Build to rent group confident following interim results announcement
Analyst Miranda Cockburn said: ” The delivery programme is in its final stages and management is making good progress with completions (expected to reach 5,000 by the end of March).
“The completed assets are performing strongly with occupancy as at 10th March at 99% (including qualified applicants) and rent collection also strong at 99%. No new news on any debt refinancing, management having extended the RCF to July and currently undertaking positive discussions with a number of parties.”
She added: “The shares are down 10% year to date underperforming the sector which is down two per cent. At 80p they are trading on an unjustified wide 32% discount to the reported NAV and offer a five per cent dividend yield.”
Author: Neil Hodgson, Business Reporter, The Business Desk.com