Ren wel.
Live wel.
Annual Report and Accounts 2025
Chair’s statement
p04
Chief Executive’s
statement
p05
Financial
review
p31
Strategic report
Our year in review 02
Chair’s statement 04
Chief Executive’s statement 05
Our purpose in action 09
We are in great shape 18
Our portfolio 20
Our market 22
Our value creation model 24
Key performance indicators (KPIs) 28
Non-financial/ Sustainability KPIs 30
Financial review 31
Grainger's approach to sustainability 36
Our people 38
Our assets 44
Our environment
46
Streamlined Energy and CarbonReporting 48
Task Force on Climate-related
FinancialDisclosures
53
Risk management and internal controls 61
Principal risks and uncertainties 64
Viability statement 70
Governance
Chair's introduction togovernance 72
Leadership and purpose 74
Stakeholder engagement 80
Division of responsibility 86
Nominations Committee Report 88
Responsible Business Committee Report 92
Audit & Risk Committee Report 95
Directors’ Remuneration Report 100
Annual Report on Remuneration 110
Directors’ Report 120
Statement of Directors’ responsibilities 122
Alternative performance measures 123
Financial statements
Independent Auditor’s Report 125
Consolidated income statement 132
Consolidated statement
ofcomprehensiveincome
133
Consolidated statement of financial position 134
Consolidated statement
of changes in equity
135
Consolidated statement of cash flows 136
Notes to the financial statements 137
Parent company statement
offinancial position
174
Parent company statement
ofchangesinequity
174
Notes to the parent company
financial statements
175
EPRA performance measures (unaudited) 180
Five year record (unaudited) 184
Other information
Shareholders’ information 185
Glossary of terms 186
Advisers and Registrar details 187
Forward-looking statements
This Report may contain forward-looking statements
with respect to certain plans and current goals
and expectations relating to the future financial
condition, business performance and results of
Grainger. Further information about forward-looking
statements can be found in the Shareholders'
information section on page 185.
Read more about our
great rental offer.
At Grainger we are passionate about
delivering a great place to call home.
Our ‘Rent Well. Live Well.’ proposition
is about working continuously to make
renting as easy and enjoyable as possible.
To deliver on our purpose of renting
homes and enriching lives.
p09
The Copper Works, Cardiff
1
Financial statementsGovernanceStrategic report
Our year in review
REIT Conversion: A strategic
transformation delivered
Financial performance
highlights
EPRA earnings
+12%
£53.7m (FY24: £48.0m)
Total dividend
+10%
8.31pps (FY24: 7.55pps)
Net rental income
+12%
£123.6m (FY24: £110.1m)
Net asset value (EPRA NTA)
298p
(FY24: 298p)
Following another year of continued strong performance, Grainger delivered
its strategic transformation to become a Real Estate Investment Trust (REIT).
This milestone demonstrates the fundamental reshaping ofthe business to
becomethe UK’s leading build-to-rent (BTR)
1
provider.
The conversion reinforces our excellent outlook and enhances our ability
todeliversustainable returns to Shareholders while continuing to provide
high-qualityrental homes for our customers.
1. Previously referred to as the private rented sector/PRS.
2. Pre -Ta x .
The Kimmeridge, Oxford
2
Grainger plc
Annual Report and Accounts 2025
Portfolio facts
A platform that consistently delivers strong
operational performance
Modern:
Majority of BTR portfolio built after 2016
Energy efficient portfolio:
with 96% BTR portfolio with EPC ratings
betweenA-C
Well located:
Investing in leading cities with great connectivity
andconvenience, where rental demand is
greatestand growing
Value for money:
Mid-market pricing with added benefits, including
Wi-Fi, Gyms, Co-working spaces and on-site
resident services teams at no extra cost to
our customers
A committed safety culture:
Our commitment to building safety informs
ourdesignsand operations
Operational performance highlights
Strong capital structure with
lowcost funding sources to
support growth
• c.£900m of non-core, low yielding assets to recycle and
reinvest capital into higher yielding BTR opportunities.
