Get Living enters tenth year with c. 4,000 home portfolio delivering record revenues

May 10, 2023
  • Strong management platform with a portfolio of c. 4,000 homes, with a further 6,500 in the pipeline to deliver future growth
  • Revenues up 40.3% YoY to £99.2m as two new neighbourhood phases launched
  • Operational efficiencies and economies of scale drove operating margin improvement in spite of inflationary cost headwinds
  • Valuation gains reflected in overall net profit of £136.3m, compared to £58.1m in YE 2021
  • Well placed for continued growth with a well-capitalised balance sheet and long-term, purpose-driven investors

Get Living, the UK’s leading build-to-rent operator with a £2.7bn portfolio comprising c. 4,000 homes with 6,500 in the committed pipeline, announces its results for the 12 months to 31 December 2022.

Rick de Blaby, Chief Executive Officer, Get Living PLC, said:

“These record results are a clear reflection of the success and operational scale that Get Living has built following a decade of investment in building the neighbourhood portfolio and the operational platform. Our original mission at the outset was to disrupt and improve the rental sector for residents, by providing high-quality, energy-efficient homes within vibrant public realm, at scale, with transparency and security of tenure.

“Our neighbourhoods deliver on this ambition, providing homes and a compelling proposition to a broadening demographic, consequently delivering strong and reliable returns to investors. Our mission today, to create neighbourhoods that provide the opportunity for people who want to be part of a community where they can come together, connect and know they can belong, reflects the evolution of our offer for both residents and wider communities. Underpinning this is our clear commitment to ESG and, as long-term stakeholders in the areas in which we invest, we are focused on minimising our environmental impact and delivering a positive social contribution to the wider community.

“In the context of today’s UK economic backdrop, with real terms wage pressures, low business investment and low productivity, investing in and delivering high-quality, energy-efficient homes has never been more important. It’s widely acknowledged that housing delivery in the UK is below need and the outlook for rental home provision is particularly under-supplied, compounded by the exodus of private landlords deterred by higher regulatory demands.

“At a time when London and the major urban centres are competing for talent to drive growth, companies like Get Living and those within the growing build to rent sector can be part of the solution to help drive the UK recovery and performance that everyone seeks.

“We remain committed to raising the standard of renting in the UK and to delivering vital housing supply. This year will see the launch of our newest neighbourhood in Lewisham, delivering 649 homes, and we are making significant progress at Elephant and Castle Town Centre, one of London’s major regeneration projects. Other pipeline developments have been identified in major cities across the UK.

“Following the year end, Australian superannuation fund Aware Super exchanged on a transaction to acquire Qatari Diar’s 22% stake in Get Living to join our group of long-term, purpose-driven investors. This substantial backing of Get Living is a huge vote of confidence in our business and the wider sector, giving us real firepower to drive ambitious growth plans for all our stakeholders.”

Record financial performance driven by operational scale and improved efficiencies

  • Total operational homes +26% to 3,918 (2021: 3,105) across three operational neighbourhoods: East Village, Elephant and Castle and New Maker Yards
  • Total portfolio value up 13.8% to £2.73bn (2021: £2.40bn)
  • Revenue +40% to £99.2m (2021: £70.7m), following launch of new homes in New Maker Yards and East Village and robust demand for existing homes
  • Net profit +134.6% to £136.3m (2021: £58.1m) following a strong performance across the business
  • Net rental income of £62.6m (2021: £45.4m)
  • Average cost of debt 3.2% with weighted average maturity of 6.5 years

Proven track record in delivering vibrant neighbourhoods built for the future, supporting high-quality jobs and prospects

  • Strong demand for homes with occupancy levels stabilising at 98%
  • High rent collection at 97%
  • East Village, Elephant & Castle and New Maker Yards featured in HomeViews Top 10 “best places to live” in the UK¹
  • 48 brand new, high-quality, social rent homes delivered and handed over to Notting Hill Genesis at East Village with the completion of plot N05
  • ESG credentials recognised with 5-star GRESB rating for the operational portfolio for the third consecutive year
  • Inspiring East Village Community Fund and Inspiring Elephant Community Fund ran in 2022, supporting local projects and causes

Strong progress achieved in growing and delivering future 6,500 home pipeline

  • Further scale achieved in the London rental market
    • 649 homes due to be launched in new Lewisham neighbourhood by end of 2023
    • Construction of a further 485 homes in addition to commercial and leisure space in Elephant & Castle underway
  • Further pipeline developments identified in major urban centres across the UK
  • Actively exploring new acquisitions with plans to further extend footprint in major urban locations

Read and download the full Annual Report 2022 here.

¹ Voted on by Get Living residents


For further information:

FTI Consulting

Giles Barrie/Laura Taylor, Tel: 020 3727 100

About Get Living

Get Living is the UK’s leading build to rent investor, developer and operator. We provide quality rental homes in neighbourhoods that nurture togetherness, belonging and opportunity in a way that generates financial, environmental and social value for residents and shareholders alike.

Since the business was founded in 2013, Get Living’s portfolio has grown to 4,000 homes for rent across three neighbourhoods: East Village and Elephant Central in London and New Maker Yards at Middlewood Locks, Manchester. Further neighbourhoods are planned or under construction in Lewisham, Maidenhead, Birmingham, Leatherhead, Leeds and Glasgow delivering 6,500 homes; with ambitions to grow the portfolio to 12,500 homes within the next five years.

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