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Renting Homes, Enriching Lives

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Renting Homes, Enriching Lives GRAINGER PLC ANNUAL REPORT AND ACCOUNTS 2019 Renting homes, enriching lives ANNUAL REPORT AND ACCOUNTS 2019 GRAINGER PLC ANNUAL REPORT AND ACCOUNTS 2019 CONTENTS We are the UK’s largest listed residential landlord in the Private Rented Sector (‘PRS’). We design, build, develop, own and operate rental homes. Our existing portfolio extends to c.9,000 homes worth over £2.9bn, and we are creating a further c.9,000 through our pipeline. 05 12 19 Chief Executive’s statement Market drivers Financial review We are delivering strong, sustainable returns The UK PRS presents a vast market opportunity. FY19 has been another year of strong well ahead of plan. operating performance. 01 45 95 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 01 Our purpose 45 Chairman’s introduction 95 Independent auditor’s report 02 Grainger at a glance to governance 103 Consolidated income statement 04 Chairman’s statement 48 Leadership 104 Consolidated statement 05 Chief Executive’s statement 50 Board of Directors of comprehensive income 10 Investment case 52 Effectiveness 105 Consolidated statement of financial position 12 Market drivers 55 Relations with stakeholders 106 Consolidated statement of changes 14 Our business model 59 Relations with Shareholders in equity 16 Key performance indicators 61 Nominations Committee report 107 Consolidated statement of cash flows 19 Financial review 63 Audit Committee report 108 Notes to the financial statements 32 Resources and relationships 68 Remuneration Committee report 150 Parent company statement 72 Remuneration Policy 35 Our commitment to sustainability of financial position 79 Annual Report on Remuneration 39 Risk management 151 Parent company statement 41 Principal risks and uncertainties 91 Directors’ report of changes in equity 44 Viability statement 152 Notes to the parent company financial statements 159 EPRA performance measures 165 Five year record E T I N A V N I E S GROW RENTS G I T SIMPLIFY AND R FOCUS O BUILD ON OUR 166 EXPERIENCE O P E E R A T OTHER INFORMATION 07 14 166 Shareholders’ information Strategy model Our business model Our strategy is delivering strong, Our fully integrated business 167 Glossary of terms sustainable returns. model provides us with a key 168 Advisers competitive advantage. Minor, non-material adjustments have been made to this document since its original publication on 27 November 2019. Final publication on 6 December 2019 01 OUR PURPOSE REPORT STRATEGIC Our purpose is to enrich lives by providing high quality rental homes and great customer service. We target locations where people want to live, and focus on creating spaces that our customers enjoy and GOVERNANCE making a positive impact in local communities. FINANCIAL HIGHLIGHTS S = Statutory measure FINANCIAL STATEMENTS INCOME Profit before tax Adjusted earnings Like for like rental growth Net rental income Dividend per share £131.3m £82.5m 3.6% £63.5m 5.19 p +30% -12% -38bps +45% +9% (FY18: £100.7m) S (FY18: £94.0m) (FY18: 4.0%) (FY18: £43.8m) S (FY18: 4.75p) S OTHER INFORMATION OTHER CAPITAL IFRS net assets EPRA NNNAV EPRA NTA* Loan to value Total property return** 199pps 272pps 278 pps 37.1 % 5.0% +6% +1% +1% 0bps -100bps (FY18: 187pps) S (FY18: 270pps) (FY18: 274pps) (F Y18: 37.1%) (FY18: 6.0%) * EPRA Net Tangible Assets (‘NTA’) is a new measure introduced in 2019 by EPRA. Additional information and definitions for EPRA NTA and all other KPIs are shown on pages 16 and 17. ** Total property return (‘TPR’) is a performance measure which represents the change in gross asset value, net of capital expenditure incurred, plus net income, expressed as a percentage of gross asset value. FOR MORE INFORMATION ABOUT OUR PURPOSE SEE PAGE 5 Rooftop lounge – Hawkins & George, Bristol 02 GRAINGER PLC ANNUAL REPORT AND ACCOUNTS 2019 GRAINGER AT A GLANCE A market leader in the UK private rental sector We design, build, own and operate rental homes across the UK. Our portfolio includes 5,597 PRS homes and 3,343 regulated tenancies. Brook Place, Sheffield PORTFOLIO SNAPSHOT 8,940 £2.9bn £70m £302m Total rental homes Market value of our portfolio Passing net rental income Reversionary surplus OUR BUSINESS 107 23k+ 246 Years since foundation Customers Employees Leading performance on ESG benchmarks (see page 35) WE HAVE TWO RESIDENTIAL PORTFOLIOS Current portfolio (GAV) Regulated Future portfolio (GAV) Regulated PRS (post-pipeline completion) 74% PRS 49% 51% 58% 76% 24% 26% 42% Residential Net Residential Net sales rental sales rental profit income profit income 03 PRIVATE RENTED SECTOR (‘PRS’) PORTFOLIO REPORT STRATEGIC We have 5,597 operational PRS homes in our portfolio and a pipeline of a further c.9,000. These well-located assets are in high demand by our customers. With our expert operational team managing our properties directly, our portfolio consistently outperforms. Our aim is to offer attractive homes to our customers and provide a reliable service for them. This means we have more satisfied customers, who are