Grainger plc has reported its preliminary full year results for the 12 months to 30th September 2025, with net rental income up 12%.
Pre-tax EPRA earnings also increased by 12%, while dividend per share was up 10%.
Occupancy remained high at 98.1%.
The business has reiterated its FY29 guidance of £72m EPRA earnings (9.7pps), 8%+ total accounting return and loan-to-value (LTV) around 30%.
Customer affordability stayed at 28% of gross household income.
Rental growth for FY26 is expected to be in line with the long-term average of 3% to 3.5%.
Helen Gordon, CEO of Grainger plc, said: “It is my pleasure to once again report that we have delivered an excellent performance and another year of strong earnings growth.
“Our focus on delivering great homes and great service to our customers and excellent risk-adjusted returns for shareholders has meant we have delivered an increase in earnings of +12%, an increase in net rental income of +12% and a +10% increase in dividend, our 20th consecutive period of increasing our dividend, which has seen us distribute c.£345m to shareholders over the past 10 years.
“In the last 7 years we have delivered like-for-like rental growth on average of 4.1% per annum.”
Gordon added: Customer affordability remains resilient and customer satisfaction levels remain sector-beating and put us on par with leading global consumer brands.
“This year, after the successful transformation of Grainger into the UK’s leading listed build-to-rent business, we converted to a Real Estate Investment Trust (REIT), which will enhance shareholder returns and supports our enduring strategy.
“We have certainty and clarity over the regulatory landscape for our market with the Renters’ Rights Act, which aligns to our business model and rejects any form of rent control.”
She said: “Our asset class is characterised by strong fundamentals and is low-risk.
“Both residential rents and capital values have outperformed commercial real estate for the past twenty years. Residential rents, on average, outperform inflation.
“The net asset value of our portfolio has proven resilient again this period, backed up by disposals, and over the past five years despite increased interest rates the net asset value of our portfolio has increased +5.0%.”
She added: “We are committed to continuing to deliver progressive dividend growth for years ahead.
“It has been another excellent performance for Grainger and the outlook for the business is bright as we continue to deliver sector-leading earnings growth despite macro-economic headwinds.”
