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INGENIA COMMUNITIES GROUP — Annual Report 2021
Aug 17, 2021
65125_rns_2021-08-17_ea58f48b-a8e7-489e-b861-17d960d12e32.pdf
Annual Report
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ASX / MEDIA RELEASE
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18 August 2021
FY21 Property Portfolio
Ingenia Communities Group (ASX:INA) provides its FY21 Property Portfolio.
Authorised for lodgement by the Board.
ENDS
For further information please contact:
Donna Byrne
General Manager Investor Relations & Sustainability
P 02 8263 0507
- M 0401 711 542
About Ingenia Communities Group
Ingenia Communities Group (ASX: INA) is a leading operator, owner and developer of communities offering quality affordable rental and holiday accommodation focussed on the growing seniors’ market in Australia. Listed on the Australian Securities Exchange, the Group is included in the S&P/ASX 200 and has a market capitalisation of $1.9 billion.
Across Ingenia Lifestyle, Ingenia Gardens, Ingenia Holidays and Ingenia Rental, the Group has 89 communities and is continuing to grow through acquisition and development.
Ingenia Communities Holdings Limited (ACN 154 444 925), Ingenia Communities Fund (ASRN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410). The Responsible Entity for each scheme is Ingenia Communities RE Limited (ACN 154 464 990) (AFSL415862).
Level 3, 88 Cumberland Street The Rocks NSW 2000, Australia
P 1300 132 946 E [email protected]
ingeniacommunities.com.au
PROPERTY FY21 PORTFOLIO
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INGENIA COMMUNITIES GROUP
Contents
| Contents | |||
|---|---|---|---|
| About Ingenia | 4 | Ingenia Gardens | 25 |
| Ingenia Portfolio Overview | 6 | Portfolio overview | 26 |
| Residential Communities | 9 | Portfolio statistics | 28 |
| Ingenia Lifestyle | 11 | Ingenia Holidays and Mixed Use | 31 |
| Lifestyle Portfolio overview | 12 | Portfolio overview | 32 |
| Ingenia Lifestyle Development | 15 | Portfolio statistics | 34 |
| Development pipeline | 17 | Capital Partnerships | 37 |
| Sales at 30 June 2021 | 18 | Joint Venture with Sun Communities | 39 |
| Ingenia Lifestyle Rental | 21 | Funds Management | 43 |
| Portfolio statistics | 22 | Portfolio statistics | 44 |
Information as at 30 June 2021 unless otherwise stated.
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FULL YEAR 2021 PROPERTY PORTFOLIO
INGENIA COMMUNITIES GROUP
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NEW COMMUNITY CLUBHOUSE
INGENIA LIFESTYLE HERVEY BAY, QLD
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FULL YEAR 2021 PROPERTY PORTFOLIO
INGENIA COMMUNITIES GROUP
ABOUT INGENIA
90 properties[*]
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Established in 2004 – internalised as Ingenia in 2012 and now part of the ASX 200 Index
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Resident rent payments supported by Commonwealth pension and rent assistance
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Leading provider of affordable rental, lifestyle living and holiday accommodation
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Board and management team with deep sector experience
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More than 8,800 residents paying rent, 1.5 million tourism ‘room nights’ per year and growing through acquisition, expansion and development of new communities
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Focus on growing rental base through acquisition, expansion of lifestyle communities and capital partnerships
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Includes announced acquisitions and assets in which Ingenia has an interest via Joint Venture or through managed funds. Excludes assets held for sale.
FULL YEAR 2021 PROPERTY PORTFOLIO
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INGENIA COMMUNITIES GROUP
PROPERTY PORTFOLIO
Ingenia manages a $1.5 billion[*] property portfolio dominated by cash yielding assets
Ingenia Communities is one of Australia's largest owners, operators and developers of seniors rental, lifestyle and holiday communities
The Group also manages and co-invests in communities held within its managed funds and a development Joint Venture with Sun Communities
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Key
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Lifestyle Rental (22)
Holidays and Mixed Use (29)
Gardens (27)
Funds (9)
Joint Venture (3)
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- Includes announced acquisitions and interest in assets held through the Joint Venture with Sun Communities and Ingenia’s co-investment in managed funds. Excludes assets held for sale.
