PRS REIT plc (LON:PRSR), the closed-ended real estate investment trust that invests in high-quality, new build, family homes in the private rented sector, has declared an increased interim quarterly dividend of 1.1 pence per ordinary share (Q2 24: 1.0 pence) in respect of the second quarter (October-December 2024) of its current financial year ending 30 June 2025.
The dividend increase reflects the Company’s continued strong rental and earnings growth. Accordingly, the dividends declared in respect of the first six months of its current financial year (being 2.1 pence in aggregate) will be covered by EPRA earnings.
One hundred per cent. of the Q2 dividend (1.1 pence per share) will be paid as a Property Income Distribution.
The Q2 dividend will be payable on or around 7 March 2025, to shareholders on the register on 21 February 2025. The ex-dividend date will be 20 February 2025.
Update on the Strategic Review & Formal Sale Process
The Board of The PRS REIT plc is pleased to provide an update on its Formal Sale Process, a constituent of its Strategic Review announced on 23 October 2024.
The Board confirms that, having made available a data room to multiple interested parties, it has now received several non-binding proposals in connection with the acquisition of the Company. The majority of these proposals were pitched within a price range representing a premium to the current share price of 109.2 pence per share and a discount to the latest published net asset value as at 30 June 2024 of 133.2 pence per share. The Board intends to invite a subsection of such parties to enter into a confirmatory due diligence process which is expected to be completed no later than the end of calendar Q1 25.
There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. Further announcements regarding the Formal Sale Process will be made when appropriate.
Reflecting on the remit of the Strategic Review, the Board continues to explore all the options available to the Company, with a view to maximising value for the Company’s shareholders.
As previously communicated, the Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the Formal Sale Process will not be required to be publicly identified under Rules 2.4(a) or 2.4(b) and will not be subject to the 28-day deadline referred to in Rule 2.6(a) of the Code for so long as it is participating in the Formal Sale Process.
