Grainger has reported interim results showing strong NNNAV growth driven by HPI in the period, ahead of our forecasts, as well the conclusions of the operating cost review. NNNAV grew by 8% whilst LTV fell by 250bps on receipt of proceeds from a number of disposals. The cost review has concluded that there are a number of opportunities to reduce the overall cost base. We welcome this and believe that it will improve overall shareholder returns, and maximising capital available to reinvest in PRS ....