• Low cost debt locked in until FY29.
• Downward LTV trajectory over the medium term.
• Track record of strong operating cash flows of c.£200m+
per annum from operating activities and sales proceeds.
Market leading growth
trajectory
• Continuing to target £60m pre-tax EPRA earnings
by FY26 and £72m by FY29 from the delivery of our
Committed Pipeline.
• Further growth opportunity from Pipeline Phases 2
(Secured) and 3 (Planning and Legals).
• Material EBITDA margin expansion to 60% by FY29.
Like-for-like rental growth
(FY24: 6.3%) (FY24: 97.4%) (FY24: 53.7%)
(FY24: 28%)
(FY24: 99%) (FY24: +48)
+3.6%
Customer affordability (rent as a
percentage ofgross income)
28%
Occupancy
98.1%
Rent paid on time
99%
EBITDA margin
55.5%
Customer Net Promoter Score
+42pts
The Copper Works, Cardiff
3
Financial statementsGovernanceStrategic report
Chair’s statement
D
ear Shareholders,
It is with great pleasure that I present
my final annual statement as Chair of
Grainger plc and I am pleased to report
another year of excellent performance
andstrategic progress.
The Board visited our new site in Cardiff
during the year and were incredibly
impressed by what they saw and the
dedication and enthusiasm of our on-site
teams whose prime role is to look after
our customers.
Delivering for Shareholders
Despite a challenging macroeconomic
backdrop, including persistently high
interest rates particularly affecting the
listed real estate sector, Grainger has
continued to deliver.
Our resilient, low-risk business model
has once again proven its strength.
We achieved exceptional occupancy at the
end of the year at 98.1%, sustained rental
growth of 3.6%, whilst maintaining healthy
customer affordability.
Our disciplined capital structure, including
a low cost of debt until FY29, has
insulated us from the broader interest rate
environment. As a result, we are pleased
to announce another consecutive year of
dividend growth (total dividend: 8.3pps,
+10%), reflecting our commitment to
delivering progressive returns.
This year also marked a pivotal milestone:
Grainger’s conversion to a Real Estate
Investment Trust (REIT), further solidifying
our position as the UK’s leading listed
residential rental investment business
and enhancing long-term value
for Shareholders.
We remain on track to deliver continued
earnings growth over the coming years
through the delivery of our Committed
Pipeline. To support returns and continued
earnings growth, the Board took the
decision to focus on cost reduction and
de-leveraging in the years ahead.
Delivering for our customers
Grainger has the UK’s leading residential
operating platform, underpinned by our
CONNECT system and substantial data
insight. This unrivalled platform not only
continues to deliver for Shareholders,
but importantly it delivers for our tens
ofthousands of customers.
Our focus on the delivery of a great
customer experience is reflected in our
outstanding Net Promoter Score of
+42, placing us among the world’s most
trusted consumer brands. Nine out of ten
Grainger residents say they “really like”
their home and trust the Grainger brand.
This reputation is built on our commitment
to quality, service, and innovation, ensuring
that all our customers across the UK feel
valued and supported.
Delivering for our colleagues
We are equally committed to fostering
a diverse, inclusive, and rewarding
workplace. Grainger’s recognition by
the UK’s National Equality Standard
underscores our dedication to best-in-
class practices. Our biannual colleague
engagement survey is a key consideration
for the Board and the Senior Executive
team and leads to detailed action
plans which have resulted in one of our
highest scores to date for ‘Outstanding’
employee engagement. We are proud
to be recognised as one of the UK’s Top
50 Large Employers, a testament to our
culture and values.
Delivering for the environment
Sustainability remains at the heart of our
strategy. This year, our emissions reduction
targets were validated by the Science
Based Targets initiative, reaffirming our
commitment to reducing our carbon
footprint. We continue to enhance the
energy efficiency of our portfolio, with 96%
of our BTR properties now rated EPC A to
C. These achievements demonstrate our
commitment to responsible growth and
environmental stewardship.
