Grainger PLC (GRI:LSE) delivered a strong full-year investor update highlighting robust earnings momentum, disciplined capital allocation, and accelerating rental income growth driven by its position as the UK’s largest build-to-rent investor-operator. Following its recent conversion to REIT status—which removes corporation tax on rental income and adds £15m to annual returns—the company reported 12% net rental income growth, 12% earnings growth, 10% dividend growth, and high operational performance with 98.1% occupancy, 61% retention, and rents averaging just 28% of tenant income. Management reiterated guidance of £60m EPRA earnings by FY26 and £72m by FY29, representing 50% growth from FY24 despite refinancing into higher interest rates, supported by 3–3.5% expected annual rental growth, a committed £343m pipeline (only £130m left to invest), continued £175m+ annual disposals from £900m of low-yielding legacy assets, and EBITDA margin expansion toward 60% as the platform scales. Market fundamentals remain favourable, with intensifying UK housing shortages, rising rental demand, and private landlords exiting the sector, reinforcing Grainger’s low-risk, inflation-linked income model. Regulatory clarity following the Renters’ Rights Act confirms no rent controls and aligns with Grainger’s operational standards, while technology-driven customer insight supports sector-leading satisfaction scores and strong leasing performance. With a clear deleveraging plan targeting £300–350m debt reduction, LTV moving toward 30%, and dividends transitioning fully to EPRA earnings coverage by FY28, the company emphasised a compelling long-term growth trajectory grounded in secure pipeline delivery, operational excellence, and sustained demand for professionally managed rental homes.