A cautious valuation and a fall in net rental income saw drops on the market today for build-to-rent landlord Grainger.
The BTR investor confirmed a fresh acquisition in Derby, with like-for-like rental growth of 1.7% and a plan to develop 1,000 homes over the full year.
It ended the day down 3.1% at 286p, in line with the NAV valuation.
Elsewhere FTSE 250 housebuilder Countryside dropped 0.5% to 504p. Countryside reported surging revenues, but a £25m cladding bill chipped into profits, leading to overall pre-tax dips.
A downbeat day for property stocks saw further large falls for Springfield Properties (-4.9%), Capital & Regional (-4.4%) and Helical (-3.9%).
The FTSE 100 fell 0.6% to 6,963 and the FTSE 250 dipped 0.2% to 22,069.
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