INGENIA COMMUNITIES GROUP — Interim / Quarterly Report 2014

Feb 24, 2014

Ingenia Communities Group 2014 Half Year Results Presentation

25 February 2014

ASSEMBLING THE LEADING MANUFACTURED HOMES ESTATE PORTFOLIO

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Agenda
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Group overview	p3
Announced acquisitions	p4
Key highlights	p5
Key financials	p6
Capital management	p8
Portfolio update	p11
Strategy and development	p23
Outlook	p27
Appendices	p28

p2

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Group overview
as at 25 February 2014
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Diversified earnings base of 57 assets

Highest Performing S&P/ASX 300 AREIT over 1, 3 & 5 years

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Proforma asset value (post
announced acquisitions) 120 INA vs. Benchmark indices
to 31 Dec 2013 (% p.a.) [1 ]
Australian 97.5%
DMF, Australian 100
23% Rental, 83.8%
32% 80
61.7%
60
$346.6m
40
NZ
19.7%
Students, 20
13% 7.3% 8% [11.9% ] 12.7% 8.8%
0
Capital to be Australian 1 Year 3 Years 5 Years
recycled MHE, 32% 1. UBS and S&P/ASX All Ords ASX 300 Prop
Ingenia
Ingenia
Ingenia
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Corporate

Board of Directors

MHE, 32% recycled	MHE, 32% recycled	MHE, 32% recycled	MHE, 32% recycled
ASX Code INA Market cap (21 Feb 2014) $311m Securities on Issue 676m Register Top 20 (holdings) 76.8% Register Top 50 (holdings) 82.1% Total securityholders 3,800 Top Securityholders Mercantile Investments Fisher Funds Mgmt Vanguard Investments Australia First Samuel Corporate
ASX Code	INA		Top Securityholders
Market cap (21 Feb 2014)	$311m		Mercantile Investments
			Fisher Funds Mgmt
Securities on Issue	676m
			Vanguard Investments Australia
Register Top 20 (holdings)	76.8%
			First Samuel
Register Top 50 (holdings)	82.1%
Total securityholders	3,800

• Jim Hazel – Chairman

• Amanda Heyworth – Non-Executive Director

• Philip Clark AM – Non-Executive Director

• Robert Morrison – Non-Executive Director

• Simon Owen – Managing Director and CEO

p3

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Building market leading NSW portfolio
Contracts exchanged on further three communities
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Town and Country, Sydney

Key Metrics	Town & Country Estate Marsden Park (Sydney)	Sun Country Holiday Village Mulwala (SW NSW)
Location	Within North West growth corridor – one of the fastest growing residential markets in NSW	A unique and highly popular holiday and retirement destination for Melbournians
Purchase price	$18m	$7m
Projected stabilised yield	8%	19.8%
Unlevered IRR	15%	>15%
Permanent homes	224	34
Annual cabins	-	200
Short term tourist sites	14	23
Development potential	145+ sites (many with approvals)	107 permanent 36 short term
Acquisition subject to finalising due diligence with settlement likely in April 2014

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Sun Country, Mulwala

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Third acquisition announced, Sydney NSW

• Ingenia has also exchanged contracts to acquire a third Manufactured Home and Tourist park in Sydney, subject to the completion of due diligence

p4

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Key highlights
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> Accelerated acquisitions and development platform

• Largest park owner in NSW – acquired 14 Manufactured Home Estates (MHEs) since Feb 2013

• Growing development pipeline of 1,111 units with $277 million end value

> Improving operations with significantly stronger outlook

• Rising Rental portfolio occupancy closing at 86.0% at Dec 2013

• Successful roll-out of Ingenia Care Assist in Oct 2013 with 70 residents on care packages

• Ridge Estate Stage 2 completed with 12 contracts secured on 17-home development

• Increasing deposits and EOIs support strong 2H DMF and MHE sales

> Strengthening investor returns

• Highest performing S&P/ASX 300 AREIT across 1, 3 and 5 years

• Interim distribution stable at 0.5cps – target to increase in near term

• Actively assessing options to recycle low yield capital into growing MHE and development pipeline

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Swimming pool at The Grange, Morisset NSW
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p5
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Key financials
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Outdoor pool at Drifters Village, Kingscliff NSW

p6

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Key financials
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	6 months to	6 months to
Key financial metrics	31 Dec 2013	31 Dec 2012	Change
Net profit / (loss)	$4.3m	$2.4m	80%
EBIT– continuing operations1	$4.9m	$4.3m	13%
Operating income –	$4.0m	$1.3m	215%
continuing operations2
Operating income per	0.7¢	0.3¢	125%
security – continuing
operations
Operating cashflow –	$3.4m	$2.4m	42%
continuing operations
	31 Dec 2013	30 Jun 2013
Loan to value ratio (LVR)	22.9%	37.9%	40%
Net asset value (NAV) per	35.0¢	34.4¢	1.7%
security
Interest Cover Ratio (ICR)	1.98x	1.96x	1%

• Results reflective of Group strategy to exit overseas operations and invest recycled and new capital into MHE acquisitions pipeline.

• EBIT and Operating income from continuing operations up 13% and 215% respectively reflecting contributions from Garden Villages and MHE acquisitions in the last 12 months.

• Operating cashflow from continuing operations impacted by investment in development of manufactured homes and lower conversion sales volumes.

• LVR at 22.9% reflects pay down of debt until all capital raised is deployed in acquisitions under due diligence. Will trend towards 35.0% over next six months.

• EBIT represents operating income less net interest expense and tax associated with operating income.

