8 September 2025

Grainger plc

("Grainger" or the "Company")

GRAINGER ANNOUNCES SUCCESSFUL CONVERSION TO REIT STATUS

A SIGNIFICANT MILESTONE IN GRAINGER'S TRANSFORMATION

Grainger plc ("Grainger" or "the Company"), the UK's largest listed residential landlord, is pleased to announce its successful conversion to Real Estate Investment Trust ("REIT") status, effective immediately. This follows from strong shareholder support at the Company's recent General Meeting to update its articles of association in line with today's REIT conversion.

This milestone represents the culmination of Grainger's nine-year strategic transformation into a 'pure-play' Build to Rent ("BTR") business, with a portfolio of c.11,000 rental homes, valued at £3.5bn, and with over 25,000 customers. The conversion reflects the Company's successful transformation from a complex and diverse residential trading business into the UK's leading BTR residential investment business.

Helen Gordon, Chief Executive of Grainger, commented:

"Our successful conversion to REIT status marks a significant milestone in Grainger's strategic transformation. Over the past nine years, we have fundamentally reshaped our business to become the UK's leading Build to Rent provider. This conversion enhances our ability to deliver sustainable returns to shareholders while continuing to provide high-quality rental homes for our customers."

"With our fully funded pipeline of 4,565 new homes valued at £1.3 billion and our forecast of 50% EPRA earnings growth by FY29, Grainger is well-positioned for continued success as a REIT. We look forward to the opportunities this new status brings for our shareholders, customers, and the wider Build to Rent sector."

The REIT conversion has been supported by Grainger's successful Accelerated Asset Recycling Programme, which has involved disposing of low-yielding, non-core assets. Over the past 10 years, Grainger has disposed of c.£1.8bn of non-core, low-yielding assets and invested more than c.£2.9bn into c.10,000 higher yielding BTR homes. This strategic approach has enabled Grainger to continue growing and delivering its pipeline whilst transitioning into a REIT structure which supports long-term growth and enhances shareholder returns.

The new REIT status solidifies Grainger's position as a leader in the BTR sector and enables investors of all types, including private, retail investors, to participate directly in UK housing with a trusted, profitable, and forward-looking publicly listed market leader with certainty of dividend income. Grainger as a REIT provides an opportunity for individuals seeking an alternative to direct investment in buy-to-let properties to gain exposure to the same market without the management responsibility through a tax-efficient vehicle.

Converting to REIT status positions Grainger as a more tax‑efficient investment vehicle, eliminating effective double taxation for the business and its shareholders. The move unlocks meaningful shareholder value through improved returns, strengthens the company's ability to continue to grow its dividend, and allows the business to continue to enhance its operational platform - driving customer satisfaction, long term customer retention, and sustained growth in shareholder returns.

Demand for Grainger's properties remains strong with occupancy over 96% and rental growth remaining above long term average. Grainger has a clear trajectory for future profitability, forecasting 25% EPRA Earnings growth by 2026 from FY24 and 50% EPRA Earnings growth by FY29. The Company's fully funded pipeline of 4,565 new homes, valued at £1.3 billion, offers a roadmap for steady, high-quality growth.

Grainger will issue a trading update in early October following the close of its financial year end on 30 September, and the Company will report it's full year financial results on 20 November.

-ENDS-

For further information, please contact:

Investor relations

Kurt Mueller, Grainger plc:                                                          +44 (0) 20 7940 9500

Media

Ginny Pulbrook / Geoffrey Pelham-Lane, Camarco:                     +44 (0) 20 3757 4992 / 4985                  

About Grainger
Grainger plc is the UK's largest listed residential landlord and a market leader in the UK private rented sector. Grainger is focused on growing its private rented sector portfolio through its market leading build-to-rent investment and operational platform. Grainger has a national portfolio of over 11,000 rental homes, with a further c.4,500 build-to-rent homes in its £1.3bn pipeline.