Grainger has achieved rental growth of 6.3% over the 12 months to September 2024, though this is short of the 7.7% increase recorded the year before.
This has seen the listed residential landlord generate net rental income of £110.1m over the period, up 14% from £96.5m in the previous year.
Grainger’s earnings have also increased with £48m recorded over the last 12 months, up from £39.8m.
This has helped the firm generate pre-tax profits of £40.6m, up 48% from £27.4m. Dividends have been increased accordingly by 14% to 7.55p per share.
Grainger has been able to grow both its earnings and rental income by expanding its portfolio over the year.
By acquiring sites in Birmingham, Bristol, Manchester and London, Grainger added 1,236 new homes to its portfolio to bring this to 11,069 private rental homes worth £3.4bn.
The firm, which will soon convert to a REIT, has also expanded its BTR portfolio and has a pipeline of 4,730 homes worth £1.4bn.
At the same time, Grainger has recycled out of non-core assets and generated £274m through disposals. Much of this - £270m - has been re-invested into BTR assets.
Commenting on the results, Helen Gordon, CEO at Grainger, said: “It has been pleasing to see the government’s commitments to increase housing supply and investment.”
“Plans to raise standards in the rental sector play to Grainger’s strengths as a leading landlord with a best-in-class operating platform and a responsible approach to housing provision.
“Grainger is best placed to help alleviate [rental supply issues] through continued investment and housing delivery, accelerating our growth for years to come.”