• Operating income is a non-IFRS measure that presents, in the opinion of the Directors, the operating activities of INA in a way that reflects its underlying performance. Operating income excludes items such as unrealised foreign exchange losses, unrealised fair value gains / (losses), and includes the uplift in value of DMF units on first loan life leases. The reconciliation between net profit, EBIT and operating income is provided on slide 30 and has not been audited or reviewed by EY.

p7

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Capital management
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Open Day – showcasing Stage 2 development at Ridge Estate Village, Maitland NSW

p8

Australian debt facility increased and repriced

• Existing facility refinanced to assist fund the Group’s acquisition and development strategy

• Facility increased by $47.5m to $129.5m

• Improved pricing

• Increased flexibility to deploy capital for acquisitions and development

• Process commenced to expand and diversify access to debt capital

Ingenia to maintain target LVR of 30-35%

• Substantial headroom with 50% covenant

• Dec-13 LVR of 22.9% trending towards 35.0% pending acquisition deployment

• NZ Students divestment will result in c$15m to reinvest into MHE acquisitions and development pipeline

– Debt headroom 31 Dec 2013

A$m

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140
120
100 58.5
80
60 20.5
40 1.6
50.5
20
28.5
0
Australia New Zealand
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FY14 interim distribution declared at 0.5¢ per security

• Payments to be made on 21 March 2014

Debt at 31 Dec 2013 Debt drawn since Dec 2013 Debt Headroom

• Interim distribution will be 100% tax deferred

• Committed to growing distributions in the near term

p9

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Capital management
Steady deployment into immediately accretive acquisitions
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12 on-strategy MHE acquisitions funded by two successful capital raisings with more to be announced

$123 million Two raisings and group debt

Settled $71m			Announced $25m			Progressing $27m
Nepean Albury Citygate Mudgee Valley Mudgee Tourist Lake Macquarie Macquarie Lakeside Drifters One Mile Big 4 Valley Wine Country		Sydney MHE subject to DD Further acquisitions under assessment Town & Country Sun Country To settle in April	Town & Country Sun Country To settle in April			Sydney MHE subject to DD Further acquisitions under assessment

Capital deployment for MHE acquisitions

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Capital for Position at
investment 25 Feb 2014
Unallocated
Debt
$27m
$40m
Equity Deployed
$83m $96m
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• Anticipate full deployment in coming months

• Capital released from New Zealand, low yielding asset sales and development earnings will fund further MHE growth

p10

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Portfolio update
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High quality tourist cabins at Nepean River Holiday Village, Penrith NSW
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p11

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Portfolio update
Diversified Australian portfolio dominated by cash yielding assets
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Rental Deferred
Management Fee
34 villages
> 1,796 units 9 villages
> 961 units
> In all States except SA
> WA, QLD and NSW
> Five villages with
development upside
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57 Australian Today, Ingenia has communities and growing

Largest owner and operator of seniors Largest owner rental villages in and operator of Australia MHEs in NSW

• Ingenia’s current growth focus

• Manufactured Home Two recent acquisitions Estates in NSW (Marsden Park and Mulwala)

• 12 villages > 258 permanent sites

• 699 permanent homes > 237 short term sites > 842 short term sites > 285+ development sites > Subject to due diligence

• 570+ development sites > Further acquisitions to

• NSW only (QLD and be announced in the WA to follow) coming months

p12

Note: Portfolio position as at 25 February 2014

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Portfolio update
Increasing emphasis on cash yielding assets
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30 June 2013 asset value

Proforma asset value (post announced acquisitions)[1]

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Australian
Australian
Australian Australian Rental, 32%
DMF,
DMF, 35% Rental, 44% 23%
$119.1m
$227.5m $346.6m
►x
NZ Students,
13%
NZ Students, Australian
16% MHE, 6% Australian
Capital to
MHE, 32%
be recycled
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> Cash yielding assets now comprises 77% of total portfolio

Since Jun-13 MHE portfolio has grown from two to 14 villages and now represents 32% of total asset value

p13

1. Comprises five new rental villages (settled 30 Jan 2014) , Big 4 Valley and Wine Country (settled 18 Feb 2014), Town and Country and Sun Country (announced on 25 Feb and to settle in Apr 2014) .

2. Manufactured homes are a long established property class in the US with multiple US$1b+ Listed REITs

3. Significant potential for MHE cap-rate compression over next five years

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Prime Office [1 ]
7.5% 5.7%
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Prime Retail [1 ]
6.3% 6.9%
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Industrial [1 ]
7.9% 6.3%
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MHE
>9.5% 5-7% [2 ]
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p14

1. Australian data sourced from UBS weekly market report (valuation criteria) as at 14 Feb 2014. USA data sourced from CBRE Cap Rate Survey First Half 2013 2. Ingenia Research

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Active Lifestyle Estates (MHE)
Key driver of earnings growth in future periods
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KEY DATA	1H14
Total properties:	10
Total permanent sites:	693
Total short term sites:	668
Development pipeline units:	475+
Residential rental income:	$1.3m
Short term rental income:	$1.6m
Development income:	$0.5m
EBIT:	$1.3m

OVER THE SIX MONTHS to 31 DEC 2013

• Transitioned eight new assets into the ALE portfolio.

• Transitional period typically takes 3 – 6 months including recruiting/retaining village management, rebranding, systems implementation, compliance and operational integration.

• Significant residential development and tourism master planning undertaken across acquisitions to capitalise on market opportunities and support future development pipeline.

