Grainger plc Share Price (GRI)

Whoops 2.7% not 2.9%

Net tangible assets dropped 2.9% - close to market drop today, so i'd say that's the root cause of the drop in SP ....other than that results seemed OK to me

Grainger PLC on Thursday boosted its dividend as it said it is on track to meet targets after reporting mixed first half results.

The Newcastle-upon-Tyne, England-based residential landlord reported an IFRS pretax loss of GBP14.6 million in the six months to March, swung from a GBP74.0 million profit the year prior.

This reflected a GBP46.6 million decline in valuations compared to a GBP28.7 million increase the year before.

EPRA earnings increased 4.0% to GBP31.4 million from GBP30.2 million as net rental income grew 7.8% to GBP66.1 million from GBP61.3 million.

EPRA net tangible assets per share fell 2.7% to 290 pence from 298p.

Chief Executive Helen Gordon called it a "strong" performance.

"Occupancy remains high, rental income continues to grow along with our portfolio, and like-for-like rental growth continues in line with expectations, underpinned by wage inflation," she added.

Grainger said it is on track to deliver its target of GBP60 million EPRA earnings for this financial year, a 12% increase year-on-year, and GBP72 million for financial 2029.

The interim dividend was increased, for the 21st consecutive period, by 3.2% to 2.94p per share from 2.85p.

Shares in Grainger were 2.9% lower at 150.70 pence each in London on Thursday.

Ahhhhhh looks like results came out today, although not shown on LSE RNS....that explains the drop (although not dug through the results yet(

Ignoring todays drop for now, i did a deeper dive into the company yesterday. Looks like a significant discount to NAV here (not too unusual for REIT's, but quite a bit bigger discount than most!). Difficult to ascertain why, only reason i can come up with is the pretty large debt overhang (> MCAP which seems large IMO), but that "should" be being eaten into soon in theory (although previous financial year saw an INCREASE in debt not reduction which concerns me). Anyone know what the high debt levels have been used for? Expansion?

I would be very interested in hearing other peoples more educated input on the above? So far i can't get a grip on GRI, bargain or perpetual falling knife?