The VIC land lease owner and operator, which expected to have its 5,000th homeowner this month, has informed the ASX that its Co-founder and Managing Director is getting a $100,000 pay rise.

It takes James Kelly to a total fixed renumeration of $1,050,000 inclusive of superannuation and a $20,000 car allowance. It was only 12 months ago that Lifestyle Communities bumped up his salary 20% to $900,000 a year.

James, who sold a $43 million stake in the company in September 2021 and $10.7 million of indirect shares in September 2019, had 7,077,001 shares (6.77% of the business) as of 21 September 2021.

It had a market capitalisation of $1.51 billion on Friday, with its shares up $24.25% in the past 12 months.

Lifestyle Communities, in a trading update to the ASX on 30 May said “the scale of new projects under development is unprecedented”, recorded a statutory profit after tax of $89.9 million in FY22.