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INGENIA COMMUNITIES GROUP — Fund Information / Factsheet 2007
Aug 30, 2007
65125_rns_2007-08-30_346033d5-f477-40ac-bfc5-21a8ce324a4a.pdf
Fund Information / Factsheet
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INvESTMENT MANAgEMENT
INg Real Estate Community Living group Property Portfolio Review
30 JUNE 2007
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ASIA / AUSTRALIA / EUROPE / NORTH AMERICA / UK
about the fund
InG Real estate CommunIty lIvInG GRoup (Ilf) was the fIRst lIsted pRopeRty tRust on the austRalIan seCuRItIes exChanGe (asx) speCIalIsInG In senIoRs and student housInG CommunItIes, and has ReCently been InCluded In the s&p/asx 300 pRopeRty tRust Index.
Ilf has a poRtfolIo of 120 pRopeRtIes valued at $1.2 bIllIon[1] . the fund offeRs a dIveRsIfIed Investment aCRoss austRalIa, Canada, new Zealand and the unIted states wIth key joInt ventuRe RelatIonshIps and expeRIenCed manaGement teams dRIvInG peRfoRmanCe and eaRnInGs GRowth foR InvestoRs.
ASSET TyPE
gEOgRAPHIC dIvERSITy
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AUSTRALIAN SENIORS (RENTAL) 15.0% AUSTRALIAN SENIORS (DMF) 6.4% CANADIAN SENIORS 11.6% US SENIORS 49.5% NZ STUDENTS 2.2% US STUDENTS 15.3%
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NEW ZEALAND 2% AUSTRALIA 21% UNITED STATES 65% CANADA 12%
note: as at 30 june 2007
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
IfC AbOUT THE fUNd 02 PROPERTy PORTfOLIO 04 AUSTRALIAN SENIORS 16 CANAdIAN SENIORS 20 US SENIORS 30 US + Nz STUdENTS
STRATEgy fOR gROwTH
the ageing populations in both australia and north america provide considerable opportunities for the fund, where increased demand for quality seniors housing communities is expected to continue over the long term.
north america remains a significant part of the fund’s offshore strategy due to the size of its population and quality of assets. this year Ilf expanded its footprint in the us with the purchase of the bristal portfolio in long Island and lakeworth Gardens in florida.
the fund made its first foray into the Canadian long term Care market with the acquisition in the Regency portfolio in ontario, and will continue to explore opportunities in Canada and new regional markets.
STRUCTURE
Ilf’s stapled security structure allows the fund to take an active role in the operation and development of the fund’s assets.
the fund has identified 2,896 pipeline units within its existing portfolio and seeks further opportunities via selective acquisition of key development sites. the fund intends to convert a portion of this stock into new homes in 2008.
Ilf leverages the market knowledge and local expertise of its partners to anticipate market trends and enhance Ilf’s participation in new markets with shared capital exposure.
student housing also benefits from favourable demographic trends. the fund’s strategy for investment in student housing is to focus on locations which are experiencing strong growth in student enrolments.
ILf ANd PARTNERS
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STUdENTS 17.5% SENIORS 82.5%
Nz US AUSTRALIA US CANAdA
CAMPUS LIvINg RAbIL
CHARTwELL Jv CHARTwELL Jv
vILLAgES PROPERTIES
COUNTRy CLUb
OAK TREE SUNNyCOvE vILLAgE LIfE SETTLERS
vILLAgES
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1
pRopeRty poRtfolIo
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120 pRopeRtIes
77 senIoRs CommunItIes
25 student CommunItIes
18 development sItes
10,229 Completed unIts
2,896 pIpelIne unIts
90% aveRaGe poRtfolIo oCCupanCy
1.2bn total assets [ 1]
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- as at 30 june 2007
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
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unIted states senIoRs unIted states students
alabama 1 ConneCtICut 18
ColoRado 6 floRIda 2
floRIda 4 vIRGInIa 2
mIChIGan 2
new yoRk 5
ohIo 3 CanadIan senIoRs
oklahoma 1
ontaRIo 8
Rhode Island 1
tennessee 1
texas 1
vIRGInIa 1
austRalIan senIoRs
new south wales 7
Queensland 18
south austRalIa 1
tasmanIa 3
vICtoRIa 23
westeRn austRalIa 9
nZ students
wellInGton 3
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2 3
austRalIan senIoRs
the austRalIan senIoRs poRtfolIo CompRIses 43 exIstInG vIllaGes loCated In majoR metRopolItan and ReGIonal aReas. these InCoRpoRate a mIx of Rental and defeRRed manaGement fee (dmf) opeRatInG models.
the austRalIan poRtfolIo Is manaGed by a numbeR of key joInt ventuRe paRtneRshIps, InCludInG CountRy Club, settleRs and sunnyCove. exIstInG vIllaGes benefIt fRom expeRIenCed vIllaGe opeRatoRs whIle new development oppoRtunItIes aRe IdentIfIed In GRowth aReas. Ilf now has a sIGnIfICant development pIpelIne In austRalIa of 1,873 unIts bRInGInG hIGh QualIty vIllaGes to maRket and satIsfyInG the demand of dIsCeRnInG baby boomeRs.
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PORTfOLIO COUNTRy CLUb OAK TREE SETTLERS SUNNyCOvE vILLAgE LIfE
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| valuatIon as at 30 june 2007(a$m) | 31.2 | 2.5 | 45.7 | 31.1 | 154.6 |
|---|---|---|---|---|---|
| owneRshIp InteRest % | 27 | 50 | 100 | 100 | 100 |
| numbeR of pRopeRtIes | 9 | 3 | 4 | 3 | 42 |
| Completed unIts | 398 | 0 | 499 | 216 | 1652 |
| pIpelIne unIts | 1258 | 166 | 243 | 86 | 120 |
| % of total fund(assets) | 2.5% | 0.2% | 3.7% | 2.5% | 12.5% |
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
SUNNyCOvE gLAdSTONE, QLd
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austRalIan senIoRs
poRtfolIo statIstICs
| PROPERTy | yEAR bUILT / | SITE AREA | ||||
|---|---|---|---|---|---|---|
| PORTfOLIO | PROPERTy NAME | LOCATION | TyPE | REfURbISHEd | M2OR HA | TITLE |
| COUNTRy CLUb | bellbRook GaRdens | baCChus maRsh, vIC | vIllaGe sIte | n/a | 12.4 | fReehold |
| bellaRIne lakes | moolap, vIC | vIllaGe sIte | n/a | 49.9 | fReehold | |
