Grainger (GRI) Trading update summary

Operational performance and rental growth

• Achieved 3.1% like-for-like rental growth year-to-date, in line with prior guidance.

• Maintained high occupancy at 96.0% across the portfolio.

• New BTR asset, Seraphina, fully let in under four months, reflecting strong demand.

• Completed third scheme in Bristol and commenced construction on a second scheme in Guildford.

• Added a 195-home BTR scheme in Chiswick to the pipeline through a JV with TfL.

Outlook and future growth

• Strong visibility on future earnings growth supported by a robust committed pipeline.

• Market conditions favor continued demand due to undersupply and challenges for small landlords.

• Plans to redeploy approximately £0.5bn surplus capital from divestment of non-core assets.

• Focused on delivering sustainable long-term rental growth and attractive risk-adjusted returns.

• Confident in maintaining market-leading earnings growth and high occupancy.