Grainger (GRI) Trading Update summary

Portfolio expansion and rental growth

• Added 1,113 new homes in FY24, including four new build-to-rent schemes and an acquisition.

• Like-for-like PRS rental growth reached 6.3% for the year, with occupancy at 97.4%.

• Leasing in new developments is progressing ahead of expectations, with high let rates in Cardiff and Bristol.

Asset recycling and financial strength

• Generated £274m from sales of non-core assets, exceeding last year's £194m.

• Proceeds are being redeployed to support growth while maintaining balance sheet strength.

Market environment and outlook

• UK rental demand remains strong amid constrained supply, supporting continued rental growth.

• Labour Government's opposition to rent controls and planning reforms align with Grainger's strategy.

• REIT conversion is on track for October 2025, marking a significant milestone.