| melba vale | CoolaRoo, vIC | vIllaGe sIte | CommenCed 2007 | 4.4 | fReehold | |
| GeelonG GRove | GRovedale, vIC | vIllaGe | CommenCed 1983 | 4.5 | fReehold | |
| hemsley paRk | ballaRat, vIC | vIllaGe | CommenCed 2005 | 10.3 | fReehold | |
| meadow GaRdens | delaCombe, vIC | vIllaGe | CommenCed 2002 | 6.5 | fReehold | |
| noosa domaIn | noosavIlle, Qld | vIllaGe sIte | CommenCed 2007 | 6.7 | fReehold | |
| hampton vIews | noRth RoCkhampton, Qld | vIllaGe sIte | n/a | 6.5 | fReehold | |
| Rosebank | sepastopol, vIC | vIllaGe | CommenCed 1999 | 4.0 | fReehold | |
| OAK TREE | boRonIa | boRonIa heIGhts, Qld | vIllaGe sIte | CommenCed 2007 | 9,902 | leasehold |
| fRankston | fRankston noRth, vIC | vIllaGe sIte | CommenCed 2007 | 9,657 | leasehold | |
| Goodna | Goodna, Qld | vIllaGe sIte | 2007 | 10,094 | leasehold | |
| SETTLERS | lakesIde | Ravenswood, wa | vIllaGe | CommenCed 1999 | 14.6 | fReehold |
| meadow spRInGs | meadow spRInGs, wa | vIllaGe | CommenCed 2003 | 3.2 | fReehold | |
| noyea paRk | mount waRRen paRk, Qld | vIllaGe | CommenCed 1987 | 8.8 | fReehold | |
| RIdGewood RIse | RIdGewood, wa | vIllaGe | CommenCed 2002 | 10.8 | fReehold | |
| SUNNyCOvE | foRest lake | foRest lake, Qld | vIllaGe | 2006 | 9,859 | fReehold |
| Gladstone | Gladstone, Qld | vIllaGe | 2006 | 12,564 | fReehold | |
| RoCkhampton | RoCkhampton, Qld | vIllaGe | 2007 | 22,240 | fReehold | |
| vILLAgE LIfE | albany | yakamIa, wa | vIllaGe | 2004 | 7,365 | fReehold |
| albuRy | lavInGton, nsw | vIllaGe | 2005 | 7,253 | fReehold | |
| aRmadale | sevIlle GRove, wa | vIllaGe | 2003 | 5,275 | fReehold | |
| ballaRat | sebastopol, vIC | vIllaGe | 2004 | 4,973 | fReehold | |
| bendIGo 1 | bendIGo, vIC | manaGeRs unIt | n/a | n/a | fReehold | |
| bendIGo 2 | bendIGo, vIC | manaGeRs unIt | n/a | n/a | fReehold | |
| bunbuRy | bunbuRy, wa | vIllaGe | 2005 | 5,698 | fReehold | |
| bundabeRG | bundabeRG noRth, Qld | vIllaGe | 2005 | 6,000 | fReehold | |
| CabooltuRe | CabooltuRe, Qld | manaGeRs unIt | n/a | n/a | fReehold | |
| CessnoCk | CessnoCk, nsw | vIllaGe | 2004 | 9,369 | fReehold | |
| ClaRemont | ClaRemont, wa | vIllaGe | 2004 | 6,831 | fReehold | |
| Coffs haRbouR | Coffs haRbouR, nsw | vIllaGe | 2004 | 6,164 | fReehold |
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
| v | ALUATION AS AT |
ALUATION AS AT |
vALUATION OwNERSHIP |
% Of TOTAL |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 | JUNE 2007 | INTEREST | OwNERSHIP | COMPLETEd | PIPELINE | TOTAL | dISCOUNT | fUNd | |||
| A$M | % | CAP RATE | INTEREST | UNITS | UNITS | UNITS | OCCUPANCy | RATE (dMf) | (ASSETS) | ||
| 6.0 | 1.6 | n/a | 27% | 0 | 252 | 252 | n/a | n/a | 0.1% | ||
| 14.7 | 4.0 | n/a | 27% | 0 | 337 | 337 | n/a | n/a | 0.3% | ||
| 5.0 | 1.3 | n/a | 27% | 0 | 102 | 102 | n/a | n/a | 0.1% | ||
| 11.5 | 3.1 | n/a | 27% | 149 | 0 | 149 | 99% | 12.0% | 0.3% | ||
| 16.0 | 4.3 | n/a | 27% | 46 | 171 | 217 | 87% | 12.0% | 0.3% | ||
| 5.7 | 1.5 | n/a | 27% | 100 | 51 | 151 | 96% | 12.0% | 0.1% | ||
| 43.6 | 11.8 | n/a | 27% | 0 | 169 | 169 | n/a | n/a | 0.9% | ||
| 6.4 | 1.7 | n/a | 27% | 0 | 158 | 158 | n/a | n/a | 0.1% | ||
| 7.0 | 1.9 | n/a | 27% | 103 | 18 | 121 | 96% | 12.0% | 0.2% | ||
| 0.0 | 0.0 | n/a | 50% | 0 | 45 | 45 | 0% | 18% | 0.0% | ||
| 0.0 | 0.0 | n/a | 50% | 0 | 52 | 52 | 0% | 18% | 0.0% | ||
| 5.0 | 2.5 | n/a | 50% | 0 | 69 | 69 | 0% | 18% | 0.2% | ||
| 15.3 | 15.3 | n/a | 100% | 187 | 28 | 215 | 100% | 14.5% | 1.2% | ||
| 9.0 | 9.0 | n/a | 100% | 58 | 69 | 127 | 90% | 14.8% | 0.7% | ||
| 7.3 | 7.3 | n/a | 100% | 149 | 12 | 161 | 100% | 13.5% | 0.6% | ||
| 14.1 | 14.1 | n/a | 100% | 105 | 134 | 239 | 100% | 15.0% | 1.1% | ||
| 12.8 | 12.8 | 8.0% | 100% | 86 | 0 | 86 | 70% | 1.0% | |||
| 7.7 | 7.7 | 8.3% | 100% | 56 | 30 | 86 | 57% | 0.6% | |||
| 10.6 | 10.6 | 8.3% | 100% | 74 | 56 | 130 | 30% | 0.9% | |||
| 5.3 | 5.3 | 7.3% | 100% | 56 | 56 | 100% | 0.4% | ||||
| 5.5 | 5.5 | 7.3% | 100% | 51 | 51 | 90% | 0.4% | ||||
| 4.4 | 4.4 | 7.3% | 100% | 44 | 44 | 97% | 0.4% | ||||
| 4.0 | 4.0 | 7.5% | 100% | 47 | 47 | 77% | 0.3% | ||||
| 0.3 | 0.3 | 8.0% | 100% | 1 | 1 | n/a | 0.0% | ||||
| 0.3 | 0.3 | 8.0% | 100% | 1 | 1 | n/a | 0.0% | ||||
| 4.8 | 4.8 | 7.5% | 100% | 50 | 50 | 97% | 0.4% | ||||
| 4.9 | 4.9 | 7.5% | 100% | 50 | 50 | 83% | 0.4% | ||||
| 0.3 | 0.3 | 8.0% | 100% | 1 | 1 | n/a | 0.0% | ||||
| 5.5 | 5.5 | 7.3% | 100% | 54 | 54 | 99% | 0.4% | ||||
| 4.2 | 4.2 | 7.5% | 100% | 50 | 50 | 87% | 0.3% | ||||
| 4.9 | 4.9 | 7.5% | 100% | 50 | 50 | 95% | 0.4% |
6 7
austRalIan senIoRs
poRtfolIo statIstICs (ContInued)
| PROPERTy | yEAR bUILT / | SITE AREA | ||||
|---|---|---|---|---|---|---|
| PORTfOLIO | PROPERTy NAME | LOCATION | TyPE | REfURbISHEd | M2OR HA | TITLE |
| vILLAgE LIfE | devonpoRt | devonpoRt, tas | vIllaGe | 2004 | 6,290 | fReehold |
| dRomana | safety beaCh, vIC | manaGeRs unIt | n/a | n/a | fReehold | |
| dubbo | dubbo, nsw | vIllaGe | 2005 | 6,800 | fReehold | |
| elphInwood | launCeston, tas | vIllaGe | 2003 | 6,334 | fReehold | |
| GlenoRChy | GlenoRChy, vIC | vIllaGe | 2005 | 4,781 | fReehold | |
| GoulbuRn | GoulbuRn, nsw | vIllaGe | 2003 | 6,036 | fReehold | |
| GRovedale 1 | GRovedale, vIC | manaGeRs unIt | n/a | n/a | fReehold | |
| GRovedale 2 | GRovedale, vIC | vIllaGe | 2006 | 6,498 | fReehold | |
| hoRsham | hoRsham, vIC | vIllaGe | 2005 | 5,459 | fReehold | |
| IpswICh | IpswICh, Qld | vIllaGe | 2001 | 5,625 | fReehold | |
| kInGston | kInGston, tas | vIllaGe | 2006 | 9,230 | fReehold | |
| lovely banks 1 | CoRIo, vIC | vIllaGe | 2006 | 9,057 | fReehold | |
| lovely banks 2 | CoRIo, vIC | vIllaGe sIte | n/a | 9,057 | fReehold | |
| manduRah | eRskIne, wa | vIllaGe | 2004 | 6,545 | fReehold | |
| maRsden | maRsden, Qld | vIllaGe | 2006 | 15,580 | fReehold | |
| melton 1 | bRookfIeld, vIC | vIllaGe | 2004 | 6,761 | fReehold | |
