PRS REIT profits surge

PRS REIT’s pretax profit surged to 14.6 times its previously reported level in the six months ended 31 December 2018. The REIT reported pretax profit of £7.5m in the period, compared to £500,000 the previous year. Rental income increased by a factor of 3.8 to £2.3m, net assets doubled from £245.5m to £477.2m, and EPRA NAV fell by 1.9% to 96.3p per share. PRS REIT achieved its initial target of committing £900m in gross funds. The half year closed with around 3,575 homes either built or under construction. This has since risen to 3,951, but chairman Steve Smith predicted construction