Delivering Live.Safe
We continue to build on our commitment
to our health and safety culture and
compliance with our Live.Safe strategy,
achieving year-on-year improved high
scores in our safety climate survey of
colleagues. We are progressing well with
the implementation of the new Building
Safety Act requirements, ensuring that
our buildings are safe for residents
and colleagues.
Concluding remarks
In the last month the Government
has passed legislation that covers the
rental market in England and Wales.
We welcome the passage of the Renters’
Rights Bill, which we believe will raise
standards across the private rented
sector, while ensuring the market remains
attractive to long-term, responsible
investors like ourselves, and our existing
high standards mean we are ready to
implement these changes when they
come into effect in 2026.
It has been an honour to serve as Chair
of Grainger, an exceptional business that
consistently delivers value to Shareholders,
customers, colleagues, and communities.
I am delighted to welcome Simon Fraser
as Chair Designate. Simon brings extensive
board-level experience in real estate
investment and capital markets, and I am
confident he will guide Grainger to even
greater success.
When I look back over the last nine years I
am amazed at the progress the Company
has made in terms of the quality and
number of the homes we provide, the
experience and service we deliver to all our
customers and the step change in financial
performance achieved. This is a testament
to the whole Grainger team and especially
to Helen’s leadership of the Company.
The Board continue to believe Grainger is
well positioned for continued growth as
the leader in its sector and I look forward to
watching its progress in the years ahead.
Mark Clare
Chair
19 November 2025
Grainger has
delivered an
outstanding
performance.”
4
Grainger plc
Annual Report and Accounts 2025
Chief Executive’s statement
D
ear Shareholders,
Once again I am pleased to say
your company has delivered another
excellent performance with strong income
growth, evidencing our resilience despite
macroeconomic headwinds.
These challenging macro factors,
including enduring high interest rates, are
undoubtedly putting downward pressure
on the listed real estate sector generally.
However we are focused on what is in
our control, such as growing income,
managing costs, and enhancing our
portfolio of high quality-homes.
Continuing to deliver excellent
earnings growth
Portfolio expansion and strong operational
performance delivered another year of
strong earnings growth, with pre tax EPRA
earnings up +12%. IFRS profit before tax
was £102.6m (FY24: £40.6m) as a result
ofpositive valuation movements.
Grainger operates in the UK housing rental
market which continues to see a worsening
supply shortage coupled with strong
demand. Our sector-leading operational
platform enables us to outperform and
we delivered exceptional occupancy in the
year of 98.1% alongside robust like-for-like
rental growth of 3.6%, broadly in line with
the long run average.
Our customer affordability level remains
robust at 28% and customer satisfaction
levels remain sector-beating with scores
alongside global consumer brands.
Our capital structure is in a strong position
with our average cost of debt at 3.3% and
remaining low until FY29, with plans in
place to reduce debt in the medium-term.
We will continue to recycle out of our
low-yielding, non-core assets (primarily
regulated tenancies) which will fund
the remaining spend in our Committed
Pipeline and enable us to reduce net debt
by between c.£300m-£350m by FY29 to
support ongoing earnings growth.
We continue
to enrich
the rental
experience.”
Helen Gordon
Chief Executive
5
Financial statementsGovernanceStrategic report
Chief Executive’s statement continued
Grainger is therefore well positioned to
continue to grow and deliver Shareholder
value. Our £343m Committed Pipeline,
with only £130m remaining to spend, will
grow earnings significantly. We continue to
target £60m earnings (pre tax EPRA basis)
by FY26 and £72m by FY29 in line with
prior guidance.
In addition, we have a significant pipeline
of future opportunities which provides
us optionality to accelerate growth in
the future.