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INGENIA COMMUNITIES GROUP
Ingenia Portfolio: Overview
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Investment Property FY21 Property
(by Value) [1] Portfolio EBIT [2]
14% 12%
28%
$1.3b $102m 45%
34%
11%
40%
16%
Portfolio Location
(by Value) [1]
2%
36%
15%
$1.3b
47%
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Growth in Income Generating Sites[1]
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12,000
10,000
8,000
6,000
4,000
2,000
0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Total Post year-end
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Lifestyle Development Queensland Lifestyle Rental New South Wales Ingenia Gardens (Rental) Victoria Ingenia Holidays and Mixed Use Western Australia
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Excludes Joint Venture, managed funds and assets held for sale. Includes announced acquisitions.
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Excludes Fuel, Food & Beverage and Capital Partnerships.
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FULL YEAR 2021 PROPERTY PORTFOLIO
INGENIA COMMUNITIES GROUP
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FULL YEAR 2021 PROPERTY PORTFOLIO
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INGENIA COMMUNITIES GROUP
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INGENIA LIFESTYLE PLANTATIONS, NSW
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INGENIA COMMUNITIES GROUP
Residential Communities
The Group’s residential communities provide stable, rent based cash flows and form the core focus of the Group’s growth strategy
Offering rental homes and land lease homes (where residents own the home and rent the land), Ingenia’s residential communities provide community based living focused on the growing seniors population
The development of new lifestyle communities represents an attractive way to build the Group’s rental business through the creation of sustainable, purpose built communities
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FULL YEAR 2021 PROPERTY PORTFOLIO
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INGENIA COMMUNITIES GROUP
INGENIA LIFESTYLE HERVEY BAY, QLD
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INGENIA COMMUNITIES GROUP
Ingenia Lifestyle
Ingenia’s focus is on increasing scale and enhancing returns by growing the Group’s stable lifestyle rental base through acquisition, expansion of existing communities and the development of new communities
The Portfolio has expanded rapidly, providing exposure to a growing market with stable cash flows
Ingenia’s Lifestyle Portfolio currently has a value of $591 million*
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- Balance as at 30 June 2021 including development and excludes assets held for sale.
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Lifestyle Portfolio overview
The Group’s lifestyle portfolio is concentrated in metropolitan and coastal areas
Portfolio Location (by Value)
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46%
5%
$591m
49% Regional
Coastal
Metro
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Ingenia Lifestyle snapshot
| 30 June 2021 | 30 June 2020 | |
|---|---|---|
| Total properties Total residential homes Total tourism sites Potential development sites2 New homes settled (FY) |
22 | 16 |
| 3,681 | 2,968 | |
| 43 | 55 | |
| 4,220 | 3,015 | |
| 350 | 318 |
Average rent - permanent homes[1]
| 30 June 2021 | $189 per week |
|---|---|
| 30 June 2020 | $183 per week |
New homes, deposited and contracted
Average home sale price[3]
| 30 June 2021 | 317 |
|---|---|
| 30 June 2020 | 187 |
| 30 June 2021 | $439,000 |
|---|---|
| 30 June 2020 | $430,000 |
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Includes land lease sites and rental homes in mixed use communities. Excludes assets held for sale and yet to settle at 30 June.
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Includes new and recycled permanent and tourism sites, and optioned and secured assets (owned by Ingenia, the Joint Venture and managed funds).
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Inclusive of GST.
FULL YEAR 2021 PROPERTY PORTFOLIO
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INGENIA COMMUNITIES GROUP
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FULL YEAR 2021 PROPERTY PORTFOLIO
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INGENIA COMMUNITIES GROUP
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INGENIA LIFESTYLE CHAMBERS PINES, QLD
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Ingenia Lifestyle Development
The development of new masterplanned lifestyle communities and the expansion of existing communities represents a core part of the Group’s strategy to build a leading lifestyle portfolio
The Group has 10 projects underway, with 3 new greenfield developments expected to commence in FY22
There are a total of 4,220 sites available for future development[1]
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- Includes sites yet to be approved and sites secured or optioned by Ingenia and the Joint Venture.