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LOOKING FORWARD

• Focus on driving operational performance and tourism revenue as asset performance stabilises post transition.

• Momentum building in local markets. Ingenia well placed to capitalise on growing demand for affordable seniors housing.

• Supply diversification now in place with two additional builders being used and further three under assessment.

• New homes under construction for Mudgee Tourist, Albury Citygate and Nepean, with other villages to follow shortly.

New Parkwood home at The Grange, Morisset NSW

p15

Active Lifestyle Estates (MHE)	Active Lifestyle Estates (MHE)	Active Lifestyle Estates (MHE)	Active Lifestyle Estates (MHE)
FY14 Sales performance to date
Village	New Sales	Refurbished	Contracted and	Available	Homes under
(6 mths to 31 Dec 2013)		Sales	Reserved	Stock	construction
The Grange (Morisset)	2	2	2	2	-
Nepean (Penrith)	1	-	2	1	5
Drifters (Kingscliff)	-	-	-	-	1
As at 18 Feb 2014
The Grange (Morisset)	4	4	2	-	-
Nepean (Penrith)	2	-	1	1	4
Albury Citygate (Albury)	-	-	-	-	5
Mudgee Tourist (Mudgee)	-	-	-	-	2

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p16

Delivery and installation of a new manufactured home on-site at Nepean, Penrith

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Active Lifestyle Estates (MHE)
Trading updates
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The Grange Village, Morisset NSW 145 permanent homes / 50+ development upside Settled March 2013

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Development and Sales progress to 18 Feb 2014 (from acquisition)	Development and Sales progress to 18 Feb 2014 (from acquisition)
New sales	4
Refurbished sales	4
Contracted and reserved	2
Available stock	-
Homes under construction	- (3 to be ordered in coming weeks)

New 2-bedroom home

Key value add initiatives implemented

• The highest achieved sale to date is $300,000 significantly higher than acquisition feasibility

• No homes available for sale and waitlist in place for new home sites

• DA near ready for lodgement for 50+ homes, awaiting flood study results from Lake Macquarie City Council

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Quality interiors

p17

Nepean River, Penrith NSW

101 permanent homes / 67 Short term tourist sites / 25+ development upside Settled August 2013

Development and Sales progress to 18 Feb 2014 (from acquisition)	Development and Sales progress to 18 Feb 2014 (from acquisition)
New sales	2
Refurbished sales	-
Contracted and reserved	1
Available stock	1
Homes under construction	4

Key value add initiatives implemented

• Recent opening of Sydney Wet’n’Wild driving significant tourism growth

• First new home sold in Nov 2013 for $245,000. An 8.5% price increase was achieved in four months with the latest new home contracted for $266,000

• Masterplanning well advanced for addition of new homes

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New 2-bedroom home sold for $254,000

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Quality tourist cabins

p18

KEY DATA

	1H14	1H13
Total properties	29	25
Total units:	1,522	1,324
Occupancy:	86.0%	83.9%
Like for like occupancy:	86.4%1	84.2%
EBIT:	$4.9m	$4.1m

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100
95 6%
92%
90
85% 86%
84%
85
80
75
70
65
60
Dec-12 Jun-13 Dec-13 LT target
Occupancy (%)
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OVER THE SIX MONTHS to 31 DEC 2013

• Occupancy recovered from seasonal winter dip and closed at a high of 86% as at 31 Dec 2013.

• Portfolio trending well towards long term target of 92%

• Village Manager sales training and a resident and community engagement program raising sales conversion rates and occupancy.

• Ingenia Care Assist piloted in October 2013 with an immediate and strong response in local markets, assisting occupancy growth.

• Announced the acquisition of five highly accretive rental villages in Shepparton (VIC), Warrnambool (VIC), Mildura (VIC), Bathurst (NSW) and Launceston (TAS). Trailing yield expected to increase to 15.8% within three years.

LOOKING FORWARD

• Roll-out of Ingenia Care Assist across the entire portfolio by May 2014.

• Continue to leverage unique service proposition and wider community engagement through village events and across key communities.

• Assessing expansion opportunities at two villages.

p19

1. Excludes the four newly acquired villages post 1H13: Ocean Grove Gardens, Peel River Gardens, Wagga Gardens and Sovereign Gardens

What is Ingenia Care Assist?

• A virtual care facilitation that delivers government funded home care packages to our villages by accredited local care providers

• ICA is a free service for our residents enhancing our proposition, increasing existing resident tenure and attracting new residents

• Program roll-out commenced in Oct 2013 across four Garden Villages (GV), and subsequently extended to eight villages

• 70 residents currently accessing ICA

• Since program launch, we achieved 20 move-out saves and six new move-ins

• Equates to circa $0.4m annualised gross income (~1% increase to year end occupancy)

• Roll-out cashflow positive within six months

• Significant buy-in from care providers, residents and their families

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• Ingenia’s commitment is one Aged Care Executive coordinating the program

• Full roll-out to whole GV portfolio by end of May 2014

p20

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Settlers Lifestyle (DMF)
Focus on low risk expansion of existing communities
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KEY DATA

	1H14	1H13
Total properties:	9	9
Total units:	961	948
Development pipeline units:	160	323
Occupancy:	91%	88%
Accrued DMF income:	$2.7m	$2.4m
Development income:	$1.3m	$1.9m
EBIT:	$1.7m	$2.6m
New settlements:	21	28
Resident resales:	18	8
Contracted and reserved:	30	23
Average resale price	$276k	$315k
Average DMF collected on	$50k	$51k
exit

OVER THE SIX MONTHS to 31 DEC 2013

• Softer sales resulted in 21 settlements achieving $4.0m, with an additional 30 contracts in place.