Strategic transformation
culminating in REIT conversion
It is almost 10 years since I set out our
build-to-rent (BTR) strategy and our
ambition to deliver for Shareholders a
company with resilient earnings in an
undersupplied market. We laid out a
path toward transforming Grainger into
a focused, simplified residential rental
investment business and over the past
10years we have delivered:
• +14% 10yr CAGR in Net Rental Income
• Significantly increased EPRA earnings
to £54m
• Increased EBITDA margins by nearly
3times from 19% to 56%
• Increased dividend per share by +202%,
20 consecutive periods of growth,
distributing c.£345m to Shareholders
over the 10-year period
• Improved customer satisfaction by
2.75times or +66pts since we first
measured NPS in 2017
We have disposed of £1.9bn of non-core
assets over the 10-year period and have
invested to create from scratch our BTR
portfolio which now stands at £2.9bn
and 11,078 homes, serving more than
25,000 customers.
Only 2.5% of the rental market is BTR
with the remainder mainly made up of
small, private landlords who continue to
exit the sector. At the same time, demand
for renting continues to grow with Savills
forecasting 20% growth in demand for the
10 years to 2031.
Strong customer base
Our customer base is diverse and robust.
Customer affordability remains stable and
healthy at 28%, and our customers are
employed across a broad range of sectors
and job types.
A certain and supportive
regulatory outlook
There is a strong political and societal
push toward greater professionalisation.
In October this year the Government
passed the Renters’ Rights Bill. We now
have certainty over the regulatory outlook
for our market and we have confirmation
that this Government fundamentally
opposes any form of rent controls.
We are well positioned to thrive in this
new legislative environment.
All these factors provide a strong
foundation for Grainger’s continued
futuresuccess.
A market-beating strategy with
a sector leading portfolio and
operational platform underpinned
by data insight
Grainger’s BTR strategy is to invest in
and provide mid-market rental homes in
locations with the greatest demand and
shortest supply.
We own and manage all our properties
directly. We are responsible for the
customer relationship and this overall
approach allows us to outperform.
This major transformation focusing on
growing recurring rental income has
enabled us to convert to a Real Estate
Investment Trust (REIT) this year, which
requires at least 75% of assets and profits
to come from rental investments.
REIT status will enhance Shareholder
returns and importantly will not impede
our growth trajectory. Our business model
and strategy remains unchanged.
Grainger has a compelling investment case:
• Low risk asset class with resilient growth
• Strong market fundamentals
• Strong customer base with positive
outlook for rental growth
• Certain and supportive
regulatory outlook
• Sector leading portfolio and operational
platform underpinned by data insight
Residential rental: Low risk
asset class with excellent
growth prospects
Residential rental has some of the most
defensive characteristics of any real
estate asset class. 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 sales. Over the
past five years despite increased interest
rates the net asset value of our portfolio
has increased +5.0%.
Strong market fundamentals
A worsening supply shortage with a
current deficit of 4.3m homes nationally
contrasts starkly with a growing
population of renters.
28%
Grainger customer
affordability ratio
Grainger is well
positioned to continue
to grow and deliver
Shareholder value.”
Helen Gordon
Chief Executive
6
Grainger plc
Annual Report and Accounts 2025
It allows us to fully understand our
customers, their preferences and drivers
and respond accordingly. Our technology
platform, CONNECT, enables us to
manage a large portfolio efficiently
and effectively.
Our sector-leading operational
platform is focused on delivering great
service to customers and great value
for Shareholders.
Delivering outperformance
Our strategy has proven that it delivers.
We continue to achieve high occupancy
and responsibly drive rental growth
year-on-year.
This in turn delivers shareholder returns.
EPRA Earnings were up +12% this year,
after a 24% increase last year. And this
growth will continue.
From the delivery of our Committed
Pipeline, after assuming a full rebasing
of our debt costs to a higher rate,
we expect to grow EPRA earnings
significantlyto£72m by FY29.
The portfolio continues to demonstrate
its resilience with valuations stable and
EPRA NTA resilient at 298p per share.
