair of the PRS REIT, said: “Demand for our high-quality homes has remained strong, evidenced in our occupancy levels and reservations.
“We remain focused on completing the delivery of our portfolio of contracted homes. Our target has risen to around 5,700 built-to-rent homes, generating an estimated rental income approaching £55m a year.”
The company said properties continued to rent well with an occupancy rate at 31 December of 98% and rent collection at 99%. Net rental income for the six months to 31 December increased by 95% to £16.4m compared to the same period in 2020.
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