| melton 2 | bRookfIeld, vIC | vIllaGe | 2005 | 5,950 | fReehold | |
| poRt maCQuaRIe | poRt maCQuaRIe, nsw | vIllaGe | 2004 | 5,100 | fReehold | |
| salIsbuRy | salIsbuRy downs, sa | manaGeRs unIt | n/a | n/a | fReehold | |
| st albans paRk 1 | st albans paRk, vIC | vIllaGe | 2005 | 8,296 | fReehold | |
| st albans paRk 2 | st albans paRk, vIC | vIllaGe | 2005 | 8,296 | fReehold | |
| swan vIew | swan vIew, wa | vIllaGe | 2006 | 8,034 | fReehold | |
| taRee | taRee, nsw | vIllaGe | 2006 | 9,385 | fReehold | |
| toowoomba 1 | toowoomba, Qld | manaGeRs unIt | n/a | n/a | fReehold | |
| toowoomba 2 | toowoomba, Qld | vIllaGe | 2004 | 6,320 | fReehold | |
| toowoomba 3 | toowoomba, Qld | vIllaGe | 2004 | 6,216 | fReehold | |
| toowoomba 4 | toowoomba, Qld | vIllaGe | 2005 | 6,270 | fReehold | |
| wanGaRatta | wanGaRatta, vIC | vIllaGe sIte | n/a | 5,959 | fReehold | |
| welCome Inn | kInGston, Qld | vIllaGe | 2005 | 17,300 | fReehold | |
| wynnum | wynnum, Qld | manaGeRs unIt | n/a | n/a | fReehold |
TOTAL
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
| vALUATION | vALUATION | % Of | |||||||
|---|---|---|---|---|---|---|---|---|---|
| AS AT | OwNERSHIP | TOTAL | |||||||
| 30 JUNE 2007 | INTEREST | OwNERSHIP | COMPLETEd | PIPELINE | TOTAL | dISCOUNT | fUNd | ||
| A$M | % | CAP RATE | INTEREST | UNITS | UNITS | UNITS | OCCUPANCy | RATE (dMf) | (ASSETS) |
| 3.9 | 3.9 | 7.8% | 100% | 50 | 50 | 73% | 0.3% | ||
| 0.4 | 0.4 | 8.0% | 100% | 1 | 1 | n/a | 0.0% | ||
| 4.3 | 4.3 | 7.5% | 100% | 51 | 51 | 92% | 0.3% | ||
| 4.3 | 4.3 | 7.5% | 100% | 54 | 54 | 96% | 0.3% | ||
| 4.1 | 4.1 | 7.5% | 100% | 42 | 42 | 97% | 0.3% | ||
| 4.7 | 4.7 | 7.3% | 100% | 48 | 48 | 77% | 0.4% | ||
| 0.4 | 0.4 | 8.0% | 100% | 1 | 1 | n/a | 0.0% | ||
| 4.9 | 4.9 | 7.5% | 100% | 50 | 50 | 96% | 0.4% | ||
| 4.4 | 4.4 | 7.3% | 100% | 46 | 46 | 100% | 0.4% | ||
| 4.2 | 4.2 | 7.3% | 100% | 45 | 45 | 91% | 0.3% | ||
| 4.8 | 4.8 | 7.8% | 100% | 50 | 50 | 60% | 0.4% | ||
| 5.5 | 5.5 | 7.5% | 100% | 65 | 65 | 52% | 0.4% | ||
| 0.7 | 0.7 | n/a | 100% | 0 | 70 | 70 | n/a | 0.1% | |
| 4.4 | 4.4 | 7.5% | 100% | 50 | 50 | 80% | 0.4% | ||
| 9.8 | 9.8 | 7.5% | 100% | 96 | 96 | 32% | 0.8% | ||
| 4.2 | 4.2 | 7.5% | 100% | 50 | 50 | 48% | 0.3% | ||
| 4.1 | 4.1 | 7.5% | 100% | 50 | 50 | 68% | 0.3% | ||
| 4.3 | 4.3 | 7.5% | 100% | 44 | 44 | 64% | 0.3% | ||
| 0.3 | 0.3 | 8.0% | 100% | 1 | 1 | n/a | 0.0% | ||
| 4.7 | 4.7 | 7.5% | 100% | 49 | 49 | 71% | 0.4% | ||
| 4.9 | 4.9 | 7.5% | 100% | 52 | 52 | 73% | 0.4% | ||
| 7.7 | 7.7 | 7.3% | 100% | 72 | 72 | 95% | 0.6% | ||
| 4.5 | 4.5 | 7.5% | 100% | 50 | 50 | 58% | 0.4% | ||
| 0.3 | 0.3 | 8.0% | 100% | 1 | 1 | n/a | 0.0% | ||
| 4.1 | 4.1 | 8.0% | 100% | 50 | 50 | 86% | 0.3% | ||
| 4.3 | 4.3 | 8.0% | 100% | 58 | 58 | 78% | 0.3% | ||
| 3.8 | 3.8 | 8.0% | 100% | 50 | 50 | 38% | 0.3% | ||
| 0.8 | 0.8 | n/a | 100% | 0 | 50 | 50 | n/a | 0.1% | |
| 1.0 | 1.0 | 8.5% | 100% | 20 | 20 | 35% | 0.1% | ||
| 0.4 | 0.4 | 8.0% | 100% | 1 | 1 | n/a | 0.0% | ||
| 352.3 | 265.1 | 2,765 | 1,873 | 4,638 | 21.4% |
8 9
austRalIan senIoRs
CountRy Club
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HEMSLEY park, BaLLaraT, VIC
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In april 2006 Ilf announced, in conjunction with InG Real estate Investment management, the joint acquisition of a 30% interest in Country Club villages pty ltd (CCv) for a$23.5 million. 90% of this partial interest is held within Ilf. CCv is a private owner, operator and developer of retirement villages, established in the mid 1980’s, and is based in ballarat, victoria. this acquisition represented the fund’s first acquisition in retirement villages operated under the deferred management fee (dmf) model.
at the time of acquisition CCv owned two existing villages, had one under construction, two development sites with development approval and two sites pending development approval. since then the joint venture has purchased two properties and has a further one under an option agreement, pending planning approval. this brings the portfolio to a total of ten assets which will comprise approximately 1,900 units upon completion. the assets are located primarily in regional victoria and Queensland.
the development stock in the CCv portfolio represents a significant portion of the development pipeline for the fund with a further three of these sites commencing construction during the 2007/08 year.
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HAMPTON VIEWS
NT
WA QLD
NOOSA DOMAIN
SA
BELLBROOK GARDENS
NSW BELLARINE LAKES
MELBA VALE
VIC GEELONG GROVE
HEMSLEY PARK
MEADOW GARDENS
ROSEBANK
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InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
oak tRee
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GOODNa, QLD
In october 2006, Ilf announced an agreement to enter into a joint venture with the oak tree Group (oak tree). under the agreement, the joint venture has the first right to acquire up to 5,000 seniors accommodation units sourced by oak tree, which has identified a substantial pipeline of future seniors accommodation sites in attractive metropolitan locations throughout australia.
the oak tree villages will operate under the deferred management fee (dmf) model, with the joint venture intending to operate these villages under the oak tree brand. the joint venture is expected to complete construction on its first development project, a 69 independent living unit (Ilu) retirement village in the brisbane suburb of Goodna, in october 2007. the joint venture continues to seek new opportunities across australia and aims to have a pipeline of 1,000 units within the joint venture by june 2008.
oak tree are experienced developers with a long track record of producing quality facilities for residents.