• Challenging market across Forest Lake and Gladstone (QLD) and the slower moving 1-bedroom stock in Gladstone village have impacted 1H14 results.

• WA market gaining momentum with strong enquiry for limited remaining stock.

• Ridge Estate (Hunter region NSW) Stage 2 development completed in late Feb 2014. Contracts in place for 12 of the 17 homes and strong interest in the remainder.

LOOKING FORWARD

• “Activate” – the highly successful resident and community engagement program will be trialed across key Settlers villages to enhance our service proposition.

• Stronger second half sales forecast with 30 contracts in place.

• Ridge Estate Stage 3 of 11 homes scheduled to commence in March with completion scheduled for October 2014.

p21

• Refurbishment program complete and tertiary institutions moved in and paying rent

• Significant interest in assets due to 15-year lease covenant

• NZ property market very buoyant due to strong economy, reinvestment out of Christchurch and international investor demand

• Sales agent appointed in Jan 2014 and marketing of the portfolio sale has commenced

• Assets will be divested in one line or sold individually, with offers sought by end of Mar 2014

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University
Education House
Cumberland House
McKenzies Apartments
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• Divestment expected to conclude in next six months releasing circa A$15 million

• Portfolio debt in place until Jul 2018 eliminating funding pressure during sale process

• Proceeds to be deployed into MHE acquisition and development pipeline

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Note: Portfolio has been classified as discontinued operations
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p22

Aerial view of NZ Students properties in Wellington, NZ

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Strategy and development
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One Mile Beach Holiday Village, Anna Bay NSW

p23

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MHE Strategy
Abundance of opportunities for highly accretive growth
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Two years of research invested in assembling a proprietary database of over 2,000 Caravan and Tourist Parks and MHEs across the East Coast and WA

• Existing key participants own < 5% of the market – considerable opportunity for large scale roll-up

• Tightly held market with few on-market transactions. Ingenia’s database delivers clear competitive advantage

• No logical entry points for new scale competitors

• Limited new supply and many existing assets significantly under-capitalised

• Ingenia has significant deal flow in place supplemented by existing owners contacting the Group directly

15 announced Ingenia MHE acquisitions

p24

1

4

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MHE strategy
Acquire, reposition, develop
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Well advanced

Acquire and integrate MHE and Tourist Parks with significant land bank and upside potential

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In 12 months, we have established a market leading portfolio of 14 MHEs in NSW comprising over 2,000 home and tourist sites and a development pipeline of over 850 sites. More accretive opportunities being reviewed.

Underway

2

Reposition and upgrade acquired sites to increase existing cash yields

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Well advanced at The Grange and Nepean, and in progress at Ettalong, Albury Citygate, Mudgee Tourist and Lake Macquarie.

Underway

3

Develop vacant and underutilised land embedded within existing parks

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Six new homes sold at The Grange and Nepean with more on order. First new homes will be delivered for Albury Citygate and Mudgee Tourist in April and orders soon to be placed for Drifters and Lake Macquarie. DA about to be lodged for Ettalong. Masterplanning underway for remaining villages.

Underway

Assess greenfield opportunities Assessing several opportunities in existing clusters in NSW. Preference to that offer scale, returns and option or JV land to improve return on equity. development pipeline

p25

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Development
Significant low risk pipeline now in place to drive medium term growth
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Development pipeline as at 21 February 2014

Medium term target

Development pipeline as at	Development pipeline as at
21 February 2014		Completion Value ($m) Vacant Stock (no.) Development Potential (no.) FY14 FY15 FY16 FY17+
MHE (all in NSW)	The Grange NSW	12.5 - 50+
	Ettalong Beach NSW	7.5 - 30+
	Nepean NSW	6.7 2 25+
	Albury Citygate NSW	26.0 - 130+
	Mudgee Valley NSW	12.5 - 50+
	Mudgee Tourist NSW	10.0 - 40+
	Lake Macquarie NSW	15.0 - 60+
	Macquarie Lakeside NSW	5.0 - 20+
	Drifters NSW	6.3 - 25+
	One Mile NSW	11.3 - 45+
	Big 4 Valley Vineyard NSW	15.0 - 60+
	Wine Country NSW	8.8 - 35+
	Sun Country NSW	35.8 - 143
	Town & Country NSW	36.3 - 145+
DMF	Ridge Estate NSW	5.2 6 11
	Meadow Springs WA	24.9 3 60
	Gladstone QLD	15.7 3 53
	Rockhampton QLD	7.5 15 18
	Forest Lake QLD	8.6 54 -
	Cessnock NSW	6.3 10 18
		$276.7 million Total: 1,111 units

Delivery of 240 homes p.a.

