Newcastle-headquartered REIT Grainger plc, the UK’s largest listed residential landlord, said it increased its net rental income by 7.8% to £66.1 million in the six months ended March 31, 2026, and its interim dividend increased 3% to 2.94p per share.
Grainger CEO Helen Gordon said: “Grainger continues to deliver a strong performance, despite operating in a time of global and market uncertainty. We continue to build a resilient, high quality income stream. Occupancy remains high, rental income continues to grow along with our portfolio, and like-for-like rental growth continues in line with expectations, underpinned by wage inflation.
“We are on track to deliver our target of £60m (8.1pps) EPRA Earnings for this financial year, a 12% increase from FY25, and £72m (9.7pps) for FY29, a 35% increase. Grainger continues to deliver compounding earnings growth, with strong EBITDA margin expansion continuing. We are again increasing our dividend for the period, the 21st consecutive period of dividend growth.
“Earlier this month the new Renters’ Rights Act took effect, which we have supported from the beginning. The new legislation strikes a balance between tenant and landlord rights, albeit it is contributing to structural changes in the sector with smaller, private landlords exiting, and larger scale, professional landlords gaining market share.
“Housing is a needs-based asset class. Everyone will always need a place to live. Grainger’s rental income is underpinned by wage inflation, with a diversified, growing customer base and targeted asset clusters in the UK’s biggest cities. We have limited energy cost exposure, insulating us and our customers from inflationary cost pressures over the coming months.
“We remain focused on our financial discipline and have a clear capital allocation strategy designed to deliver shareholder value, with a focus on reducing net debt from our disposals programme in order to offset higher interest rates as our low-cost debt facilities mature. And as we complete our committed pipeline of high quality BTR schemes our earnings will grow as we leverage our sector-leading operational platform.
“As the UK’s only listed, scaled, pure‑play build‑to‑rent platform, we continue to benefit from a structurally undersupplied rental market and long‑duration, inflation‑linked income. The outlook for Grainger is excellent.”