Grainger’s final results show execution according to the strategic plan and a strong year for underlying earnings. Net rental income and profits on sales grew and overheads and gross to net reduced. The key valuation metric, NNNAV, grew by 5.6% to 303p on appreciation in property assets and from retained earnings. There is balance sheet headroom to convert the PRS pipeline which now incorporates £651m secured but, including other opportunities, totals £1.3bn vs the £850m target. We see continued ....