The value of our portfolio (EPRA NTA) is
up +5.0% over the past five years despite
the high interest rate environment.
This is amongst the highest in the real
estate sector, evidencing our resilience.
And our accelerated disposals programme
reaffirms the value of our portfolio with a
high volume of varying asset types being
sold in line with valuations. Over the last
three years, we have sold £640m of non-
core assets.
Due to the strength of Grainger’s ongoing
performance, we are proposing a final
dividend of 5.46p per share, which brings
our total dividend for the year to 8.31p,
a+10% increase.
A leading approach to the
workplace, communities and
environment
We are committed to being a great
place to work. Our recognition by the
National Equality Standard reaffirms
this commitment.
Equally, our colleagues confirm that
Grainger is a great place to work. This year
we achieved our highest ever employee
engagement score, securing two out of
three stars for being an ‘Outstanding’
workplace by the independent assessor
Best Companies, and placing in the
Top 50 best places to work in the Large
Company category.
Our high performance and inclusive
culture is central to Grainger’s continued
success and strength.
Over the year, we partnered with
over 30 local charities, giving both
colleagues and customers the
opportunity to give something back to
their local communities. Much of our
charitable efforts focus on housing and
homelessness, aligned to our business.
One standout initiative is our partnership
with the youth homelessness charity,
LandAid, and our involvement in their
BTR Pathfinder programme, which sees
us pledging accommodation to support
young people at risk of homelessness.
People at the Heart
We’re committed to enriching lives and
building vibrant communities. This year,
we hosted over 630 social events in our
amenity spaces, creating opportunities
for connection and engagement.
Seraphina Apartments,
Fortunes Dock Cluster,
Canning Town
7
Financial statementsGovernanceStrategic report
Engaged Workforce
We achieved our highest ever
employee engagement score,
securing an Outstanding rating,
and placing in the Top 50 best
places to work in the Large
Company category
Chief Executive’s statement continued
To date, we have supported three
young people to give them a home in
our communities from which to start
living independently.
We have for many years also taken a
sector leading approach to sustainability.
I am pleased to report that this year our
emissions reduction targets have been
validated by the globally recognised
Science Based Targets initiative (SBTi)
and align to the 1.5 degree climate
commitment by the UK Government
andthe Paris Agreement.
Because of our strong sustainability
credentials, we have now been added to
the Dow Jones Best-in-Class Indices for
Europe for 2025, supplementing our high
ratings in a number of other benchmarks.
And I am pleased to report that 96% of
our BTR portfolio now has EPC certificates
of between A to C, providing our
customers energy efficient homes.
An excellent, positive outlook
As I first mentioned, what we have in our
control is in excellent shape and we intend
to ensure this remains the case.
A focus on capital allocation and
delivering shareholder value
With current expectations of high interest
rates remaining, we are focusing our
attention on the imminent delivery of our
Committed Pipeline and delivering our
guided EPRA earnings target of £72m
by FY29. Our other priority is to reduce
net debt in order to mitigate against the
impact of higher interest rates.
These initiatives are both deliverable
because of our successful ongoing
disposals programme.
We are equally focusing our attention
on costs, particularly central overheads.
Our platform has been designed for
growth and scale, and as the pace of our
acquisitions naturally settles to align to
the prevailing market conditions, it is
important we manage costs appropriately
in the interim. We therefore have
plans in place to ensure central costs
are as efficient as possible and sized
appropriately for the scale and nature
ofour portfolio.
With this front footed approach, we will
maintain the strength of our market
positioning to enable us to accelerate
growth swiftly in the future.
I would like to thank the Board of
Grainger and particularly our Chair of
the last nine years, Mark Clare, for his
unwavering support of our strategy and
for his guidance and insights he has given
me and the senior leadership team of
Grainger. His support has been invaluable.
I would also like to thank Justin Read,
our Senior Independent Director, for
leading the search for our Chair Designate,
Simon Fraser. I look forward to working
with Simon.