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NT
WA QLD
BORONIA
SA GOODNA
NSW
VIC
FRANKSTON
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austRalIan senIoRs
settleRs
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LakESIDE, wa
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the settlers portfolio was founded in 1999 by the former settlers Group. the portfolio includes four retirement villages, three of which are located in western australia and one in Queensland. Ilf acquired this portfolio in april 2007 for $47 million.
the settlers portfolio currently comprises 499 completed Ilus and has a further 243 units either in construction or pending development stage. the portfolio upon completion will have in total 742 Ilus.
the fund is also the strata manager of a further 28 investor owned Ilus. the fund has commenced a buy back program for the units.
the fund has executed a management services agreement with Retraite partnership, a partnership formed between key executives of the former settlers Group. the fund has implemented performance based remuneration which is dependent on the management team exceeding the fund’s forecast hurdle rates.
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LAKESIDE
MEADOW SPRINGS
RIDGEWOOD RISE
NT
WA QLD
NOYEA PARK
SA
NSW
VIC
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InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
sunnyCove
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FOrEST LakE, QLD
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the fund acquired a portfolio of three seniors housing communities from Queensland based sCv Group limited (sCv) for a total of $31.4 million. the second stages at Rockhampton and Gladstone are still under development (estimated cost of development $10.3 million). sCv is a leading operator of retirement villages, offering quality rental products to independent retirees, and is a long term specialist property manager of seniors communities. sCv currently manages Ilf’s three sunnycove branded properties at forest lake, Gladstone and Rockhampton, as well as the fund’s 32 village life branded assets.
Ilf aligned its interests with sCv as operator during the same period by taking up a 10% stake in the company and accepting the appointment of one representative on the sCv Group board. the alignment of interest allows a review of village management methodology and the opportunity to work together to deliver best management practice.
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ROCKHAMPTON
GLADSTONE
NT
WA QLD
FOREST LAKE
SA
NSW
VIC
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12 13
austRalIan senIoRs
vIllaGe lIfe
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SwaN VIEw, pErTH, wa
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on 1 june 2007, sCv Group limited (sCv) assumed operation of Ilf’s portfolio of 32 village life branded retirement villages. the properties are located in geographically diverse regions across australia, in well developed residential neighbourhoods with a high proportion of the population aged over 65.
the village life portfolio offers investors a safe, secure rental stream which has an attractive growth rate of 4.0% per annum which is backed predominantly by the australian aged pension. the village life portfolio has been valued at $154.6 million as at 30 june 2007, representing 13% of the fund.
CLAREMONT ALBANY ARMADALE MANDURAH SWAN VIEW BUNBURY BUNDABERG CABOOLTURE IPSWICH NT QLD MARSDEN WA SALISBURY TOOWOOMBA WYNNUM SA ALBURY BALLARAT CESSNOCK NSW BENDIGO COFFS HARBOUR VIC DROMANA DUBBO CLAREMONT GROVEDALE GOULBURN DEVONPORT HORSHAM PORT MACQUARIE GLENORCHY LOVELY BANKS TAREE LAUNCESTON MELTON KINGSTON ST ALBANS PARK WELCOME INN WANGARATTA
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
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COUNTRy CLUb HEMSLEy, vIC
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14 15
CanadIan senIoRs
the fund aCQuIRed a 50% InteRest In the ReGenCy poRtfolIo, ConsIstInG of eIGht Class a lonG teRm CaRe (ltC) faCIlItIes In june 2007. the assets aRe loCated In the GReateR toRonto aRea of ontaRIo, Canada and RepResents the fund’s entRy Into the CanadIan senIoRs housInG maRket and the ltC asset Class.
all assets weRe ConstRuCted In 2001 oR lateR and aRe loCated In establIshed ResIdentIal CommunItIes, well seRvICed by publIC tRanspoRt and majoR Roads. the poRtfolIo has a stRonG tRaCk ReCoRd of hIGh oCCupanCy, ConsIstently aChIevInG oCCupanCy Rates of 98% oR above. fouR of the eIGht sItes have fuRtheR development potentIal.
the ReGenCy poRtfolIo Is manaGed by ChaRtwell senIoRs housInG ReIt, Canada’s laRGest manaGeR of senIoRs housInG faCIlItIes as at 31 deCembeR 2006. ChaRtwell also owns the RemaInInG 50% InteRest In the poRtfolIo.
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PORTfOLIO REgENCy
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| PORTfOLIO | REgENCy |
|---|---|
| valuatIon as at 30 june 2007(a$m) | 141.1 |
| owneRshIp InteRest % | 50% |
| numbeR of pRopeRtIes | 8 |
| total unIts | 1,179 |
| pIpelIne unIts | 400 |
| % of total fund(assets) | 11.6% |
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
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REgENCy THE wESTMOUNT, ONTARIO
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16 17
CanadIan senIoRs
poRtfolIo statIstICs
| PROPERTy | yEAR bUILT / | SITE AREA | ||||
|---|---|---|---|---|---|---|
| PORTfOLIO | PROPERTy NAME | LOCATION | TyPE | REfURbISHEd | ACRES | TITLE |
| REgENCy | the bRant CentRe | buRlInGton, ontaRIo | Class a ltC | 2003 | 3.7 | leasehold |
| the wateRfoRd | oakvIlle, ontaRIo | Class a ltC | 2003 | 4.4 | fReehold | |
| the wenleIGh | mIssIssauGa, ontaRIo | Class a ltC | 2001 | 2.7 | fReehold | |
| the westbuRy | toRonto, ontaRIo | Class a ltC | 2004 | 1.2 | leasehold | |
| the westmount | kItCheneR, ontaRIo | Class a ltC | 2002 | 4.2 | fReehold | |
| the wIllowGRove | anCasteR, ontaRIo | Class a ltC | 2004 | 2.9 | fReehold | |
| the woodhaven | maRkham, ontaRIo | Class a ltC | 2003 | 4.0 | leasehold | |
| the wynfIeld | oshawa, ontaRIo | Class a ltC | 2003 | 4.0 | fReehold | |
| TOTAL |
ReGenCy
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the fund has acquired a 50% interest in a portfolio of eight Class a long term Care (ltC) facilities situated within the Greater toronto area (Gta) of ontario, Canada. the Regency portfolio represents the fund’s entry into the Canadian seniors housing market and the ltC asset class. the Regency portfolio comprises 1,384 beds with a 99% occupancy rate.
as at 28 february 2007 there was a waiting list for over 1,100 beds. four of the eight sites have further development potential via excess land zoned for the addition of approximately 400 non-care (assisted living or independent living) units.
the average age of the assets in the Regency portfolio is less than five years. the properties are located in established residential communities, well serviced by public transportation and easily accessible from a series of major highways.
the Regency portfolio has a strong track record of high occupancy, consistently achieving occupancy rates of 98% or above since 2005.
