Grainger plc. (GRI.L), UK-listed provider of private rental homes with a strong presence in the Build to Rent or BTR sector, released a trading update for the twelve months ending 30 September 2025. Like-for-like rental growth reached 3.6%, aligning with guidance and exceeding the long-term average. This performance reflects the strength of Grainger's high-quality portfolio and operational platform. Occupancy levels stood at 98.1%, surpassing expectations.
Capital recycling efforts through the disposal programme generated approximately 169 million pounds. This includes 82.4 million pounds from PRS disposals and 86.4 million pounds from regulated tenancies and other non-core assets, all sold in line with valuations—highlighting continued investor demand for premium residential properties.
Grainger's BTR development pipeline totals 1.3 billion pounds, with the potential to add around 4,565 new homes and generate an estimated 70 million pounds in additional net rental income, supplementing the 110 million pounds in passing net rental income as of March 2025. The committed portion of the pipeline will deliver 1,180 homes and drive EPRA earnings growth of 25% from fiscal year 2024 to fiscal year 2026, reaching 60 million pounds, and 50% growth by fiscal year 2029—demonstrating significant operational leverage.
Looking ahead, Grainger maintains confidence in its ability to deliver sustainable income growth across short, medium, and long-term horizons. The company reiterates its guidance of 50% earnings growth from fiscal year 2024 to fiscal year 2029, supported by its operational capabilities and the persistent supply-demand imbalance in the UK housing market.
Full-year financial results will be announced on 20 November 2025.
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