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INGENIA COMMUNITIES GROUP
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INGENIA LIFESTYLE BETHANIA, QLD
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Development pipeline
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Dev. Sites Total Jun 21 Jun 22 Jun 23 Jun 24
Cluster/Community Approved Requiring Potential
Dev. Sites
Approval Dev. Sites
Newcastle/Hunter, NSW
Latitude One 2 155 157 Future stage yet to be approved
Fullerton Cove (JV) [1] 145 - 145
Morisset (JV) [1] 399 207 606
North Coast, NSW
Bevington Shores 2 - 2
Sunnylake Shores 27 - 27
Blueys Beach 69 59 128
Plantations 30 - 30
Brisbane, QLD
Bethania 111 - 111
Chambers Pines 236 - 236
Freshwater (JV) 92 127 219
Nature’s Edge 69 - 69
Fraser Coast, QLD
Hervey Bay 159 144 303
Bargara 344 - 344
Victoria, VIC
Parkside (Ballarat) 250 - 250
Lara 174 - 174
Beveridge 228 33 261
TOTAL 2,337 725 3,062
Secured/ Optioned [2]
Greater Melbourne, VIC - 308 308
Port Stephens, NSW - 117 117
North West Melbourne VIC - 143 143
Wide Burnett Bay, QLD - 60 60
Mid North Coast, NSW - 255 255
South Coast, NSW - 275 275
TOTAL PORTFOLIO 2,337 1,883 4,220
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Note: Excludes sites approved for tourism and rental cabins.
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Amended DA.
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Includes sites where Joint Venture undertaking due diligence.
Note: Timeframes are indicative and subject to change. Settlements generally commence 9 - 12 months from project commencement.
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INGENIA COMMUNITIES GROUP
Deposits and contracts in place for 317 homes at 30 June 2021
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Ave. Completed
Sale Price [1 ] Other Stock at 30
FY21 Settled (000’s) Settlements [2] Deposited [3] Contracted June 21 [4]
Ingenia Lifestyle Lake Conjola 20 402 - - - -
Ingenia Lifestyle Chambers Pines 50 276 - 21 9 4
Ingenia Lifestyle Bethania 38 362 1 19 2 2
Ingenia Lifestyle Sunnylake Shores 8 353 - 10 2 6
Ingenia Lifestyle Bevington Shores 7 413 - 1 1 1
Ingenia Lifestyle Lara 1 359 1 45 - -
Ingenia Lifestyle Nature’s Edge 4 572 - 3 3
Other 6 - 15 - - -
Ingenia Lifestyle Latitude One 73 665 - 1 4 2
Ingenia Lifestyle Plantations 73 496 - 29 20 2
Ingenia Lifestyle Hervey Bay 70 327 - 63 11 2
Ingenia Lifestyle Parkside (Ballarat) - - - 50 - -
Freshwater by Ingenia Lifestyle (Joint Venture) 30 414 - 23 3 2
TOTAL PORTFOLIO 380 439 17 262 55 24
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Represents average new home price (incl GST) for homes settled FY21.
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Other settlements include refurbished home sales and sales at communities not currently under development.
Includes First Choice Club deposits for projects/stages yet to be released and deposits for projects yet to commence.
Excludes Display Homes, Staff site offices and refurbished homes. Of completed stock at 30 June only 1 home was available for sale.
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INGENIA COMMUNITIES GROUP
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FINAL SLAB - INGENIA LIFESTYLE LATITUDE ONE, NSW
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INGENIA COMMUNITIES GROUP
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BRISBANE NORTH RENTAL VILLAGE, QLD
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Ingenia Lifestyle Rental
The Portfolio provides accommodation predominantly through a land lease rental model where residents own their home and rent the land
The Portfolio has expanded rapidly, providing exposure to a growing market with stable cash flows
Ingenia’s lifestyle communities are located on the East Coast, in key outer urban and coastal locations
With further acquisitions through FY21, the Lifestyle Rental portfolio currently has 3,681 residential homes and sites providing stable, weekly rent
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- Excludes assets held for sale. Includes announced acquisitions yet to settle.