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THE wENLEIGH, MISSaSSaUGa, ONTarIO
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InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
| vALUATION | vALUATION | vALUATION | % Of | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| AS AT | AS AT | OwNERSHIP | PROPORTION | wAITINg | TOTAL | |||||
| 30 JUNE 2007 | 30 JUNE 2007 | INTEREST | OwNERSHIP | LICENSEd | TOTAL | Of PREfERREd | LIST (% Of | fUNd | ||
| CAd$M | A$M1 | A$M | CAP RATE | INTEREST | bEdS | UNITS | ACCOMMOdATION | OCCUPANCy | TOTAL bEdS) | (ASSETS) |
| 30.6 | 33.8 | 16.9 | 7% | 50% | 175 | 140 | 60% | 100% | 78% |
1.4% |
| 32.3 | 35.7 | 17.8 | 7% | 50% | 168 | 163 | 60% | 99% | 43% |
1.5% |
| 29.2 | 32.3 | 16.1 | 7% | 50% | 161 | 155 | 60% | 99% | 53% |
1.3% |
| 33.0 | 36.5 | 18.3 | 7% | 50% | 187 | 145 | 60% | 98% | 95% |
1.5% |
| 30.7 | 33.9 | 17.0 | 7% | 50% | 160 | 141 | 60% | 100% | 66% |
1.4% |
| 30.9 | 34.2 | 17.1 | 7% | 50% | 169 | 137 | 60% | 100% | 115% |
1.4% |
| 35.5 | 39.2 | 19.6 | 7% | 50% | 192 | 173 | 60% | 100% | 33.9% |
1.6% |
| 33.1 | 36.6 | 18.3 | 7% | 50% | 172 | 152 | 60% | 99% | 155% |
1.5% |
| 255.3 | 282.2 | 141.1 | 1,179 | 11.6% |
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CANADA
ONTARIO
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THE BRANT CENTRE
THE WATERFORD
THE WENLEIGH
THE WESTBURY
THE WESTMOUNT
THE WILLOWGROVE
THE WOODHAVEN
THE WYNFIELD
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1) exchange rate of a$1 = C$0.9048
18 19
us senIoRs
the us senIoRs poRtfolIo CompRIses a 49% InteRest In 26 RetIRement CommunItIes In the unIted states. the assets aRe a mIx of Independent lIvInG unIts (Ilus) and assIsted lIvInG unIts (alus). a numbeR of pRopeRtIes also featuRe alZheImeR’s unIts (alZs) whICh offeR a speCIalIsed level of CaRe to ResIdents.
the Investment Class of senIoRs aCCommodatIon has expeRIenCed sIGnIfICant CapItalIsatIon Rate CompRessIon sInCe ouR InItIal entRy Into thIs seCtoR, pRoduCInG Good CapItal GRowth foR the poRtfolIo.
the Rental InCome assoCIated wIth the us senIoRs assets Is entIRely souRCed fRom pRIvate means and Is not RelIant on GoveRnment subsIdIes. the pRopeRtIes aRe manaGed by hoRIZon bay senIoRs CommunItIes (hoRIZon bay), Ranked In the top 20 senIoRs aCCommodatIon manaGeRs by the ameRICan senIoRs housInG assoCIatIon.
Ilf wIll assess expansIon oppoRtunItIes wIthIn Its us senIoRs poRtfolIo In ConjunCtIon wIth Its joInt ventuRe paRtneR, ChaRtwell, vIa aCQuIsItIon oR by unloCkInG development potentIal wIthIn exIstInG sItes In the poRtfolIo.
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LAKE
PORTfOLIO ASPEN bRISTAL CyPRESS MERIdIAN wORTH POCASSET TROwbRIdgE
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| valuatIon as at 30 june 2007(a$m) | 135.8 | 159.6 | 91.5 | 178.3 | 12.0 | 16.3 | 20.4 |
|---|---|---|---|---|---|---|---|
| owneRshIp InteRest | 49% | 49% | 49% | 49% | 49% | 49% | 49% |
| numbeR of pRopeRtIes | 8 | 5 | 4 | 6 | 1 | 1 | 1 |
| Completed unIts | 1,365 | 640 | 818 | 1,043 | 170 | 169 | 300 |
| pIpelIne unIts | 98 | 0 | 0 | 415 | 0 | 0 | 0 |
| % of total fund(assets) | 11.0% | 12.7% | 7.4% | 14.5% | 1.0% | 1.3 % | 1.6% |
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
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bRISTAL EAST MEAdOw, NEw yORK
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20 21
us senIoRs
poRtfolIo statIstICs
| vALUATION | ||||||
|---|---|---|---|---|---|---|
| AS AT | ||||||
| yEAR bUILT / | SITE AREA | 30 JUNE 2007 | ||||
| PORTfOLIO | PROPERTy NAME | LOCATION | REfURbISHEd | ACRES | TITLE | US$M |
| ASPEN | ambeR paRk | CInCInnatI, ohIo | 1983 | 3.6 | fee sImple | 12.3 |
| bella vIta | venICe, floRIda | 1988/1999 | 5.0 | fee sImple | 36.4 | |
| Gayton teRRaCe | RIChmond, vIRGInIa | 1987 | 9.9 | fee sImple | 26.5 | |
| vIllaGe at lowRy | denveR, ColoRado | 1995/2002 | 4.9 | fee sImple | 24.1 | |
| wateRfoRd | dayton, ohIo | 1987 | 8.3 | fee sImple | 9.7 | |
| wIllowwood | ft. laudeRdale, floRIda | 1987/1995 | 18.3 | fee sImple | 60.0 | |
| woodsIde vIllaGe | bedfoRd, ohIo | 1988 | 20.0 | fee sImple | 41.6 | |
| wyndham lakes | jaCksonvIlle, floRIda | 1986 | 13.7 | fee sImple | 24.8 | |
| bRISTAL | east meadow | east meadow, new yoRk | 2000 | 3.0 | fee sImple | 58.9 |
| massapeQua | massapeQua, new yoRk | 2006 | 4.7 | fee sImple | 54.6 | |
| noRth hIlls | noRth hIlls, new yoRk | 2004 | 4.2 | fee sImple | 67.3 | |
| noRth woodmeRe | noRth woodmeRe, new yoRk | 2003 | 2.9 | fee sImple | 43.7 | |
| westbuRy | westbuRy, new yoRk | 2001 | 2.3 | fee sImple | 52.1 | |
| CyPRESS | audubon paRk | memphIs, tennessee | 2001 | 12.0 | fee sImple | 42.6 |
| steRlInG heIGhts | steRlInG heIGhts, mIChIGan | 2002 | 13.4 | fee sImple | 47.5 | |
| tulsa | tulsa, oklahoma | 2001 | 12.3 | fee sImple | 36.9 | |
| vestavIa hIlls | bIRmInGham, alabama | 2001 | 11.4 | fee sImple | 31.5 | |
| MERIdIAN | aRvada | aRvada, ColoRado | 1988 | 7.8 | fee sImple | 27.0 |
| bouldeR | bouldeR, ColoRado | 1986 | 3.8 | fee sImple | 36.9 | |
| enGlewood | enGlewood, ColoRado | 1985 | 3.9 | fee sImple | 102.3 | |
| lakewood | lakewood, ColoRado | 1988 | 9.9 | fee sImple | 55.8 | |
| temple | temple, texas | 1984 | 21.0 | fee sImple | 50.8 | |
| westland | lakewood, ColoRado | 1988 | 12.2 | fee sImple | 36.3 | |
| INdEPENdENT ASSETS | lake woRth GaRdens | lakewoRth, floRIda | 1984 | 7.3 | fee sImple | 20.8 |
| poCasset bay manoR | johnston, Rhode Island | 1989/2003 | 13.3 | fee sImple | 28.3 | |
| the paRk at tRowbRIdGe | southfIeld, mIChIGan | 1988/2005 | 7.0 | fee sImple | 35.3 | |
| TOTAL | 1,064.0 |
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
| vALUATION | vALUATION | % Of | |||||||
|---|---|---|---|---|---|---|---|---|---|
| AS AT | OwNERSHIP | TOTAL | TOTAL | TOTAL | TOTAL | ||||
| 30 JUNE 2007 | INTEREST | OwNERSHIP | UNITS | UNITS | UNITS | TOTAL | fUNd | ||
| A$M1 | A$M | CAP RATE | INTEREST | ILU | ALU | ALz | UNITS | OCCUPANCy | (ASSETS) |
| 14.5 | 7.1 | 6.75% | 49% | 73 | 52 | 0 | 125 | 98% | 0.6% |
| 42.9 | 21.0 | 6.75% | 49% | 63 | 52 | 0 | 115 | 97% | 1.7% |
| 31.2 | 15.3 | 6.75% | 49% | 63 | 37 | 0 | 100 | 99% | 1.2% |
| 28.4 | 13.9 | 6.75% | 49% | 85 | 84 | 0 | 169 | 85% | 1.1% |
| 11.4 | 5.6 | 6.75% | 49% | 110 | 0 | 0 | 110 | 79% | 0.5% |
| 70.6 | 34.6 | 6.75% | 49% | 195 | 83 | 0 | 278 | 93% | 2.8% |
| 49.0 | 24.0 | 6.75% | 49% | 97 | 105 | 18 | 220 | 88% | 1.9% |
| 29.2 | 14.3 | 6.75% | 49% | 103 | 124 | 21 | 248 | 95% | 1.2% |
| 69.4 | 34.0 | 6.25% | 49% | 0 | 109 | 12 | 121 | 98% | 2.7% |
