- Property investor PRS REIT said its annual profit more than doubled on the back of surging rental income.

Pre-tax profit for the year through June jumped to £44.1 million, up from £16.4 million, as revenue rose to £26.6 million, up from £12.9 million.

PRS REIT kept its annual dividend unchanged at 4p per share.

In the first quarter of the new financial year, a further 307 homes were added, taking the portfolio to 4,291 completed homes.

Rental demand remained 'strong', the company said, with 98% of 4,291 homes occupied at 30 September and a further 52 homes reserved for qualified applicants with rental deposits paid.

PRS REIT said it remained on track to reach its 5,000th home in the middle of calendar 2022.

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