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INGENIA COMMUNITIES GROUP
Portfolio statistics: Ingenia Lifestyle Rental
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Total Asset Asset Value ($m) Tourism Total Potential
Property Acquired Value ($m) Development Complete Perm Sites Cabins Sites Sites Dev. Sites [1]
Ingenia Lifestyle
The Grange, NSW Mar 2013 26.3 - 26.3 207 - - 207 -
Ettalong Beach, NSW Apr 2013 6.4 - 6.4 116 - - 116 -
Stoney Creek, NSW May 2014 26.7 1.7 25.0 231 - - 231 -
Bevington Shores, NSW Dec 2019 26.2 - 26.2 190 - - 190 2
Lake Munmorah, NSW Apr 2020 30.3 - 30.3 230 - - 230 -
Sunnylake Shores, NSW Jul 2020 16.7 5.8 10.9 102 - - 102 27
Blueys Beach, NSW Jan 2017 7.6 6.5 1.1 34 - - 34 128
Chambers Pines, QLD Mar 2015 61.7 17.2 44.5 413 - - 413 236
Bethania, QLD Jul 2015 36.9 15.3 21.6 211 - - 211 111
Nature’s Edge, QLD Mar 2021 56.2 24.5 31.7 228 - - 228 69
Lara, VIC Oct 2015 43.5 10.3 33.2 230 - - 230 174
Ingenia Rental
Durack Gardens, QLD Jun 2017 38.5 - 38.5 267 - - 267 -
Redlands, QLD Nov 2020 8.3 1.7 6.6 102 - - 102 -
Eight Mile Plains, QLD Aug 2017 30.9 1.8 29.1 226 - - 226 -
Taigum, QLD Nov 2019 16.9 - 16.9 124 37 - 161 -
Brisbane North, QLD Feb 2019 33.8 6.7 27.1 253 - 6 259 -
Greenfield Projects
Latitude One [2] , NSW Dec 2016 38.9 4.2 34.7 266 - - 266 157
Plantations, NSW Aug 2017 22.1 5.3 16.8 159 - - 159 30
Hervey Bay, QLD Apr 2018 22.5 13.2 9.3 92 - - 92 296
Bargara, QLD May 2021 8.5 8.5 - - - - - 344
Beveridge, VIC May 2021 17.1 17.1 - - - - - 261
Parkside (Ballarat), VIC Jul 2020 15.0 15.0 - - - - - 250
TOTAL 591.0 154.8 436.2 3,681 37 6 3,724 2,085
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Investment properties are carried at fair value in accordance with the Group’s accounting policy.
Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date in the principal market for the asset or liability, or in its absence, the most advantageous market. In determining fair values, the Group considers relevant information including the capitalisation of rental streams using market assessed capitalisation rates. For investment properties under development the Group assesses fair value based on expected net cash flows discounted to their present value using market determined risk adjusted discount rates and other available market data such as recent comparable transactions. As such the fair value of an investment property under development will differ depending on the number of settlements realised and the stage that each development is at.
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Includes home sites yet to be approved. Excludes sites optioned, secured or to be developed for tourism.
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Carrying value represents 100% of the property value. A profit share arrangement is in place with a third-party, the liability for which is carried at fair value and classified as non-current liability.
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INGENIA COMMUNITIES GROUP
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INGENIA GARDENS MARSDEN, QLD
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INGENIA COMMUNITIES GROUP
Ingenia Gardens (seniors rental)
The Ingenia Gardens Portfolio provides affordable seniors rental accommodation, delivering stable cashflows, supported by Government pension and rent assistance
Ingenia’s management team is focused on ensuring residents enjoy living in connected, engaged communities. Ingenia Care, a free service, is a key part of this commitment
Ingenia’s focus is growing returns through delivery of exceptional service to our residents, occupancy gains, rental growth and margin enhancement
The Portfolio comprises 27 communities with a value of $160 million*
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- Includes announced acquisition.