staying with us for longer, reducing void periods and churn, increasing occupancy and supporting rental growth. Overall, we are delivering strong Shareholder returns by providing our customers with GOVERNANCE great homes and service. In FY19 we launched four new build-to-rent schemes across the UK, providing 1,152 new homes. In November 2018, doors opened at Clippers Quay, the largest build-to-rent development to launch outside of London. In March 2019, the Grainger Collection at Wellesley, a suburban development in Aldershot launched, followed by Hawkins & George in Bristol city centre in June 2019. In September, Brook Place, our first Brook Place, Sheffield Sheffield scheme, welcomed its first residents. FINANCIAL STATEMENTS OTHER INFORMATION OTHER Clippers Quay, Manchester – 614 The Grainger Collection at Hawkins & George, Bristol – a Brook Place, Sheffield – a mix of homes across five buildings on the Wellesley – a mix of 107 family stylish waterside development 237 studio, 1 and 2 bed homes in waterfront in Salford Quays, with homes and apartments providing in Bristol city centre with a mix Sheffield with a gym, residents over 7,000 sq. ft. of residents the first purpose-built homes for of 194 studio, 1 and 2 bed lounge and three large roof amenity space including gym and rent at Wellesley, Aldershot. apartments and a roof terrace terraces designed for entertaining. cinema room. with rooftop lounge. 97.2% 4% +3.4% 1,152 9,104 occupancy net initial annualised like-for-like new homes completed new PRS homes yield rental growth in FY19 in the pipeline REGULATED TENANCY (‘Regulated’) PORTFOLIO Regulated tenancies are historic lease agreements The uplift in value on vacancy, or reversionary (pre-1989) whereby the tenant has the right to surplus, is not reflected in our NAV measures but will reside for life, and the rent is below market levels, be captured over time as the properties in this with reviews undertaken every two years (typically portfolio become vacant (approximately 6% each increasing by Retail Price Index + 5%). year) and we sell them. On vacancy, this portfolio generates significant We actively manage our portfolio and, through our cash flows from rental income and sales, which asset-hierarchy strategy, we sell lower performing we are reinvesting into new modern rental homes assets and sub-portfolios ahead of vacancy. This (known as PRS). accelerates the reduction of our regulated tenancy This portfolio has significant embedded future value portfolio beyond the natural vacancy rate. because the properties are held on our balance sheet As it unwinds over time, this portfolio is a perfectly at a discount to their vacant possession value of complementary funding stream for our investment between 18-20%, which upon vacant sale is in our PRS pipeline. crystallised – known as the reversionary surplus. 2% c.6% +4.4% 77 typical net yields vacancy rate annualised rental growth average age of our regulated tenancy customers 04 GRAINGER PLC ANNUAL REPORT AND ACCOUNTS 2019 CHAIRMAN’S STATEMENT Significant progress in delivering the strategy “ FY19 has been a transformational year with over 50% of Grainger’s revenue now delivered through resilient rental income.” Mark Clare Chairman Grainger has delivered another the roll-out of Live.Safe, a bottom-up with great service. I would like to take the strong performance against a programme to ensure that everyone in the opportunity to thank the whole Grainger backdrop of both political and business is engaged to ensure that health team for their hard work and commitment. and safety remains at the forefront of economic uncertainty. Our strategic In February 2019, we welcomed Janette everything that we do. focus on the UK PRS continues to Bell to the Board. Janette’s breadth deliver real growth in the business, Our commitment to delivering excellent of operational experience in customer underpinned by a strong demand for customer service remains and this is centric organisations brings immense rental homes across the country. being supported by extensive training value to the business, and we welcome and development and investment in Janette’s insight. FY19 marks a year of transformation CONNECT, our technology platform which Following on from a significant increase for Grainger. Driven by the successful brings together leading technologies in net rental income this year and a robust acquisition of the GRIP portfolio and with best practice ways of working. performance, I am pleased to announce a the new investments coming through, This will enable us to deliver the proposed final dividend of 3.46p per share, the level of recurring net rental income increasing growth in the business while representing an increase on last year of exceeded residential sales profit for the enhancing the customer experience and +9%. This equates to a total dividend for first time. This, in combination with a improving efficiency. continued focus on cost control and asset the year of 5.19p per share, an increase of recycling initiatives has delivered a strong Building on our previous sustainability +9% on last year.
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