Grainger has reported FY15 recurring PBT in line with our forecasts but has beaten our NAV forecasts on a change in discounts applied to VP to calculate carrying value (IV). NAV metrics continued to grow during the year buoyed by HPI and positive vacant realisation prices. We note positive strategic progress with this morning’s announcement that additional German assets are being sold. We see significant opportunity to create shareholder value through the continued reinvestment of reversionary capital into PRS which will deliver strong rental yields from the outset. We retain our BUY recommendation. Grainger is one of our Conviction Ideas for Q4.