Represents sell down and development periods

Note: Development potential comprises DA approved sites, vacant land with approved zoning and tourism conversions

p26

Outlook

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• Continue to assess accretive MHE opportunities to capitalise on Ingenia’s first movers advantage

• Strong DMF sales and increasing MHE earnings will contribute toward stronger 2H results

• Expand Ingenia Care Assist across Garden Villages to support occupancy growth and resident tenure

• Conduct strategic review of investment in DMF and conclude sale of NZ Students within next six months

• Reaffirm intention to increase distributions in near term

p27

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Appendices
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Big 4 Valley Vineyard, Cessnock NSW

p28

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Appendix 1
Operating income
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	1H14	1H13
Operating income	(A$m)	(A$m)	Comments
Continuing operations
- Garden Villages	4.9	4.1	Higher occupancy & 6 month contribution from 5
			new villages
- Settlers Lifestyle	1.7	2.5	Lower conversion sales volumes
- Active Lifestyle Estates	1.3	-	Only two properties held for entire 6 months
Portfolio EBIT	7.9	6.6
Unallocated Corporate costs	(3.0)	(2.3)	Incremental costs of activating growth strategy
EBIT – Continuing operations	4.9	4.3
Net finance costs	(1.7)	(3.0)	Capital raised temporarily applied to debt
Income tax benefit	0.8	-	Recognition of 1H14 tax losses following ICMT
			tax consolidation
Operating income – Continuing operations	4.0	1.3
Discontinued operations
- US Seniors	-	3.0	US divestment completed February 2013
- NZ Students	0.3	0.7	Assets offline during refurbishment
EBIT – Discounted operations	0.3	3.7
Net finance costs	(0.7)	(1.4)	US debt repaid following divestment
Operating income – Discontinued operations	(0.4)	2.3
Operating income - Total	3.6	3.6
Statutory adjustments	0.5	(1.7)	Includes fair value movements & FX movements
Tax benefit associated with adjustments	0.2	0.5	Tax associated with ICMT adjustments such as fair value movements
Net Profit	4.3	2.4

$m

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Appendix 2
EBIT to net profit reconciliation
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7.0
0.8
6.0
5.2
0.2
5.0 1.0
4.3
4.0 3.6 (0.4) (0.1)
(2.4 )
3.0
2.0
1.0
0.0
EBIT Income tax Net finance Operating Unrealised net Income tax Change in fair Other Net profit
benefit costs income FX gain benefit related value of
to statutory investment
adjustments properties
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p30

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Appendix 3
Cashflow in detail
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Appendix 3 Cashflow in detail
Cashflow	Amount (A$m)
Openingcash at 1 July2013	37.6
Cashflowgenerated from operations:
ContinuingOperations	5.6
DiscontinuingOperations	0.4
Net borrowingcostspaid
ContinuingOperations	(2.1)
DiscontinuingOperations	(0.7)
Income taxpaid – ContinuingOperations	(0.1)
Net Cashflows from Operations	3.1
Acquisitions of investmentproperties	(61.1)
Proceeds from sale of investments	6.4
Capital expenditure and development costs	(12.6)
Payments for lease arrangements	(0.1)
Purchase of Plant & Equipment	(0.1)
Net Cashflows from Investing	(67.5)
Debt repayments – Continuingoperations	(17.6)
Debt repayments – Discontinued Operations	9.0
Proceeds from equity placement	61.7
Issue costs on equity placement	(2.7)
Distributions to securityholders	(2.5)
New Zealand debt refinance costs	(0.1)
Net Cashflows from Financing	47.8
Total Cashflows	(16.6)
Closing cash at 31 December 2013	21.0

Closing cash at 31 December 2013	A$m
Continuing operations (Balance sheet’s “cash and cash equivalents”)	19.8
Discontinued operations - cash (note 5 of financial statements)	1.2
Total cash	21.0

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Appendix 4
Balance sheet
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Balance sheet	Australian Operations	NZ Students	**Adjustments1 **	Total Statutory	Total Statutory
(A$’000)				Balance Sheet
Cash	19,784	1,236	(1,236)	19,784
Inventory	998	-	-	998
Investment property and property under development	437,162	45,269	(45,269)	437,162
Otherassets	9,765	125	(125)	9,765
Assets ofdiscontinued operations	-	-	46,630	46,630
Total assets	467,709	46,630	-	514,339
Borrowings	53,456	28,403	(28,403)	53,456
Derivatives	216	-	-	216
Retirementvillageresidentloans	177,890	-	-	177,890
Other liabilities	16,728	1,145	(1,145)	16,728
Liabilities ofdiscontinued operations	-	-	29,548	29,548
Total liabilities	248,290	29,548	-	277,838
Net assets	219,419	17,082	-	236,501
Net asset value per unit – cents	32.5	2.5	-	35.0
Assets less cash and resident loans	270,035	45,394
Total debt less cash	33,672	27,167
Gearing (%)	12.5%	59.8%
Secured assets2	220,366			220,366
Borrowings(AU)3	50,500			50,500
Actual loan to value ratio(LVR)	22.9%			22.9%

1. Adjustments relates to NZ Students classification as a discontinued operation.

2. This excludes Macquarie Lakeside Village and One Mile Holiday Park, which were pledged as security after the reporting date for $14.7m.

3. Borrowings (AU) excludes pre-paid borrowing costs and finance lease liabilities (refer to Note 9 of Financial Report) .

