Newcastle-headquartered Grainger plc, the UK’s largest listed residential landlord, on Thursday reiterated its guidance of “50% earnings growth from FY24 to FY29.”
Grainger, the UK’s largest listed provider of private rental homes and leader in the Build to Rent (BTR) sector, providing over 11,000 rental homes, published an update on trading for the 12 months to the end of September 2025.
Grainger plc CEO Helen Gordon said: “Grainger has delivered another year of strong rental income growth, demonstrating the resilience of our business model despite the current economic environment.
“Our like-for-like rental growth of 3.6% is in line with guidance and remains above the long-term average, supported by our high-quality portfolio and market-leading operational platform. Our newly completed developments are leasing up well ahead of expectations and underwriting.
“Our portfolio continues to perform exceptionally well with occupancy at 98.1% ahead of expectations. This performance reflects the strength of our operating platform and inhouse leasing capability, our portfolio of high quality, mid-market homes in great locations and the structural imbalance between supply and demand in the UK rental market. This strong occupancy underpins the security of our income and provides a solid foundation for sustainable growth.
“We have strategically recycled capital through our disposal programme, generating c.£169m. This includes £82.4m from PRS disposals, sold in line with valuations, demonstrating the strong investor appetite for high-quality residential assets, and £86.4m from regulated tenancies and other non-core disposals, also at prices in line with valuations.
“This strong sales performance continues and we enter our new financial year with a strong sales pipeline, including c.£25m of sales exchanged in the first week. Sales proceeds are being efficiently redeployed into our Committed Pipeline of higher-yielding BTR assets.
“Our asset class and its performance is largely detached from much of the macro economic headwinds facing the UK as evidenced by our strong operational performance.
“The Government’s continued commitment to stimulating housing investment and improving standards in the rental sector aligns perfectly with our strategy and existing high standards. We will continue to work closely with policymakers, demonstrating how BTR forms part of the solution to the UK housing crisis.
“As we enter our next financial year as a REIT, we are excited about the enhanced shareholder returns this will deliver. This transition represents the culmination of our strategic transformation into the UK’s leading Build to Rent operator.
“Looking ahead, we remain confident in our ability to deliver sustainable income growth over the short, medium and long term and we reiterate our guidance of 50% earnings growth from FY24 to FY29, delivered by our market-leading operational capabilities and supported by the fundamental supply-demand imbalance in the UK housing market.”