Land lease is now 50% of the ASX 200 Sydney-based business, which released its FY23 Financial Results this morning and saw its shares rise 3.47% as a result.
12 new communities were added to Ingenia Lifestyle Rental (all ages) over FY22 and FY23 and over $2 million in rent is collected weekly from residents at Ingenia Lifestyle (land lease), Ingenia Rental and Ingenia Gardens (seniors rental) for total revenue of $76.8 million and $24.7 million respectively.
Overall, Ingenia Communities announced underlying profit of $84.7 million, down 4% on FY22. Statutory profit was $64.4 million for the full year ending 30 June 2023, down 33% on the previous year, primarily due to lower revaluations across investment properties.
Revenue increased 17% to $394.5 million, reflecting the 100% occupancy rate in its land lease portfolio Ingenia Lifestyle and 99% occupancy in Ingenia Lifestyle Rental.
CEO Simon Owen said completing developed sites will be a key driver of rental growth and increased fees across the portfolio in FY24.
“The Group closed FY23 with 374 settlements, 18 projects under construction (with a further 13 additional projects in planning, optioned or under review) and 288 deposits and contracts to support settlements over FY24,” Simon said.
Ingenia Communities is hoping for an Increase in active development projects in line with a three-year target of 1,600-2,000 settlements.
