Grainger’s 20 November FY results and today’s AGM trading update, in our view, showed the UK’s largest listed residential landlord in strong form to continue executing its long-term growth strategy, now as a real estate investment trust (REIT). The group’s advantage to deliver and grow through the cycle has been further highlighted by its earnings guidance of 50% growth over five years to FY29 against a backdrop of slowing housing supply more widely. Meanwhile, the group’s Sheffield development, which we recently visited, exemplifies its distinct approach.