Grainger plc (GRI) Reports Over 96% Occupancy and 3% Rental Growth in Build to Rent Portfolio in Latest Trading Update

Grainger plc (GRI), the UK's largest listed provider of private rental homes with a portfolio exceeding 11,000 properties, has released a trading update for the eleven months ending August 2026. The company recorded occupancy rates above 96% and like-for-like Build to Rent (BTR) rental growth of 3%, both aligning with prior guidance. Grainger reaffirmed its goal to increase earnings by 35% from FY25 to FY29, supported by a committed development pipeline and an accelerated disposal programme targeting approximately �a3850 million in non-core asset sales. The full year results for the fiscal year ending 30 September 2026 are scheduled for publication on 19 November 2026. Key Points Grainger plc (GRI) remains the UK's largest listed private rental homes provider BTR portfolio occupancy sustained above 96% with 3% like-for-like rental growth through August 2026 Targets 35% earnings growth from FY25 to FY29 alongside planned net debt reduction of �a3300�a3350 million by FY29 end Investors to monitor 19 November 2026 full year results and progress on �a3850 million non-core asset disposal programme Grainger's Build to Rent Portfolio Maintains 96%+ Occupancy Amid Robust Rental Demand Grainger's core Build to Rent portfolio sustained spot occupancy above 96% through August 2026, consistent with levels reported at the half year in March 2026. The company is receiving around 1,400 weekly customer enquiries, demonstrating strong ongoing demand for professionally managed rental homes across its holdings. Like-for-like rental growth in the BTR segment reached 3% for the eleven-month period, up slightly from 2.9% at the half year. Grainger also noted no significant rise in tenant notices or rent disputes following the introduction of the Renters' Rights Act in May 2026. Glasshouse Square Bristol and Cambridge North Projects Mark Key Pipeline Developments Grainger's latest BTR development, Glasshouse Square in Bristol with 374 homes, has leased 313 units—83% of capacity—within nine months of its November 2025 launch, outperforming expectations. Additionally, planning permission has been secured for the Cambridge North Residential Quarter, a 425-home project adjacent to Cambridge North station, developed in partnership with Network Rail's Platform4 and blocwork, marking Grainger's inaugural investment in Cambridge. A planning application for a 252-home scheme in Nottingham has also been submitted through the same partnership. �a3300�a3350 Million Debt Reduction and �a34.4 Million Cost Savings Drive Capital Strategy Grainger's capital allocation plan includes completing three committed pipeline schemes—The Merrick in Southall, The Mint Phase 2 in Guildford, and Bollo Lane in Chiswick—with �a3120 million of remaining investment. The company aims to reduce net debt by �a3300�a3350 million by the end of FY29 to mitigate higher interest expenses. Regarding overheads, �a32.4 million in central costs were cut at the start of the current financial year, with an additional approximately �a32 million targeted in FY27, totaling a 12% reduction in the overall cost base. Political Stability and Rent Control Clarity Support Grainger's Positive Outlook The update highlights a more stable political environment following the new Prime Minister's Cabinet appointments, including Angela Rayner's return as Housing Secretary and Matthew Pennycook as Housing Minister. Grainger maintains a positive working relationship with both officials and welcomed the Housing Secretary's public rejection of rent controls shortly after taking office. This political continuity is seen as supportive of the private rental sector and reinforces Grainger's confidence in its earnings growth trajectory through FY29.