| 64.3 | 31.5 | 6.25% | 49% | 0 | 95 | 25 | 120 | 88% | 2.5% |
| 79.2 | 38.8 | 6.25% | 49% | 0 | 121 | 20 | 141 | 98% | 3.1% |
| 51.4 | 25.2 | 6.25% | 49% | 0 | 99 | 19 | 118 | 93% | 2.0% |
| 61.4 | 30.1 | 6.25% | 49% | 0 | 126 | 14 | 140 | 94% | 2.4% |
| 50.2 | 24.6 | 6.25% | 49% | 176 | 0 | 0 | 176 | 99% | 2.0% |
| 55.9 | 27.4 | 6.25% | 49% | 222 | 0 | 0 | 222 | 94% | 2.2% |
| 43.5 | 21.3 | 6.25% | 49% | 198 | 0 | 0 | 198 | 91% | 1.7% |
| 37.1 | 18.2 | 6.25% | 49% | 222 | 0 | 0 | 222 | 97% | 1.5% |
| 31.8 | 15.6 | 6.50% | 49% | 109 | 16 | 0 | 125 | 95% | 1.3% |
| 43.5 | 21.3 | 6.50% | 49% | 87 | 9 | 0 | 96 | 97% | 1.7% |
| 120.4 | 59.0 | 6.50% | 49% | 177 | 89 | 0 | 266 | 95% | 4.8% |
| 65.7 | 32.2 | 6.50% | 49% | 101 | 71 | 0 | 172 | 100% | 2.6% |
| 59.8 | 29.3 | 6.50% | 49% | 171 | 60 | 0 | 231 | 96% | 2.4% |
| 42.7 | 20.9 | 6.50% | 49% | 153 | 0 | 0 | 153 | 90% | 1.7% |
| 24.5 | 12.0 | 7.25% | 49% | 170 | 0 | 0 | 170 | 83% | 1.0% |
| 33.3 | 16.3 | 6.75% | 49% | 110 | 59 | 0 | 169 | 95% | 1.3% |
| 41.6 | 20.4 | 7.50% | 49% | 260 | 40 | 0 | 300 | 83% | 1.6% |
| 1,252.9 | 613.9 | 2,945 | 1,431 | 129 | 4,505.0 | 49.5% |
1) exchange rate of a$1 = us$0.8493
22 23
us senIoRs
aspen
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BELLa VITa, VENICE, FLOrIDa
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the aspen portfolio comprises 1,361 units and is located in the states of florida, virginia, Colorado and ohio. the portfolio has increased in value significantly since Ilf purchased a 49% interest at a purchase price of us$181 million in april 2006.
the portfolio has demonstrated average rent growth per annum in excess of 5% and averages occupancy rates close to 92%. Gayton terrace in virginia has embarked upon an expansion of the community which will double its size and capitalise on its dominant position in the market.
the properties are all located in suburban areas, close to local amenities and are characterised by favourable demographic profiles and solid economic fundamentals. Recently a number of the properties have benefited from a refurbishment programme initiated by horizon bay, repositioning the properties in their respective markets.
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VILLAGE AT LOWRY
AMBER PARK
WATERFORD
UNITED STATES
WOODSIDE VILLAGE
OHIO
GAYTON TERRACE
COLORADO VIRGINIA
FLORIDA BELLA VITA
WILLOWWOOD
WYNDHAM LAKES
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InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
bRIstal
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BrISTaL, EaST MEaDOw, NEw YOrk
In october 2006, the fund’s joint venture with Chartwell acquired five high quality assisted living communities in long Island, new york for us$290.5 million. the portfolio was acquired at a discount to valuation of 1.8%. Consisting of 640 assisted living units, the portfolio is located in the highly affluent demographic of nassau County, long Island, new york. long Island has one of th ~~e highest proportions of seni~~ ors in the us, with the 85+ age group forecast to grow by 3.96% p.a. over the next five years.
built between 2000 and 2006, the portfolio is very modern and contains large luxury unit designs averaging 102sqm. the communities are operated by Chartwell & the engle-burman group, the original developer of the portfolio. occupancy is expected to remain strong as a result of favourable supply and demand attributes. Rental sources are 100% private pay.
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UNITED STATES NEW YORK EAST MEADOW
MASSAPEQUA
NORTH HILLS
NORTH WOODMERE
WESTBURY
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24 25
us senIoRs
CypRess
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CYprESS STErLING HEIGHTS, MICHIGaN
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In may 2006, the fund acquired a 49% interest in a portfolio of four independent living seniors housing assets for us$128.2 million. the portfolio includes a total of 818 units located in four modern, purpose built complexes situated in the states of oklahoma, michigan, tennessee and alabama in areas with strong income demographics.
the portfolio is one of the fund’s best performers, demonstrating average occupancies of 95%. the portfolio benefits from the long term management in place and the high quality product on offer. the geographically diversified properties are dominant communities in each of their markets.
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STERLING HEIGHTS
MICHIGAN
UNITED STATES
TULSA
OKLAHOMA AUDUBON PARK
TENNESSEE
VESTAVIA HILLS
ALABAMA
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InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
meRIdIan
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MErIDIaN arVaDa, COLOraDO
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In july 2005, Ilf announced the acquisition of a 49% interest in the meridian portfolio of six a class seniors housing communities for us$232 million, in conjunction with Chartwell. five of the assets are in Colorado and one in texas.
the assets are dominant in their markets with good brand recognition, which is supported by the long history of 95%+ occupancy and waiting lists. the properties benefit from management efficiencies due to the concentration of properties in the area and a solid management team which has been in place for some time.
the portfolio comprises 1,043 units, and four of the assets have surplus land for further development.
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ARVADA
BOULDER
ENGLEWOOD
LAKEWOOD
UNITED STATES WESTLAND
COLORADO
TEXAS
TEMPLE
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26 27
unIted states senIoRs
Independent assets
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LakE wOrTH GarDENS, FLOrIDa
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Lake worth gardens, Lake worth
In august 2006 Ilf acquired a 49% interest in a 170 unit seniors housing asset in palm beach County for us$19.5 million. lake worth Gardens has undergone significant refurbishment and market repositioning this past year which has provided good results for ~~occupancy levels in excess of 90%.~~
Pocasset bay Manor, Rhode Island
In october 2005, Ilf acquired a 49% interest pocasset bay manor retirement community, Rhode Island for the purchase price of us$20 million. pocasset bay manor comprises 168 units, including 58 assisted living studios. It was built in 1989 and was substantially refurbished in 2003. the community is situated on 13 acres of landscaped land with good development potential.
