Grainger PLC (LON:GRI), the residential property landlord, said occupancy and rent collection has remained high as it increased its annual dividend by 5%.
Occupancy was 95% and rent collection 97% on average in the year to end September 2020, while rental income overall rose by 16%.
Even so, profits and revenues both fell over the year as Grainger received less in property sales proceeds.
Revenues dropped to £214mln (2019: £222.8mln) while profits were 16% lower at £110.8mln.
Helen Gordon, the FTSE 250 firm's chief executive, said that Grainger had delivered a strong sales performance and had achieved prices at premiums to valuation.
The group was also pressing ahead with expansion plans, she said.
The company’s total pipeline is now worth £2.1bn and comprises 8,950 new homes - secured £1,085mln, planning & legals £429mlm and TfL £600m.
When complete, this has the potential to more than double its housing portfolio and increase net rental income to £176mln from £74mln currently, Gordon added.
“The PRS [private rental}] market is forecast to continue to grow significantly, and, as a market leader with a secured pipeline of over £1bn, we are particularly well placed for the future,” she concluded in the statement.
The annual dividend for the year rises to 5.47p (5.19p), while Grainger ended the year with net debt of £1bn and a reduced loan to value ratio of 33.4%.