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INGENIA COMMUNITIES GROUP
Portfolio overview
Single unit floorplan
| 30 June 2021 | 30 June 2020 | |
|---|---|---|
| Total properties1 Total units1 Av. weekly rent Occupancy |
27 | 26 |
| 1,437 | 1,376 | |
| $343 | $342 | |
| 95.8% | 94.4% |
- Includes new acquisition, to be settled September 2021.
| 1,346 | Daily resident meals served |
|---|---|
| 3.29 years | Average resident tenure |
| 95.8% | Occupancy |
Portfolio Location
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Couples unit floorplan
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(by value) [1]
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11%
20%
$160m 33%
Queensland (2)
36% New South Wales (9)
Victoria (10)
Western Australia (6)
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FULL YEAR 2021 PROPERTY PORTFOLIO
INGENIA COMMUNITIES GROUP
INGENIA GARDENS
FULL YEAR 2021 PROPERTY PORTFOLIO
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INGENIA COMMUNITIES GROUP
Portfolio statistics: Ingenia Gardens
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Asset Value Occupancy
Property Location Acquired ($m) Total Units (%)
Wagga Wagga Wagga, NSW Jun 2013 5.2 50 92.0
Wheelers Dubbo, NSW Jun 2004 6.6 52 100.0
Taloumbi Coffs Harbour, NSW Jun 2004 6.9 50 98.0
Goulburn Goulburn, NSW Jun 2004 5.5 49 100.0
Oxley Port Macquarie, NSW Jun 2004 5.9 45 97.8
Dubbo Dubbo, NSW Dec 2012 6.3 54 100.0
Taree Taree, NSW Dec 2004 5.8 51 82.4
Peel River Tamworth, NSW Mar 2013 5.6 51 86.3
Bathurst Bathurst, NSW Jan 2014 4.8 54 96.3
Grovedale Grovedale, VIC Jun 2005 5.7 51 94.1
St Albans Park St Albans Park, VIC Jun 2004 6.3 54 94.4
Townsend St Albans Park, VIC Jun 2004 5.3 50 84.0
Sovereign Ballarat, VIC Jun 2013 4.8 51 100.0
Hertford Sebastopol, VIC Jun 2004 4.7 48 97.9
Coburns Brookfield, VIC Jun 2004 5.7 51 88.2
Horsham Horsham, VIC Jun 2004 4.7 47 85.1
Brooklyn Brookfield, VIC Jun 2004 5.9 51 98.0
Warrnambool Warrnambool, VIC Jan 2014 4.6 49 100.0
Swan View Swan View, WA Jan 2006 9.2 72 97.2
Seville Grove Seville Grove, WA Jun 2004 4.0 45 100.0
Ocean Grove Mandurah, WA Feb 2013 4.4 45 100.0
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INGENIA COMMUNITIES GROUP
Portfolio statistics: Ingenia Gardens
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Asset Value Occupancy
Property Location Acquired ($m) Total Units (%)
Yakamia Yakamia, WA Jun 2004 4.7 57 100.0
Seascape Erskine, WA Jun 2004 5.2 51 100.0
Carey Park Bunbury, WA Jun 2004 5.3 51 100.0
Marsden Marsden, QLD Jun 2005 12.3 97 96.9
Jefferis Bundaberg North, QLD Jun 2004 4.8 51 100.0
Total / Average 150.2 1,377 95.8
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New acquisition
(To settle FY22)
An established seniors rental village in Melbourne has been secured.
The $10 million acquisition is anticipated to settle in September 2021.
Investment properties are carried at fair value in accordance with the Group’s accounting policy. Refer to the Group’s Annual Financial Report for further information.
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INGENIA COMMUNITIES GROUP
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INGENIA HOLIDAYS RIVERSHORE, QLD
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Ingenia Holidays and Mixed Use
Ingenia’s holidays and mixed use portfolio provides diverse holiday experiences, with parks dotted along the east coast of Australia, from Cairns in tropical Far North QLD to the seaside town of Torquay in VIC
The portfolio includes a range of accommodation, from cabins and glamping tents to caravan and camp sites, located in pristine locations
‘Annual’ sites and land lease homes are also offered at a number of communities
With a focus on the domestic family and grey nomad market, Ingenia Holidays has benefitted from increasing demand for domestic travel
The portfolio has a value of $538 million*
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*Includes mixed use communities with a portion of permanent residents, announced acquisitions and development land at mixed use and holiday communities.
