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(Sharecast News) - Private housing provider Grainger said net rental income rose 15% year on year in the four months to the end of January 2025, driven by strong demand and portfolio growth, and added that government plans to build more homes "further strengthens our outlook for the future".
Total like-for-like rental growth in the year to date had risen 4.7%, with occupancy at 96%. Grainger is the UK's largest listed provider of private rental homes with a 3.4bn operational portfolio of 11,100 homes and a 1.4bn pipeline of a further 5,000 build-to-rent houses.
"We expect to deliver continued growth in strong, reliable, cash-backed earnings for years to come, and our conversion to a REIT later this year, marks Grainger's transformation away from a trading business to a total returns focused investment business underpinned by reliable, recurring income," the company said in a trading update on Wednesday.
It added that it had targeted earnings growth of 50% in the medium term through the delivery of its committed build-to-rent investment pipeline.
Reporting by Frank Prenesti for Sharecast.com
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