Landlord shrugs off rate rise with strong earnings

THE chief executive of major residential landlord Grainger has hailed the company’s performance despite the challenge of high interest rates.

- TOM KEIGHLEY Business writer [e-mail]

Helen Gordon, who runs the Newcastle-based listed property business, pointed to high occupancy rates and income growth - promising continued shareholder returns.

Preliminary full-year results for Grainger - which owns more than 11,000 build-to-rent homes - show a 12% rise in net rental income to £123.6m and European Public Real Estate Association (EPRA) earnings - a key measure of performance - were up 12% to £53.7m.

The mid-market specialist said high interest rates had put pressure on the market in general, but that thanks to its portfolio expansion and cost management it had delivered strong earnings growth and its 20th consecutive period of dividend increase. That was up 10% to 8.31p per share.