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Appendix 5
Net Asset Value (NAV)
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Security price
47.0¢
Cents per security Current security
price is 34%
40.0 premium to
NAV
0.3
34.4 0.8 0.1 (0.5) (0.1) 35.0
35.0
30.0
2.5 NZ Students (7%)
1.0 US Escrows (3%)
25.0 1.0 RE Assets (3%)
9.1 Active Lifestyle Estates (26%)
8.8 Settlers (25%)
20.0 12.6 Garden Villages (36%)
15.0 30-Jun-13 Operating Other Foreign Distribution Valuations 31-Dec-13 35.0¢ NAV 1/01/1900
income currency
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Active Lifestyle Estates portfolio now accounts for 26% of NAV at 9.1¢ compared to 17% as at 30 Jun 2013

Overall recurring rental stream portfolios of Garden villages and Active Lifestyle Estates represents 62% of NAV

Notes:

• RE Assets represent cash required to be held under the Australian Financial Services License (AFSL) requirements - Security price of 47¢ as at 21 February 2014

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Appendix 6
Valuations summary
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	31 Dec 13	30 Jun 13	Movement	Movement	31 Dec 13	30 Jun 13
	Valuation	Valuation			Cap rate/	Cap rate /
Valuations					Discount	Discount
					**rate1 **	**rate1 **
	($m)	($m)	($m)	(%)	(%)	(%)	Key drivers of valuation movement
Garden	101.5	99.7	1.8	1.9	10.0	9.6	• Net uplift from improved performance of
Villages							newly acquired assets ($0.4m).
(Rental)							• Remaining uplift relating to improving
							occupancy.
Settlers	80.5	79.02	1.5	1.9	15.0	14.1	• Monetisation of stock.
(DMF)							• Capital works for Ridge Estate Stage 1
							($2.8m).
Active	73.9	13.5	60.4	449	9.5	11.5	• Significant investment in MHEs and tourism
Lifestyle							assets ($60.6m being purchase price plus
Estates (MHE)							acquisition costs).
							• External valuations reaffirm acquisition price
							for The Grange and Ettalong.
NZ Students	49.2	42.0	7.2	17.1	7.83	7.83	• Ongoing capital works at McKenzies
(NZ$m)							(NZ$8m).
							• Refurbishment works completed in Dec
							2013.

1. Weighted average capitalisation rate for all portfolios, Settlers DMF assets use weighted average discount rate 2. Prior year comparative restated to include vacant land

2. Reflects cap rate based on ‘as complete’ value of portfolio following refurbishment works

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Appendix 7
Australian debt facility
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	Australian Debt1	Commentary for Australian Debt
Limit ($m)	Revolver A$129.5m	Increase of $47.5m. New facility includes a reduction in facility line fees and margin. Line fee Margin Total LVR 40%-50% 1.05% 1.05% 2.10% LVR < 40% 0.925% 0.925% 1.85%
Amount drawn at 31 Dec 2013 ($m)	A$50.5m
Loan to value ratio (LVR) actual2	22.9%
LVR bank covenant	50%
Interest cover ratio (ICR) actual	1.98x
ICR bank covenant	1.5x during FY14 1.75x during FY15	Redefined to more closely link to statutory profit. Development related profit is excluded from calculation.
Leverage ratio actual	27.4%
Leverage covenant	50%
% Hedged (interest rates)	89%
Facility expiry	Sep 2015

1. Australian debt facility was refinanced on 21 February 2014.

2. This excludes Macquarie Lakeside Village and One Mile Holiday Park, which were pledged as security after the reporting date for $14.7m.

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Appendix 8
Portfolio statistics: Active Lifestyle Estates (MHEs)
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		Book Value					Development
Property Name	Location	31 Dec 2013(A$m)	Cap Rate	Permanent Sites	Short Term Sites1	Total Sites	upside
Manufactured Home
Estates
The Grange	Morissett, NSW	10.8	9.1%	145	-	145	50+
Ettalong Beach	Ettalong Beach, NSW	2.5	20.0%	85	30	115	30+
Nepean	Penrith, NSW	10.9	10.5%	101	67	168	25+
Albury Citygate	Albury, NSW	2.5	7.2%	26	56	82	130+
Mudgee Valley	Mudgee, NSW	4.5	8.8%	37	77	114	50+
Mudgee Tourist	Mudgee, NSW	7.8	9.3%	99	73	172	40+
Lake Macquarie	Morisset, NSW	7.6	5.1%	41	26	67	60+
Macquarie Lakeside	Chain Valley Bay, NSW	4.0	8.9%	43	35	78	20+
Drifters	Kingscliff, NSW	11.4	10.0%	114	68	182	25+
One Mile	Anna Bay, NSW	11.9	10.6%	2	236	238	45+
TOTAL/AVERAGE – ACTIVE LIFESTYLE ESTATES		73.9	9.5%	693	668	1,361	475+

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1. Short term sites include annuals, self-contained accommodation, ensuites, caravan and camping sites

	Appendix 9	Appendix 9
	Portfolio statistics: Garden Villages (Rental)
			Book Value
			31 Dec 2013			Occupancy	Occupancy
	Property Name	Location	(A$m)	Cap Rate	Total Units	31 Dec 2013	30 Jun 2013
	Western Australia
	Swan View Gardens	Swan View	5.5	10.3%	72	100%	100%
	Yakamia Gardens	Yakamia	2.5	10.5%	57	77%	65%
	Sea Scape Gardens	Erskine	4.2	10.3%	51	100%	100%
	Seville Grove Gardens	Seville Grove	3.3	10.0%	45	100%	100%
	Carey Park Gardens	Bunbury	3.2	10.5%	51	100%	92%
	Ocean Grove Gardens	Mandurah (acq Feb-13)	3.3	10.5%	45	100%	100%
	Total / Average – WA		22.0	10.3%	321	96%	93%
	Queensland
	Marsden Gardens	Marsden	8.2	11.4%	96	91%	91%
	Jefferis Gardens	Bundaberg North	2.6	11.0%	51	90%	98%
	Total / Average – QLD		10.8	11.3%	147	91%	93%