The Park at Trowbridge, Michigan
a 49% interest in the park at trowbridge was acquired in october 2005 for us$27 million, representing a discount of 4.8% to independent valuation. built in 1988, the community underwent an extensive renovation which was completed in june 2005.
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THE PARK
AT TROWBRIDGE
MICHIGAN
RHODE
ISLAND POCASSET BAY MANOR
UNITED STATES
FLORIDA
LAKE WORTH GARDENS
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InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
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POCASSET bAy MANOR, RHOdE ISLANd
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28 29
us + nZ students
the student poRtfolIo CompRIses 22 pRopeRtIes loCated In ConneCtICut, floRIda and vIRGInIa In the us and thRee In wellInGton, new Zealand.
the us assets aRe loCated In maRkets wheRe theRe Is a sIGnIfICant undeR pRovIsIon of student aCCommodatIon and GRowInG ColleGe enRolments. the fund’s assets suRRoundInG the unIveRsIty of ConneCtICut In paRtICulaR enjoy a domInant posItIon by pRovIdInG GReateR than 80% of the off Campus aCCommodatIon wIthIn a seven mIle RadIus of the unIveRsIty.
the new Zealand pRopeRtIes aRe loCated In the CentRal busIness dIstRICt of wellInGton, pRovIdInG aCCommodatIon foR students of the vICtoRIa unIveRsIty of wellInGton (vuw). the fund aCQuIRed a 90% InteRest In these assets alonGsIde InG Real estate Investment manaGement austRalIa who Is a 10% InvestoR.
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PORTfOLIO UNITEd STATES STUdENTS NEw zEALANd STUdENTS
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| valuatIon as at 30 june 2007(a$m) | 191.9 | 27.8 |
|---|---|---|
| owneRshIp InteRest % | 100% | 90% |
| numbeR of pRopeRtIes | 22 | 3 |
| numbeR of unIts | 1,418 | 362 |
| pIpelIne unIts | 110 | 0 |
| % of total fund(assets) | 15.3% | 2.2% |
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
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MCKENzIE APARTMENTS, wELLINgTON
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30 31
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us + nZ students
poRtfolIo statIstICs
us students
| yEAR | bUILT / | SITE AREA | |||
|---|---|---|---|---|---|
| PORTfOLIO | LOCATION | PROPERTy TyPE | REfURbISHEd | ACRES | |
| 34 faIRvIew stReet | west haRtfoRd, ConneCtICut | GaRden style apaRtment buIldInG | 1964 | 0.5 | |
| 45 oakwood avenue | west haRtfoRd, ConneCtICut | GaRden style apaRtment buIldInG | 1964 | 0.3 | |
| ashfoRd hIlls apaRtments | ashfoRd, ConneCtICut | GaRden style apaRtment buIldInG | 1969 | 11.6 | |
| CedaR CReek apaRtments | new bRItaIn, ConneCtICut | GaRden style apaRtment buIldInG & house | 1970 | 2.5 | |
| Clubhouse apaRtments | stoRRs manfIeld, ConneCtICut | GaRden style 4-plex CommunIty | 1965 | 22.8 | |
| huntInG lodGe apaRtments | stoRRs mansfIeld, ConneCtICut | GaRden style 8-plex CommunIty | 1963 | 13.5 | |
| kelly GaRdens apaRtments | new bRItaIn, ConneCtICut | GaRden style apaRtment CommunIty | 1970 | 2.9 | |
| knollwood apaRtments | stoRRs mansfIeld, ConneCtICut | GaRden style 4-plex CommunIty | 1964 | 52.7 | |
| maplewood apaRtments | stoRRs manfIeld, ConneCtICut | GaRden style 4-plex CommunIty | 1964 | 65.8 | |
| mIllbRook apaRtments | stoRRs mansfIeld, ConneCtICut | GaRden style 4-plex CommunIty | 1975 | 6.0 | |
| oakRIdGe apaRtments | wIllImantIC, ConneCtICut | GaRden style apaRtment CommunIty | 1965 | 3.4 | |
| oakwood apaRtments | stoRRs mansfIeld, ConneCtICut | GaRden style duplex CommunIty | 1964 | 2.5 | |
| oRChaRd aCRes apaRtments | stoRRs mansfIeld, ConneCtICut | GaRden style 4-plex CommunIty | 1962 | 27.0 | |
| peRRy hIll estates | ashfoRd, ConneCtICut | GaRden style 8-plex CommunIty | 1996 | 25.8 | |
| Renwood apaRtments | stoRRs mansfIeld, ConneCtICut | GaRden style 4-plex CommunIty | 1966 | 35.4 | |
| RIdGevIew heIGhts | wIllInGton, ConneCtICut | GaRden style apaRtment CommunIty | 1970 | 24.3 | |
| spRInGwood apaRtments | new bRItaIn, ConneCtICut | GaRden style apaRtment CommunIty | 1970 | 4.2 | |
| wIllInGton oaks apaRtments | wIllInGton, ConneCtICut | GaRden style apaRtment CommunIty | 1966 | 62.1 | |
| Campus Club | tampa, floRIda | apaRtment CommunIty | 2003 | 5.5 | |
| the pReseRve | tallahassee, floRIda | apaRtment CommunIty | 2003 | 36.2 | |
| RamZ hall | RIChmond, vIRGInIa | apaRtment buIldInG | 2004 | 1.0 | |
| CapItal GaRaGe apaRtments | RIChmond, vIRGInIa | apaRtment buIldInG | 2000 | 0.3 | |
| TOTAL |
nZ students
| yEAR bUILT / | SITE AREA | ||||
|---|---|---|---|---|---|
| PORTfOLIO | LOCATION | PROPERTy TyPE | REfURbISHEd | M2 | TITLE |
| CumbeRland house | wellInGton, new Zealand | student aCCommodatIon | 2000 | 2603 | fReehold |
| eduCatIon house | wellInGton, new Zealand | student aCCommodatIon | 2002 | 723 | fReehold |
| mCkenZIe apaRtments | wellInGton, new Zealand | student aCCommodatIon | 1998 | 2181 | fReehold |
| TOTAL |
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
| vALUATION | vALUATION | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| AS AT 30 JUNE 2007 TITLE US$M |
AS AT 30 JUNE 2007 A$M1 |
CAP RATE | OwNERSHIP INTEREST % |
TOTAL bEdS |
TOTAL UNITS |
NUMbER OR bUILdINgS |
dISTANCE TO CAMPUS MILES |
% Of TOTAL fUNd |
|
| fee sImple | 1.9 | 2.2 | 6.52% | 100% | 24 | 22 | 1 | 2 | 0.2% |
| fee sImple | 1.4 | 1.6 | 6.52% | 100% | 15 | 15 | 1 | 2 | 0.1% |
| fee sImple | 3.7 | 4.4 | 6.52% | 100% | 80 | 52 | 1 | 5 | 0.4% |
| fee sImple | 6.3 | 7.5 | 7.25% | 100% | 124 | 63 | 5 | 0.25 | 0.6% |
| fee sImple | 4.6 | 5.4 | 6.52% | 100% | 72 | 44 | 11 | 1 | 0.4% |
| fee sImple | 6.8 | 8.0 | 6.52% | 100% | 75 | 40 | 5 | 0.25 | 0.6% |
| fee sImple | 4.0 | 4.7 | 6.52% | 100% | 105 | 66 | 3 | 0.25 | 0.4% |
| fee sImple | 13.9 | 16.4 | 6.52% | 100% | 184 | 136 | 34 | 0.25 | 1.3% |
| fee sImple | 3.7 | 4.3 | 6.52% | 100% | 80 | 40 | 10 | 2 | 0.3% |
| fee sImple | 1.3 | 1.5 | 6.52% | 100% | 21 | 12 | 3 | 2.5 | 0.1% |
| fee sImple | 3.0 | 3.6 | 6.52% | 100% | 48 | 36 | 3 | 7 | 0.3% |
| fee sImple | 0.7 | 0.9 | 6.52% | 100% | 10 | 10 | 5 | 0.25 | 0.1% |
| fee sImple | 8.6 | 10.1 | 6.52% | 100% | 96 | 96 | 24 | 0 | 0.8% |
| fee sImple | 5.5 | 6.5 | 6.52% | 100% | 96 | 48 | 6 | 7 | 0.5% |
| fee sImple | 6.8 | 8.0 | 6.52% | 100% | 120 | 76 | 19 | 2 | 0.6% |
| fee sImple | 4.2 | 4.9 | 6.52% | 100% | 72 | 48 | 4 | 7 | 0.4% |
