Get Living’s portfolio delivers record revenues

Get Living releases its results and is well placed for continued growth with a well-capitalised balance sheet and long-term investors.

Get Living's East Village Build to Rent scheme | BTR News
Get Living's East Village Build to Rent scheme.

Build to Rent operator Get Living announces its results for the 12 months to 31 December 2022. Across three operational schemes – East Village, Elephant and Castle and New Maker Yards – Get Living’s operational homes is up 26% to 3,918, compared to 3,105 homes in 2021.

With a net rental income of £62.6m, the operator’s total portfolio value is also up 13.8% to £2.73bn, compared to £2.40bn in 2021. Following the launch of new homes at New Maker Yards and East Village, the company has reported a 40% increase in revenue, to £99.2m.

Get Living has a proven track record of delivering vibrant neighbourhoods built for the future, supporting high-quality jobs and prospects. The operator’s occupancy levels are stabilised at 98%, with rent collection at 97%. Its operational portfolio has a 5-star GRESB rating for the third consecutive year.

Supporting local projects and causes, the Inspiring East Village and Inspiring Elephant community funds ran during 2022. At East Village, the operator also delivered 48 high-quality, social rent homes for Notting Hill Genesis.

With c. 4,000 homes in its portfolio, Get Living reports a strong management platform, with an additional 6,500 homes in the pipeline to deliver future growth. The operator has achieved further scale in the London rental market, with its 649 home Lewisham Build to Rent scheme – which received forward funding in 2020 – due to launch by the end of the year. Construction is also underway in Elephant & Castle to deliver 485 homes and commercial and leisure space.

With a £2.7bn portfolio, Get living is exploring new acquisitions. The operator plans to extend its footprint in major urban locations and has a pipeline of developments identified in major urban centres across the UK.

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.”

Rick de Blaby, Chief Executive Officer, Get Living PLC