New South Wales

New South Wales
Taloumbi Gardens	Coffs Harbour	4.2	10.5%	50	100%	100%
Mardross Gardens	Albury	2.5	6.5%	52	62%	58%
Chatsbury Gardens	Goulburn	2.9	10.0%	49	94%	96%
Wheelers Gardens	Dubbo	3.8	10.0%	52	98%	100%
Taree Gardens	Taree	3.4	10.5%	51	63%	68%
Oxley Gardens	Port Macquarie	3.1	10.3%	45	87%	78%
Dubbo Gardens	Dubbo (acq Dec -12)	3.3	10.5%	55	67%	73%
Peel River Gardens	Tamworth (acq Mar-13)	3.0	10.0%	51	61%	53%
Wagga Gardens	Wagga Wagga (acq Jun-13)	4.0	11.8%	49	96%	88%
Total / Average – NSW		30.2	10.2%	454	80%	79%

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Appendix 9 (continued)
Portfolio statistics: Garden Villages (Rental)
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		Book Value			Occupancy	Occupancy
Property Name	Location	31 Dec 2013(A$m)	Cap Rate	Total Units	31 Dec 2013	30 Jun 2013
Victoria
Grovedale Gardens	Grovedale	3.9	10.3%	51	94%	98%
St Albans Park Gardens	St Albans Park	3.6	10.5%	53	76%	83%
Townsend Gardens	St Albans Park	3.4	10.3%	50	88%	92%
Horsham Gardens	Horsham	2.9	9.8%	47	81%	85%
Brooklyn Gardens	Brookfield	3.0	9.8%	51	78%	77%
Coburns Gardens	Brookfield	3.0	9.8%	51	75%	77%
Hertford Gardens	Sebastopol	3.7	10.3%	48	85%	94%
Sovereign Gardens	Ballarat (acq Jun-13)	3.3	5.3%	50	78%	80%
Total / Average – VIC		26.8	9.5%	401	82%	86%
Tasmania
Glenorchy Gardens	Glenorchy	3.3	10.0%	42	100%	100%
Elphinwood Gardens	Launceston	2.9	10.0%	55	84%	87%
Claremont Gardens	Claremont	3.3	10.0%	51	100%	84%
Devonport Gardens	Devonport	2.5	6.0%	51	71%	55%
Total / Average - TAS		12.0	9.2%	199	88%	81%
TOTAL / AVERAGE - GARDEN VILLAGES		101.5	10.0%	1,522	86%	85%

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Appendix 10
Portfolio statistics: Settlers (DMF)
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		Book Value			Occupancy	Occupancy
Property Name	Location	31 Dec 2013(A$m)	Discount Rate	Total Units	31 Dec 2013	30 Jun 2013
Traditional DMF
Villages
Lakeside	Ravenswood, WA	23.1	13.5%	241	97%	96%
Ridgewood Rise	Ridgewood, WA	19.6	13.5%	240	100%	100%
Meadow Springs	Mandurah, WA	2.9	14.5%	56	95%	95%
Meadow Springs - land Mandurah, WA		2.5	N/A	N/A	N/A	N/A
Noyea Park	Mt Warren Park, QLD	6.2	14.5%	149	99%	99%
Ridge Estate	Gillieston Heights, NSW	5.2	17.1%	16	94%	94%

DMF Conversion[1 ]

**DMF Conversion1 **
Forest Lake	Forest Lake, QLD	8.1	16.7%	86	63%	55%
Rockhampton	Rockhampton, QLD	5.0	17.9%	74	74%	65%
South Gladstone	South Gladstone, QLD	3.4	15.0%	56	89%	84%
South Gladstone - land South Gladstone, QLD		0.8	N/A	N/A	N/A	N/A
Cessnock	Cessnock, NSW	3.9	18.2%	43	70%	85%
TOTAL/AVERAGE – SETTLERS		80.5	15.0%	961	91%	90%

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1. Valuation discount rates for DMF Conversion assets represent a blended discount rate applied to the cashflows.

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Appendix 11
Settlers (DMF) sales
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		Traditional DMF	Traditional DMF				DMF Conversions	DMF Conversions
		WA		QLD	NSW		QLD		NSW
	Lakeside	Meadow	Ridgewood	Noyea	Ridge	Rock-	Forest	Gladstone	Cessnock	Total
		Springs	Rise	(strata)	Estate	hampton	Lake
6 months to 31 Dec 2013
No. of new sales	2	-	-	1	-	9	5	2	2	21
Average new sales prices ($’000)	333	-	-	245	-	169	172	143	222	191
No. of resales	3	1	4	6	-	1	-	3	-	18
Average resale prices ($’000)	295	285	389	252	-	137	-	198	-	276
DMF collected on exit ($’000)	129	82	286	352	-	4	-	43	-	897
Average resident tenure on exit	5.6	6.0	7.8	13.2	-	1.0	-	2.0	-	7.8
(yrs)
As at 31 Dec 2013
Units available for sale	13	6	1	15	1	20	54	7	13	130
Occupancy (%)1	97%	95%	100%	99%	94%	74%	63%	89%	70%	91%
Average resident entry age (yrs)	69	71	70	71	69	74	72	72	77	70
Average resident age (yrs)	77	78	76	81	71	75	74	74	77	77
Average resident tenure (yrs)	8.4	6.8	6.0	10.7	1.4	1.2	1.2	1.7	0.7	6.7

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1. Occupancy for traditional DMF villages includes units which may not be physically occupied but contractually subject to DMF fees