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Portfolio overview
The Group’s holidays and mixed use portfolio is concentrated on Australia’s east coast
Portfolio Location (by Value)
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11%
2%
$538m
87%
Regional
Coastal
Metro
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Ingenia Holidays and Mixed Use snapshot
| Current* | 30 June 2020 | |
|---|---|---|
| Total properties Total residential homes Total annual sites Total tourism sites |
29 | 19 |
| 1,132 | 974 | |
| 1,299 | 535 | |
| 3,838 | 2,343 |
- Includes acquisitions settled post 30 June 2021.
Tourism cabins[1]
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30 June 2021 65% average occupancy
$167 RevPOR
30 June 2020 55% average occupancy
$135 RevPOR
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Tourism sites[1]
Average rent - annual sites
| 30 June 2021 | $128 per week |
|---|---|
| 30 June 2020 | $132 per week |
| 30 June 2021 | 52% average occupancy |
|---|---|
| $52 RevPOR | |
| 30 June 2020 | 46% average occupancy |
| $46 RevPOR |
- Represents revenue per occupied room night (RevPOR) for full year to 30 June. Not adjusted for impacts of COVID-19 or bushfires (January 2020).
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INGENIA COMMUNITIES GROUP
INGENIA HOLIDAYS EDEN BEACHFRONT, NSW
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Portfolio statistics: Ingenia Holidays & Mixed Use
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Total Asset Asset Value ($m) Tourism Total
Property Acquired Value ($m) Development Complete Perm Sites Annuals Cabins Sites Sites
Mixed Use communities
Nepean River, NSW Aug 2013 12.7 - 12.7 97 - 38 26 161
Kingscliff, NSW Nov 2013 16.2 - 16.2 109 - 19 61 189
Sydney Hills, NSW Apr 2015 15.6 - 15.6 63 - 31 44 138
Hunter Valley, NSW Feb 2014 9.2 - 9.2 62 - 18 34 114
South West Rocks, NSW Feb 2016 23.6 - 23.6 114 4 31 112 261
White Albatross, NSW Dec 2014 26.9 - 26.9 134 - 61 105 300
Lake Conjola, NSW Sept 2015 43.3 - 43.3 115 270 44 54 483
Ocean Lake, NSW Aug 2016 9.9 - 9.9 43 128 22 58 251
Avina, NSW Oct 2016 33.9 13.1 20.8 87 - 50 63 200
Middle Rock, NSW Dec 2020 19.8 2.5 17.3 72 70 39 109 290
Townsville, QLD Mar 2021 7.6 - 7.6 1 - 22 86 109
Noosa, QLD Feb 2015 22.2 - 22.2 49 - 30 108 187
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Investment properties are carried at fair value in accordance with the Group’s accounting policy. Refer to the Group’s Annual Financial Report for further information.
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INGENIA COMMUNITIES GROUP
Portfolio statistics: Ingenia Holidays & Mixed Use
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Total Asset Asset Value ($m) Tourism Total
Property Acquired Value ($m) Development Complete Perm Sites Annuals Cabins Sites Sites
Holiday Parks
Lake Macquarie, NSW Apr 2015 9.8 - 9.8 10 46 33 50 139
One Mile Beach, NSW Dec 2013 27.4 - 27.4 2 26 79 128 235
Soldiers Point, NSW Oct 2015 17.8 - 17.8 20 6 37 57 120
Broulee, NSW Mar 2016 6.5 - 6.5 - 37 31 54 122
Bonny Hills, NSW May 2017 15.3 - 15.3 - - 44 48 92
Byron Bay, NSW Apr 2019 18.9 - 18.9 35 - 52 176 263
Merry Beach, NSW May 2021 23.3 - 23.3 3 365 25 170 563
Rivershore Resort, QLD Nov 2018 24.9 1.9 23.0 - - 17 88 105
Hervey Bay, QLD Oct 2016 9.8 - 9.8 13 - 28 111 152
Cairns Coconut, QLD Mar 2017 60.6 1.7 58.9 44 - 136 194 374
Inverloch, VIC Dec 2020 34.9 - 34.9 - 103 50 277 430
TOTAL 490.1 19.2 470.9 1,073 1,055 937 2,213 5,278
CURRENT PORTFOLIO TOTAL 538.4 19.2 519.2 1,132 1,299 1,134 2,704 6,269
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- Includes new acquisitions - shown below.