| fee sImple | 5.6 | 6.6 | 7.50% | 100% | 180 | 108 | 6 | 1 | 0.5% |
| fee sImple | 14.2 | 16.7 | 6.52% | 100% | 192 | 128 | 12 | 1.5 | 1.4% |
| fee sImple | 14.6 | 17.2 | 6.50% | 100% | 256 | 64 | 2 | <1 | 1.4% |
| fee sImple | 28.2 | 33.3 | 6.50% | 100% | 570 | 190 | 23 | 1 | 2.7% |
| leased fee estate | 17.0 | 20.0 | 6.25% | 100% | 172 | 88 | 1 | 0 | 1.6% |
| leased fee estate | 6.8 | 8.1 | 6.25% | 100% | 72 | 36 | 1 | 0 | 0.6% |
| 162.8 | 191.9 | 1418 | 15.3% |
| vALUATION | vALUATION | vALUATION | |||||||
|---|---|---|---|---|---|---|---|---|---|
| AS AT 30 JUNE | AS AT 30 JUNE | OwNERSHIP | dISTANCE | % Of | |||||
| 2007 | 2007 | INTEREST | OwNERSHIP | TOTAL | TOTAL | NUMbER Of | TO CAMPUS | TOTAL | |
| Nz$M | A$M2 | A$M | CAP RATE | INTEREST | bEdS | UNITS | bUILdINgS | KM | fUNd |
| 15.5 | 14.1 | 12.7 | 9.97% | 90% | 215 | 191 | 1 | 0.1 | 1.0 |
| 6.4 | 5.9 | 5.3 | 9.59% | 90% | 108 | 108 | 1 | 0.1 | 0.4 |
| 12.0 | 10.9 | 9.8 | 9.41% | 90% | 212 | 63 | 1 | 0.1 | 0.8 |
| 33.9 | 30.9 | 27.8 | 535 | 362 | 2.2 |
1) exchange rate of a$1 = us$0.8493 2) exchange rate of a$1 = nZ$1.0991
32 33
us + nZ students
us ConneCtICut
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CLUBHOUSE aparTMENTS, STOrrS MaNSFIELD, CONNECTICUT
In early 2006, Ilf acquired 18 student accommodation assets in Connecticut, totaling 1,040 beds, for us$87.8 million. the properties are predominantly leased to individual students under 12 month contracts which are secured by bonds and with parental guarantees. they are managed via a management and leasing office close to the university campus. this portfolio is the dominant provider of student accommodation within a seven mile radius of the university of Connecticut. five of the assets also service the Central Connecticut state university, university of hartford and local colleges. the assets are managed by a local student housing property manager and overseen by Rabil properties.
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CONNECTICUT
UNITED STATES
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34 FAIRVIEW STREET 45 OAKWOOD AVENUE ASHFORD HILLS APARTMENTS CEDAR CREEK APARTMENTS CLUBHOUSE APARTMENTS HUNTING LODGE APARTMENTS KELLY GARDENS APARTMENTS KNOLLWOOD APARTMENTS MAPLEWOOD APARTMENTS MILLBROOK APARTMENTS OAKRIDGE APARTMENTS OAKWOOD APARTMENTS ORCHARD ACRE APARTMENTS PERRY HILL ESTATES RENWOOD APARTMENTS RIDGEVIEW HEIGHTS SPRINGWOOD APARTMENTS WILLINGTON OAKS APARTMENTS
InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
us floRIda
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CaMpUS CLUB, TaMpa, FLOrIDa
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Ilf acquired two quality collegiate style student apartment complexes in the strong florida student market in july 2006 for us$36.45 million. the two properties include the preserve in tallahassee and Campus Club apartments in tampa, both located in florida, usa.
the preserve at tallahassee, was built in 2003, has 190 units (570 bedrooms) and is located on 36.2 acres, less than three miles from florida state university and one mile from tallahassee Community College. Campus Club at tampa, was completed in 2005, has 64 units (256 bedrooms) and is located on 5.5 acres, just one mile from the university of south florida.
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UNITED STATES
FLORIDA
THE PRESERVE
CAMPUS CLUB
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34 35
us + nZ students
us vIRGInIa
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raMZ HaLL, rICHMOND, VIrGINIa
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In january 2006, Ilf acquired two student accommodation assets in virginia, totaling 244 beds. the assets, purchased for us$21.7 million are both master lease ~~d to the virginia Commonw~~ ealth university (vCu). RamZ hall has a five year master lease expiring in 2010 ~~with fxed 3% per annu~~ m rental increases. Capital Garage apartments has a year-to-year master lease with vCu and has experienced 3% rental growth over the last five years since construction. the virginia assets are located within 250 metres of the campus and are managed by vCu.
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UNITED STATES
VIRGINIA
RAMZ HALL
CAPITAL GARAGE APARTMENTS
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InG Real estate CommunIty lIvInG GRoup pRopeRty poRtfolIo RevIew
nZ wellInGton
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MCkENZIE aparTMENTS, wELLINGTON
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the new Zealand student housing portfolio comprises three mixed use properties located in the Central business district of wellington, providing accommodation for students of the victoria university of wellington (vuw). the three properties accommodate 535 students and are operated by Campus living villages, specialist student accommodation managers.
the fund acquired a 90% interest in these assets alongside InG Real estate Investment management australia who is a 10% investor. the properties are in demand during the academic year when they enjoy 100% occupancy levels, and are popular over the summer holiday period with backpackers, language schools and tour and sporting groups.
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CUMBERLAND HOUSE EDUCATION HOUSE MCKENZIE APARTMENTS
36 37
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REgISTEREd OffICE
INg REAL ESTATE INvESTMENT MANAgEMENT AUSTRALIA
Level 6, 345 george Street Sydney NSw 2000 T : + 61 2 9033 1035 f : + 61 2 9033 1060 E : [email protected] I : www.ingrealestate.com.au/investment
UNIT REgISTRy
LINK MARKET SERvICES Level 12, 680 george Street Sydney NSw 2000
INvESTOR SERvICES
Toll free: 1300 653 497 T : + 61 2 8280 7057 f : + 61 2 9287 0303
INvESTOR ENQUIRIES IAN MUIR CHIEf EXECUTIvE OffICER INg REAL ESTATE COMMUNITy LIvINg gROUP T : + 61 2 9033 1019
The INg Real Estate Community Living group is listed on the Australian Securities Exchange (ASX). The ASX Code is ILf.
INg REAL ESTATE gLObAL NETwORK RESPONSIbLE ENTITy INg MANAgEMENT LIMITEd AUSTRALIA HUNgARy SPAIN AbN 15 006 065 032 bELgIUM ITALy SwEdEN AfS LICENSE 237534 CANAdA JAPAN TAIwAN CHINA KOREA THAILANd CzECH REPUbLIC POLANd THE NETHERLANdS fRANCE ROMANIA UK gERMANy SINgAPORE USA
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www.ingrealestate.com.au/investment