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Appendix 12
Portfolio statistics: Offshore assets
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		Book Value	Book Value	Book Value
		“as complete”	31 Dec 2013	31 Dec 2013	Cap Rate
Property Name	**Location **	(NZ$m)	(NZ$m)	**(A$m)1 **	“as complete”
NZ Students assets
Cumberland House	Wellington, NZ	16.4	15.8	14.5	7.8%
Education House	Wellington, NZ	8.1	7.7	7.0	7.8%
McKenzie Apartments	Wellington, NZ	26.8	25.7	23.7	7.8%
TOTAL / AVERAGE – NZ	STUDENTS	51.3	49.2	45.2	7.8%

1. Exchange rate of A$1 = NZ$1.0879

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NORTH COAST NSW Garden Villages, Rental

Efficiencies across sales and marketing, management, development and maintenance

• Taloumbi Gardens, Coffs Harbour

• Oxley Gardens, Port Macquarie

• Taree Gardens, Taree

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• Active Lifestyle Estates MHE

• Drifters Holiday Village, Kingscliff

CENTRAL WEST NSW

Garden Villages, Rental

• Wheelers Gardens, Dubbo

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North Coast
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• Dubbo Gardens, Dubbo

• Bathurst Gardens, Bathurst

• Peel River Gardens, Tamworth

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• Active Lifestyle Estates MHE

• Mudgee Tourist and Van Resort, Mudgee

• Mudgee Valley Tourist Park

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Central West NSW
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HUNTER | NEWCASTLE NSW

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Active Lifestyle Estates MHE

• Ettalong Beach Holiday Village

• The Grange Village Morisset

• Lake Macquarie Village Morisset

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Hunter | Newcastle
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• Macquarie Lakeside Village Chain Valley Bay

• Big4 Valley Vineyard Tourist Park Cessnock

• Wine Country Caravan Park Cessnock

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Sydney Basin
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• One Mile Beach Holiday Park Anna Bay

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Settlers DMF

• Settlers Cessnock

• Settlers Ridge Estate Maitland

SYDNEY BASIN NSW

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Active Lifestyle Estates MHE

• Nepean River Holiday Village

• Town & Country

• OK Caravan Park

SOUTH WEST NSW

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South West NSW
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Settlers, DMF Garden Villages, Rental

Active Lifestyle Estates MHE

• Garden Villages Rental

• Mardross Gardens,Albury

• Wagga Gardens, Wagga

• Chatsbury Gardens, Goulburn

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• Active Lifestyle Estates MHE

• Albury Citygate Caravan and Tourist Park

• Sun Country Holiday Village Mulwala

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Function

Ingenia The Corporate office is responsible for strategy Corporate development and execution, capital management, Office preparation of consolidated accounts, development and investor relations

Brisbane The Service Centre is responsible for operational Service management, sales and market and administration. Centre The Service Centre is based in suburban Brisbane due to a materially lower cost base.

Cluster Ingenia’s cluster strategy provides for significant scale efficiencies across sales and marketing, purchasing and operations as well as providing localised support for the Village Managers

Key responsibilities

• Executive Management

• Group strategy

• Acquisitions and divestments

• Treasury

• Investor relations and corporate affairs

• Corporate governance

• AFSL compliance

• Resident billing

• Accounts payable

• Sales and marketing

• Payroll and Human Resources

• Management accounting

• Procurement

• Compliance and operational risk management

• Village integration

• Management of staff and villages within the cluster

• Driving sales and occupancy targets

• Delivering budget outcomes and monitoring costs

• Observing competitor activities and pricing

• Developing KCC’s (Key Community Contacts)

Ingenia villages in the Hunter/Newcastle cluster

Village Support from Brisbane Service Centre and Regional Manager enables Village Manager to focus on operating a harmonious community with happy residents and to spend appropriate time on sales inspections

• Village compliance especially meal preparation and food quality

• Day-to-day village operations

• Resident and family engagement

• Village sales and occupancy

• Maintenance and gardening

• Local community engagement

• Meal preparation and service (Garden Villages only)

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Major operators represent <5% of market opportunity

	Major Operators	No. of parks	Locations	Strategy
	Discovery Holiday Parks	3 in NSW 28 Total	Across Australia, mostly in QLD, TAS and WA	Largest Parks portfolio recently acquired from private equity by SunSuper. Exclusively tourist and mining accommodation.
	Aspen Parks Property Fund	6 in NSW 24 Total	Across Australia, mostly in WA	Second largest Holiday Parks Portfolio. Parent entity (ASX: APZ) assessing strategic options for their Parks Fund. Predominantly tourist and mining accommodation.
	Gateway Lifestyle Residential Parks	6 in NSW 10 Total	QLD and NSW	Strategic partnership with Alceon (key principals Trevor Loewensohn and Phil Green). Acquisitive with recent focus on chasing yield
	Hampshire Villages	6 in NSW 7 Total	NSW and VIC	Privately owned portfolio of regional residential parks.
	Lifestyle Communities	8 in VIC	VIC only	Developer and operator of greenfield residential parks (ASX: LIC).
	Living Gems	6 in QLD	QLD only	Privately owned developer and operator of greenfield residential parks.
	National Lifestyle Villages	10 in WA	WA only	Developer and operator of greenfield residential parks. Separate brands for premium and affordable.
	Palm Lake Resorts (Walter Elliott)	5 in NSW 19 Total	VIC, NSW and mostly in QLD	Privately owned developer and operator of greenfield residential parks.

~~p4~~ 4

Source: Ingenia analysis

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Disclaimer
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This presentation was prepared by Ingenia Communities Holdings Limited (ACN 154 444 925) and Ingenia Communities RE Limited (ACN 154 565 990) 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 25 February 2014. 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.

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