New acquisitions
(Settled FY22)
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Tourism
Purchase Total
Property Price ($m) Perm Sites Annuals Cabins Sites Sites
Kings Point Retreat, NSW 15.8 53 - 27 67 147
Tourism Portfolio
Eden Beachfront, NSW - 21 40 108 169
Noosa North, QLD 6 21 87 114
Cape Paterson, VIC 32.5 - 102 4 110 216
Phillip Island, VIC - 60 47 65 172
Torquay, VIC - 61 58 54 173
TOTAL 48.3 59 244 197 491 991
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Capital Partnerships
Ingenia’s capital partnerships provide the Group with exposure to a broader range of investments, with access to property returns and, in addition, fee streams
In November 2018, Ingenia established a Joint Venture with US group, Sun Communities, to undertake greenfield development of lifestyle communities, providing an efficient way to fund the development of new communities
In August 2019, Ingenia acquired fund manager, Eighth Gate Capital Management (including Allswell Communities), in conjunction with acquiring a stake in each of Eighth Gate’s six established funds
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INGENIA COMMUNITIES GROUP
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OPEN DAY
INGENIA LIFESTYLE FRESHWATER, QLD
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INGENIA COMMUNITIES GROUP
Joint Venture with Sun Communities
At 30 June 2021, the Joint Venture had acquired three development approved sites, had over 700 sites conditionally contracted or optioned and further sites under review or in due diligence
The Joint Venture has the first right to acquire any new greenfield lifestyle development opportunities identified by Ingenia and Ingenia has the right to acquire each community, once complete, from the Joint Venture at market value
Key Terms
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|||
|---|---|
|Term|Minimum 5 years (to November 2023)|
|Fees:|Ingenia, as manager, receives fees for Origination, Asset|
|Management, and Development Management|
|Performance fees may be paid to Ingenia subject to|
|achieving individual project IRR targets|
|Funding:|Projects to be funded via a mix of equity (provided jointly by|
|Ingenia and Sun) and debt|
|Third party portfolio debt is in place to fund development|
|and future acquisitions. Facilities totalling $27 million are|
|non-recourse to Ingenia and Sun|
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QLD
-
Ingenia Lifestyle Freshwater
-
NSW • Fullerton Cove • Morisset
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Joint Venture with Sun Communities
Joint Venture Portfolio (30 June 2021)
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Freshwater A 9.5-hectare site located approximately 35 kilometres from the Brisbane CBD within Brisbane’s Northern Growth Corridor
Located at Burpengary, Qld with potential for 233 homes (131 approved and DA lodged for a further 127 sites).
(acquired May 2019)
In FY21, the Joint Venture’s debut project sold 30 homes with all completed home stock contracted at 30 June.
Construction of major infrastructure and community facilities is now complete with sell down of site development to
continue across the next 5 years.
Fullerton Cove, NSW A 9.2 hectare site on the NSW North Coast, in June 2019, approximately 20 kilometres north of Newcastle.
(acquired June 2019)
The Joint Venture has lodged plans to amend the existing approval (145 sites) to cater for sites with larger homes. The
project is targetting a 5 star Green Star - Community rating and creation of a carbon neutral community.
Morisset, NSW A 27 hectare site located at Morisset, an hour north of Sydney, on the popular NSW Central Coast with close proximity to
(acquired Nov 2020) Ingenia Lifestyle The Grange and in a well established cluster. The site forms part of a community hub with commercial and
entertainment precincts and has development approval for a land lease community of 400+ sites.
The first two tranches of land were settled in November 2020, and the remaining tranche is expected to settle in November
2021. A second lot is optioned allowing for further expansion (STCA).
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Joint Venture 30 June 2021 30 June 2020
Greenfield properties (#) 3 2
Investment carrying value ($m) 32.8 15.9
Fee income ($m) 2.1 0.6
Operating profit ($m) 5.0 (0.2)
Share of profit from Joint Venture ($m) 0.8 0.1
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The Joint Venture generated $11.4m in revenue as development at Freshwater gained momentum, with 30 home settlements, at an average price of $414,000 (incl GST) over FY21.
