In the ambition of growing its build-to-rent (BTR) portfolio, we believe Grainger has a unique advantage relative to much of the peer group: its in-demand stock of reversionary properties can support its current expansion plans, whereas rivals are more dependent on expensive debt and a depressed forward-funding market, despite huge demand for rental homes. This update highlights Grainger’s projects during a window of opportunity, when we see it on the front foot while others struggle to gain traction.