Grainger plc, the UK's largest listed residential landlord and a growing player in the Build To Rent sector, has delivered an upbeat trading statement to its shareholders.
It has an existing £3.1 billion operational portfolio and a £2.4 billion pipeline, and it’s reported strong earnings growth in the first half of its financial year.
Helen Gordon, Grainger’s chief executive, tells shareholders: "We have delivered a particularly strong performance for the first half of the year with Adjusted Earnings up 23 per cent, largely driven by our acceleration of growth in Net Rental Income of 23 per cent.
“This is a result of an exceptional lettings performance by the team, which also drove occupancy in our [Build To Rent] portfolio to 98 per cent combined with like-for-like rental growth of 3.5 per cent and a record rate of lease up of our recent launches.
“The market has strengthened swiftly over the past six months and we have successfully capitalised on this opportunity.”
Gordon says Grainger is delivering on its growth plans which will see it double in size in the coming years.
She continues: “The UK rental market continues to have a hugely attractive outlook with significant demand, rental growth, yield compression, and structural drivers that favour the professional, large-scale landlord. At the same time, Grainger is in a strong position as market leader with a scalable national operating platform, fully-funded secured pipeline and fully integrated business model.
"We are well prepared for the economic challenges facing the UK today of inflation and cost of living rises. With a resilient customer base, high quality energy efficient homes, fixed debt costs, fixed delivery costs across the majority of our secured pipeline and limited direct exposure to other inflationary pressures, we are confident in the outlook for our business.”