The Joint Venture generated modest development and operating income in FY21. The result reflects sales and marketing costs associated with the Freshwater launch, operating establishment costs ahead of project sales and write-off of acquisition and due diligence.
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INGENIA COMMUNITIES GROUP
INGENIA HOLIDAYS LANDSBOROUGH, QLD
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INGENIA COMMUNITIES GROUP
Funds Management
With $149 million AUM, the Group’s managed Funds own nine established assets located in Victoria, Queensland and New South Wales
The holiday parks were rebranded Ingenia Holidays in late 2020 and are benefitting from the strength of the Ingenia Holidays brand and digital platform
Ingenia is focused on delivering strong performance for the Funds’ investors through active management of the portfolio
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Funds Management 30 June 2021 30 June 2020
Fund interest ($m) 13.2 13.9
Fee Income ($m) 2.2 1.8
Distribution income ($m) 0.7 0.2
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QLD
- Ingenia Holidays Landsborough
NSW
-
Ingenia Holidays Shoalhaven Heads
-
• Ingenia Holidays Coastal Palms • Ingenia Holidays Wairo Beach • Ingenia Holidays Tomakin • Ingenia Holidays Moruya
VIC
-
Federation Village Werribee
-
• Federation Village Sunshine • Federation Village Glenroy
-
Note Fund 6 sold a development asset in July 2020, reducing the asset base.
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Portfolio statistics: Funds Management
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No. Sites
Assets Under Management
(six stapled funds) Communities Permanent sites Annuals Cabins/Sites
• Federation Village, Glenroy, VIC 183
~$80.2m • Federation Village, Sunshine, VIC 142 – –
• Federation Village, Werribee, VIC 179
~$14.7m • Ingenia Holidays Coastal Palms, Shoalhaven, NSW 144 50 14
~$5.9m • Ingenia Holidays Landsborough, Landsborough, QLD 42 23 32
~$12.3m • Ingenia Holidays Shoalhaven Heads, Shoalhaven Heads, NSW 82 105 24
• Ingenia Holidays Tomakin, Tomakin, NSW
~$26m 27 294 114
• Ingenia Holidays Wairo Beach, Lake Tabourie, NSW
~$9.5m • Ingenia Holidays Moruya, Moruya, NSW 5 49 65
~$148.6m 804 521 249
Key Fund Terms
• To September 2023 with option for a further 5 years (one fund only)
Term of management
• To August 2024 (all other funds)
Liquidity • Ingenia may provide limited liquidity to fund investors
• Funds management fee
• Asset management fee
• Development management fees
Fees
• Sales commission
• Project management fee
• Performance fee
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INGENIA HOLIDAYS MORUYA, NSW
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Disclaimer
This presentation was prepared by Ingenia Communities Holdings Limited (ACN 154 444 925) and Ingenia Communities RE Limited (ACN 154 464 990) as responsible entity for Ingenia Communities Fund (ARSN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410) (together Ingenia Communities Group, INA or the Group). Information contained in this presentation is current as at 18 August 2021 unless otherwise stated.
This presentation is provided for information purposes only and has been prepared without taking account of any particular reader’s financial situation, objectives or needs. Nothing contained in this presentation constitutes investment, legal, tax or other advice. Accordingly, readers should, before acting on any information in this presentation, consider its appropriateness, having regard to their objectives, financial situation and needs, and seek the assistance of their financial or other licensed professional adviser before making any investment decision. This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, nor does it form the basis of any contract or commitment.
Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions, or as to the reasonableness of any assumption, contained in this presentation. By reading this presentation and to the extent permitted by law, the reader releases each entity in the Group and its affiliates, and any of their respective directors, officers, employees, representatives or advisers from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising by negligence) arising in relation to any reader relying on anything contained in or omitted from this presentation. The forward looking statements included in this presentation involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, the Group. In particular, they speak only as of the date of these materials, they assume the success of the Group’s business strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from forward looking statements and the assumptions on which those statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.
The Group, or persons associated with it, may have an interest in the securities mentioned in this presentation, and may earn fees as a result of transactions described in this presentation or transactions in securities in INA.
This document is not an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities, including in the United States or any other jurisdiction in which such an offer would be illegal.
Approved for lodgement by the Chairman.
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