Grainger maintains rental guidance and outlines debt reduction through FY2029

Grainger reported on the 11 months to August on 7 September 2026.

Operating performance

Build-to-rent occupancy remains around 96%, with 3% like-for-like rental growth, in line with guidance.

At Bristol's Glasshouse Square, 313 of 374 homes were let or under offer after nine months. The company also secured planning permission in Cambridge through its Network Rail partnership.

Capital plan

Management remains on track for 35% earnings growth from FY2025 to FY2029, based on its committed development pipeline. Approximately £120m of investment remains to deliver those schemes.

The company plans to reduce net debt by £300m–£350m by FY2029, supported by accelerated disposals from an approximately £850m pool of non-core assets.

It has removed £2.4m of central costs and targets another approximately £2m of savings during FY2027.

What to assess

The earnings and debt figures are forward targets, not achieved results. Delivery depends on leasing, development costs and disposal execution.

Full-year results are scheduled for 19 November, providing the next detailed test of earnings, cash generation and financing costs.

Source: Company announcement, 7 September 2026.