Finally, I would like to thank my colleagues,
an exceptional team who have once again
delivered for you.
Helen Gordon
Chief Executive Officer
19 November 2025
8
Grainger plc
Annual Report and Accounts 2025
Grainger’s core purpose is
to rent homes and enrich
lives. We consider all
our stakeholders in our
decision-making.
We are committed to providing good quality
homes to rent that are safe, well maintained
and with great connectivity. We are creating
communities where people can truly feel at
home and delivering excellent service and value.
Windlass Apartments, Tottenham Hale
9
Financial statementsGovernanceStrategic report
10
Grainger plc
Annual Report and Accounts 2025
“ The team are awesome and
always ready to help with a
smile on their faces.”
Ben,
Grainger customer
W
e enrich the lives of our customers by
providing an exceptional service from
day one. Whether logging a repair on our
easy-to-use customer app, accessing the
24-hour gym in the middle of the night, or
picking up a parcel and having a friendly chat
with the resident services team, we make
living easy, convenient and hassle-free.
11
Financial statementsGovernanceStrategic report
W
e invest where our customers can
thrive, choosing locations
that offerthe best of connectivity,
convenienceand quality of life.
Through a robust, research-led process,
wehave identified the best places to invest
“ The location is fantastic,
easy access to public
transport, shops and
nearby attractions.”
Abhinandan,
Grainger customer
in and build our homes, ensuring our
customers are well connected to all their
needs and wants.
With an average Walk Score of 87/100,
our homes are close to transport hubs,
employment centres, local amenities,
andcultural and recreational facilities,
keeping our customers connected to
thethings they value most.
12
Grainger plc
Annual Report and Accounts 2025
F
rom the moment a customer
chooses to rent with Grainger,
they are instantly connected.
Customers deal directly with the
Grainger team throughout the tenancy
lifecycle - from initial enquiry, to
move-in, right through to move-out –
withno middlemen.
Tatyana,
Grainger customer
“ The resident app
is a fantastic feature
– it works flawlessly.”
Customers also enjoy superfast Wi-Fi
as standard from day one in most of our
properties. Through our user-friendly
customer app, they can bookhome
repairs, hire amenity spaces, sign up to
resident social and community events,
and even buy and sell clothes, furniture
and home accessories through the
app’s marketplace.
Our well-connected homes and
customerscreate vibrant communities
inall of our buildings.
13
Financial statementsGovernanceStrategic report
“ I can’t imagine
being anywhere
else! I’ve made so
many friends.”
Grace,
Grainger customer
W
e believe in creating happy
and healthy communities
withinour buildings.
By engaging with our customers,
partners,colleagues and wider local
community, we have created a varied
programme of social, charitable and
community events across our buildings.
From living greener articles and healthy
living tips on the customer app, to
charitable donation schemes and local
charity partnerships through to social
events throughout the year including
summer parties, book clubs, painting
evenings and after school clubs,
customers can get involved in as much
oras little as they like and feel part of
theGrainger community.
Grainger Gather resident event:
Clippers Quay, Salford
14
Grainger plc
Annual Report and Accounts 2025
W
e pride ourselves on giving
customers more than just a home.
We want them to feel like they can put
down roots and stay with us for the long-
term.
Henry,
Grainger customer
“ It’s not just an
apartment; you
can make it a
real home.”
By offering customers the opportunity
topersonalise homes, work flexibly in
ourco-working spaces, enjoy bookable
spaces such as private dining rooms and
roof terraces with family and friends,
andtake part in social events throughout
the year, we believe we are delivering great
places to live and call home.
Seraphina Apartments, Fortunes Dock
Cluster, Canning Town
15
Financial statementsGovernanceStrategic report
“ We managed to find
the flat of our dreams
that felt equally safe
and secure!”
Nevaeh,
Grainger customer
Millwrights Place, Bristol
16
Grainger plc
Annual Report and Accounts 2025