LONDON (ShareCast) - (Sharecast News) - The PRS REIT declared an increased interim quarterly dividend of 1.1p per share for the second quarter of its financial year on Tuesday, up from 1p in the same period last year.
It said the increase reflected continued rental and earnings growth, with dividends declared for the first half of the financial year now totaling 2.1p per share, fully covered by EPRA earnings.

The FTSE 250 real estate investment trust said the second-quarter dividend, which would be paid entirely as a property income distribution, was scheduled for payment on 7 March to shareholders on the register as of 21 February.

It also updated the market on its ongoing strategic review and formal sale process.

PRS said it had received several non-binding proposals for the acquisition of the company, most of which offered a premium to the current share price of 109.2p, but remained below the latest net asset value of 133.2p per share as of 30 June.

A select group of bidders would now be invited to proceed with confirmatory due diligence, which was expected to conclude by the end of the first quarter.

The board emphasised that there was no certainty an offer would be made, or on what terms.

It said it was continuing to explore all options to maximise shareholder value.

The Takeover Panel had granted a dispensation from certain disclosure requirements, allowing interested parties to remain anonymous while participating in the formal sale process without being subject to a 28-day deadline to make an offer.

At 0831 GMT, shares in the PRS REIT were up 2.35% at 111.76p.

Reporting by Josh White for Sharecast.com.

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