CEO Simon Owen is leaving the land lease operator Ingenia Communities as a business of substantial scale, with $2.4 billion in owned or managed property across 102 communities and sites, a development pipeline of 5,935 land lease home sites and 15,700 income producing sites.
It has 15 active projects, in Queensland, New South Wales and Victoria. Four projects are under development with Sun Communities: Bobs Farm, Morisset, and Fullerton Cove in NSW and at Burpengary in Qld.
Ingenia's development pipeline has been extended, with new sites identified (including an additional opportunity within the Joint Venture with Sun Communities) and development approvals obtained for three new communities (totalling 570 new home sites). A total of 176 new home settlements were delivered in 1H24 with a further 402 homes currently deposited or contracted.
In announcing the Group’s 1H24 result on 20 February 2024, Ingenia stated revenue was up 22% on 1H23, reflecting the benefit of CPI linked rental growth, the addition of new homes and cabins and ongoing growth from Holiday Parks. EBIT (of $55.1 million) was up 34% on 1H23. Ingenia achieved a statutory profit of $42.5 million, up 26% on the prior corresponding period and an underlying profit of $43.5 million, a 27% increase on 1H23.
Ingenia said construction is improving, with build times now averaging 22 weeks, but construction price rises continue, albeit at a slower pace. Sales remain longer than usual but Ingenia said incentives have been put in place to support settlements into the second half of the financial year.
Simon (pictured), who has been CEO of Ingenia Communities for 14 years, announced his resignation in November last year. As Chris Baynes, in part, wrote: "Across a career of 20 years, his work ethic and drive to create new opportunities has reshaped the retirement village sector, the rental village sector and manufactured homes sector – now the land lease communities' sector."
He is on accrued holiday with John Carfi taking over on 1 April.
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